Perennial Advisors LLC

ITEM 5 – FEES AND COMPENSATION

A. Fees for Advisory Services
Perennial provides wealth advisory and investment management services to Clients. Clients may elect to receive
either wealth advisory services, investment management services or both. Regardless of whether the Client electsto
receive either or both services, the Client is typically charged one fee (the “Advisory Fee”), which is based on a
percentage of assets under advisement and/or management. In some circumstances, however, where a Client
requires significant or complex wealth advisory services, Perennial may charge an additional fixed fee
(“Supplemental Services Fee”) depending on the scope and complexity of the work required. Perennial may also
require a minimum annual fee from certain clients if assets under management do not meet some minimum threshold
as determined by Perennial.

Perennial’s standard annual Advisory Fee is typically 1.0% and may vary depending on the nature, circumstances
and assets under management of each Client relationship.

Minimum account sizes, fees and fee structure and other conditions may be waived or modified in the future, and
have been waived or modified in the past, at our discretion.

B. Fee Billing
With the exception of Supplemental Services Fees, Clients are generally billed quarterly in arrears unless otherwise
stipulated in writing. Clients generally instruct their custodian to debit fees directly from their account. This
authorization is provided in the Investment Advisory Agreement between Perennial and its’ Clients. In certain
circumstances, Clients also may choose to pay fees directly, in which case we send the Client an invoice similar to
the notices described above. Supplemental Services Fees for wealth advisory services are invoiced to the Client by
Perennial and due upon completion of the agreed upon scope of work and/or receipt of the agreed upon deliverables
to the Client.

C. Other Fees and Expenses
Clients may incur trading fees, brokerage commissions and other related costs and expenses of securities transactions
executed for their account(s) in addition to fees paid directly to Perennial for wealth advisory and/or investment
management services. The Client is responsible for all custodial and securities execution fees charged by the custodian
and executing broker-dealer. The Client does, however, have the option to purchase investment products that we
recommend through other brokers or agents that are not affiliated with Perennial that which we are not compensated
for.

In addition, mutual funds and exchange-traded funds (ETFs) charge fees and expenses to their shareholders. These
fees and expenses are described in each fund’s prospectus and are separate and distinct from any fees paid to Perennial.

ITEM 6 – PEFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT

We do not charge performance-based fees—that is, fees based on a share of capital gains or capital appreciation of

assets (such as a client that is a hedge fund or other pooled investment vehicle)—for our wealth advisory or
investment management services. We also do not participate in side-by-side management, where an advisor manages
accounts that are charged a performance-based fee and accounts that are charged another type of fee, such as an
hourly or fixed fee or an asset-based fee.

ITEM 7 – TYPES OF CLIENTS

Perennial’s Clients include non-high net worth individuals, high net worth individuals and families, family offices,
trusts and estates, small businesses and other organizations.