Sutter Capital Management LLC

Item 5 – Fees and Compensation

All fees are subject to negotiation.
The specific manner in which fees are charged by Sutter Capital Management, LLC is
established in a client’s written agreement with Sutter Capital Management, LLC. Sutter Capital
Management, LLC will generally bill its fees on a quarterly basis. Clients may elect to be billed
in advance or arrears each calendar quarter. Accounts initiated or terminated during a calendar
quarter will be charged a prorated fee. Upon termination of any account, any prepaid, unearned
fees will be promptly refunded, and any earned, unpaid fees will be due and payable.
Sutter Capital Management, LLC’s fees are exclusive of brokerage commissions, transaction
fees, and other related costs and expenses which shall be incurred by the client. Clients may
incur certain charges imposed by custodians, brokers, third party investment and other third
parties such as fees charged by managers, 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. Mutual funds and exchange traded funds (as well
as many other investments in pooled investment vehicles) also charge internal management fees,
which are disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive of
and in addition to Sutter Capital Management, LLC fee, and Sutter Capital Management, LLC
does not receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that Sutter Capital Management, LLC considers in selecting
or recommending broker-dealers for client transactions and determining the reasonableness of
their compensation (e.g., commissions).

Item 7 – Types of Clients

Sutter Capital Management, LLC provides portfolio management services to limited partnerships
and limited liability companies.