Saxon Woods Advisors LLC

Item 5 – Fees and Compensation

Generally, SWA charges for advisory services will be a fee computed at the annual rates of
one percent (1.0%) of the value of the total equity investments in s client’s account, and one-
half of one percent (0.5%) of the value of the total fixed income and money market
investments in a client’s account under our management. Our fee calculation is done on a
calendar quarter basis and is based on the exact number of days that occurred during that
calendar quarter. We will bill as soon as practical after the end of each calendar quarter. In
determining our fee, we will be using the average daily balance for each individual billable
asset within the account during the calendar quarter and will multiply that balance times the
actual number of calendar days in the quarter divided by the total calendar days in the year.
We will then total the fees for each individual billable asset to determine the total fees for
the account for the quarter. Fees are appropriately adjusted or prorated for accounts
established or terminated during a calendar quarter, or if assets are contributed or
withdrawn from an account during a calendar quarter. SWA, however, waives any portion

of its advisory fees attributable to a client’s investment in one or more of the Private Funds
managed by its affiliate, AWCI. Additionally, SWA does not charge a fee on “unsupervised
assets” either held or listed in the client’s custodial account, since SWA neither renders
investment advice nor exercises investment discretion regarding such assets.

A client agreement may be canceled at any time, by either party, for any reason upon receipt
of 5 days written notice. Upon termination of any account, any prepaid, unearned fees will
be promptly refunded, and any earned, unpaid fees will be due and payable.

All fees paid to SWA for portfolio management services are separate and distinct from the
fees and expenses charged by mutual funds to their shareholders. These mutual fund fees
and expenses are described in each fund's prospectus. These fees will generally include a
management fee, other fund expenses, and possibly a distribution fee. If the fund also
imposes sales charges, a client may pay an initial or deferred sales charge. A client could
invest in a mutual fund directly, without the services of SWA. In that case, the client would
not receive the services provided by SWA which are designed, among other things, to assist
the client in determining which mutual fund or funds are most appropriate to each client's
financial condition and objectives. Accordingly, the client should review both the fees
charged by the funds and the fees charged by SWA to fully understand the total amount of
fees to be paid by the client and to thereby evaluate the advisory services being provided.

SWA may recommend investment by client accounts in Private Funds managed by its
affiliate, AWCI. Each Private Fund provides for the payment of performance compensation
to the appropriate general partner (“GP”) either Alpine Woods Advisors, LLC or Alpine
Woods Masters Funds GP, LLC, which are SWA affiliated entities. This incentive fee is
disclosed to investors in the relevant offering documents. Any such performance
compensation will comply with Section 205 of the Investment Advisers Act of 1940, as
amended (“Advisers Act”) and Rule 205-3 thereunder, the performance fee rule, to the extent
applicable.

SWA asks that clients provide it with written authority to directly debit advisory fees from
the client’s custodial account. However, if requested by the client, SWA will invoice the client
directly for advisory fees.

In addition to SWA’s advisory fee, clients are also responsible for the fees and expenses
charged by custodians and imposed by broker dealers. Such fees may include, but are not
limited to, any transaction charges, fees for duplicate statements and transaction
confirmations, and fees for electronic data feeds and reports. Please refer to Item 12 of this
brochure for information regarding brokerage transactions.

Item 7 – Types of Clients

SWA provides portfolio management services to individuals, high net worth individuals,
corporate pension and profit-sharing plans, corporations and charitable organizations.

SWA typically requires an account minimum of $1 million that is applicable to new managed
accounts. This minimum may be waived for accounts associated with an existing client (e.g.,
other family members) and in certain other circumstances at SWA’s discretion. All fees and
account minimums may be negotiable and may be waived.