Kitching Partners LLC

Item 5:       Fees and Compensation

      A. Fees Charged

      All Kitching Partners’ clients will be required to execute an Agreement which describes both fees and
      services provided.

      Asset Management

      Generally, annual asset management fees range between 0.15% and 1.00%.

      Fees are negotiable, and may be higher or lower than this range, based on the nature of the account.
      Lower fees for comparable services may be available from other sources. Factors affecting fee
      percentages include the size of the account, complexity of asset structures, services provided, length
      of time the client has been with the firm, and other factors.

      Family Enterprise Services

      Clients engaging Kitching Partners for family enterprise services may do so on a fixed fee basis. The
      fee is negotiable and subject to change according to the complexity of the client and the specific client’s
      circumstances, because some clients have more challenging needs than others. These complexities
      may not necessarily correlate with greater net worth. Fees for family enterprise services may also be
      included in the agreed upon fee for asset management services for those clients that engage Kitching
      Partners for both Asset Management and Family Enterprise Services.

B. Fee Payment

Fees for our services can be paid in a number of ways. In instances where Kitching Partners has an
established custodial arrangement, clients will have the ability to elect that fees be debited directly from
their account. If fee debit is unavailable at your custodian, Kitching Partners will invoice you directly
for our services. Depending upon where your funds are held you may also elect to have fees collected
through a combination of both account debit and direct invoice. Your client Agreement will describe
your specific fee arrangement, however, generally asset based fees are paid quarterly, in advance,
based upon the market value of the assets being managed by Kitching Partners on the last day of the
previous billing period as valued by the custodian of your assets. For example, if your annual fee is
1.00%, each quarter we will multiply the value of your account on the last day of the previous billing
period by 1.00%, then divide by four to calculate our fee. To the extent there is cash in your account,
it will be included in the value for the purpose of calculating fees if it is part of the investment strategy.
If fees are collected by direct debit, once the fee calculation is made, we will instruct the account
custodian to deduct the fee from your account and remit it to Kitching Partners. While almost all of
our clients that have the ability to have their fee debited from their account choose to do so, we will
invoice clients upon request and permit payment of fees by check payable to Kitching Partners.

For the initial quarter, the fee is calculated on a pro rata basis, meaning clients will pay a fee based on
the number of days left in the quarter in which they engage Kitching Partners. In the event the advisory
agreement is terminated, the fee for the final billing period is prorated through the termination date
and the outstanding or unearned portion of the fee is refunded to the client, as appropriate.

Clients whose fees are directly debited will provide written authorization to debit advisory fees from
their accounts held by a qualified custodian. Each month, clients will receive a statement from their
account custodian showing all transactions in their account, including the advisory fee. Clients should
carefully review their statements, including the fee amounts, and should contact Kitching Partners with
any questions.

Fees will be due upon the mutually agreed upon terms as described in the client’s Agreement with
Kitching Partners.

C. Other Fees

There are a number of other possible fees that can be associated with holding and investing in securities
including brokerage commissions, transaction fees, and other related costs and expenses. Clients will
be responsible for these costs related to the purchase or sale of stocks, bonds, mutual funds, exchange
traded funds, and private funds. For complete discussion of expenses related to each fund, investors
should obtain and read a copy of the prospectus issued by that fund. Kitching Partners can direct
investors to the offering material or prospectus for any manager or fund that is used in our strategies.
These fees are charged by your account custodian or other applicable third party. Kitching Partners
does not share in these fees.

Please make sure to read Item 12 of this informational brochure, where we discuss broker-dealer and
custodial issues.

D. Pro-rata Fees

You may terminate Kitching Partners’ services pursuant to the terms of your Agreement, generally
upon providing written notice. If you terminate our relationship during a quarter, you will be entitled
to a refund of any pre-paid and unearned management fees for the remainder of the quarter. Once your
notice of termination is received, we will refund the unearned fees to you through check or a credit to

      your account if you previously elected for fees to be collected through direct debit.. Kitching Partners
      will cease to perform services, including processing trades and distributions, upon termination. In
      instances where Kitching Partners has an established custodial arrangement with your custodian, assets
      not transferred from terminated accounts within 30 (thirty) days of termination may be “de-linked”,
      meaning they will no longer be visible to Kitching Partners and will become a retail account with the
      custodian.

      E. Compensation for the Sale of Securities

      Kitching Partners does not receive any commissions or fees from investment product providers or
      custodians. Its source of income is from fees paid by clients.

Item 7:       Types of Clients

      Clients advised may include individuals, families, trusts, charitable organizations and foundations, and
      corporations. Kitching Partners does not impose a stated minimum fee or minimum portfolio value for
      starting or maintaining an investment advisory account.