Running Oak Capital LLC

Item 5. Fees and Compensation
A.      Separately Managed Account Management Fees
ROCL’s advisory fee is generally calculated using the value of the assets in a client’s account on the last
business day of each billing period.

ROCL’s annual fee is prorated and is most commonly charged monthly in advance, based upon the
market value of the assets on the last day of the immediately preceding month. ROCL also allows for
quarterly billing as well as billing in arrears based on client requests. ROCL’s standard annual fee is
1.00% of the assets under management. ROCL offers discounted fees for institutional investors and to
investment advisory firms.

ROCL’s investment advisory fees are generally negotiable, and the final fee schedule is attached as an
exhibit to each client’s investment advisory contract with ROCL. Clients may terminate their investment
advisory agreement without penalty for a full refund of ROCL's fees within five business days of signing
the investment advisory contract. Thereafter, clients may generally terminate the investment advisory
contract with thirty days' written notice.

Asset-based portfolio management fees are withdrawn directly from separate client's accounts with
client's written authorization on a monthly basis. ROCL generally collects fees in advance. Refunds for
fees paid in advance due to a complete withdrawal of all managed assets will be returned within
fourteen days to the client via check or return deposit back into the client’s account. Refunds for partial
withdrawals of greater than 10% of the amount managed by ROCL are applied against the subsequent
billed amount unless otherwise directed. Fees for withdrawals of less than 10% of market value are
considered de minimis, and no action will be taken to refund. For all asset-based fees paid in advance,
the fee refunded will be equal to the balance of the fees collected in advance minus the daily rate*
times the number of days elapsed in the billing period up to and including the day of termination. (*The
daily rate is calculated by dividing the annual asset-based fee rate by 365.)

B.       Running Oak ETF Fees
The annual Management Fee of 0.58% for the Running Oak Efficient Growth ETF is paid to ROCL monthly
in arrears based on the average daily net assets of the ETF. This fee is paid under a unitary fee structure
and is in exchange for providing investment advisory and supervisory services. The unitary fee allows the
ETF to pay for administrative, custody, and other services under what is essentially an all-in fee
structure. However, the ETF bears other expenses that are not covered under the agreement (i.e., that
are not included in the Management Fee) that can vary and will affect the total level of expenses paid by
the ETF. Those expenses include taxes, brokerage fees, acquired fund fees, commissions and other
transaction expenses, interest, and extraordinary expenses (such as litigation and indemnification
expenses).

C.       Sub-advisor Services Fees
ROCL acts as a sub-advisor to unaffiliated third-party advisers where ROCL receives a share of the fees
collected from the third-party adviser’s client. The notice of termination requirement and payment of
fees for sub-advisor services will depend on the specific third-party investment adviser engaging ROCL as
sub-advisor. Any such relationship is and will be memorialized in each contract between ROCL and each
third-party adviser.

Sub-advisory fees may be withdrawn from clients’ accounts or clients may be invoiced for such fees, as
agreed in each contract between ROCL and the applicable third-party adviser.

D.      Additional Fees and Expenses
As further discussed in response to Item 12 of this Brochure, ROCL recommends that clients utilize the
brokerage and clearing services of Schwab Advisor Services™ (“Schwab”) for investment management
accounts.

ROCL may only implement its investment management recommendations after the client has arranged
for and furnished ROCL with all information and authorization regarding accounts with appropriate
financial institutions. Financial institutions include, but are not limited to, Schwab, and any other
broker-dealer recommended by ROCL, broker-dealer directed by the client, trust companies and banks
(collectively, referred to as the “Financial Institutions”).

Clients may incur certain charges imposed by the Financial Institutions and other third parties such as
custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic
fund fees, and other fees and taxes on brokerage accounts and securities transactions. Additionally,
clients may incur brokerage commissions and transaction fees. Such charges, fees and commissions are
exclusive of and in addition to ROCL’s fee.

ROCL’s agreement and the separate agreement with Financial Institutions may authorize ROCL to debit a
client’s account for the amount of ROCL’s fee and to directly remit that management fee to ROCL.

E.      Outside Compensation for the Sale of Securities to Clients
Neither ROCL nor its supervised persons accept any compensation for the sale of investment products,
including asset-based sales charges or service fees from the sale of mutual funds.

F.      Portfolio Allocation Models
ROCL does not charge explicit fees for portfolio allocation models. The service is provided as a value-add
for advisory relationships that use ROCL’s investment management and would like assistance with
determining complementary allocations.

Item 7. Types of Clients
ROCL generally provides advisory services to the following types of clients:
    Individuals;
    High-net worth individuals;
    Other investment advisers;
    Banks and thrift institutions;
    Pension and profit-sharing plans;
    Charitable organizations;
    Corporations or business entities; and
    Insurance companies.

There is no minimum account amount for ROCL’s separately managed account services.