KEB Asset Management LLC

Item 5 – Fees and Compensation

In certain circumstances, all fees, account minimums and their applications to family circumstances
may be negotiable. Minimum account sizes may also be waived when a person demonstrates an ability
to meet the minimum account size in a reasonable period of time through additional contributions.

KEB has contracted with FPAS for services including trade processing, collection of management fees,
record maintenance, report preparation, marketing assistance, and research. The fee paid by KEB to

FPAS consists of a portion of the fee paid by clients to KEB and varies based on the total client assets
participating in FPAS through KEB. These fees are not separately charged to advisory clients.

The specific manner in which fees are charged by KEB is established in a client’s written agreement with
KEB. Investment Management and Employee Benefit Plan clients will be invoiced in advance at the
beginning of each calendar quarter based upon the value (market value based on independent third-
party sources or fair market value in the absence of market value; client account balances on which KEB
calculates fees may vary from account custodial statements based on independent valuations and other
accounting variances, including mechanisms for including accrued interest in account statements) of
the client’s account at the end of the previous quarter. New accounts are charged a prorated fee for the
remainder of the quarter in which the account is incepted (date of first trade).

For Investment Management and Employee Benefit Plan Services, KEB will request authority from the
client to receive quarterly payments directly from the client's account held by an independent custodian.
Clients may provide written limited authorization to KEB or its designated service provider, FPAS, to
withdraw fees from the account. Clients will receive custodial statements showing the advisory fees
debited from their account(s). Certain third-party administrators will calculate and debit KEB’s fee and
remit such fee to KEB.

A client agreement may be canceled at any time, by either party, for any reason, upon receipt of thirty
(30) days’ written notice. Upon termination, any prepaid, unearned fees will be promptly refunded.

KEB’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and
expenses which shall be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers, third-party investment and other third parties, such as fees charged by managers,
custodial fees, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees
and taxes on brokerage accounts and securities transactions. Mutual funds and ETFs also charge
internal management fees, which are disclosed in a fund’s prospectus. These fees will generally include
a management fee and other fund expenses. All fees paid to KEB for investment advisory services are
separate and distinct from the fees and expenses charged by mutual funds and ETFs to their
shareholders.

Such charges, fees and commissions are exclusive of and in addition to KEB’s fee, and KEB shall not
receive any portion of these commissions, fees, and costs.

KEB amended the fee schedules below in January 2026. Clients with relationships prior to these changes
are subject to their contracted fee schedule until such time as KEB and the client respectively agree to a
new schedule.

Advisory Fees

Investment Management Services:

The annual fee for investment management services will be charged as a percentage of assets under
management, according to the schedule below:

                            Assets Under Management                 Annual Fee
                       On the first $2,000,000*                       0.90%
                       On the next $3,000,000                         0.50%
                       On the next $5,000,000                         0.40%
                       On the next $10,000,000                        0.30%
                       On all amounts thereafter                      0.20%

*All relationships are subject to a minimum annual fee of $4,500, which is billed in advance on a monthly
basis. For relationships under $500,000, this equates to a monthly fee of $375.

In certain circumstances, portfolio values for members of the same family are combined (often referred
to as “householded”) for the purposes of determining the fees assessed. Accounts for business entities
and accounts related thereto, including those of the business owner, are assessed fees based on the
total account balances of all such related accounts. The fee is calculated on the entire portfolio value.
For example, a $500,000 portfolio is charged 0.90% or $4,500.

Independent Manager Fees

As stated above in Item 4, KEB (in coordination with the client) may decide to implement AQR as an
Independent Manager for the management of portfolios of individual securities. In these instances, AQR
will charge its own separate and distinct fee from KEB’s advisory fees, which are noted above. Clients
grant AQR authority at the client’s custodian for AQR to directly debit client accounts for AQR’s fee.

Additionally, clients are required to sign an advisory agreement addendum with KEB which outlines these
additional fees.

Employee Benefit Retirement Plan Services:

The annual fee for plan services will be charged as a percentage of assets within the plan. Certain pre-
existing employee benefit plan services clients may be on a different fee schedule.

                            Assets Under Advisement                 Annual Fee
                       On the first $2,000,000                        0.70%
                       On the next $3,000,000                         0.40%
                       On the next $5,000,000                         0.30%
                       On the next $10,000,000                        0.20%
...

Item 7 – Types of Clients

KEB provides services to individuals, trusts, partnerships, corporations, not-for-profit organizations and
retirement plans.

As mentioned in Item 5, all relationships are subject to a minimum annual fee of $3,000, which is billed in
advance on a monthly basis. For relationships under $250,000, this equates to a monthly fee of $250.