NorthStar Financial Companies Inc

FEES AND COMPENSATION
Investment Management Fees
Fees for Investment Management are either a flat annual percentage or tiered in accordance
with the outline below. The highest annual fee we charge is 1.25% of managed assets. All fees
are negotiable and are based on the market value of your total managed portfolio, as provided
by the account custodian. You can negotiate to exclude a specific holding from billing.

BASIC FEE TIERS
       FROM                   TO                                    MAXIMUM FEE TIER
       $0                     $1,000,000                                 1.25%
       $1,000,001             $1,500,000                                  .75%
       $1,500,001             and higher                                  .50%

Fees collected by Northstar within a sub-advised account, including accounts sub-advised by our
affiliate AHWCO and other independent managers, will be split with the relevant sub-adviser as
compensation for management services in accordance with the sub-adviser agreement, a copy
of which will be provided upon request.

Northstar will bill Investment Management fees on a quarterly basis, either in advance or arrears,
based upon the prior quarter-end total account market valuation provided by the account
custodian. You can elect to be billed directly or, with written authorization to your custodian,
allowing Northstar to automatically deduct fees from your accounts. You should verify the
accuracy of all fees paid by reviewing your custodian’s statements.

Fees shall not be prorated for capital contributions or withdrawals made during the applicable
calendar quarter. Accounts opened or terminated during a calendar quarter will be
charged/refunded a prorated fee, (refunds will cover the unused portion of any prepaid advisory
fee, from the date we receive your written notice to terminate to the end of the quarterly period).

Outside of our Wrap-Fee Program, Investment Management and/or Financial Planning fees do
not cover custody and security execution fees, which are charged by your Custodian, or
transaction-related fees charged by a Broker, such as deferred sales charges, odd-lot,
differentials, transfer taxes, wire transfer and electronic fund fees. Please see the BROKERAGE
PRACTICES for more information.

You are also responsible for any investment product expenses in addition to Investment
Management or Financial Planning fees, such as internal fees charged by mutual funds or money
market funds, exchange-traded securities and REITs or LPs. Specific charges are disclosed in each
product’s prospectus, and generally are used to pay management as well as administration and
distribution costs for that fund/security.

                                                                                      Form ADV Part 2A

                                                                           Version Date: March 18, 2026

Financial Planning Fees
If you choose only Financial Planning services, on either an ongoing or limited basis, fees are
billed directly to you. Financial Planning fees are negotiable and based on the total net value of
assets subject to our services, as provided by you and agreed upon through a formal Financial
Planning Agreement. Fees range from .25% to a maximum of 1% of assets under advisement and
are invoiced upon delivery of services.

Fees vary from client-to-client, and your specific fee schedule will be included in your Agreement.
Existing clients could have different service agreements/fee schedules than are currently being
offered. Either party can terminate agreements for ongoing services with written notice.

Conflict of Interest
Certain Advisors of Northstar are also licensed as independent insurance agents. Implementation
of recommendations for insurance products through these individuals will result in these
Advisors receiving commission compensation. This is a conflict of interest in that these individuals
have an incentive to recommend insurance products to advisory clients. You are not obligated to
purchase any insurance products through these individuals in these separate capacities, and you
may choose to effect transactions through other insurance agents or brokers.

To mitigate this conflict as much as possible, all employees at Northstar, including Advisors,
representatives, earn a salary that is not contingent on the level of insurance commissions or
advisory fees generated. Bonus compensation, however, is paid based on annual revenue
growth, profitability, and client retention rates.

PERFORMANCE BASED FEES & SIDE BY SIDE
MANAGEMENT
Compensation for the firm or any Advisor is never based on a share of the capital gains upon, or
capital appreciation of, the funds in any account.

TYPES OF CLIENTS
Individuals
Most of our clients are individuals and high net worth individuals who seek comprehensive
planning and investment advice. Our clients’ financial situations are diverse but usually
somewhat complex and require a comprehensive plan to deal with issues such as options
strategies, gifting strategies, business succession planning, estate planning, and tax-aware
investing. The minimum investment for our services is generally $10,000, with the exception of
CAM portfolios, where the minimum separate account size is $25,000.

