Madison Avenue Securities LLC

Item 5 - Fees and Compensation

This section details the fees and compensation we receive for our services. Lower fees for comparable services
may be available from other sources. MAS allows your IAR to set fees within the range that we provide. As a
result, your IAR may charge more than another MAS IAR for the same service. The exact fees and other terms
will be outlined in the investment advisory services agreement between you and MAS.

The specific manner in which fees are charged by MAS is established in an Investment Advisory Client Services
Agreement (“Client Agreement”). For non-wrap programs, MAS’s advisory fees do not include brokerage
commissions, transaction fees, or other related costs and expenses, which the client will be responsible for. Clients
may also be charged fees by custodians, brokers, third-party managers, and other service providers. These fees
can include custodial fees, deferred sales charges, transfer taxes, wire transfer and electronic fund fees, and other
fees or taxes related to brokerage accounts and securities transactions. In addition, mutual funds and exchange-
traded funds may charge their own internal management fees, which are explained in the fund's prospectus. All
these charges, fees, and commissions are separate from and in addition to MAS’s advisory fee.

In addition to the fees collected in association with your advisory business, MAS and its IARs also earn
commissions on the sales of securities products. These commissions represent a substantial portion of our overall
compensation and are separate from any fees you pay relating to your advisory business with the firm.

And you will not necessarily be subject to all fees outlined in this section. You are responsible only for any fees
associated with the specific program(s) in which you invest. We encourage you to review the MAS fee schedule
for a listing of fees that may be applicable to brokerage accounts at mas-bd.com/investor-fee-schedule.

Outlined below are the fees for our various programs:

                                  Fee Plus Transaction Charge Program

The advisory fee for this Program will be payable quarterly in advance upon deposit of funds or securities in the
account. The initial advisory fee is due upon execution of the Client Agreement and will be deducted automatically
from your account once the account has been funded. Subsequent advisory fee payments are due and will be
assessed at the beginning of each quarter based on the value of the account assets (securities, cash and cash
equivalents) under management as of the close of business on the last business day of the preceding quarter as
valued by an independent pricing service, where available, or otherwise in good faith. These quarterly fees will be
deducted directly from your account. Additional deposits of funds and/or securities will be subject to the same
quarterly billing procedures. All assets deposited after the inception of a quarter will be billed at the end of the
calendar quarter. The fee for these deposits will be prorated based on the number of days invested in the quarter.
This includes deposits of stocks, bonds, mutual funds and any other securities approved by Adviser for investment
in this type of account. All mid-quarter withdrawals will be subject to a prorated refund, calculated at the end of the
calendar quarter. You will be entitled to a pro rata refund of any pre-paid quarterly fee based upon the number of
days remaining in the quarter after termination. Such fees will be prorated and credited only to the account from
which such fees were debited. Some assets in an account may be excluded from fee billing upon request and
subject to MAS’s approval, for example, if you have certain securities that you intend to hold permanently.

Based upon a number of factors, each IAR is allowed to set the advisory fee for their investment advisory services
in this Program up to a maximum of 2.00% annually. In the Fee Plus Transaction Charges program, transactions
are executed through MAS using the services of its clearing firm, Pershing. The transaction fee paid by the clients
will be allocated between MAS and Pershing. The charges for the transactions are reflected in the Client
Transaction Fee Schedule below. MAS believes that its annual fee is reasonable in relation to services provided

Madison Avenue Securities, LLC                         ADV Part 2A                                       Version 03/2026

and the fees charged by other investment advisers offering similar services/programs. However, our annual fee
may be higher than that of other investment advisers offering similar services/programs. All fees paid from the
account will be disclosed on your account statements. The initial fee is in effect for each client's account at inception
and shall continue until thirty (30) days after MAS or your IAR has notified you in writing of any change in the
amount of the fees or charges applicable to your account, at which time the new fees or charges will become
effective unless you notify MAS in writing that the account is to be closed.

No advisory fees will be charged on mutual funds, unit investment trusts, or other securities transferred to the
account which were purchased within the past two years (or one year in the case of mutual fund Class C shares) if
a commission was also paid to your IAR in his or her capacity as a registered representative of MAS’s broker-dealer.
The advisory fees referenced herein include all fees and charges for the services of MAS and your IAR, including
brokerage charges.

MAS’s clearing firm will deduct all advisory fees and transaction charges from your Program account as authorized
by the client in the Client Agreement. The clearing firm will calculate the amount of the fee to be deducted from
your account, based on the Client Agreement. All fees and transaction charges paid from your account will be
disclosed in your account statements.
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Item 7 – Types of Clients

MAS provides portfolio management services to individuals, high net worth individuals, corporate pension and
profit-sharing plans, charitable institutions, foundations, endowments, and trusts.