Praetorian Wealth Management Inc

Item #5: Fees and Compensation

Except as set forth below, Praetorian Guard charges fees based on the value of client assets that we directly manage. Our fees are payable quarterly in
advance and are calculated based on the market value of an account’s assets on the last business day of the previous calendar quarter.

Clients receive customized comprehensive financial advisory services, including on-going financial planning and investment management. Our fees
are charged at the following annual rates, based upon the total amount of assets upon which Praetorian Guard is directly managing:

                                      Total Assets                Annual Bill Rate
                                      Below $2 Million            1.50%
                                      $2 to $5 Million            1.25%
                                      Over $5 Million             1.00%

Praetorian Guard has established a minimum client fee of $1,000 per quarter per client relationship (which will cover ALL client accounts that
Praetorian Guard has discretionary investment management over and are custodied at Pershing Advisor Solutions, Pacific Premier Trust and/or
401K/529 providers).

Custody charges assessed by the client’s custodian or broker-dealer are paid by the client to the custodian or broker-dealer and are not included in
Praetorian Guard’s fees and do not accrue to Praetorian Guard or its employees.

In selected client relationships Praetorian Guard will provide investment guidance and monitoring for client 529 accounts at a reduced fee rate of
0.50% annually (billed quarterly) if agreed upon in writing prior to account opening/funding. For held away assets such as 401(K) plans where
Praetorian Guard uses Pontera’s order management system, fees are typically based on the assets within these held away accounts and are charged
according to the valuation of the accounts at the close of the quarter as valued by the account custodian In these circumstances, the fee for this service
will be billed to another of the client’s accounts custodied with Pershing Advisor Solutions.

                                          BROCHURE SUBSTITUTE FOR FORM ADV PART 2

Praetorian Wealth Management Inc, SEC File # 801-69431                                                                                5 January 2026

Fee reductions or waivers are available to Praetorian Guard personnel and their family members. Fees are negotiable, at our sole discretion, and may
differ from client to client.

We submit our fee invoices to the custodian, and the custodian pays our fee from account assets, unless our contract with the client provides for bills
to be sent to and paid by the client or a third-party (and that arrangement is agreed upon in writing at the onset of the relationship). It is possible for
clients to request that fees for several accounts be aggregated and billed to a single account at the onset of the relationship.

Client account assets may be invested in certain pooled investment vehicles, including money market and other mutual funds or exchange traded
funds (ETFs). Assets invested in funds normally are subject to investment management and other fees and expenses that are paid by the fund but
ultimately by the fund investors. Such fund-level fees and expenses are in addition to the management fees clients pay to Praetorian Guard on the same
assets.

Praetorian Guard will custody and place trade orders on client assets with Pershing Advisor Solutions or Pacific Premier Trust Company and using
Pontera’s order management system for client 401(K), 403(B) and other employer sponsored retirement accounts. Praetorian Guard’s advisory fee is
an asset-based fee and the client pays separately for custodial services and other transaction charges (if any), incurred in managing the account.

Certain investment strategies used by Praetorian Guard in managing client accounts may result in account assets being held in cash or cash equivalents.
Praetorian Guard includes cash balances in determining the total value of account assets for purposes of calculating its management fees.

Clients may terminate Praetorian Guard’s services at any time by giving written notice to Praetorian Guard at our corporate offices: 3775 Via Nona
Marie, Suite 220, Carmel, CA 93923. If an account is to be liquidated on termination, payment of proceeds may be delayed for the period of time
required to affect an orderly liquidation of account assets. There will be no refund of prepaid quarterly fees if services are terminated during a calendar
quarter, whether by Praetorian Guard or the client.

Praetorian Guard and its employees do not receive or accept direct compensation (commissions, 12-b (1) fees or other fees) for the recommendation or
sale of any securities or other investment products from brokerage firms or mutual fund providers.

Clients may be able to obtain similar services at a lower cost from other investment advisors.

Item #7: Types of Clients

Praetorian Guard’s typical client is an individual/family, trust, qualified retirement account, charitable account or custodial account for minors who
have not yet attained majority age.

Praetorian Guard provides financial planning and investment management and has a stated minimum of $2 million in net worth and/or $1 million in
investable assets. We retain the right to waive those minimums in our sole discretion. Exceptions may be made under certain circumstances, e.g., for
related accounts and for the accounts of Praetorian Guard personnel and their family members. In addition, each client must establish an account or
accounts with a custodian not affiliated with Praetorian Guard and provide authorization for Praetorian Guard to exercise investment discretion over
that account or accounts.

Under certain circumstances, Praetorian Guard will, for an additional fee, serve as trustee for a client account(s). In this arrangement, Praetorian Guard
will require the client/grantor of the trust to maintain custody of the assets at an unaffiliated, independent custodian. Praetorian Guard does not keep
custody of client assets and will remove check writing authorization on the account(s) prior to assuming trustee duties. Additionally, Praetorian Guard
will engage a qualified CPA firm to conduct an annual, unannounced inspection of those accounts to ensure compliance with appropriate rules and
regulations and the cost of this inspection will be borne by the client.

Unless Praetorian Guard otherwise agrees in writing, Praetorian Guard will not advise or take any action on behalf of clients in any legal proceedings,
including bankruptcies or class actions, involving securities held in or formerly held in the Portfolio or the issuers of those securities.