Papamarkou Wellner Asset Management Inc

Item 5. Fees and Compensation
Description of Advisory Fees

Non-Discretionary Consulting Fees

PWAMI charges an annual asset-based fee for consulting services (the “Consulting Fee”). The
Consulting Fee is negotiable, but generally varies based on the market value of client assets for
which PWAMI provides consulting services in accordance with the following fee schedule:

                           Assets                             Consulting Fee
                       First $5,000,000                   1.00% (100 basis points)
                      Next $5,000,000                     0.75% (75 basis points)
                      Next $5,000,000                     0.60% (60 basis points)
                      Next $5,000,000                     0.55% (55 basis points)
                     Above $20,000,000                           Negotiated

The Consulting Fee is prorated and charged quarterly, in advance, based on the value of the assets
provided by the qualified custodian or administrator. The Consulting Fee for the initial quarter of
service is prorated based on the remaining days in the quarter, as applicable. If a client designates
additional securities or cash to PWAMI’s supervision after the beginning of a quarter of service,
the Consulting Fee will be adjusted based on the value of the additional assets on a pro-rata basis,
for the remaining days in the quarter. If a client withdraws securities or cash from PWAMI’s
supervision after the beginning of a quarter, PWAMI will refund a pro-rated portion of the prepaid
fee based on the number of days remaining in the quarter and the percentage of the withdrawal to
the value of the account as of the close of business on the business day prior to the withdrawal.
Refunds are credited to the next quarter’s advisory fee. For private equity investments and other
direct and non-marketable alternative assets, the Consulting Fee on those assets is determined on
an investment-by-investment basis and charged from the date of the client’s initial capital
commitment to the investment through the end of the commitment period in the investment (as
defined by the governing documents of the investment). During the commitment period (as
defined by the governing documents of the investment), the Consulting Fee is based on the client’s
total capital commitment to the investment. Following the end of the commitment period for the
investment (as defined in the governing documents of the investment), the Consulting Fee shall
be based on the client’s actively invested capital contribution.

                              Papamarkou Wellner Asset Management, Inc.

For certain clients, PWAMI’s investment advisory agreement for consulting services expressly
authorizes PWAMI to direct the custodian of the assets (whether PW&Co or another broker-
dealer designated by the client) to deduct Consulting Fees due to PWAMI directly from the
client’s accounts at the custodian without prior notice to the client. PWAMI sends clients invoices
for its Consulting Fees on a quarterly basis. Clients should compare the statements they receive
from PW&Co and/or other financial institutions that act as the qualified custodian for account
assets to the invoices they receive from PWAMI.

Discretionary Investment Management Fees and Performance Fees

PWAMI charges annual asset-based fees for discretionary investment management services (the
“Investment Management Fees”) and, for certain strategies, PWAMI also charges carried interest
or performance fees in connection with such services (together, “SMA Performance Fees”), as
set forth in the following fee schedules:

                 Growth, Growth and Income, and Dynamic Income Strategies

                     Assets                                 Investment Management Fee
                First $5,000,000                                0.75% (75 basis points)
                Next $5,000,000                                 0.50% (50 basis points)
              Above $10,000,000                                       Negotiated

                 Natural Resource Tactical Opportunities Strategy (“TacRes”)

                                    Investment Management
            Assets                                                        SMA Performance Fee
                                             Fee
                                                                          20% of Net Distributable
          All Assets                 1.00% (100 basis points)
                                                                          Profits (upon termination)
“Net Distributable Profits” means amounts distributed to the client in excess of funds deposited,
after payment of all fees and expenses of the account, including the Investment Management
Fee payable to PWAMI. PWAMI shall be entitled to payments of the Carried Interest
simultaneously with distributions to the client of Net Distributable Profits on a pro rata basis.

                              Papamarkou Wellner Asset Management, Inc.

            Scalar Gauge Concentrated Software Equity Strategy (“Scalar Gauge”)

                                     Investment Management
             Assets                                                        SMA Performance Fee
                                              Fee
                                                                         20% over a 6% hurdle,
           All Assets                 0.50% (50 basis points)         subject to the SG High-Water
                                                                                   Mark
The “SG High-Water Mark,” is the minimum level PWAMI needs to achieve in subsequent
years to receive any further SMA Performance Fee. The SG High-Water Mark is set with
PWAMI’s positive net return in an account without the hurdle. PWAMI would only be eligible
for an annual SMA Performance Fee only with performance in excess of the hurdle above the
prior SG High-Water Mark.
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Item 7. Types of Clients
PWAMI generally provides investment advice to high net-worth individuals, family offices,
endowments and foundations, pensions and profit-sharing plans, and trusts, estates, and other
charitable organizations. PWAMI also advises one private fund, as of the date of this brochure,
the PW Portfolio.

PWAMI does not impose a general minimum account balance or minimum fee for new advisory
or existing clients; however, PWAMI may only charge Performance Fees to clients who qualify
as “qualified clients” pursuant to Section 205-3 of the Investment Advisers Acts of 1940, as
amended (the “Advisers Act”). In addition, PWAMI imposes a minimum investment amount for
certain strategies offered as part of its discretionary investment management services, as
follows:

                              Strategy                    Minimum Investment
                               Growth                            $500,000
                        Growth and Income                        $500,000
                          Dynamic Income                         $500,000
                               TacRes                            $500,000
                            Scalar Gauge                        $1,000,000

These minimum amounts may be waived by PWAMI and/or its affiliates based upon certain
criteria (e.g., historical relationship, type of assets, anticipated future earning capacity, anticipated
future additional assets, dollar amounts of assets to be managed, related accounts, account
composition, or negotiations with clients). In addition, certain Third-Party Manager(s) utilized by
PWAMI may impose minimum account balances and/or minimum fees.

The Governing Documents of the PW Portfolio set minimum amounts for investment by
prospective investors in the Fund. The minimum amount may be waived by PWAMI and/or its
affiliate in accordance with the Governing Documents.