Montrose Estate Capital Management LLC

ITEM 5               FEES AND COMPENSATION

A.   ADVISORY FEES
     Fees for ETF Sub-Advisory Services
     The Firm receives 0.04% of the assets under management for the HF Fund annually as part of its
     sub-advisory services. This fee is included as part of the annual 1.35 % expense ratio for the ETF.
     The Firm also receives any funds remaining from the expense ratio after all other costs and fees
     have been deducted. The Firm receives its fees for the ETF according to the distribution schedule
     of the investment adviser that it advises for the ETF.

     Separate Accounts Sub-advisory, Adviser Accounts, and other services
     The Firm’s annual fee for SMA asset management services is 1.40% of the assets under
     management. Fees are subject to negotiation and may vary to reflect circumstances that apply to
     a specific client account. The fee includes guidance of financial objectives and goals, in-house
     wealth management, and access to our third- party network of ancillary financial service
     providers.

     Clients will be invoiced in advance at the beginning of each calendar quarter based upon the
     market value of the client’s account at the end of the previous quarter. Fees will be debited from
     the account in accordance with the client authorization in the client agreement.

     We serve as Advisor to a Private Fund, a private pooled investment vehicle in which you may be
     solicited to invest. The Private Fund is offered to certain sophisticated investors, who meet
     certain requirements under applicable state and/or federal securities laws. Investors to whom
     the Private Fund is offered will receive a subscription agreement and other offering documents.
     The fees charged by the Private Fund are separate and apart from our advisory fees. You should
     refer to the offering documents for a complete description of the fees, investment objectives,
     risks and other relevant information associated with investing in the Private Fund.

     In exchange for selecting the Firm’s model from the third-party platforms, the Firm is entitled to a
     performance fee based on the realized and unrealized gains of third-party accounts. The
     performance fee percentage for each Strategy is determined by the Portfolio Manager and will be
     transparent and available on the third-party platform at the time of Strategy selection by the
     Allocator.

B.   OTHER FEES & EXPENSES

     Clients may incur certain fees or charges imposed by third parties, other than the Firm, in
     connection with investments made on behalf of the client’s account(s). The client is responsible
     for all custody and securities execution fees charged by the Custodian. The fees charged by the
     Firm are separate and distinct from these custody and execution fees.

     The following list of fees or expenses are what clients pay directly to third parties, whether a
     security is being purchased, sold or held in accounts under our management. The fees include:

     •     Brokerage commissions;
     •     Exchange fees;
     •     SEC fees;
     •     Advisory fees and administrative fees charged by funds;
     •     Advisory fees charged by sub-advisers (if any are used for your account);
     •     Custodial fees;
     •     Deferred sales charges;
     •     Transfer and electronic fund processing fees;
     •     Commissions or mark-ups / mark-downs on security transactions;
     •     Others that may be incurred.

     In addition, no employees receive (directly or indirectly) any compensation from the sale of
     securities or other investment products that are purchased or sold for your account. As a result,
     we are a fee only investment adviser.

C.   REFUND POLICY
     In the event of account termination, there will be no refund of any previously paid advisory fees
     or previous fee credits issued.

ITEM 7             TYPES OF CLIENTS

A.   DESCRIPTION
     As a discretionary sub-adviser to a publicly traded ETF, the Firm serves the investment adviser
     to the ETF.

     For Separately Managed Accounts the Firm serves individuals, high net worth individuals, family
     offices, trusts, estates, foundations, charitable organizations, pooled investment vehicles,
     corporations or other business entities, pensions, employer sponsored plans and profit-sharing
     plans, among others.

B.   ACCOUNT MINIMUMS
     A minimum account of $1,000,000 is required for Separate Account Management Clients, although
     this is negotiable under certain circumstances.