Permanent Capital Management LP

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into a written
agreement with the Advisor.

A. Fees for Advisory Services
Investment Management Services
The Advisor’s annual fee for investment advisory services shall generally be based upon a percentage (%) of the
market value and type of assets placed under the Advisor’s management and/or advised, payable quarterly in
advance. Investment advisory fees typically range up to 0.75% annually based on several factors, including: the
complexity of the services to be provided, the level of assets to be managed, assets services, and the overall

                                             Permanent Capital Management, LP
                                              217 N. Sangamon Street | 10th Floor
                                                      Chicago, IL 60607
                                                     Phone: 773-343-4697

relationship with the Advisor. Relationships with multiple objectives, specific reporting requirements, portfolio
restrictions and other complexities may be charged a higher fee. Alternatively, the Advisor can choose to offer its
investment advisory services on a flat fee basis. To the extent offered, the Advisor’s flat fee will be based upon
various subjective and objective factors and will not exceed the above fee rate.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and other
related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the Advisor
shall not receive any portion of these commissions, fees, and costs. All securities held in accounts managed by
Permanent Capital will be independently valued by the Custodian. The Advisor will conduct periodic reviews of the
Custodian’s valuation to ensure accurate billing.

Sub-Advisor / Independent Manager - As noted in Item 4, the Advisor will implement all or a portion of a Client’s
investment portfolio utilizing one or more Sub-Advisors and/or Independent Managers. To mitigate any conflict of
interest, the Advisor does not earn any compensation from a Sub-Advisor and/or Independent Manager. The
Advisor will only earn its investment advisory fee as described above. The terms of the fees charged by any Sub-
Advisor or Independent Manager will be described in the respective Sub-Advisor or Independent Manager’s
disclosure brochure and applicable contract[s]. The total blended fee, including the Advisor’s fee and the Sub-
Advisor and/or Independent Manager’s fee, typically will not exceed 2.00% annually.

B. Fee Billing
Investment Management Services
Clients may elect to have investment advisory fees deducted from their account(s) at the custodian. Both the
Advisor's Investment Advisory Agreement and the custodial/clearing agreement authorizes the custodian to debit
each account for the amount of the Advisor's investment advisory fee and to directly remit such fee to the Advisor
in compliance with regulatory procedures. In the limited event that the Advisor bills the Client directly, payment is
due upon receipt of the Advisor’s invoice. Typically, the Advisor will deduct fees and/or bill Clients quarterly in
advance, based upon the market value of the Client’s assets in the relevant account(s) and/or assets advised by
the Advisor as of the end of the preceding calendar quarter as valued by the custodian of the assets. No increase
in the annual fee percentage shall be effective without prior consent.

Clients may make additions to and withdrawals from their account(s) at any time. Reconciliations are performed on
a quarterly basis to determine the difference in the market value of the assets on the last day of the previous calendar
quarter and the average daily balance of the assets for such calendar quarter. An adjustment will be made to the
fee provisionally paid in advance for such quarter, in the form of a credit or debit for each billing period, to reflect
any difference between such amounts. For the initial period of an engagement, the fee is calculated on a pro rata
basis through the end of the quarter. In the event the advisory agreement is terminated, any amount of the Advisor’s
fee paid in advance will be adjusted based on the average daily balance from the beginning of the final billing period
up until the date of termination. Any unearned portion of the fee for the final billing period will be refunded to the
Client, as appropriate.

Sub-Advisor / Independent Manager - For Client accounts implemented through one or more Sub-Advisors and/or
Independent Managers, the Client’s overall fees will include Permanent Capital’s investment advisory fee (as noted
above) plus investment management fees and/or platform fees charged by such Independent Managers. The fees
charged by Sub-Advisors typically will not be in addition to the Advisor’s fee. The Advisor will assume the
responsibility for calculating the Client’s fees and, where appropriate, directing the custodian to deduct such fees from
the Client’s account[s].

C. Other Fees and Expenses
Clients may incur certain fees or charges imposed by third parties, other than Permanent Capital, in connection
with investments made on behalf of the Client’s account[s]. The Client is responsible for all custody and securities
execution fees charged by the Custodian, as applicable. The Advisor's recommended Custodian does not charge
securities transaction fees for ETF and equity trades in a Client's account, provided that the account meets the
terms and conditions of the Custodian's brokerage requirements. However, the Custodian typically charges for
                                            Permanent Capital Management, LP
                                             217 N. Sangamon Street | 10th Floor
...

Item 7 – Types of Clients

Permanent Capital offers investment advisory services to high net worth individuals, trusts, estates, businesses,
and family offices. Permanent Capital generally requires a Client to meet the definition of a “qualified client”, which
is $2.2 million in net worth or $1.1 in assets under management. The Advisor may waive this required at its sole
discretion.