Manchester Capital Management LLC

Item 5.       Fees and Compensation

Investment Advisory Services
Investment Advisory Services are charged as a percentage of assets under management,
which includes assets allocated to third-party investment managers and supervised by MCM,
and are subject to a minimum annual fee of $200,000. Our standard annualized fee, applied
on a tiered basis to aggregated related client accounts, is:
   •   First $10 million:   1.00%
   •   Next $15 million:    0.80%
   •   Next $25 million:    0.60%
   •   Above $50 million: 0.40%
Although MCM has an established fee schedule, we retain discretion to negotiate alternative
fees on a client-by-client basis. Factors considered include the amount of assets to be
managed, the complexity of the client’s investment and family circumstances and structure,
the degree of oversight required, anticipated asset growth, related accounts, portfolio style
and composition, and other relevant considerations, and fees may be discounted for
charitable foundation accounts. Our fees are generally billed quarterly in arrears based on

                                    Manchester Capital Management, LLC | Form ADV Part 2a | March 2026

the value (market value or fair market value where market value is unavailable) of the
client’s account at the end of each calendar quarter, are prorated for mid-quarter openings
or closings, and are typically debited directly from the client’s account pursuant to the
client’s authorization.

Family Office CFO Services
Family Office CFO Services are charged as a flat annual fee, subject to a minimum fee of
$180,000 and billed quarterly in arrears. The specific fee for each engagement is agreed
upon with the client based on the scope and complexity of the services to be provided and is
generally subject to an annual cost-of-living adjustment as set forth in the applicable client
agreement.

Equinox Funds
For investment advisory clients who invest in Equinox Funds other than Equinox Conservative
Fund, LP and Equinox Water Fund, LP, the value of those fund interests is included in the
client’s assets under management and is subject to the investment advisory fee specified in
the client’s investment advisory agreement.
Equinox Conservative Fund, LP and Equinox Water Fund, LP each pay MCM an annual
management fee of 1.00% of net assets with respect to the aggregate limited partner capital
accounts, calculated monthly and charged quarterly, adjusted for unrecovered losses
incurred by each limited partner. Investment advisory clients who invest in Equinox
Conservative Fund, LP or Equinox Water Fund, LP do not pay an additional investment
advisory fee to MCM on the assets they have invested in those Funds.
Generally, new limited partners are required to make a minimum capital commitment of
$250,000 to any Equinox Fund in which they invest.

Private Real Estate Services

For real estate assets for which MCM provides ongoing services, our annual fee is typically
0.9% of the estimated fair market value of the property, billed quarterly in advance. The
estimated fair market value is determined periodically in good faith based on information
we believe to be reliable, which may include third-party appraisals, broker opinions of
value, internal analyses, and adjusted cost basis. In addition, depending on the nature of a
particular transaction, we may charge a separate, one-time transaction-based fee (for
example, an acquisition fee of 1.0% of a property’s purchase price), which is agreed with the
client in advance and is separate from any broker or third-party fees. For development
projects, we charge a separate development fee that is negotiated based on the size, scope,
and complexity of the project and is generally billed over the development period as agreed
with the client.

                                 Manchester Capital Management, LLC | Form ADV Part 2a | March 2026

Consulting Services
MCM charges a fixed fee for consulting engagements (typically ranging from $10,000 to
$500,000), which is determined based on the client’s circumstances and the nature and
complexity of the engagement. Fees are payable during and/or upon completion of the
engagement, as agreed, and are due within thirty days of invoicing. Consulting engagements
may, in some cases, be continuous in nature.

Third-party Investment Manager, Mutual Fund and ETF Fees and Expenses
All fees billed by MCM for investment advisory services are separate from, and in addition to,
any fees and expenses charged by third-party investment vehicles or managers. These
third-party charges can include fees imposed by outside investment managers, mutual funds,
separately managed account strategies, hedge funds, private equity funds and
exchange-traded funds (ETFs).
Fees for third-party investment managers and separately managed account strategies are
disclosed in their own client agreements or offering documents, and fees for mutual funds
and ETFs are described in each fund’s prospectus. Fees for hedge funds, private equity funds
and other private pooled vehicles are disclosed in each fund’s confidential offering or
private placement memorandum, and typically include management fees,
performance-based compensation and other fund-level expenses and may also include
redemption or withdrawal fees.
A client could choose to invest directly in certain investment managers, mutual funds or
ETFs without engaging MCM. In that case, the client would not receive MCM’s advisory and
portfolio management services, which are designed, among other things, to assist the client
in determining which managers and vehicles are appropriate for the client’s goals and
circumstances and in monitoring those investments on an ongoing basis. Clients should
carefully review both the fees and expenses charged by third-party managers and funds and
the advisory fees charged by MCM in order to understand the total costs they will bear and
to evaluate the services being provided.

Additional Fees and Expenses
...

Item 7.       Types of Clients
MCM generally provides investment advisory services to high-net-worth individuals and
families, family office entities, trusts and estates, charitable organizations and foundations,
corporations and other business entities, and the Equinox Funds. We may also provide
limited advisory or consulting services to other types of clients in certain circumstances.
Account minimums and fee schedules for our services are described in Item 5 (Fees and
Compensation).

                                   Manchester Capital Management, LLC | Form ADV Part 2a | March 2026