Southeast Asset Advisors LLC

Item 5 - Fees and Compensation
General Fee Information
Fees paid to us are exclusive of any transaction costs, custodial fees and broker fees. Fees paid to us are
also separate and distinct from any fees charged by SAMs, no-load mutual funds, ETFs (exchange traded
funds) or private investment funds (which generally include a management fee and fund expenses, as
described in each fund’s prospectus or offering materials). Where possible, we negotiate these fees on
your behalf. You should review all fees charged by SAMs, funds, brokers, custodians, SAA and others to
fully understand the total amount of fees paid by you for investment and financial-related services.

Portfolio management fees are generally payable quarterly, in advance. If management begins after the
start of a quarter, fees may be prorated accordingly. Fees are normally debited directly from your
account, unless other arrangements are made.

Either you or SAA may terminate our Investment Advisory Agreement at any time, subject to any written
notice requirements in the agreement. In the event of termination, any prepaid but unearned fees will
be promptly refunded to you, and any fees due to us from you may be invoiced or deducted from your
account prior to termination.

Pro-rated Fees – Existing Clients
We do not typically pro-rate fees on capital flows in or out of existing accounts. However, in limited
circumstances and by mutual consent and agreement, we may. Under these conditions, fees on
additional assets received into a managed account are prorated for the number of days the additional
assets are in the account. Under these conditions, for capital flows out of an account, the fee is reduced
by the number of days left in the quarter after the outgoing capital flow.

Fees for Accounts Managed on a Discretionary Basis
The annual fee schedule for each client is individually determined and agreed upon with the client at the
inception of the relationship. Fees are calculated on a percentage of assets under management.
Beginning in 2021, fee calculations will be rounded to the nearest whole dollar amount. The following
fee schedule is used as a guide used for determining fees for clients:

                        First $1,000,000                 1.00%
                        Next $4,000,000                  0.75%
                        Next $5,000,000                  0.65%
                        Over $10,000,000                 0.50%

We may, at our discretion, make exceptions to the foregoing fee schedules or negotiate special fee
arrangements.

Fees for Consulting Accounts Managed on a Non-Discretionary Basis
When we provide investment consulting services (non-discretionary management services) to you, our
fees are negotiated at the time of the engagement for such services. Fees are normally calculated based
on a percentage of the value of the assets under advisement.

Separate Account Manager (“SAM”) Fees
In instances where the services of a SAM are utilized, the SAM’s fees will be charged to you in addition
to our fee. In this situation, you will enter a separate agreement, which details the fees to be assessed,
with the SAM.

Other Financial Services Fees
The scope and fees for these services will be negotiated with you at the time of engagement for the
applicable project.

Private Investment Fund Fees
In instances where you invest in private investment funds or partnerships (e.g., hedge funds or private
equity funds), the funds typically charge management fees and incentive fees or a profit allocation. In
these situations, you are provided with an offering memorandum or similar document that explains the
general terms (including fees) and risks of the investment. In order to invest in such investments, you
must meet applicable eligibility requirements that include a minimum net worth requirement, among
others. In order to invest in these types of investments, you must complete and execute subscription or
similar documents to evidence your qualifications and your understanding of the fees and other terms
of the investment.

When SAA clients invest in a private fund(s) for which we or a related person serves as Manager,
Adviser, General Partner or in some similar capacity and receive a fee from the fund, you will not be
assessed our Portfolio Management fee on the assets in the Fund(s). You will bear a proportionate share
of the fees assessed to all investors in the Fund(s), however.

Item 7 - Types of Clients
We serve individuals (including High Net Worth individuals), family offices, trusts, institutions,
endowments, pension and profit-sharing plans, corporations, other pooled investment vehicles, estates
and charitable organizations.

With some exceptions, the minimum portfolio value eligible for conventional investment advisory
services is $1,000,000. Under certain circumstances and in our sole discretion, we may negotiate such
minimums.