JRM Investment Counsel LLC

Item 5: Fees and Compensation

Our advisory fees are charged as defined in each client’s written agreement with us. Fees are
calculated and billed quarterly in arrears based on the average daily market value of the assets in
your account(s) during the preceding quarter. Our standard tiered fee schedule is:

March 30, 2026                                                           JRM Investment Counsel
                                                                 Form ADV Part 2A (Firm Brochure)

                              Assets Under Management    Annual Fee

                                 From            To          %

                                  $0        $1,000,000     0.75%
                             $1,000,001     $5,000,000     0.60%
                             $5,000,001    $20,000,000     0.50%
                            $20,000,001    $50,000,000     0.40%
                            $50,000,001          +         0.30%

This is a blended fee schedule. For example, if a client’s account has an average daily market
value of $3,000,000 at the end of a 90 day quarter, then the following equation would calculate
the quarterly fee: {($1,000,000*0.75%)+($2,000,000*0.60%)}*(90/365) = $4,808.22 fee due.

Occasionally, we may offer a lower negotiated rate based on certain criteria, such as related
accounts, anticipated future additional assets, or other considerations at our discretion.
Consulting services fees are negotiable on a case-by-case basis. Our fees are described in each
client-advisor agreement.

Fees are assessed on all assets under management, including securities, cash and money market
balances. Margin debit balances do not reduce the value of assets under management.

Upon termination of an account, any earned and unpaid fees will be due and payable.

Clients may elect to be billed directly for fees or to authorize JRM to deduct fees from client
accounts. Quarterly Portfolio Investment Reports detail the fee calculation and amount due prior
to deducting from the account.

Our fees are exclusive of brokerage commissions, transaction fees and other related costs and
expenses which shall be incurred by you. In addition, you may incur certain charges imposed by
custodians, brokers and other third parties such as custodial fees, odd-lot differentials, transfer
taxes, wire transfer and electronic fund fees, margin interest and other fees and taxes on
brokerage accounts and securities transactions. Mutual funds and exchange traded funds also
charge investment management fees, which are disclosed in each fund’s prospectus. Such
charges, fees and commissions are exclusive and in addition to our fee. We do not receive any
portion of these commissions, fees, and costs.

Item 7: Types of Clients

We offer advisory services to individuals, families, trusts, corporations, financial institutions,
retirement plans and charitable organizations.

March 30, 2026                                                             JRM Investment Counsel
                                                                   Form ADV Part 2A (Firm Brochure)