Inflection Capital Management LLC

Item 5 - Fees and Compensation

General Fee Information
Fees paid to ICM are exclusive of all custodial and transaction costs paid to the client’s custodian,
brokers or other third-party consultants. Please see Item 12 – Brokerage Practices for additional
information. Fees paid to ICM are also separate and distinct from the fees and expenses charged by
mutual funds, ETFs (exchange traded funds) or other investment pools to their shareholders
(generally including a management fee and fund expenses, as described in each fund’s prospectus or
offering materials). Select Manager(s) used by ICM will charge fees in advance, paid directly out of
the assets of Client’s account. These fees are separate and apart from the billing done by ICM which
is in arrears. Inflection can assist the client in understanding the full scope of fees charged by any
employed funds, strategies, or mangers, in addition to those of Inflection, to fully understand the total
amount of fees paid by the client for investment and financial-related services.

Fees are tailored individually by client need, negotiated and agreed upon at the beginning of the
relationship. Governed under our investment management agreement, fees are generally charged
based on a percentage of the value of the discretionary assets under management (“AUM”). The
maximum fee will be 1.25%. Investment advisory fees based on assets under management are billed
on a pro-rata, annualized basis, monthly or quarterly in arrears, based on the average daily balance
of the client portfolio for the quarter. For non-discretionary engagements, there will typically be a
separate fee which is negotiated between ICM and the client based on the non-discretionary services
provided.

At Client’s request, margin will be used in their account(s). In such cases, the Advisory Fee shall be
calculated on the gross market value of all of Client’s assets under management in Client’s Accounts.
The gross market value includes the total market value of all securities and other assets, without any
deduction for liabilities, including any outstanding margin loan balances, debit balances, or any other
indebtedness. Client understands that by billing on the gross market value of the account, the
advisory fees will increase as the client increases their margin loan, even if the net equity in the
account declines. The client accepts full responsibility for understanding and managing the risks of

trading with margin and agrees to be bound by the terms and conditions of the custodian’s margin
application agreement.

Clients will have the option of automatically deducting ICM’s fees from their accounts or paying
directly via a means agreed upon in advance.

Either ICM or the client may terminate their Investment Management Agreement at any time, subject
to any written notice requirements in the agreement. In the event of termination, any pro-rated fees
due to ICM from the client will be invoiced or deducted from the client’s account prior to termination.

Item 7 - Types of Clients

ICM will serve family offices, individuals or families, endowments and charitable foundations, trusts
and businesses. ICM does not generally impose a minimum portfolio value or a minimum annual fee
for its services although the average client will have a minimum net worth of $25,000,000 (subject to
exceptions being made at the discretion of the management teams).