Greycourt & Co Inc

ITEM 5 - FEES AND COMPENSATION

Greycourt’s fee is based on the services provided to the client, the amount of client assets advised by the
Firm (which may include cash and assets held in money market funds and some legacy or client-directed
assets) and on the degree of complexity of the engagement. The degree of complexity is affected by
various factors including the number of family units and generations involved, the complexity of the estate
planning vehicles, the presence or absence of endowed foundations, the presence of a closely held
company, and the number of face-to-face meetings expected.

Fee rates are negotiable and memorialized in a written investment advisory agreement executed with
each client. Advisory fees can be structured as asset-based or flat annual retainers. Asset-based fee
arrangements are guided by Greycourt’s standard asset-based pricing schedule, and fixed fee
arrangements are based on the complexity of the assignment and negotiated between Greycourt and
each client. Our minimum annual fee is $400,000 and our maximum blended asset-based fee is 0.50% per
year, in both cases subject to negotiation and exceptions based on the scope and nature of services
provided.

We may charge project-based fees where applicable to the services provided, including research projects,
performance reporting services and certain Collaborative Solutions or other consulting engagements.
Greycourt typically receives 50% of a fixed project fee as a retainer at the beginning of an engagement,
with the remainder due upon delivery of the completed project.

Greycourt’s fees do not usually include out-of-pocket expenses for travel, meals, and lodging, which may
be billed separately subject to the terms of the written investment advisory agreement. Greycourt’s
standard fee rates generally presume the receipt of direct data feeds from a client’s custodian and the
preparation by Greycourt of a single performance report. The need for manual tracking of client holdings
or customized reporting can entail additional fees.

Non-project client fees are generally charged quarterly in advance, although some legacy client
relationships may be charged fees in arrears. Greycourt typically submits the first invoice at the beginning
of an investment advisory engagement and bills its client on a pro-rata basis for the days remaining in the
initial service calendar quarter. Clients may choose to have fees directly deducted from their investment
account or to have fees invoiced by Greycourt.

A client advisory agreement can be canceled at any time, by either party, for any reason subject to written
notification periods that vary with the nature and complexity of the engagement, as detailed in each
client’s written investment advisory agreement. Upon termination, fees are prorated based on the days
remaining in the period and any prepaid, unearned fees are refunded by Greycourt, and any earned,
unpaid fees are due and payable. If a client terminates an agreement for fixed-fee services, Greycourt is
generally compensated for the portion of the engagement completed and refunds any balance or invoices
any portion due. Greycourt typically permits its clients to terminate an agreement without penalty within

a short period of time after entering into an agreement. For certain complex engagements requiring the
Firm to invest significant time at the start, Greycourt may request a specific time period for which no
refund is available.

Advisory fees paid to Greycourt are in addition to the advisory fees and other expenses charged by third-
party investment managers recommended by Greycourt. The managers of private placements, including
private equity funds and hedge funds, as well as mutual funds and ETFs, each charge advisory or
management fees. These products may also incur other expenses, which can include incentive fees,
commissions or other transaction costs, custodial fees, accounting fees and other administrative costs.
Where clients invest in a fund-of-funds structure, there may be multiple layers of these fees and expenses
within the fund. Clients will pay most fees and costs regardless of whether recommended investments
are profitable. Fees and costs will reduce any amount of money clients make on investments over time.
Clients should review both the fees charged by these managed investment products and the fees charged
by Greycourt to fully understand the total amount of fees being paid.

Clients are also subject to other third parties’ fees such as brokerage and transaction fees, custodial fees,
transfer taxes, wire transfer, and electronic fund fees.

Neither Greycourt nor its employees receive compensation for the sale of securities or other investment
products, including asset-based sales charges or service fees from the sale of mutual funds, for
recommendations made to clients.

ITE M 6 - PERFORMANCE-B ASE D FEES AND SIDE -BY -SI DE MANAGE ME NT

Greycourt does not charge performance-based fees.

ITE M 7 - TY PES O F CL IENTS

Greycourt offers its services to individuals, including high net worth individuals, trusts, and estates, as well
as charitable organizations, family offices, and corporations.

Greycourt does not have an explicit minimum account size but maintains minimum annual fees of
$400,000, as further detailed in Item 5.

ITE M 8 - MET HO DS O F ANAL YSIS, INVEST MENT ST RATE GIES AND RIS K O F LOSS

General Approach

Greycourt provides asset allocation analysis, strategic and tactical asset allocation, and specific
investment recommendations for clients across asset classes, employing a broad range of implementation
strategies. Greycourt utilizes information from a broad range of sources, including economic and market
analysis, databases, and news sources, among others. However, Greycourt relies most heavily on its own
analysis, particularly in its efforts associated with capital markets forecasting and manager due diligence.
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