Harpswell Capital Advisors LLC

ITEM 5: FEES AND COMPENSATION

Description

Harpswell Advisors charges management fees based on a percentage of assets under
management, generally starting at a rate of 0.40% per annum of assets under
management. Harpswell Advisors aims to align its fees with the scope of the engagement
and fees may vary from 0.40%, accordingly. Thus, Harpswell Advisors may develop a
special fee structure for some investors when circumstances suggest. Portfolio valuations
used for billing may differ slightly from the custodian’s quarter-end statement due to
unsettled trades, dividends and interest, and decimal place rounding of non-dollar-
denominated assets and fixed income pricing.

For advisory services, Harpswell Advisors’ minimum fee is $15,000.            Under some
circumstances, the firm may wave this minimum fee level.

The firm provides the following services: investment management services; portfolio
consulting services; investment policy analysis, review and guidance; request-for-
proposal (RFP)-management services; family office or endowment office formation; and
investment committee advocacy.

Consulting, or non-advisory, services may be performed occasionally for non-advisory
clients. (Harpswell does not charge extra for these services to advisory clients). The fees
for these services for non-advisory clients utilize a flat fee, depending on the nature and
scope of the services.

Fee Billing

Clients are billed quarterly in arrears and bills are based upon end-of-quarter market
value. Accounts with intra-quarter inflows/outflows are charged on a pro-rata basis.
Harpswell’s fees are automatically deducted by the custodian for each client’s account to
be paid directly from account assets.

Other Fees or Expenses

Investors may be charged fees or commissions related to Harpswell Advisors’ investments
in outside managers (i.e., fees and expenses imposed by such managers), as well as
transaction expenses, including brokerage expenses (please see Item 14 of this brochure
for further details), and transaction-based expenses of Harpswell Advisor’s independent
custodian (BNY Mellon’s Pershing LLC).

Compensation for the Sale of Securities or Other Investment Products

Not applicable.

ITEM 7: TYPES OF CLIENTS

Harpswell Advisors’ clients are expected to consist primarily of foundations,
endowments, institutions, charitable organizations, municipalities and other government
entities, and families with investment goals and parameters that require considerable
detail and customization. We review each potential client on the basis of several factors
and look to partner only with those families and institutions where the fit is best. In
general, we expect to accept clients that are institutional in nature along with a select
group of high net-worth families.