Mercury Advisory LLC

Fees and Compensation

Programs offered by Mercury Advisory charge an annual “wrap” fee, which allows Clients to pay a single fee for
investment advisory services (the “Fee”). The Fee is not based upon transactions in a Client account, but rather is
a bundled fee, which includes the costs for advisory services, execution, clearance, custody and account
reporting.

Entity Clients

The Mercury Treasury product charges a fee that is billed as the lesser of the following: (1) the amount due under
the Fee Schedule set forth below; or (2) twenty percent of the effective federal funds rate (“EFFR”), (the
“Treasury Fee”). Notwithstanding the foregoing, the Treasury Fee will never be less than five basis points
(0.05%).

                                                  TIERED FEE
        Investing Account and Deposit Account Balance                           Mercury Fee
                     Less than $2,000,000                                  60 basis points (0.60%)
                  $2,000,000 - $4,999,999.99                               45 basis points (0.45%)
                  $5,000,000 - $9,999,999.99                               35 basis points (0.35%)
                  $10,000,000-19,999,999.99                                25 basis points (0.25%)
                     $20,000,000 or more                                   15 basis points (0.15%)

The Treasury Fee is charged monthly, in arrears and is calculated based on the Client’s daily invested balance in
the Treasury account and any deposit accounts opened or accessed through our affiliate, Mercury (together, the
“Deposit Account(s)”), for each day during the previous month.

Where the Treasury Fee is based on EFFR, it is calculated using the daily EFFR for each day in the previous
month. The Treasury Fee percentage is applied to the daily invested balance in the Treasury account.

Mercury Advisory’s Treasury Solutions product charges a fee of 8 basis points (0.08%) charged monthly, in arrears
and based upon the daily balance in the Client account at Morgan Stanley. This fee compensates both Mercury
Advisory and Morgan Stanley and includes all costs for advisory services, execution, clearance, custody and
account reporting. Fees are set by Morgan Stanley and charged to clients directly by Morgan Stanley. Mercury
Advisory receives a portion of the wrap fee collected by Morgan Stanley for Treasury Solution accounts. This fee
is part of, not in addition to, the fee charged by Morgan Stanley.

The Treasury Fee is negotiable, and Mercury Advisory reserves the right to waive the Treasury Fee or any part
thereof for any period for any Client in Mercury Advisory’s sole discretion. For example, Mercury Advisory may,
from time to time, elect to launch programs or initiatives whereby the Treasury Fee may be waived, in whole or in
part, for certain categories of Clients. Any such program or initiative (i) is entirely discretionary to Mercury
Advisory and may be expanded, narrowed, suspended, canceled or modified at any time by Mercury Advisory,
and (ii) will be subject to any rules, guidelines and/or terms and conditions created by Mercury Advisory in
connection therewith (which rules, guidelines and/or terms may be included on the Website and/or elsewhere).
To the extent any such program or initiative is canceled or terminated, Clients will once again be charged the
then-current Treasury Fee on a going-forward basis. Mercury Advisory shall have sole discretion in determining
whether or not any existing Client or potential Client meets the requirements to participate in and/or benefit
from any such program or initiative, and Mercury Advisory shall not be liable to the Client or any other party in

connection with any such decision and/or in connection with the administration of any such program or initiative
generally. Any program, initiative, waiver, modification or other change to the Treasury Fee noted above is only
applicable to the Treasury Fee charged by Mercury Advisory. Clients may still be subject to any fees charged
separately by the custodian, funds company or other third parties.

Retail Clients

The Mercury Advisory Invest product charges a flat asset-based fee of 10 basis points or 0.10% of the Client’s
investable assets (the “Retail Fee”). Investable assets refers to investments within a Mercury Advisory Invest
investment account. The more assets there are in a retail investor’s account, the more a retail investor will pay in
fees, and the firm may therefore have an incentive to encourage the retail investor to increase the assets in his or
her account.

The Retail Fee is charged monthly, in arrears based on the daily balance in the Retail investment account each
day during the previous month. The Retail Fee percentage is applied to the account’s invested balance and is
paid from the account’s available operational cash.

The Retail Fee is negotiable, and Mercury Advisory reserves the right to waive the Retail Fee or any part thereof
for any period for any Client in Mercury Advisory’s sole discretion. For example, Mercury Advisory may, from time
to time, elect to launch programs or initiatives whereby the Retail Fee may be waived, in whole or in part, for
certain categories of Retail Clients. Any such program or initiative (i) is entirely discretionary to Mercury Advisory
and may be expanded, narrowed, suspended, canceled or modified at any time by Mercury Advisory, and (ii) will
be subject to any rules, guidelines and/or terms and conditions created by Mercury Advisory in connection
therewith (which rules, guidelines and/or terms may be included on the Website and/or elsewhere). To the extent
any such program or initiative is canceled or terminated, Retail Clients will once again be charged the
then-current Retail Fee on a going-forward basis. Mercury Advisory shall have sole discretion in determining
whether or not any existing Retail Client or potential Retail Client meets the requirements to participate in and/or
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