Horse Cove Partners LLC

Item 5       Fees and Compensation
   Horse Cove earns its fees and compensation by providing advice and investment
   management services to Separately Managed Accounts. Horse Cove reserves the right to
   negotiate fees with clients and charge a higher or lower fee than the fees described below.
   Fees may be higher than the fees charged by other investment advisers offering similar
   services and you may pay more or less than other clients invested in similar strategies
   with other investment advisers. Fee schedules and related terms will be stated in the
   investment advisory agreement, as amended from time to time.

   A. FEES CHARGED TO SEPARATELY MANAGED ACCOUNTS
   Management Fee
   Horse Cove receives a management fee of no more than 2.5% per annum.

Management fees accrue daily. Fees are calculated daily based on the prior business
day’s ending balance of assets under management, including cash and cash equivalents.
The total fees are annualized and assessed based on weekdays, excluding U.S. federal
holidays.

Your specific advisory fee rate and applicable billing terms are outlined in your
investment advisory agreement and are reflected in the records of your account
custodian. Fees are deducted directly from your account unless otherwise specified in
your agreement. The custodian provides independent reporting, and all fee deductions
will be reflected on your custodial account statements.

We encourage clients to carefully review their custodial statements to verify the
accuracy of all fee calculations and deductions. While we strive to ensure accuracy,
discrepancies may occasionally occur. If you have any questions or believe there is an
error in the billing of your advisory fees, please contact us promptly so we may
investigate and, if necessary, correct any issues.

We rely on the valuations provided by a qualified custodian when calculating
Management fees. Horse Cove does not independently value the securities held in your
accounts.

Separately Managed Accounts may negotiate which fee structure they prefer and such
fees are discussed in the investment advisory agreement.

Direct Fee Debit
Clients typically authorize Horse Cove to debit the Management and Administrative Fees
from the clients’ accounts, which are held at a qualified custodian. The qualified custodian
makes information available daily regarding valuation of accounts and assessment of fees
and will provide a statement of account transactions not less than quarterly. These
statements will detail all account transactions, including any amounts paid to Horse Cove.
Depending on the specific client arrangement, Horse Cove will calculate and deduct
advisory fees directly through the custodian or via other platforms.

From time to time, Horse Cove will negotiate with clients who prefer to pay management
fees by check, rather than direct debit. In such cases, Horse Cove will present an invoice to
the client each period for payment.

Separately Managed Accounts
Separately Managed Accounts pay for all ordinary investment-related expenses (such a
brokerage commissions, clearing and settlement charges, custodial fees, and interest
expenses), accounting fees and audit expenses, administrative fees, any applicable tax
liabilities (including transfer taxes and withholding taxes), other government charges or
fees, and other similar expenses.

Selection of Other Advisers Fees
Horse Cove may direct clients to third-party investment advisers. A third-party
investment advisers fee is not added on top of the standard Horse Cove fee, instead the

third-party manager receives a portion of the standard fee based of the AUM managed by
the adviser.
 The fees shared are negotiable and will not exceed any limit imposed by any regulatory
agency. The notice of termination requirement and payment of fees for third-party
investment advisers will depend on the specific third-party adviser selected.

B. FINANCIAL PLANNING AND CONSULTING
Prior to the planning process the client will be provided with financial planning
agreement that outlines the fee structure and topics included in the plan fee. Financial
planning services include, but are not limited to, a thorough review of a client’s asset
allocation, budget debt management strategies, estate plans/trusts, investments, giving
strategies and insurance. The complexity and sophistication of a client’s finances cause
differences in terms set forth by agreement. Services are ongoing until the termination of
the agreement.
Clients with actively managed advisory assets will be charged the fee based on amounts
of AUM. If the balance of the accounts being managed exceeds $250,000, financial
planning services are included. Client have less than $250,000 in AUM will pay the
financial planning fee per the schedule. The Planning Fee will be charged to the client
monthly.

C. COMPENSATION FOR SALE OF COMMISSION-BASED INSURANCE PRODUCTS
Horse Cove IARs are permitted to engage in certain approved outside business activities
and may also be licensed as insurance agents under applicable state law. If the IAR
recommends that clients purchase commission-based fixed annuities or fixed index
annuities (collectively, “Fixed Annuities”), life insurance and/or long-term care products
(collectively, “Fixed Insurance Products”), the IAR is participating in an outside business
activity and is acting in the capacity of an insurance agent, not as an IAR. Horse Cove is
not involved in the offer, recommendation or sale of commission-based Fixed Insurance
Products. Horse Cove does not manage commission-based Fixed Insurance Products, and
neither IARs nor Horse Cove collect Management Fees. All Fixed Insurance Products are
issued by licensed insurance carriers. Horse Cove is not affiliated with these insurance
carriers. Clients of Horse Cove are under no obligation to implement the
recommendation, but if the recommended Fixed Insurance Product through your IAR,
...

Item 7        Types of Clients
A. TYPES OF CLIENTS
As described under “Advisory Business” above, the types of clients to whom Horse Cove
generally provides portfolio management services include individuals, institutions, and
Separately Managed Accounts.
B. CONDITIONS FOR ACCOUNT MANAGEMENT

Services for Separated Managed Accounts are on a discretionary basis only. There is also a
minimum investment of $25,000 to become Separately Managed Account client of Horse
Cove. This can minimum may be waived at Horse Cove’s discretion.