Kennondale Capital Management LLC

Item 5: Fees and Compensation
  A.​ Adviser is compensated for its separately managed account portfolio management services
      primarily by fees charged based on a client’s assets under management with Adviser. This fee is
      generally 1.00% per annum of separately managed account assets in the Kennondale Small Cap
      Value, Kennondale Concentrated, and client-specific strategies. Clients invested into the
      Kennondale Large Cap Value generally pay a fee equal to 0.80% on the first $10 million of
      invested assets, 0.70% on next $15 million of invested assets, and 0.50% on invested assets in
      excess of $25 million. Fees are negotiable, and each client’s specific fee schedule is included as
      part of the investment advisory agreement signed by Adviser and the client.​

  B.​ Separately managed account portfolio management fees are deducted in advance on a quarterly
      basis from clients’ assets and based upon the market value of such assets managed by Adviser
      as of the last day of the prior calendar quarter. If Adviser has agreed to an alternate fee collection
      arrangement with a particular client, such arrangement will be specified in the applicable
      investment advisory agreement signed by Adviser and the client.

  C.​ The Adviser will generally receive a fee from a third-party platform on which a model portfolio is
      made available. Such fee is generally in the form of an asset-based fee paid by the third-party
      platform to Adviser for the provision and licensing of the model portfolios. Adviser is not
      compensated for the model portfolios directly by any financial intermediary or client of a financial
      intermediary that accesses a model portfolio through the third-party platform. In such
      circumstances, the financial intermediaries have a client relationship with the third-party platform
      rather than Adviser. Adviser will also generally pay installation, maintenance, and/or other fees to
      a third-party platform to support the availability of a model portfolio on that platform.

  D.​ In addition to the fees charged by Adviser, separately managed account clients will incur
      brokerage and other transaction costs. Please refer to Item 12: Brokerage Practices, for further
      information on such brokerage and other transaction-related practices. Clients will also typically
      incur additional fees and expenses imposed by independent and unaffiliated third-parties, which
      can include qualified custodian fees, mutual fund or exchange traded fund fees and expenses,
      mark-ups and mark-downs, spreads paid to market makers, wire transfer fees, check-writing fees,
      early-redemption charges, certain deferred sales charges on previously-purchased mutual funds,
      margin fees, charges or interest, IRA and qualified retirement plan fees, and other fees and taxes
      on brokerage accounts and securities transactions. These additional charges are separate and
      apart from the fees charged by Adviser.​

  E.​ If Adviser or client terminates the advisory agreement before the end of a quarterly billing period,
      Adviser’s fees will be prorated through the effective date of the termination. The pro rata fees for
      the remainder of the quarterly billing period after the termination will be refunded to client via
      check or direct deposit.​

  F.​ Neither Adviser nor any of its supervised persons accepts compensation for the sale of securities
      or other investment products.

                                      Date of Brochure: August 11, 2026

Item 7: Types of Clients
Adviser generally provides its portfolio management services to high-net-worth individuals, trusts, estates,
business entities, charitable organizations, and pension and profit-sharing plans. The minimum account
value required to open an account with Adviser is $1,000,000, subject to negotiation.

                                       Date of Brochure: August 11, 2026