Montrose Advisors Incorporated

Item 5: Fees and Compensation

Advisory Clients
        MAI generally charges advisory fees quarterly, payable in advance. MAI has advisory
clients that pay fixed fees and clients that pay based on a percentage of assets under
management. In addition, MAI has clients that also pay 1% of the value of an investment
allocation that MAI recommends, followed by 0.5% on its anniversary. To a limited extent for
project work MAI will use an hourly fee structure with clients preferring that arrangement.
        Clients are generally invoiced quarterly and payment is due upon receipt of the invoice.
All advisory fees are negotiable. When a contract is terminated before quarter-end the amount to
be refunded will be calculated as follows: the number of prorated unused days in the contract
period less any notification requirement as described in the engagement contract.
        In addition to advisory fees paid to MAI, advisory clients will pay any fees charged by
any investment limited partnership. In the case of separately managed accounts, also any
custody and brokerage fees for account maintenance and investments made in their portfolio.
Expenses may also be charged to clients when agreed in advance. Fees may also be charged for
special project work for services rendered when agreed in advance.
        We reserve the right to negotiate and charge different fees for different, and perhaps,
similar clients. MAI bases factors in client circumstances, needs, relationships and the like when
determining the fee structure. For example, we may offer discounted fee schedules to certain
clients based on the totality of their (and/or an affiliate’s) relationship with our firm. Advisory
fees are negotiated on a contract by contract basis.

                                                                                         2|Page

Montrose Advisors Incorporated Form ADV Part 2A
March 26, 2026

Asset Allocation and General Consulting
        This service is based on a percentage of total portfolio assets and may take into account a
client or family’s total relationship with our firm. The fee schedule for this ranges from 0.2% to
0.75% and is based on total portfolio assets. Clients are generally invoiced quarterly, depending
on the level of engagement, in advance. Invoicing on an alternative schedule may be used when
mutually agreed upon. When a contract is terminated before quarter-end the amount to be
refunded will be calculated as follows: the number of prorated unused days in the contract period
less any notification requirement as described in the engagement contract.
        Clients may also engage MAI for general consulting services which are offered on a fixed
fee based on upon the expected requirements of the client in any given year, payable semi-
annually, in advance. When a contract is terminated before the period end the amount to be
refunded will be calculated as follows: number of prorated unused days in the contract period
less any notification requirement as described in the engagement contract.
        Clients may choose to engage MAI for general consulting services at an hourly rate based
upon the hours worked. In some cases a monthly base retainer may be charged. Generally, MAI
will invoice the client at month-end. In some cases, MAI may request to be paid in advance
based upon estimated requirements. Any unused portion of the advanced payment will be
refunded less the retainer amount.
        Fixed fee rates and hourly rates may be subject to automatic annual increases generally
in-line with the rate of inflation.
        MAI’s fees are exclusive of brokerage commissions, transactions fees, and other related
costs and expenses which shall be incurred by the client. Clients may be assessed certain
charges imposed by custodians, brokers, third party investments, and other third parties such as
fees charged by managers, custodial fees, deferred sales charges, wire transfer and electronic
fund fees, and other fees and taxes on brokerage accounts and security transactions.

Montrose Partners, L.P.
        MAI charges Montrose Partners, L.P. (“MPLP”) a quarterly management fee, paid in
arrears, of 0.4% on average assets in the partnership during the preceding quarter. MPLP assets
are generally invested in other investment vehicles such as limited partnerships, limited liability
companies, separately managed accounts or mutual funds. The fees of such other entities and
advisers are paid directly by MPLP. MPLP also maintains its own brokerage and bank accounts
and any fees and commissions incurred are paid directly by MPLP.
        MPLP also pays its own expenses related to fund administration, including legal and
accounting fees, printing and mailing expenses and government filing fees. All third party
accounting, tax preparation, audit, bookkeeping, governmental fees and taxes and legal and
compliance costs, or relating to these items, are paid directly by MPLP.
        In addition to the quarterly management fee, the partnership pays the general partner,
Montrose Advisors Incorporated, for rent expense.

Fee Schedule
       For a schedule of fees, please contact Lois McNaughton.

                                                                                         3|Page

Montrose Advisors Incorporated Form ADV Part 2A
March 26, 2026

Additional Employee Compensation
       There are no additional employee compensation schemes.

Item 7 Types of Clients
MAI provides investment and/or asset allocation advice to clients who are generally high net
worth families or individuals and small foundations/endowments/trusts. MAI also provides
investment management services to one pooled investment vehicle and has full discretion over
its operations. MAI may advise different types of clients in the future.

Advisory Clients
        The minimum investment for any advisory client is determined on a case-by-case basis
but is generally expected to be at least $50 million. Advisory clients are generally high net worth
families or individuals (and/or their investment entities) and also small foundations/endowments.

        Asset Allocation
        Persons/foundations/trusts may engage MAI to provide asset allocation services on their
total portfolio. There is no minimum asset level requirement but is generally expected that this
type of client will be an “accredited investor” (as defined by under the 1940 Act).
        General Consulting
        Persons/foundations/trusts may also engage MAI to provide general consulting/advice to
their portfolio. There is no minimum asset level requirement, but it is generally expected that
this type of client will be an “accredited investor” (as defined by under the 1940 Act).

Discretionary Clients
        Investment Pools
        Montrose Advisors manages pooled investment vehicles. In addition to any client
requested (private) portfolio the firm manages one in-house pool, Montrose Partners, L.P.
(MPLP). Outside investors are welcomed into MPLP at a stated minimum participation of
$250,000 and this amount may be waived at the discretion of the General Partner. Investors are
generally an “accredited investor” (as defined under the 1940 Act).
        Asset Allocation
        Persons/foundations/trusts may engage MAI for discretionary asset allocation services on
their total portfolio. There is no minimum asset level requirement but is generally expected that
this type of client will be an “accredited investor” (as defined by under the 1940 Act).

                                                                                        4|Page

Montrose Advisors Incorporated Form ADV Part 2A
March 26, 2026