Public Advisors LLC

Item 5: Fees and Compensation

Public Advisors is compensated for our advisory services by charging Clients an annual advisory fee
(“Management Fee”) that is tied to the market value of their Account. See below for the Management
Fee rates for Treasury Accounts and DI Accounts.

The Management Fee is charged on a monthly basis. Fees are calculated daily by multiplying the
Account’s closing balance by the applicable rates, and dividing by 365 (or 366 in a leap year). Fees for
a calendar month are the sum of the daily fee calculated during that month.

The Management Fee rates are subject to change upon prior written notice to Clients. In addition, Public
Advisors reserves the right, in its sole discretion, to negotiate, reduce or waive the Management Fee for
certain Accounts for any period of time, as determined solely by Public Advisors. In addition, we may
reduce or waive our Management Fees for the Accounts of some Clients without notice to, or fee
adjustment for, other Clients.

Treasury Accounts

Public Advisors charges each Client an annual Management Fee that is tied to the market value of their
Treasury Account. We apply different rates to different portions of your Treasury Account:

       Tier            Treasury Account Portfolio Value                    Annual Management Fee
        1                        The first $25,000                                 0.29%
        2               The next $75,000, up to $100,000                           0.24%
        3              The next $900,000, up to $1,000,000                         0.19%
        4              The next $4 million, up to $5,000,000                       0.14%
        5                    Assets over $5,000,000                                0.09%

For example, a Treasury Account that holds up to $25,000 in Treasuries and cash will be charged the
Tier 1 fee. A Treasury Account with an aggregate value between $25,001 and $100,000 will be charged
the Tier 1 fee on the first $25,000 in assets and the Tier 2 fee on the remainder of the assets. A Treasury
Account with an aggregate value between $100,001 and $1 million will be charged the Tier 1 fee on the
first $25,000 in assets, the Tier 2 fee on the next $75,000, and the Tier 3 fee on the remainder of the
assets. And so on.

DI Accounts

Public Advisors charges each Client an annual Management Fee that is tied to the market value of their
DI Account. This annual Management Fee is 0.19%.

GA Accounts

Public Advisors charges each Client an annual Management Fee that is tied to the market value of their
GA Account. This annual Management Fee is 0.49%.

Payment of Fees

Management Fees are billed monthly in arrears and fee payments are generally withdrawn from your
Account by Custodian by the end of the following month. Custodian will then forward these fees to Public
Advisors. All fees deducted will be clearly noted on account statements that you receive from Custodian.

Please note that you share in the responsibility to verify the accuracy of fee calculations, and you should
review your account statements closely.

By signing the Investment Advisory Agreement with Public Advisors, the Brokerage Agreement with
Public Investing, and the Customer Account Agreement with Custodian, you authorize Custodian to
withdraw the Management Fee from your Account and remit that payment to Public Advisors. In the
event there is insufficient cash in your Account to cover the fees or any debit balance, we will select and
sell securities held in your Account to generate the requisite cash. As with any other transaction on your
Account, you are responsible for any tax liabilities or losses resulting from such sales.

Brokerage and Other Fees

The Management Fee described above is payment for the investment advisory services provided by
Public Advisors. This fee does not cover trade execution and other brokerage services provided by Public
Investing, our affiliated broker-dealer. You are responsible for paying any fees assessed by Public
Investing. For example, when Treasuries are bought or sold for your Treasury Account, Public Investing
will charge you either a markup or markdown on such transactions. You may incur additional brokerage
service fees imposed by Public Investing for your Treasury or DI Account, including wire transfer fees,
paper statement fees, and inactivity fees. A full list of the fees charged by Public Investing is available at
https://public.com/disclosures/fee-schedule.

For more on the brokerage practices and fees charged by Public Investing, see Item 12: Brokerage
Practice.

Prepayment of Fees

Public Advisors does not accept prepayment of fees.

Item 7: Types of Clients

The Clients served by Public Advisors are primarily individuals. We also allow certain business entities,
such as trusts, corporations, and partnerships, to open Accounts. Our investment advisory services are
generally not available to Clients located outside of the United States and its territories, though we make
exceptions for active military personnel stationed abroad.

Because we offer our investment advisory services exclusively online via the Public Platform, and use
software automation to power our services, we are able to reach a broad audience of retail investors
while at the same requiring lower account minimums and fees than typically offered by traditional
investment advisers who provide personalized services through in-person or telephone meetings.
Investors evaluating Public Advisors’ advisory services should understand that our relationship with
Clients will not involve direct conversations with investment personnel, which means each Client must
acknowledge their ability and willingness to conduct their relationship with Public Advisors primarily on
an electronic basis. Public Advisors does make representatives available to Clients for account servicing
and other customer support matters. Our services, therefore, may not be appropriate for investors who
prefer interacting in-person with a financial advisor.

Requirements: General

As mentioned above, an Account is a brokerage account managed on your behalf by Public Advisors.
Public Investing is an introducing broker to Custodian, which carries Public Investing’s accounts on a
fully-disclosed basis. To open an Account with Public Advisors, you must first agree to a Brokerage
Agreement with Public Investing and a Customer Account Agreement with Custodian.

In order for Public Advisors to provide our investment advisory services, you must have access to the
Public Platform on a mobile device or over the internet, and an email address for which you can accept
electronic communications from Public Advisors and our affiliates. All Public Advisors communications,
materials, and documents will be delivered electronically. You consent and agree to maintain the ability
to receive and access these documents through electronic channels as a requirement in order to open
and maintain an Account through Public Advisors.

Requirements: Treasury Accounts

The minimum amount required to open and maintain a Treasury Account is $1,000. Once you have met
this account minimum, Public Advisors will manage your Treasury Account regardless of the total account
value, until your Treasury Account is closed or all assets are withdrawn.

Requirements: DI Account

The minimum amount required to open a DI Account is $1,000. Note that this $1,000 initial investment
may only enable your DI Account to track some, but not all, of a particular Benchmark Index’s stocks.
The total number of index positions you can track will depend on your initial investment amount and the
particular Benchmark Index’s size and composition.

Requirements: GA Account

The minimum amount required to open a GA Account is $1,000. Certain GA Accounts may require a
higher initial investment amount depending on the desired GA Index’s size and composition.