Kukui Tree Capital Management LLC

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into a written
agreement with the Advisor.

A. Fees for Advisory Services
Wealth Management Services
Wealth management fees are paid quarterly, in advance of each calendar quarter, pursuant to the terms of the wealth
management agreement. Wealth management fees are based on the market value of assets under management at the
end of the prior calendar quarter. Wealth management fees are based on the following blended tier schedule:

                              Assets Under Management ($)                  Annual Rate (%)
                              Up to $2,000,000                                   0.90%
                              $2,000,000.01 to $5,000,000                        0.80%
                              $5,000,000.01 to $10,000,000                       0.70%
                              $10,000,000.01 to $20,000,000                      0.50%
                              $20,000,000.01 to $30,000,000                      0.40%
                              $30,000,000.01 and above                           0.30%

The wealth management fee in the first quarter of service is prorated from the inception date of the account[s] to the
end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into
consideration the aggregate assets under management with the Advisor. All securities held in accounts managed by
                                            Kukui Tree Capital Management LLC
                                      2625 Middlefield Road, Suite 476, Palo Alto, CA 94306
                                                      Phone: 650-434-0488
                                                http://www.kukuitreecapital.com/

Kukui Tree will be independently valued by the Custodian. The Advisor will conduct periodic reviews of the Custodian’s
valuation to ensure accurate billing.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and other
related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the Advisor
shall not receive any portion of these commissions, fees, and costs.

Use of Independent Managers
As noted in Item 4, the Advisor may implement all or a portion of a Client’s investment portfolio utilizing one or more
Independent Managers. To eliminate any conflict of interest, the Advisor does not earn any compensation from an
Independent Manager. The Advisor will only earn its investment advisory fee as described above. The Advisor will
allocate a portion of the advisory fee collected to the Independent Manager pursuant to the terms of the executed
agreement between the Advisor and the Independent Manager. The total blended fee, including the Advisor’s fee and
the Independent Manager’s fee, will not exceed 3.00% annually.

Pursuant to California Code of Regulations Section 260.238(j), the Advisor discloses that the Client may be able to
obtain similar services from other services providers for a lower fee.

Third-Party Access Platforms
For assets managed through a third-party platform, the Client is not charged any additional platform fees. The
Advisor bears the cost of the platform in order to service these Client assets. Advisory fees apply to assets
accessed and managed through the platform as part of the Client’s assets under management, as disclosed above.

B. Fee Billing
Wealth Management Services
Wealth management fees are calculated by the Advisor and deducted from the Client’s account[s] at the Custodian.
The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted from the Client’s
account[s] at the beginning of the respective quarter. The amount due is calculated by applying the quarterly rate (annual
rate divided by 4) to the total assets under management with Kukui Tree at the end of the prior quarter. Clients will be
provided with a statement, at least quarterly, from the Custodian reflecting deduction of the investment advisory fee.
Clients are urged to also review and compare the statement provided by the Advisor to the brokerage statement from
the Custodian, as the Custodian does not perform a verification of fees. Clients provide written authorization permitting
advisory fees to be deducted by Kukui Tree to be paid directly from their account[s] held by the Custodian as part of the
investment advisory agreement and separate account forms provided by the Custodian.

Use of Independent Managers
For Client accounts implemented through an Independent Manager, the Client’s overall fees may include the Advisor’s
investment advisory fee (as noted above) plus investment management fees and/or platform fees charged by the
Independent Manager[s], as applicable. In certain instances, the Independent Manager or the Advisor may assume
responsibility for calculating the Client’s fees and deduct all fees from the Client’s account[s].

C. Other Fees and Expenses
Clients may incur certain fees or charges imposed by third parties in connection with investments made on behalf of
the Client’s account[s], including fees for assets managed through a third-party platform. The Client is responsible
for all custody and securities execution fees charged by the Custodian, as applicable. The Advisor's recommended
Custodian does not charge securities transaction fees for ETF and equity trades in a Client's account, provided that
the account meets the terms and conditions of the Custodian's brokerage requirements. However, the Custodian
typically charges for mutual funds and other types of investments. The fees charged by Kukui Tree are separate and
distinct from these custody and execution fees.
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Item 7 – Types of Clients

Kukui Tree offers investment advisory services to individuals, high net worth individuals, trusts, and estates. Kukui
Tree generally does not impose a minimum relationship size.