Hollow Brook Wealth Management LLC

Fees and Compensation
Although Hollow Brook considers itself as providing one integrated service, the ways in which
Hollow Brook is compensated for this service vary depending on the investment class in question.

Investments in Publicly-traded Securities

For assets that are managed internally by Hollow Brook and allocated to this investment class,
clients generally compensate Hollow Brook based on a percentage of the applicable assets under
management as set forth in their investment advisory agreements. For most clients this percentage
typically ranges from 0.75 to 1.75% of assets under management. Fees are negotiable in the
discretion of Hollow Brook, taking into account such factors as Hollow Brook deems appropriate
including (without limitation) the types of assets under management, the size of the account, the
historical or projected nature of the trading for the account, and the extent of supplemental services
to be provided to the account.

Irrespective of the fee terms agreed upon with a client, the client will continue to pay brokerage
commissions for transactions effected on its behalf. Hollow Brook may waive fees for accounts of
employees' family members.

The fees of Hollow Brook are typically determined and paid on a calendar quarterly basis in arrears
as follows: the fee for a particular calendar quarter shall be equal to the product of: (A) the average
total market value of the assets under Hollow Brook’s management (including cash and cash
equivalents) determined as of the last business day of each month in such calendar quarter (but, with
respect to each such month, without giving effect to any withdrawal from the account as of the end
of the month); (B) multiplied by one quarter (¼) of the annual rate set forth in the client’s investment
advisory agreement; provided, that if the investment advisory agreement is in effect for only part of
a calendar quarter, then the fee rate for the partial quarter shall be equal to the product of the annual
rate multiplied by a fraction, the numerator of which is the number of days in such partial quarter
and the denominator of which is 365. The fee with respect to any calendar quarter shall be deducted

from the account and paid to Hollow Brook as of the first business day of the next succeeding
quarter. Hollow Brook reserves the right to agree to different fee calculation methods with different
clients.

Fees charged for most clients are deducted from the client’s account. Some Hollow Brook clients
pay fees via check or wire. Clients may select either method.

If a client has more than one account under management or if several members of the same family
are clients, Hollow Brook reserves the right to aggregate accounts for purposes of calculating their
fees, when applicable. In such cases, Hollow Brook will generally: (i) use the sum of the market
values of such accounts for each month in a calendar quarter for purposes of determining the
applicable fee rate(s); and (ii) pro rate the calculated fee for a calendar quarter among such accounts
based on relative account size (which shall, for each account, be based on the sum of the month-end
value of the account for each month in the applicable calendar quarter). Where such aggregation
occurs and, as a result, multiple annual fee rates are applicable, Hollow Brook will endeavor to
apply such rates to each aggregated account on a pro rata basis based on relative account size.
Whether or not a Client has multiple family accounts shall be determined by Hollow Brook in its
sole discretion.

In addition to Hollow Brook’s investment management fees, clients will incur trading costs and
custodial fees (please refer to the Brokerage Practices section for more information). Where clients
have so directed, Hollow Brook will primarily utilize Pershing Advisor Solutions (“Pershing”) to
execute transactions at a standard commission rate of $.02 per share subject to a minimum
commission charge of $7.50 per transaction (transactions in securities priced under $3 a share are
charged a commission rate of $0.005 per share). Hollow Brook may receive soft dollar credits of
$.01 per share from such commissions. Hollow Brook will be entitled to be reimbursed by Clients
for reasonable out-of-pocket expenses incurred by it (including, without limitation, legal fees and
other expenses pertaining to investment diligence) in connection with its provision of services with
respect to the client account. If any such expenses are incurred in connection with multiple client
accounts of Hollow Brook, then Hollow Brook will be entitled to be reimbursed by the Client for a
pro rata portion of such expenses (based on the assets of such client accounts). With respect to such
reimbursable expenses, Hollow Brook will periodically forward to the Client and Custodian a
statement itemizing the expenses for which Hollow Brook seeks reimbursement, along with related
receipts or other documentary evidence. Payment for such expenses will be due and payable within
ten (10) days after the date that the itemized statement and related documentation is delivered to the
Custodian. While most clients that make investments benefitting from such diligence will contribute
to the cost of the same, it is possible (and on occasion it has happened) that other (often newer)
clients will make investments after such reimbursement has taken place and will effectively receive
the benefit of such diligence for free. While Hollow Brook attempts to reduce the likelihood of this
occurring, in some cases it may be unavoidable.

Hollow Brook may invest a portion of clients’ assets in registered investment companies or
structured products, including, but not limited to, mutual funds, exchange-traded funds, exchange-
traded notes and closed-end funds. Investment advisory fees paid to Hollow Brook are separate and
distinct from the fees and expenses charged by third-party managers and/or funds. Advisers to
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Types of Clients
Hollow Brook’s clients include foundations, institutions, trusts, individuals, and family offices.

