Kilterhowling LLC

Item 5 – Fees and Compensation

Asset Management Services

Our fee for asset management services is based on a percentage of the client’s assets under our
management and is specified in the client agreement with us. Fees are typically calculated based on the
average daily values of the account during the billing period and billed on a calendar quarter basis in
arrears (at the end of the billing period). For the initial billing period, fees are prorated (based on the
number of days service is provided during the initial billing period) and billed in arrears.

KilterHowling LLC                                  Page 5            Form ADV Part 2A Disclosure Brochure

Our fee schedule is as follows:

                                          ADVISORY FEE SCHEDULE

                             Market Value of Assets                      Tiered Rate
                       Up to $1,000,000                                       1.00%
                       $1,000,001-$2,000,000                                  0.75%
                       $2,000,001 and greater                                 0.50%
                       The listed rate applies only to assets in that tier.

The asset management services continue in effect until terminated by either party (i.e., KilterHowling or
the client) by providing written notice of termination to the other party. In the event that there is a
remaining balance for any unpaid fees due to KilterHowling upon termination, those fees will be due to
KilterHowling immediately.

Fees charged for our asset management services are negotiable based on the investment adviser
representative providing the services, the type of client, the complexity of the client's situation, the
composition of the client's account (i.e., equities versus mutual funds), the potential for additional account
deposits, the relationship of the client with the investment adviser representative, and the total amount of
assets under management for the client.

The investment advisory fees will be deducted from the client’s account and paid directly to our firm by
the qualified custodian(s) of the account. Clients will authorize the qualified custodian(s) of their account
to deduct fees from their account and pay such fees directly to our firm. Our firm will send clients a billing
statement as part of the quarterly performance report. The billing statement will detail the formula used to
calculate the fee, the assets under management and the time period covered. See Item 15 – Custody for
more details.

In the situation wherein we are using a third-party money manager or private investment fund with a
client’s account, that money manager may be processing the quarterly bill for both their fee as well as
KilterHowling’s advisory fee. In these cases, it is likely that the fees will be calculated quarterly, in
advance based on the period ending value. As always, the fees will be deducted from the client’s
account by the qualified custodian and paid directly to our firm. In the event a client’s account is no
longer under our management during a quarter, then the pro rata portion of the quarter’s fees will be paid
back to that account.

Clients should review their account statements received from the qualified custodian(s) and verify that
appropriate investment advisory fees are being deducted. The qualified custodian(s) will not verify the
accuracy of the investment advisory fees deducted.

In addition to our fee, clients are responsible for the fees and expenses associated with the investment of
their assets. Brokerage commissions and/or transaction ticket fees and/or asset-based fees charged by
the qualified custodian will be billed directly to Client by the qualified custodian. KilterHowling will not
receive any portion of such commissions or fees from the qualified custodian or Client. In addition, Client
may incur certain charges imposed by third parties other than KilterHowling in connection with
investments made through the Account including, but not limited to, mutual fund, ETF (exchange traded
fund) private investment fund and third-party manager expenses, such as management fees,

KilterHowling LLC                                      Page 6                 Form ADV Part 2A Disclosure Brochure

performance fees, sales loads, 12(b)-1 fees and surrender charges, variable annuity fees and surrender
charges, IRA and qualified retirement plan fees, and charges imposed by the qualified custodian(s) of the
Account. A description of these fees and expenses are available in each investment company security’s
prospectus, offering memorandum or Form ADV 2A brochure. Certain assets may incur a custodial fee
that is charged by and paid directly to the custodian for holding certain assets, such as certain non-liquid
alternative investments.

No supervised person of KilterHowling accepts compensation for the sale of securities or other
investment products. As discussed above, clients may incur fees for the sale of certain securities or
investment products. But those fees will never be paid to or accepted by any supervised person affiliated
with KilterHowling.

Financial Planning & Consulting Services

Financial planning and consulting services are only available to clients of KilterHowling that utilize our
asset management services. KilterHowling does not charge separate fees for financial planning.

When providing services to clients, if we deem it helpful and if clients consent, we may consult with
attorneys, accountants or other outside professionals on the client’s behalf. Fees for the services of such
outside professionals will be in addition to and separate from the fees charged by KilterHowling, and the
client will be responsible for the payment of the fees for the services of such an outside professional.

Item 7 – Types of Clients

KilterHowling generally provides investment advice to individuals, high net worth individuals, charitable
organizations and retirement plans.

Minimum Investment

We have no required minimum investment amount for establishing an account with us. However, we
must mutually agree to the arrangement and memorialize its terms in an investment advisory agreement.