Modum Asset Management LLC

Item 5 - Fees and Compensation
Management Fees: Under both the Investment Management Service and the Manager Oversight
Service, the Firm charges clients a quarterly asset-based management fee, billed in arrears. The
fee is calculated as a percentage of the client account balance, as follows:

Modum Asset Management LLC                                                              Page 4 of 10
Form ADV Part 2A

          Client Account Balance                          Annual Management Fee Rate

            Lower than $1 million                                      1.00%

     Between $1 million and $5 million                                 0.80%

     Between $5 million and $10 million                                0.60%

             $10 million or more                                       0.50%

Advisory Fees: For the Advisory & Reporting Service, clients are charged a quarterly asset-
based advisory fee, billed in arrears. The advisory fee is calculated as a percentage of the client
account balance, as follows:

          Client Account Balance                            Annual Advisory Fee Rate

           Lower than $10 million                                      0.50%

    Between $10 million and $20 million                                0.40%

    Between $20 million and $50 million                                0.30%

             $50 million or more                                       0.25%

We reserve the right to negotiate fees with clients, and commonly do negotiate them, depending
on the scope of the relationship. We may waive all or a portion of the fees in our discretion.
The Firm receives fees from clients via one of two methods: (1) by directly deducting fees from
the client account, and (2) by billing clients for fees incurred. The Firm allows clients to select
either method. However, the client’s qualified custodian and/or broker-dealer may not allow fees
to be directly deducted from the client account. If this is the case, the Firm can only bill the client
for fees incurred. Clients are billed quarterly in arrears for advisory services.
Clients will incur transaction charges and/or brokerage fees when purchasing or selling securities.
These charges and fees are typically imposed by the broker-dealer and/or qualified custodian
through which account transactions are executed. For more information on our brokerage
practices, please refer to Item 12 below.

Modum Asset Management LLC                                                               Page 5 of 10
Form ADV Part 2A

The fees that clients pay us for advisory services are separate and distinct from the fees and
expenses charged by mutual funds and/or exchange traded funds (described in each fund’s
prospectus) to their shareholders. The fees charged directly by mutual funds and exchange traded
funds will typically include a management fee and other fund expenses.

Item 7 - Types of Clients
The Firm offers advisory services to a diverse range of clients, including individuals, high-net-
worth individuals, trusts, corporations, and other business entities. Our preferred minimum
account size is $1,000,000, though we may consider clients with smaller account sizes on a case-
by-case basis, at our discretion.