Hollow Brook generally requires a minimum of $1 million in assets for new client relationships.
Hollow Brook generally requires a minimum of $10 million in assets for new client relationships in
which allocations will be made to the private fund/third-party manager investment classes. The
minimum account size may be waived under certain circumstances based on an analysis of the
relationship of the account to other accounts managed by Hollow Brook, the potential for growth in
the account, the nature and duration of other business relationships between Hollow Brook and the
account holder and any other relevant factors.

Methods of Analysis, Investment Strategies and Risk of Loss
Hollow Brook conducts fundamental and technical analysis. Below is a summary of Hollow
Brook’s businesses and our methods of analysis.

Direct Publicly-traded Security Investing: Hollow Brook manages a direct investment strategy,
which is a publicly-traded security portfolio that employs a top down macro approach coupled
with the research-driven bottom up security selection process. Hollow Brook’s internal research
process utilizes a wide variety of tools to field, select, purchase and monitor publicly-traded
investments. Hollow Brook’s research process includes, but is not limited to a review of the
following items: SEC filings, independent research reports, Hollow Brook proprietary models,
industry trade reports, company visits, meetings with management, competitor analysis, research
consultants, and attending industry conferences. Hollow Brook ultimately seeks out investments
in public companies that are trading at a discount to intrinsic value and will benefit from positive
macro trends. On occasion, Hollow Brook may invest client assets in corporate bonds, equity type
investments that provide exposure to commodities, options, mutual funds (e.g. open-end, closed-
end, and/or exchange-traded mutual funds), exchange-traded funds and exchange-traded notes. For
clients in need of income, Hollow Brook may modify its strategy to focus on dividend-paying
securities. A committee comprised of Hollow Brook investment personnel is responsible for
providing direct publicly-traded security investment recommendations.

Investments in Private Funds, Special Situations and with Third-Party Managers: Hollow Brook
advises high net-worth families and endowments on private fund and manager selection, special
situations, asset allocation, and portfolio risk management. Special Situation investments can
involve co-investing with a trusted sponsor or partner in a broad array of one-off illiquid investment
opportunities. Special Situations may include opportunities such as episodic activism, private

equity, or real estate investments. To identify, find, and select appropriate private funds, investment
managers, or special situations for recommendation, Hollow Brook leverages its industry contacts
that have been developed over decades. Through a rigorous selection process, Hollow Brook seeks
to identify new, existing, or emerging private funds and managers that meet Hollow Brook’s desired
portfolio return and profile. With regard to special situations, Hollow Brook seeks to work with
reputable partners who have demonstrated a provable track record of success. Hollow Brook will
identify a potential private fund, manager, or special situation and attempt to learn more about them
over time by reading quarterly updates, attending annual meetings, performing quantitative analysis,
and speaking with existing investors or clients. Hollow Brook also utilizes a third-party research
firm to perform in depth analysis on potential and ongoing private funds and external
managers. Hollow Brook’s due diligence process often will include on-site visits, partner
background checks, reasonable due diligence questionnaires, a review of audited financial reports
and an in-depth review of return data and performance. Items considered during the due diligence
process are managers style, performance, reputation, financial strength, reporting, pricing and
research. For special situations, the sponsor of opportunities is usually a fund manager, an
investment firm, or an individual that has experience operating in the professional investment
industry. These sponsors are subject to a similar due diligence process as private funds or managers.

Risk

All investing involves a risk of loss that clients should be prepared to bear. The investment
strategies offered by Hollow Brook could lose money over short or long periods. Identifying
undervalued securities, private funds and managers is difficult, and there are no assurances that such
strategies will succeed. Furthermore, clients may be forced to hold such investments for a
substantial period of time before realizing any anticipated value. Hollow Brook cannot give any
guarantee that it will achieve its investment objectives or that any client will receive a return of its
investment. Below is a summary of potential material risks for each significant Hollow Brook
investment strategy used, the methods of analysis used, and/or the particular type of security
recommended.

      Hollow Brook’s investment strategies may be non-diversified, which means that Hollow
       Brook may invest a greater percentage of clients’ assets in the securities of fewer issuers.
       Based on historical market data, a less diversified portfolio is more volatile than a broadly
       diversified portfolio.
      There is the chance that stock prices overall will decline. Stock markets tend to move in
       cycles, with periods of rising prices and periods of falling prices.
      Investing in securities entails risks associated with the underlying business. Investments in
       securities entails all the risks associated with the underlying businesses, including reliance
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