RBC Rochdale LLC

ITEM 5 – FEES AND COMPENSATION

Fees for Investment Advisory Services
Rochdale provides discretionary and non-discretionary investment advisory services to Clients and charges annual fees,
payable on a monthly or quarterly basis as set forth in the Client’s account governing documents. Fees are generally
payable in advance except as otherwise noted herein or agreed to in the Client’s account governing documents. Rochdale
typically charges an asset-based fee as described in the table below and as further detailed in Rochdale fee schedules,
account governing documents, and the Affiliated Funds prospectuses, a copy of which you should have received at
account opening. While we have maximum fees by account relationship or program, you may negotiate a lower fee.

Rochdale’s Direct Business
Annual Program Relationship Model
Clients that elect an annual program relationship model, pay an annual investment advisory fee and an annual program
fee. The annual investment advisory fee covers investment management services provided by Rochdale and is based on
the market value of the assets in the account, including cash held in the cash sweep program. The annual program fee
covers account transaction costs and custodial services. A portion of the program fee is considered as being in lieu of
commissions. The annual program fee is based on the market value of assets in the account, including cash held in the
cash sweep program. Under certain circumstances, the annual investment advisory fee and annual program fee can be
negotiated on a case-by-case basis and can be different from, but not higher than, the below investment advisory fee and
program fee. Rochdale considers various factors in determining the annual investment advisory fee and annual program
fee. These factors may include the size of the overall Client relationship, investment strategies and asset classes selected
for the account, and certain other factors.

In addition, Rochdale has legacy investment advisory fee and program fee schedules in effect, which may be different
than the below fee schedules. As new investment advisory fee and program fee schedules are put into effect, they are
typically only implemented for new Clients and fees for existing Clients are not affected. As a result, existing Clients may
pay different investment advisory fees and program fees than those shown below.

For annual program relationship model accounts, Clients are responsible for miscellaneous administrative fees that
Pershing charges, including but not limited to retirement account custodial fees, safekeeping fees, wire transfer fees,
IRA/ERISA account fees, annual maintenance fees, exchange fees, transfer taxes, and other administrative fees. A list of
such fees is available upon request from Pershing.

Investment Advisory Fee
    Account Value                                       Investment Advisory Fee1, 2
    First $2,000,000                                    1.00%
    Next $3,000,000                                     0.80%
    Next $5,000,000                                     0.60%
    $10,000,000 and above                               0.50%

1   The Investment Advisory Fee is based on a tiered fee schedule where at each account level, the account will be charged the respective
    fee listed. Therefore, on the first $2 million of assets, the account will be charged 1.00%; on the next $3 million of assets, the account
    will be charged 0.80%; etc.
2   Rochdale does not pay any portion of the Investment Advisory Fee to portfolio managers responsible for managing Annual Program
    Model Accounts.

Rochdale-1001 (Rev 05/2026)                                                                   RBC Rochdale Independent Channel Brochure - Page 8 of 37

Rochdale’s Direct Business
Annual Program Relationship Model (continued)

Program Fee
    Account Value                                       Program Fee1, 2
    $0 to $500,000                                      0.11%
    $500,000 to $1,000,000                              0.10%
    $1,000,000 to $3,000,000                            0.07%
    $3,000,000 to $5,000,000                            0.04%
    $5,000,000 to $10,000,000                           0.03%
    $10,000,000 and above                               0.01%

1   The Program Fee is based on a breakpoint fee schedule where the fee is determined by the aggregate assets in the Account. Therefore, if
    the Account value is under $500,000, the Program Fee is 0.11%. If the account value is $500,000 to $1,000,000, the Program Fee is
    0.10%, and so forth.
2   Rochdale does not pay any portion of the Program Fee to portfolio managers responsible for managing Annual Program Model
    Accounts.

Transaction-Based Relationship Model
Clients that elect a transaction-based relationship model, pay an annual investment management fee, and transaction
costs and custodial services as invoiced by the custodian. The annual investment management fee covers investment
management services provided by Rochdale and is based on the market value of the assets in the account, including
cash balances. Under certain circumstances, the annual investment management fee can be negotiated on a case-by-
case basis and can be different from, but not higher than, the below investment management fee. Rochdale considers
various factors in determining the annual investment management fee. These factors may include the size of the overall
Client relationship, the investment strategy and asset classes selected for the account, and certain other factors.

In addition, Rochdale has legacy investment management fee schedules in effect, which may be different than the below
fee schedule. As new investment management fee schedules are put into effect, they are typically only implemented for
new Clients and fees for existing Clients are not affected. As a result, existing Clients may pay different investment
management fees than those shown below.
...

ITEM 7 – TYPES OF CLIENTS

Rochdale provides investment advisory and portfolio management services to a number of Clients including Individuals
(primarily high net worth and emerging high net worth), investment companies, corporations and other businesses,
charitable organizations, pension and profit sharing plans (not the plan participants or government pension plans), and
state or municipal government entities (including government pension plans).

Investment Minimums
For discretionary accounts, Rochdale generally requests the following account minimums:

    Account Type/Relationship                                                 Account Minimum1, 2
    Rochdale’s Direct Business                                                $1,000,000
        Annual Program Relationship Model
        Transaction-Based Relationship Model
    Wrap Fee Programs and Model Delivery Programs                             program dependent
    Turnkey Asset Management Platforms                                        program dependent
    Third-Party Advisers                                                      program dependent
    City National Rochdale Funds                                              share class minimums apply
    City National Rochdale Interval Funds                                     share class minimums apply

1   Rochdale reserves the right to accept accounts below our stated account minimums.
2   Rochdale accepts accounts with lower account minimums in programs sponsored by affiliated and unaffiliated intermediaries (i.e.
    wrap fee programs, model delivery programs, turnkey asset management programs, etc.).

Other Requirements
Additionally, Rochdale requests Clients to provide proof of authority, directed trading letters, qualified client or qualified
purchaser status, accredited investor certifications, and/or other information.

When providing services to Clients that are subject to ERISA, we generally rely on various Prohibited Transaction
Exemptions (“PTEs”) available under ERISA, including PTE 84-14, which is only available to qualified professional asset
managers (the “QPAM Exemption”). See Item 9 for additional information.