Shikiar Asset Management Inc

FEES AND COMPENSATION

Shikiar Asset Management, Inc. manages discretionary investment advisory accounts of
individual and institutional clients, as well as assets under advisement, for a management fee
based on a percentage of assets in the client's account, as set forth below:

1.25% on the first $5 million in market value
1.00% on the next $5 million in market value

The annual management fee shall be prorated, if applicable, and paid quarterly, in arrears, based
on the value of the assets on the last business day of the prior quarter.

Fees on balances above or below the amounts set forth above are determined on a case-by-case
basis in accordance with the Firm’s fee schedule. Under certain circumstances, the management
fee is negotiable. In no event will the management fee exceed 1.25% annually unless
specifically negotiated and documented in the client agreement. Billing of the management fee
is done at the beginning of each calendar quarter for the prior quarter in which the client had
securities and cash under the Firm's management. Clients may elect to be billed directly for fees
or to authorize Shikiar Asset Management to directly debit fees from client accounts.
Management fees shall be prorated for each capital contribution and withdrawal made during the
applicable calendar quarter (with the exception of de minimis contributions and withdrawals).
Accounts initiated or terminated during a calendar quarter will be charged a prorated fee at time
of termination. Investment advisory contracts are terminated upon, or shortly following, receipt
by either party of written notice of termination. In the event of such termination, the
management fee will be determined on a pro rata basis for the portion of the calendar quarter for
which the Firm has provided services.

The market value of securities in the Account shall be valued at their last reported prices as of the
beginning of each quarter on the largest securities exchange or over-the-counter market, as
applicable, on which such market securities shall have traded on such date (or, in the event that the
date of determination is not a date upon which such market was open for trading, on the last prior
date on which such market was so open not more than ten (10) days prior to the date of
determination), or if, in the reasonable discretion of the Firm, such valuation is inappropriate or
does not represent fair market value, such securities shall be valued in good faith by the Firm. All
other assets of the Account shall be valued at their fair market value in an appropriate manner
determined by the Firm.

Shikiar Asset Management, Inc. does not charge its clients any other fees or expenses other than
those outlined above. However, the Client shall be responsible for expenses relating to the
Account, including, but not limited to, brokerage commissions, custodial fees, if any, interest on

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                                   Shikiar Asset Management Inc.

debit balances, taxes, fees and disbursements of Client’s accountants and legal counsel, and
extraordinary expenses. Further, when applicable and in accordance with the Firm’s Investment
Advisory Agreement with Pershing Advisor Solutions, the Firm agrees to notify Clients in
advance of any changes in Pershing Advisor Solutions Fees and/or Schedule of Charges (SOC),
as long as Pershing Advisor Solutions has given the Firm sufficient notice of said changes.

June 16, 2025 – An Amendment to the original Schedule of Charges was agreed upon between
Shikiar Asset Management Inc. and Pershing Advisor Solutions LLC.

July 1, 2025 – Effective Date

Any existing amendments between Shikiar Asset Management, Inc. and Pershing Advisor
Solutions LLC are superseded by the June 2025 amendment.

A full Schedule of Fees can be obtained from Shikiar Asset Management, Inc. at the client’s
request.

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                                 Shikiar Asset Management Inc.

TYPES OF CLIENTS

Shikiar Asset Management, Inc. provides portfolio management services to high-net-worth
individuals and families, corporations, investment companies, trusts, foundations, as well as tax-
exempt portfolios, including IRA’s, 401K’s, and pension plans. The Firm also provides advice
or consulting services for assets under advisement. However, clients retain full decision-making
authority and custody of these assets.
Our minimum initial account balance requirement is $1 million, unless otherwise negotiated.

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                                 Shikiar Asset Management Inc.