Precession Capital Management LLC

Item 5 – Fees and Compensation

Precession’s compensation is described in its clients’ IPS. Management fees payable by clients are generally assessed at
rate of 1.5% per annum (0.375% per quarter) of the Managed Account’s Assets Under Management (“AUM”), and are
payable quarterly, in arrears. In addition, Precession or its affiliates are entitled to receive performance-based fees,
performance-based allocations or carried interest from clients, as further described in Item 6 – Performance-Based Fees
and Side-By-Side Management. At the discretion of PCM, the Managed Accounts’ management fees may be negotiated.

Management fees for each Managed Account will begin to accrue on the date on which the Managed Account is funded.
The Managed Accounts’ management fees will be paid in arrears and are payable on the end of business on the last day
of the calendar quarter (“billing cycle”). The Managed Accounts’ management fees will be prorated for partial quarter
billing cycles. Normally each Managed Account’s custodian will automatically deduct the fee from the client’s account
and the fee will appear on the account statement provided by the custodian to the client. Clients may also elect to be
billed for management fees by notifying PCM in writing of such election. Precession will provide Managed Account
clients with invoices documenting the relevant management fee and specify whether fees will be automatically
deducted from the client’s account, or billed to the client separately.

Managed Account clients can incur custodial fees and pricing fees (in the case of Managed Account clients that are
paying management fees), as well as transaction charges and/or brokerage fees when purchasing or selling securities.
These charges and fees are typically imposed by the broker-dealer or custodian through whom the account transactions
are executed. We do not share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer
or custodian. Depending on the management services required, Managed Account clients may be subject to pricing and
settlement fees, market data fees, order cancellation fees, and legal expenses. We may also allocate a portion of certain
clients’ capital to money market funds or exchange-traded funds. In addition to the fees and expenses discussed above,
clients may indirectly incur similar fees and expenses if we invest their capital in such funds, as these funds in turn pay
similar fees and expenses to their investment managers and other service providers. For a more detailed discussion of
brokerage and transaction costs, please refer to Item 12 - Brokerage Practices.

Since all fees are paid in arrears, there is no refund policy. The net asset value used to calculate Managed Account fees
at the end of each billing cycle will be the net asset value on the first business day of the billing cycle.

PCM and its supervised persons do not accept compensation for the purchase or sale of securities or other investment
products including asset-based sales charges or service fees from the sale of mutual funds.

Precession Capital Management, LLC                                                   Form ADV 2A: Brochure

Item 7 – Types of Clients

Precession Capital Management generally caters to clients that may be described as high net worth individuals who
qualify as “qualified clients” (as defined under the Investment Advisers Act of 1940, as amended, Rule 205-3), and
institutional investors that qualify: (i) as “accredited investors” (as defined in Rule 501 under Regulation D under the
Securities Act of 1933, as amended), and (ii) “qualified purchasers”.

There is no minimum Managed Account size.

Precession Capital Management, LLC                                                 Form ADV 2A: Brochure