Montchanin Asset Management LLC

Item 5: Fees and Compensation (cont.)

5.E.2. Explain that clients have the option to purchase investment products that
you recommend through other brokers or agents not affiliated with you.
•   Not applicable. We do not recommend investment products to our clients.

5.E.3. If more than 50% of your revenue from advisory clients results from
commissions and other compensation for the sale of investment products you
recommend to your clients, including asset-based distribution fees from the sale
of mutual funds, disclose that commissions provide your primary, or, if
applicable, your exclusive compensation.

•   Not applicable. Our compensation is 100% management fee based. In general, we do not
    sell or recommend mutual funds or any other outside products to our clients.

5.E.4. If you charge advisory fees in addition to commissions or markups,
disclose whether you reduce your advisory fees to offset the commissions or
markups.
•   Not applicable. We do not charge commissions, nor do we receive any compensation from
    commissions charged on client transactions by a custodian or broker-dealer.

•   Our only source of compensation is our advisory fee.

Item 7: Types of Clients

Describe the types of clients to whom you generally provide investment advice,
such as individuals, trusts, investment companies, or pension plans. If you have
requirements for opening or maintaining an account, such as a minimum
account size, disclose the requirements.

•   We provide investment advice to high-net worth individuals, families, trusts, charitable
    organizations, pension plans and small businesses.

•   Our minimum investment requirement is $250,000.

•   Our minimum annual management fee is $2,500.

•   We typically target accounts that are greater than $250,000 in value.