                                                                                       Form ADV Part 2A

                                                                            Version Date: March 18, 2026

Trusts & Other Entities
Northstar also provides Asset Management and cash flow planning services to Charitable and
Irrevocable Trusts and closely held businesses established by existing clients as a separate
service. The minimum investment for organizations/entities seeking this service is $25,000.

METHODS OF ANALYSIS, INVESTMENT
STRATEGIES AND RISK OF LOSS
Northstar’s overall management philosophy is goals-based. Investment strategies utilized will
reflect your needs and will differ from strategies used for different clients. Strategies can include
short as well as long-term purchases of equities, debt instruments, mutual funds, and options. If
you have a low risk tolerance, or if capital preservation is a primary objective, emphasis will be
on more passive, fixed-income strategies. For more aggressive or growth-oriented objectives,
strategies will generally be more active and equity-based.

Active investment strategies, which includes the trading strategies employed in CAM model
portfolios, carry more risk than passive strategies due to a greater frequency of transactions,
which involve additional costs such as transaction or exchange fees and taxes. Strategies
involving options carry additional risk, as losses incurred may exceed losses on the underlying
stock and covered calls will make the underlying equity illiquid for the duration of the contract.

NOTE: Investing in securities involves risk of loss, which you should be prepared to bear. There
is no guarantee that you will be able to meet your investment goals.
For Financial Planning services, we will analyze your goals and financial condition, including
income and spending, savings and investments, and insurance/protection needs. This analysis is
a pre-requisite to comprehensive Planning. We also evaluate the impact of any existing or
proposed plans and strategies on estate plans and taxation.

Our primary method of analysis is fundamental. Fundamental analysis is applied to equities to
determine fair value of a stock and some exchange-traded funds by evaluating earnings, price
and dividends paid, as well as key information from a company’s balance sheet, income
statement and overall financial condition. As applied to debt securities, credit history, duration
and yield are all evaluated. Fundamental, fair value analysis can be applied to individual
companies or industry sectors.

Crabtree Asset Management portfolios also rely on fundamental analysis and additional filtering
of specific company data and characteristics to find companies that are simultaneously:
    • Generating operational cash flow; while …
    • Executing on its operating plans; and …
    • Maintaining or increasing its market share.

                                                                                       Form ADV Part 2A

                                                                            Version Date: March 18, 2026

For mutual funds and exchange-traded funds, which represent our typical investment and form
the bulk of our client portfolios, fundamental analysis involves the evaluation of the fund
manager against a specific set of criteria such as manager experience, methodology and personal
investment (does the manager invest in their own fund). Additionally, we measure overall cost
and past performance relative to a peer group of similar managers. We will also evaluate and
monitor Modern Portfolio Theory statistics such as Beta (risk) Alpha (reward) and Standard
Deviation (volatility).

Despite our analyses and research, investment decisions made by Northstar’s Advisors are
subject to various market, currency, economic, political, and business risks, such as:
   • Interest-rate Risk: Fixed income securities are subject to interest rate risk because the
      prices of fixed income securities tend to move in the opposite direction of interest rates.
      When interest rates rise, fixed income security prices fall. When interest rates fall, fixed
      income security prices rise. In general, fixed income securities with longer maturities are
      more sensitive to changes in interest rates. In addition, falling interest rates can cause a
      portfolio’s income to decline.
   • Market Risk: The price of a security, bond or mutual fund, or exchange-traded fund can
      drop in reaction to tangible and intangible events and conditions. This type of risk is
      caused by external factors independent of a security’s underlying circumstances
   • Inflation Risk: When an inflationary economic environment exists, a dollar in the future
      does not buy as much as a dollar today will buy. This negatively impacts people on fixed
      incomes.
   • Currency Risk: Overseas investments are subject to fluctuations in the value of the dollar
      against the currency of the investment’s originating country.
   • Reinvestment Risk: This is the risk that future proceeds from investments will need to be
      reinvested at a potentially lower rate of return. This primarily relates to fixed income
      securities.
   • Liquidity Risk: Liquidity is the ability to readily convert an investment into cash.
      Generally, assets are more liquid if many traders are interested in a standardized
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