Pingora Partners LLC

Item 5: Fees and Compensation

Compensation for Our Advisory Services

Asset Management:

        Assets under Management                 Annual Percentage of Assets Charge:
                All Assets                                   Up to 2.00%

Our firm’s annualized fees are billed on a pro-rata basis quarterly in arrears based on the value of the
client’s account on the last day of the quarter. Fees will be automatically deducted from the client’s
managed account. In some cases, we will agree to directly bill clients. As part of the fee deduction
process, the clients understand and acknowledge the following:
    a) Clients must provide our firm with written authorization permitting direct payment of
         advisory fees from their account(s) maintained by a custodian who is independent of our
         firm;
    b) Our firm sends an invoice to certain clients showing the fee amount, the value of the assets
         upon which the fee is based, and the specific manner in which the fee is calculated as well as
         disclosing that it is the client’s responsibility to verify the accuracy of fee calculation; and
    c) The account custodian sends a statement to the client, at least quarterly, showing all account
         disbursements, including advisory fees, as applicable.
    d) Our firm sends quarterly performance reports summarizing account disbursements,
         including advisory fees, as applicable.

*Billing to clients and performance reporting are provided by a third-party group.

Open Prairie Rural Opportunities Fund Consulting:

Our firm does not charge clients for this service. OPM pays our firm a quarterly consulting fee for this
service. The total fee charged as well as the payment cycle is detailed in the signed consulting
agreement with OPM.

Other Types of Fees and Expenses

Clients may incur wire charges, margin interest charges, reorganization fees, as well as individual
transaction charges for trades executed in their accounts. These fees are separate from our fees and
will be disclosed by the firm or broker that the trades are executed through. It is important to note
that Charles Schwab & Co., Inc. typically does not charge transaction fees for U.S. listed equities and
exchange traded funds. Also, clients will pay the following separately incurred expenses, which we
do not receive any part of: charges imposed directly by a mutual fund, index fund, or exchange traded
fund or ADR fees which shall be disclosed in the fund’s prospectus (i.e., fund management fees and
other fund expenses).

Termination and Refunds

We charge our advisory fees quarterly in arrears. If the client wishes to terminate our services, the
client needs to contact us in writing and state that the client wishes to cancel this Agreement upon

receipt of the client’s letter of termination, we will proceed to close out the client’s account and charge
the client a pro-rata advisory fee(s) for services rendered up to the point of termination.

Commissionable Securities Sales

We do not sell securities for a commission. In order to sell securities for a commission, we would
need to have our associated person registered with a broker-dealer. We have chosen not to do so.

Item 7: Types of Clients and Account Requirements

We have the following types of clients:
   • Individuals and High Net Worth Individuals;
   • Trusts, Estates or Charitable Organizations;
   • Pension and Profit-Sharing Plans;
   • Corporations, limited liability companies and/or other business types

We require a minimum account balance of $500,000 per household for our asset management
service. Generally, this minimum account balance requirement is negotiable at the discretion of Mr.
Ohnmeis and would be required throughout the course of the client’s relationship with our firm.