Hi-Line Capital Management LLC

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by HLCM.
Each Client shall sign an agreement that details the responsibilities of HLCM and the Client.

Fees in the first month of service are prorated from the inception date of the account[s] to the end of the first month.
Fees may be negotiable at the sole discretion of HLCM. The Client’s fees will take into consideration the aggregate
assets under management with HLCM. All securities held in accounts managed by HLCM will be independently valued
by the Custodian. The Advisor will conduct periodic reviews of the Custodian’s valuation to ensure accurate billing.

HLCM’s fee is exclusive of, and in addition to, any applicable securities transaction and custody fees, and other
related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, HLCM
shall not receive any portion of these commissions, fees, and costs.

                                             Hi-Line Capital Management, LLC
                                     1200 33rd St. SE, Suite #309, Watertown, SD 57201
                                         Phone: (605) 878-0897 * Fax: 605-569-7075

                                               https://www.hi-linecapital.com

A. Fees for Services

Outsourced Chief Investment Officer Services
Fees for OCIO services are billed at an annual rate of 0.25% to 0.75% of the Client’s overall assets under
management. Fees are paid monthly, at the end of each month, pursuant to the terms of the OCIO Agreement. Fees
are negotiable based on the size and complexity of the Client and the duration of the engagement.

Investment Advisory Services
Investment Advisory Service fees range from 0.25% to 0.75%. Fees are paid monthly, at the end of each month,
pursuant to the terms of the investment advisory agreement. Fees are based on several factors, including but not
limited to, the scope of services to be provided, the level of assets to be managed, and the overall relationship with
HLCM.

B. Fee Billing

Fees are generally calculated by HLCM and deducted from the Client’s account[s] at the Custodian. In such instances,
HLCM shall send an invoice to the Custodian indicating the amount of the fees to be deducted from the Client’s
account[s] at the respective month-end date. The amount due is calculated by applying the monthly rate (annual rate
divided by 12) to the total assets under management with HLCM at the end of each month. Clients provide written
authorization permitting investment management and advisory fees to be deducted by HLCM to be paid directly from
their account[s] held by the Custodian as part of the Client agreement and separate account forms provided by the
Custodian.

C. Other Fees and Expenses

Clients may incur certain fees or charges imposed by third parties, other than HLCM in connection with investments
made on behalf of the Client’s account[s]. The Client is responsible for all securities execution and custody fees
charged by the Custodian, if applicable. HLCM’s recommended Custodian does not charge securities transaction fees
for ETF and equity trades in a Client’s account, provided that the account meets the terms and conditions of the
Custodian’s brokerage requirements. However, the Custodian typically charges for mutual funds and other types of
investments. The fees charged by HLCM are separate and distinct from these custody and execution fees.

In addition, all fees paid to HLCM are separate and distinct from the expenses charged by mutual funds and ETFs to
their shareholders, if applicable. These fees and expenses are described in each fund’s prospectus. These fees and
expenses will generally be used to pay management fees for the funds, other fund expenses, account administration
(e.g., custody, brokerage, and account reporting), and a possible distribution fee. A Client may be able to invest in
these products directly, without the services of HLCM, but would not receive the services provided by HLCM which
are designed, among other things, to assist the Client in determining which products or services are most appropriate
for each Client’s financial situation and objectives. Accordingly, the Client should review both the fees charged by the
fund[s] and the fees charged by HLCM to fully understand the total fees to be paid.

D. Termination

HLCM is compensated for its services at the end of the month after investment advisory services are rendered. Either
party may terminate the investment advisory agreement, at any time, by providing advance written notice to the other
party. The Client may also terminate the investment agreement within five (5) business days of signing HLCM’s
agreement at no cost to the Client. After the five-day period, the Client will incur charges for bona fide advisory
services rendered to the point of termination and such fees will be due and payable by the Client. The Client’s
investment advisory agreement with HLCM is non-transferable without the Client’s prior consent.

                                             Hi-Line Capital Management, LLC
                                     1200 33rd St. SE, Suite #309, Watertown, SD 57201
                                         Phone: (605) 878-0897 * Fax: 605-569-7075

                                               https://www.hi-linecapital.com

E. Compensation for Sales of Securities
HLCM does not buy or sell securities and does not receive any compensation for securities transactions in any Client
account, other than the investment management and advisory fees noted above.

Insurance Agency Affiliation
Certain Advisory Persons are licensed as independent insurance professionals. As an independent insurance
professional, an Advisory Person may earn commission-based compensation for selling insurance products, including
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Item 7 – Types of Clients

HLCM offers investment management, financial planning, and advisory services to individuals, high net worth
individuals, trusts, estates, charitable organizations, other investment advisors, and businesses. The amount of
each type of Client is available on HLCM’s Form ADV Part 1A. These amounts may change over time and are
updated at least annually by HLCM.