Rainwater Equity LLC

ITEM 5: FEES AND COMPENSATION

The Adviser charges each client an investment management fee based on the value of the account’s
assets under management, including cash balances in the account, in accordance with the respective
written investment management agreement or other agreement executed with each such client.

ETF: The Adviser will soon be named the discretionary Sub-Adviser to the Rainwater Equity ETF
(the “ETF”). In this capacity, REQ has entered into a separate agreement with the ETF’s platform
adviser to bear the costs and fees of launching the ETF on REQ’s behalf. The adviser to the ETF,
Empowered Funds, LLC dba EA Advisers, will pay sub-advisory fees to REQ which are calculated
daily and paid monthly in arrears, the annual rate of which is based on the ETF’s average daily net
assets. As a discretionary Sub-Adviser, REQ will not receive any portion of commissions,
transaction fees, or other brokerage costs generated by REQ Rainwater ETF. More information
about the ETF’s fees and expenses can be found in the prospectus.

Separate Accounts: Investment management fees for separate accounts will be charged each
quarter based upon a percentage of the market value of the account’s assets under management,
including cash, as of the last day of each quarter. The standard annual fee for separate accounts is
1.50%, which is invoiced quarterly in advance. Written investment management agreements may
be terminated by the Adviser or client upon 30 days’ notice, wherein the Adviser will refund
unearned fees that have been prepaid. If a new client account is established mid-quarter, the
investment management fee will be charged as of the effective date of the investment management
agreement and prorated for the number of days remaining in the quarter.

Private Funds: The Adviser may sponsor and serve as investment manager to a private fund and
would charge a management fee calculated as a percentage of the private fund’s net assets as of

quarter end. On an annual basis, if the performance of the private fund exceeds the established high-
water mark for each investor, the Adviser or its related persons would be entitled to receive an
incentive reallocation of profits equal to a pre-determined percentage of net profits allocated to the
investor in any fiscal year.

The Adviser will deduct the investment management fee from the private fund by instructing the
fund’s custodian to do so. For the separately managed accounts for which the Adviser serves as
investment manager, the client may select the method by which it prefers to pay the investment
management fee. The Adviser will deduct the investment management fee from a client’s account
by instructing the client’s custodian to do so, or the Adviser will separately invoice a client for the
investment management fees to pay by check on a quarterly basis.

Other Fees and Charges: In addition to paying investment management fees and, if applicable, a
performance-based incentive reallocation to the Adviser or its related persons, client accounts are
also subject to other investment expenses such as custodial charges, brokerage fees, commissions
and related costs; bank service fees; interest expenses; taxes, duties, and other governmental
charges; transfer and registration fees or similar expenses; and costs associated with foreign
exchange transactions where applicable. More detailed information about the fees and expenses
related to a private fund will be detailed in the governing documents of such private funds.

Client assets may from time to time be invested in money market mutual funds, unaffiliated ETFs,
or registered investment companies. In these cases, the client bears its pro rata share of the
investment management fee and other fees and expenses of the investment company, which are in
addition to the investment management fee paid to the Adviser.

Neither REQ nor its employees accept any compensation for the sale of investment products,
including asset-based sales charges or service fees from the sale of mutual funds. Please see Item
12 of this Brochure for additional information about brokerage-related expenses.

ITEM 7: TYPES OF CLIENTS
The Adviser’s clients are expected to consist of individuals and institutions, private funds, family
offices, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations,
other business entities, and the ETF. To open an account, the Adviser requires its separate account
clients to invest a minimum of $1 million, which is subject to waiver by the Adviser. The initial
and additional subscription minimums for the Adviser’s private funds will be disclosed in the
governing documents of the respective private fund. Investment minimums for the ETF are detailed
in the prospectus.