Park Avenue Securities LLC

5. Fees and Compensation
Program Fees paid to Park Avenue for the Park Avenue Proprietary Programs are assessed on an annual
percentage of the total market value of the client’s assets under management (including, but not limited to, all cash
balances in the client’s account and all client balances in the products and accounts used as “cash sweep”
vehicles, including but not limited to, Park Avenue’s Sweep Program (see Cash Management Sweep Program
section below for further information) and may be individually negotiated by the client. In limited circumstances, a
Park Avenue IAR may reduce the total amount of the IAR portion of the Total Client Fee charged to IAR family
members and friends of associated persons of Park Avenue. At its discretion, Park Avenue pays a portion of the fee
it receives to IARs. Fees earned by an IAR vary by Program. Therefore, an IAR has an incentive to recommend
one Program over another.

There is no guarantee that the Park Avenue investment advisory services offered will result in the client’s goals
and objectives being met. Nor is there any guarantee of profit or protection from loss. The fees and expenses in
connection with these advisory services may be higher than the cost of similar services offered through other
financial firms or the fees associated with other financial services. Use of asset-based fee or “wrap fee” programs
may result in the payment of fees by clients in excess of the combined total of separate advisory fees and
brokerage commissions paid on an individual transaction basis. In investment advisory accounts, the Park Avenue
IAR is not paid a sales commission or trail commission on the client assets maintained in those investment
advisory accounts. Please note that a client may be able to purchase recommended no-load mutual funds outside
of a Park Avenue Proprietary Program at little or no transaction cost and without the payment of advisory fees;
however, the client will not receive the benefit of the investment advice and other services that Park Avenue and
its IARs provide to clients participating in its advisory programs.

In some cases, similar services are available from other sources or firms at lower fees and charges (which may
have the effect of lowering the cost to the customer and/or increasing the return on the product).

Park Avenue IARs may also provide advisory services to retail clients via other Park Avenue advisory
Programs. VestWise, the digital advisory Proprietary Program offered by Park Avenue, which has a lower
advisory fee structure, may be invested in securities that are comparable to client accounts that are
invested in other Park Avenue advisory Programs. You should carefully review the description of each
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Program and the related fees and consider which Program may be more appropriate. If you want a
description of all advisory Programs offered, please contact Park Avenue or, alternatively, you may go to
https://www.parkavenuewealthmanagement.com/ to view all of the Firm Brochures available for Park
Avenue.

Park Avenue is conscious of these potential conflicts. Overall, where we are providing fiduciary services,
the goal of our policies and procedures is to act in the best interest of our clients, regardless of their
strategy, fee arrangements or the influence of their owners or beneficiaries.

Advisory and Transaction Fees

The VestWise Program

You will pay one advisory fee for the services provided in the VestWise program. The maximum annual fee for the
VestWise program is 0.45% paid quarterly in arrears. The fee is calculated quarterly, using the average daily
balance of the assets held in the Model Portfolio for your account for the completed quarter.

The annual client advisory fee agreed upon by you and Park Avenue is indicated in the VestWise Investment
Advisory Agreement.

The advisory fee charged by Park Avenue does not include internal expenses charged by the ETFs in which
account assets are invested. All internal expenses are fully disclosed in the respective ETF prospectuses.

Park Avenue Proprietary Programs Other Than VestWise

Other than the VestWise program, the advisory fee for a Park Avenue Proprietary Program is based on the
average daily balance of assets in a client’s account during the previous calendar quarter and is payable in
advance for the following quarter and specified in the Client Agreement or other account opening documentation.
You will pay one advisory fee (“Total Client Fee”) for the services provided in the program you have selected. Your
Total Client Fee is separated into different components, which vary depending on the program you have selected.
The components of the Total Client Fee consist of the following:

   An Adviser Fee for the current advisory services provided by your IAR which ranges from .50% to1.75% of
    assets under management.
   A Platform Fee, which is paid to Park Avenue, as the sponsor of the Proprietary Programs, and for the
    technology related services and/or the advisory related services provided by Park Avenue and Envestnet, and
    the brokerage services involved in purchasing and selling the securities in your account. Please see section
    Annual Platform Fee – Park Avenue Proprietary Programs Other Than VestWise Accounts for additional
    information.
   A Manager Fee for the advisory services provided by Strategists and Investment Managers (as
    applicable)which ranges from 0% to .65% of assets under management.

The Total Client Fee is located in your Statement of Investment Selection. The fee is calculated at the end of each
quarter and is debited from the account on the 10th day of the month (or the next business day if the 10th day is a
non-business day), of the following quarter.

If you choose a standard fee schedule rather than a negotiated fee, and your assets exceed a fee breakpoint or
...

7. Types of Clients and Account Requirements
Park Avenue provides investment advisory services to individuals, high net worth individuals, pension and profit-
sharing plans, charitable organizations, and corporations.

Park Avenue Proprietary Program Account Minimum Investment Requirements

Park Avenue Portfolio SelectSM (Closed to New Investors) - Minimum initial investment requirement of $10,000.

Park Avenue Signature PortfolioSM Program - Minimum initial investment requirement of $10,000.

FoundationsSM and Quantitative InnovationsSM Programs - Minimum initial investment requirement of $10,000.

Park Avenue Strategist SelectSM and Park Avenue Strategist Select PlusSM Programs - Subject to individual
Strategist account minimums with the lowest minimum at $10,000.

Park Avenue Separately Managed Account SelectSM Program (SMA Select) - Subject to individual Investment
Manager Account minimums.

Park Avenue Unified Managed Account SelectSM Program (UMA Select) - Minimum initial investment
requirement of $10,000. Actual minimum may exceed $10,000 as certain investment strategies may have higher
minimum requirements.

VestWise™ - Minimum initial investment requirement of $5,000.