Kennicott Capital Management LLC

ITEM 5: FEES AND COMPENSATION

 Advisory Fees & Billing Practices

  Fees for investment management are 1.00% per year of the assets under management. These
  fees are billed at the end of each quarter, based on the assets under management as of the last
  day of the calendar quarter multiplied by 0.25%. Fees are stated in each client investment
  advisory agreement. Fees for portfolios that are managed for less than the full period are pro-
  rated.

  We may negotiate fees based on account size or client relationship.

  We generally require that you provide authorization for us to deduct our fees directly from your
  investment account. Important information about the deduction of management fees:

  You must provide authorization for us to deduct fees by initialing the appropriate section of our
  contract. Client grants Advisor the authority to have fees automatically deducted from the
  Account by the custodian upon the custodian’s receipt of Advisor’s billing notice. Client agrees
  to require the custodian to send to Client a statement at least quarterly indicating positions,
  transactions, withdrawals, deposits, and all amounts disbursed from the Account, including the
  amount of fees paid directly to Advisor hereunder. Client acknowledges that Client shall verify
  the accuracy of the fee calculation.

  •       You will receive a statement from your custodian which shows transactions in your
          account, including the deduction of our fees.
  •       You are responsible for reviewing the accuracy of the fees being billed, as the custodian will
          not do so.
      •   You may end our advisory relationship by providing 30 days written notice. We will prorate
          the advisory fees earned through the termination date and send you an invoice for the
          advisory fees due.

Other Costs Involved

In addition to our advisory fee shown above, you are responsible for paying fees associated with
investing for your account. These fees include, but are not limited to:

    • mutual fund loads (if applicable). These charges are paid to brokers as a form of
      commission.
    • management fees for ETFs and mutual funds. These are fees charged by the managers of
      the ETF ormutual fund and are a portion of the expenses of the ETF or mutual fund.
    • brokerage costs and transaction fees for any securities or fixed income trades.
      These aregenerally charged by your custodian and/or executing broker.
    • management fees, and if applicable, performance fees for limited partnerships
      and open-end Real Estate Investment Trusts (REITs).

Additional information about brokerage costs and services is provided in “Item 12: Brokerage
Practices.”

We believe the fees mentioned above are competitive; however, you may be able to obtain similar
services from other sources at a lower price.

ITEM 7: TYPES OF CLIENTS
Our clients are typically individuals. Generally, we require that clients maintain $5,000,000 under
management with us. However, we may waive that minimum at our sole discretion.