Murphy Pohlad Asset Management LLC

Item 5. Fees and Compensation

 A. Advisory Fees. For investment management services, we typically charge an investment
 advisory fee determined as a percentage of market value of assets under management. Our
 basic fee schedule is as follows:

                        Assets Under Management                       Annual Fee
                       On the first $5,000,000 of assets                0.90%
                   On those assets in excess of $5,000,000              0.70%

 We may, in our sole discretion, aggregate assets in related accounts for purposes of the fee
 break points in the schedule above. Our investment advisory fee is determined on a client-by-
 client basis.

 The investment advisory fees we charge can vary significantly from client to client, and may be
 higher or lower than those indicated in the basic fee schedule above, depending on a number of
 factors, including the amount of assets under management, the nature of the assets, the type of
 analysis required to manage the account, the level of service required by the client, the time that
 the client began their relationship with us, and other factors. At times, a client’s negotiated
 investment advisory fee will involve different fee rates for different asset classes within the
 client’s account. In such cases, we have an incentive to allocate the client’s investments to
 asset classes that are charged higher fee rates. These advisory fees are the only compensation
 our firm receives. As part of their overall compensation, we typically pay our advisors an
 amount reflecting a percentage of the advisory fees generated by the clients with which they
 work. Advisors compensated by a percentage of advisory fees have an incentive to increase
 assets in the accounts with which they work. Advisors seeking to increase assets in a client’s
 account could also be incentivized to invest a client in riskier assets to grow the value of assets
 upon which an investment advisory fee is calculated. We have developed policies and
 procedures designed to address and mitigate the conflicts of interest that arise from an advisor’s
 compensation structure.

 We reserve the right in the future to charge a minimum fee if the asset-based fee schedule
 above would result in a disproportionately small fee. Any such minimum annual fee expressed
 as a percentage of assets under management may be substantially higher than the fee
 schedule shown above and the client may be able to obtain similar investment management
 services elsewhere for a lower fee.

DB1/ 143758570.7                                  4

                             Murphy Pohlad Asset Management LLC
                                      Form ADV Part 2A
                                         July 1, 2026

 We have in the past entered into negotiated fixed fee arrangements with a few clients. The
 amount of the fixed fee depends on the amount of assets under management, the nature of the
 assets, the type of analysis required to manage the account, the level of service required by the
 client and other factors.

 B. Payment of Fees. We generally deduct fees directly from client accounts, but will bill clients
 upon request. Our fee is payable at the end of each calendar quarter based upon the value of
 assets in the client’s account as of the close of business on the last business day of the quarter
 or, upon termination of the account, as of the close of business on the last business day on
 which the account remains open. If the account was opened or is closed during a quarter, the
 client pays a prorated fee based on the period of time during the quarter that the account was
 open. We also reserve the right to charge a prorated fee with respect to any material deposit or
 withdrawal of assets during any quarter. The fixed fee is payable quarterly in arrears.

 C. Other Fees or Expenses. If assets in the client’s account are invested in mutual funds
 (including money market funds), exchange-traded funds, unit investment trusts, annuities or
 similar investment vehicles, the client’s account will bear its proportionate share of the fees and
 expenses of such investment vehicles, as well as any applicable sales loads (although we
 expect that most transactions in mutual fund shares will be free from sales loads), in addition to
 the fees payable to us. Clients whose accounts are invested in such investment vehicles will
 therefore pay two levels of advisory fees on such assets - one through the vehicle to its
 investment adviser and one to us. The client will also incur transactional fees charged by a
 broker-dealer or other intermediary in connection with making investments in mutual funds and
 other investment vehicles. In some cases, the client may be able to avoid transaction fees by
 effecting transactions in mutual fund shares directly with the fund. Further information regarding
 our brokerage practices is found in Item 12 of this brochure. Each client is responsible for any
 fees charged or expenses allocated by the client-selected custodian for their account.

 D. Advance Payments. Our clients do not pay our fees in advance.

 E. Other Compensation. Our firm and our employees do not accept compensation for the
 sale of securities or other investment products.

Item 7. Types of Clients

 We generally provide investment advice to individuals, trusts, estates, charitable organizations,
 corporations and certain other business entities. The minimum account size required is $2.0
 million, subject to waiver at our discretion in individual cases. For example, we may, in our sole
 discretion, aggregate assets in related accounts for purposes of minimum account size.

DB1/ 143758570.7                                 5

                               Murphy Pohlad Asset Management LLC
                                        Form ADV Part 2A
                                           July 1, 2026