Gritstone Asset Management LLC

ITEM 5 - FEES & COMPENSATION

A. FEE SCHEDULES
   In consideration for providing investment management services to Private Funds and SMAs, the Company generally
   receives investment management fees and performance-based compensation. Investment management fees,
   performance-based compensation, and other expense information related to the Private Funds and SMAs are
   described in their respective offering documents.
    In certain circumstances, the investment management fees and performance-based compensation payable to the
    Company is negotiable. Fees charged to some clients differ from fees charged to other clients; in those and other
    situations, such differences are subject to separately negotiated terms and may (or may not) be disclosed. Prospective
    investors should refer to these documents for a detailed explanation of the fees and expenses to be incurred.
        Investment Management Fees
        The Company generally receives a management fee equal to a percentage (up to 2.0% annually) of capital
        commitments, contributed capital or net asset value pursuant to the terms of each Private Fund’s or SMA’s
        governing documents.

ITEM 7 - TYPES OF CLIENTS

The Company provides discretionary and non-discretionary investment advisory services to private pooled investment
vehicles and separately managed accounts.

Private Fund investments are subject to a minimum of $1,000,000. The minimum investment for a SMA is $10,000,000.
Gritstone, in its sole discretion, retains the right to waive the minimum based on certain criteria (i.e., anticipated future
earning capacity, anticipated future additional assets, dollar amount of assets being managed, related accounts, account
composition, scope of services, negotiations with the investor, etc.).

Because a Gritstone entity will earn performance-based compensation, all investors are required to complete a suitability
questionnaire to determine whether the investor is an accredited investor and qualified client.

An “accredited investor” is defined in Rule 501 of Regulation D under the Securities Act of 1933 and generally includes
most institutions and natural persons with a net worth over $1 million (excluding primary residence and certain debt
secured by the property) or an annual income in excess of $200,000, or $300,000 for joint income, in each of the two most
recent years.

A “qualified client” is defined in Rule 205-3 under the Investment Advisers Act of 1940 and generally includes a natural
person or institution that immediately after entering into an investment advisory contract has at least $1,100,000 under
the management of the investment adviser; or, has a net worth (excluding primary residence and certain debt secured by
the property) of more than $2,200,000 at the time the contract is entered into.

March 2026                                                                                                      Page 9 of 22

Gritstone Asset Management LLC                                                    Form ADV Part 2A Brochure Supplement