Ravenstone Capital Management Inc

Item 5: Fees and Compensation

Compensation for Services

Investment management fees are billed quarterly in arrears, accrue daily, and are weighted on the
account asset level for every month-end in the period. These advisory fees are generally deducted
directly from the client’s account. The following fee schedule is generally used to calculate the
amount of the investment management fee with regard to the Firm’s equity and balanced
strategies:

                     Assets Under Management Annual Management Fee
                            First $2 million         1.25%
                           Next $3 million           0.90%
                           Next $10 million          0.70%
                          Above $15 million          0.55%

Clients invested in a fixed-income strategy are generally charged an advisory fee at an annual rate
of 0.50% of assets under management.

The annual management fee rates above may be negotiable in certain cases depending upon the
size of account and other factors.

Third-Party Fees

Clients are charged a custody fee by National Bank Independent Network (“NBIN”), custodian for
client assets, that is equal to 0.10% of the client’s first $5 million in assets and 0.05% on all assets
above $5 million. In addition, NBIN will charge clients certain fees for its services relating to the
administration, operation and trading in the client’s account. Such fees include, but are not limited
to, commissions, trade execution fees, custody fees, and other general charges, such as for
account transfers, wire transfers, and third-party disbursements. These fees are separate and
distinct from the fees charged by the Firm.

With respect to investments in ETFs and other pooled investment vehicles, it is important for
clients to understand that, in such cases, they are directly and indirectly paying two levels of

Ravenstone Capital Management Inc.
Form ADV Part 2A                                                                        June 17, 2026

advisory fees: one layer of fees and expenses at the fund level and one layer of advisory fees to
the Firm. It may be possible to purchase such investments directly, without using the services of
the Firm and without incurring our advisory fees.

Prepayment of Fees

The Firm does not charge any advisory fees in advance.

Outside Compensation

Neither the Firm nor its supervised persons accept any compensation for the sale of securities or
other investment products with regard to U.S. clients.

Item 7: Types of Clients

The Firm provides investment advisory services to generally individuals, including high net worth
individuals, foundations, trusts, and corporations.

The Firm generally has a minimum account size of $1 million (CDN) per client relationship, which
may be waived based on certain factors, such as the potential for growth, earnings power, and
net worth of the client.