Old Peak Finance LLC

Fees and Compensation

Overview
We offer a complimentary, 1-hour, no-commitments, introductory session in which we will
briefly review a client’s situation and discuss how we could work together.

Our fee schedule for our ongoing wealth management services is as follows:

          Annual financial planning fee of $10,000

          plus

          Annual asset management fee of 0.30% of assets under management (assets up to $20 mm) +
          0.15% of assets under management (assets over $20 mm)

For example, if Old Peak is managing $1 mm, the annual fee would be $10,000 + $3,000 = $13,000.

The annual financial planning fee may be greater than $10,000 for clients with unusually complex financial
situations. The fee is set out in the client agreement signed by both the client and Old Peak. We deduct
our fee from a client’s account(s) quarterly, in arrears, calculated as 1/4 of the annual fee.

The annual fee is based on market value on the closing date of the quarter, as reported by the
custodian of each account. Portfolio value includes mutual funds, ETFs, individual securities, annuities,
IRAs, private placements, and defined contribution plans. Portfolio value does not include checking and
savings accounts, money market accounts, savings bonds, insurance policies (except annuities), real
estate rental properties, primary residence, or vacation homes. We prorate fees for the first quarter of
a new relationship.

We require that clients agree to have the quarterly fee deducted automatically from their brokerage
account after each quarter. If a client uses a custodian that will not auto-deduct, Old Peak will bill the
client directly.

In addition to Old Peak's fees, clients may pay fees to (1) their custodian/brokerage firm for execution
of transactions, (2) a mutual fund company for fees and expenses associated with any funds (including
mutual funds and exchange-traded funds, or ETFs) held by the client, (3) private investment firms for
fees they charge on private funds owned by the client, and (4) fund managers which manage
separately managed accounts owned by the client. See “Brokerage Practices”.

In recommending mutual funds, we will almost always recommend no-load funds. These are funds for
which there is no sales commission payable up-front, over time, or on redemption. We believe it is
rare that a fund’s returns will compensate for such a load.

Clients will typically custody their investments with our recommended custodian, and that custodian will
execute securities transactions.

Old Peak may agree to a lower fee in certain situations or to offer pro bono services.

Old Peak has legacy clients under engagements that have different fee schedules than those described
above.

Agreement termination and fee refunds
The client agreement between Old Peak and a client will continue in effect until terminated by either
party upon written notice to the other. Old Peak or the client may terminate at any time without cause.
The client may terminate within five business days of signing the agreement and receive full
reimbursement of fees paid. Because all fees are paid in arrears, if either a client or Old Peak terminates
in the middle of any quarterly period, the client is liable for a prorated amount of the quarterly fee.

Performance-Based Fees and Side-By-Side Management
Old Peak does not receive performance-based fees on any client assets.

Types of Clients
Old Peak seeks clients that are individuals, families, trusts, and estates. Our clients are primarily higher
net worth individuals and families. We do not have a minimum account size.

Methods of Analysis, Investment Strategies and Risk of Loss
Old Peak focuses primarily on asset class investing. Asset class investing is a strategy in which a portfolio is
divided into different categories, or asset classes (US stocks, international stocks, short-term bonds, etc.),
each with different expected risk and return. To “fill” a category, the investor purchases one or
several diversified mutual funds or exchange traded funds (“ETFs”) designed to achieve the long-term
return of that asset class.

We create portfolios that are broadly diversified, holding thousands of individual investments through
mutual funds or ETFs. We seek to generate attractive returns with acceptable risk by investing in a
range of asset classes. In the past, such a strategy has generated attractive long-term returns and
minimized risk compared to a strategy that picks individual stocks or seeks to “time” the market.
There is no guarantee our strategy will generate attractive returns, but we believe the strategy has
the highest likelihood of long-term success.

This approach is not new, and it is not proprietary to Old Peak. It is time-tested and based on years of
research. It is disciplined, unemotional and long-term focused.

Several core beliefs define asset class investing:

    1. The financial markets are efficient. At any time, prices reflect all available information. Given
       the trillions of dollars and millions of staff hours devoted to investing, markets should be
       efficient. This means that an “active” manager (an investor who tries to beat the market by
       picking individual stocks or timing the market) may get lucky from time to time, but few beat
       the market consistently.
    2. Risk and return are closely related. Long-term, risk-free returns (for example, returns from
       short-term US government bonds) will almost always be lower than returns from investments
       where there is real risk of losing some of your investment. Because most investors need or
       want to generate returns above those from risk-free investments, the question is: how much
       risk can an investor accept?
    3. Asset allocation, not stock-picking, determines long-term returns. Over time, different
       portfolios of, say, US stocks will have fairly similar performance. By contrast, a portfolio of US
       stocks may do very differently than a portfolio of, say, commodities or long-term bonds.
       Their risk may also be quite different. Therefore, the key to generating returns is selection
       and weighting of asset classes.

We will design a broadly diversified portfolio for each client. Typically, it will have the
following elements:

    •   Multiple asset classes. A portfolio will usually include US, international and emerging market
        stocks and short and intermediate-term bonds from the US and international markets. Some
        portfolios have “alternatives”, typically funds investing in publicly listed real estate companies.
        Portfolios of our highest net worth clients may include funds owning private real estate, private

        equity, private infrastructure, or private credit investments.

    •   Thousands of individual investments. The funds we use typically hold hundreds or thousands
        of individual investments from around the world.
    •   Tailored portfolio weightings. Not everyone should have the same mix of asset classes. A well-
        known example is that, on average, an older client should have a lower percentage of stocks than
        a younger client, because the younger client has a longer time horizon in which to recoup the
        inevitable, periodic stock market drops. We consider other factors, such as an individual’s risk
        tolerance. If a client is not comfortable with a particular amount of risk, they may sell on a drop,
        which severely damages long-term returns. It is better to start at a comfortable risk level.

We typically recommend funds managed by Dimensional Fund Advisors. Dimensional is a 44-year-old
investment company with approx. $944 billion in funds under management (as of December 31, 2025).
Dimensional has authorized us to offer their funds to our clients. Individuals cannot purchase
Dimensional mutual funds directly, and Dimensional must approve an advisor to offer their mutual
funds. Individuals can purchase Dimensional ETFs without any approvals.

We formed a relationship with Dimensional for several reasons:

    •   We share Dimensional’s investing philosophy. They believe the key to success is broadly
        diversified portfolios; evidence-based investing (see next bullet point); minimizing fees, trading
        expenses and taxes; and maintaining a long-term horizon. By contrast, they believe stock-
        picking and market timing are not successful long-term strategies, generating increased costs
        and lower returns for investors.

    •   Dimensional’s strategies are based on the science of investing – that is, on rigorous, academic
        research of the drivers of long-term investment performance. Their strategies are unique and,
        we believe, increase potential long-term returns. Their strategies incorporate important
        research by several of their advisors, who are well-respected academics. Research by Eugene
        Fama (who won the Nobel Prize in economics in 2013) and Kenneth French, two of their
        advisors, is an example. They and their Dimensional colleagues concluded that, over long
        periods of time:

            o   Stocks of smaller companies have out-performed stocks of larger companies;

            o   “Value” stocks have out-performed “growth” stocks (Dimensional defines “value”
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