Hahn Capital Management LLC

Item 5 – Fees and Compensation

How fees are charged by HCM is established in a client’s written agreement with HCM.
HCM will generally bill its fees quarterly. Clients may elect to be billed in advance or
arrears each calendar quarter. Clients may also elect to be billed directly for fees or to
authorize HCM to directly debit fees from client account(s). Management fees are prorated
for each capital contribution and withdrawal made during the applicable calendar quarter.

Fees are generally paid quarterly in advance. However, if a new or existing Client deposits
funds within 45 days following the beginning of a calendar quarter, Adviser will bill a pro-
rata management fee at the time the assets are deposited. If a new or existing Client
deposits assets following the 45th day of the quarter, Adviser will bill the client for the
remaining days in the quarter at the beginning of the following quarter.

Notwithstanding the foregoing, funds contributed 10 business days or less before quarter-
end will not be charged a fee for the quarter. If a new or existing Client withdraws funds
within a calendar quarter, Adviser will refund a pro-rata management fee for the remaining
days in the calendar quarter so long as the funds are withdrawn more than 45 days before
quarter-end. Any refund amount will be credited against the following quarter's
management fee. Funds withdrawn 45 business days or less before quarter-end will not be
issued a refund. Accounts terminated within 5 business days following the beginning of a
quarter will be issued a refund (if already billed); accounts terminated after the 5th business
day of the quarter will not be issued a refund. Any earned, unpaid fees will be due and
payable to HCM within 30 days after termination.

HCM’s fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by the client. Clients may incur certain charges
imposed by custodians, brokers, third-party investment, and other third parties such as fees
charged by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer
taxes, wire transfer, and electronic fund fees, and other fees and taxes on brokerage
accounts and securities transactions.

Mutual funds and exchange-traded funds also charge internal management fees, which are
disclosed in a fund’s prospectus.

Such charges, fees, and commissions are exclusive of and in addition to HCM’s fee, and
HCM shall not receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that HCM considers in selecting or recommending
broker-dealers for client transactions and determining the reasonableness of their
compensation (e.g., commissions).

HCM's management fees may vary according to the type and size of the account, as well
as the level of client service provided. If account circumstances or the services provided
are different from the typical account, fees may be negotiated.

The fee schedule that most often applies to HCM accounts is as follows:

Mid Cap & Equity Value Strategy                                      Fee Rate Per Annum

On the first $5,000,000 in the market value of assets managed                   1.00%

When the total market value of assets managed exceeds $5,000,000
but is less than $10,000,000                                                    0.75%

When the total market value of assets managed exceeds $10,000,000,
but is less than $15,000,000                                                    0.60%

When the total market value of assets managed exceeds $15,000,000            Negotiated

HCM Model Provider fees are generally negotiated with SMA/UMA Program/Platform
sponsors, and with certain Institutional clients, based on the level of services provided by
HCM.

Item 6 – Performance-Based and Side-by-Side Management

HCM does not charge any performance-based fees (fees based on a share of capital gains
or capital appreciation of the assets).

Item 7 – Types of Clients

HCM provides non-custodial full discretionary investment advisory services to;
individuals, high net worth individuals, family offices, corporate and public pension and
profit-sharing plans, Taft-Hartley plans, charitable institutions, foundations, endowments,
municipalities, trust programs, and U.S. and non-U.S. registered fund(s).