Howland Capital Management LLC

Item 5 - Fees and Compensation
Description
           The annual investment advisory fee is based on a percentage of the assets under
           management according to the following schedule, which became effective on July 1,
           2020:
                          Howland Capital Management                 Market
                                   Fee Schedule                      Value

                   1.0% for the first $1,000,000                      < $1M
                   .80% for the next $1,000,000                    $1M - $2M
                   .70% for the next $1,000,000                    $2M - $3M
                   .55% for the next $1,000,000                    $3M - $4M
                   .45% for the next $1,000,000                    $4M - $5M
                   .35% for the next $10,000,000                  $5M - $15M
                   .30% for amounts over $15,000,000                 >$15M

           Below is the fee calculation for an account with $5,000,000 under management:
                         Howland Capital Management
                                                                 Fee Amount
                             Sample Fee Calculation
                   $10.00 per $1,000 for first $1,000,000            $10,000
                   $8.00 per $1,000 for the next $1,000,000          $8,000
                   $7.00 per $1,000 for the next $1,000,000          $7,000
                   $5.50 per $1,000 for the next $1,000,000          $5,500
                   $4.50 per $1,000 for the next $1,000,000          $4,500

                                 Howland Capital Management LLC

                      Total Annual Fee in dollars                     $35,000
                      As a percentage of assets                        0.70%

              Some client relationships exist wherein the fees are affected by certain situations
              such as un-feed assets in a managed account or consolidation of assets across a
              household.

Fee Billing
              Investment advisory fees are billed quarterly, in arrears, meaning that the client is
              invoiced after the three-month billing period has ended. Fees are collected quarterly
              based on the valuation of the account made on the last business day of the quarterly
              cycle (last day of the third month), then billed on or around the 16 th day of the
              following month.
              Fees are typically deducted from the designated client account to facilitate
              collection. Upon request, a client can have the fees for a group of accounts deducted
              from one account. Alternatively, a client can choose to be billed directly rather than
              have the fees deducted from an account. Payment in full is expected upon invoice
              presentation. Errors in fee calculation are rare because of regular monitoring, but in
              the event a management fee is overcharged to a client account, the client will be
              reimbursed the overcharged amount plus interest.
Miscellaneous Fees
          Fees for Other Services
          HCM offers other services that are charged separately from the investment advisory
          fee. These services are as follows:
               Tax services, including tax preparation
               Foundation services
               Investment consulting

              Trust and Estate Fees
              HCM charges additional fees for estate and trust settlement when a member of
              HCM is serving as Personal Representative or Executor of an Estate, as Trustee of a
              Revocable Trust upon the grantor’s death, or as Trustee of an Irrevocable Trust upon
              a beneficiary’s death. Certain trusts (Insurance Trusts, Charitable Remainder Trusts,
              and Probate Accounting on Irrevocable Trusts) also carry an additional annual
              administration fee.
              Pooled Investment Vehicles Fees
              HCM runs a number of pooled investment vehicles (PIVs), which are funds of funds.
              There are three fees involved with HCM’s PIVs:
                     1. As with any asset under management, HCM charges an investment
                         advisory fee based on the market value of the assets in the account. The
                         value of the PIV is included in the market value of the assets in the
                         client’s account.

                                   Howland Capital Management LLC

              The other two fees are included as part of the client’s dollar commitment to a
              particular PIV:
                 2. HCM charges an administration fee that covers organizational, legal,
                      regulatory, tax preparation, and administrative expenses. Details on the
                      calculation of this fee are provided in the PIV’s offering documents.
                 3. The underlying funds in a PIV charge a management fee, which is
                      outlined in the PIV’s offering document. HCM does not charge a
                      performance-based fee on any of its PIVs.

           Custodian Fees
           Some custodians charge fees for activities including the following: brokerage (i.e.,
           purchases and sales of securities), wire transfers, principal and income accounting
           for irrevocable trusts, overnight check delivery, and account closings. These fees are
           charged in addition to HCM’s investment advisory fee.
           Fund Fees
           HCM uses mutual funds and exchange traded funds to some degree in most client
           accounts. These funds charge a separate management fee, which is deducted from
           the net asset value of the funds and is paid by clients in addition to HCM’s
           management fee.

Item 7 – Types of Clients
Description
           HCM generally provides investment advice to
                 Individuals and families
                 Revocable and irrevocable trusts
                 Retirement and pension accounts
                 Custodial accounts and education trusts
                 Foundations and charitable organizations
                 Endowments for non-profits
                 Estates
                 HCM’s PIVs

                                Howland Capital Management LLC