Toro West Capital Advisors LLC

Item 5 - Fees and Compensation

Toro West charges fees based on a percentage of assets under management as well as fixed fees,
depending on the types of services to be provided. The specific fees charged by Toro West for services
provided will be set forth in each client’s agreement.

     A. Wealth Management Services - Investment Advisory and Wealth Planning

Toro West charges wealth management fees that are agreed upon with each client and set forth in the
Client agreement executed by Toro West and the client. Fixed and/or or fees based on percentage of
value of assets under management for wealth management services will be specified on the fee schedule
as set forth in the client agreement executed by Toro West and the client. Wealth management services
fee are charged quarterly in advance based on the asset value of the client’s accounts as of the last day of
previous quarter. The wealth management services fee for the initial quarter is calculated on a pro rata
basis commencing on the day that the client’s accounts are designated to Toro West for management.

Clients may make additions to and withdrawals from their accounts at any time, subject to Toro West’s
right to not accept or terminate an account. Additions may be in cash or securities provided that the Firm
reserves the right to decline to accept particular securities into a client’s account. Clients may withdraw
account assets at any time on notice to Toro West, subject to the usual and customary securities
settlement procedures. If assets are deposited or withdrawn to or from the client’s accounts in an amount
that exceeds $10,000 after the services starting date as outlined in the client agreement or inception of
the quarter, the wealth management services fee payable with respect to the deposited or withdrawn
assets will be billed pro rata in arrears and applied to the next quarterly billing cycle. However, the Firm
generally designs its portfolios as long-term investments and the withdrawal of assets may impair the

Toro West Capital Advisors                                                                    Disclosure Brochure

achievement of a client’s investment objectives. Toro West may consult with its clients about the options
and implications of transferring securities. Clients are advised that when transferred securities are
liquidated, they may be subject to transaction fees, short-term redemption fees, fees assessed at the
mutual fund level and/or tax ramifications.

The asset value of client accounts and funds is provided by third-party services, such as pricing services,
custodians, fund administrators, and client provided sources. The wealth management services fee
charged by the Firm will apply to all of the client’s assets under Toro West’s management, unless
specifically excluded in the client agreement or noted in this brochure.

In addition, Toro West charges a one-time onboarding fee outlined in the fee schedule below which is due
and payable upon the execution of the client agreement. This onboard fee compensates Toro West for
the time and costs incurred in collecting and reviewing a client’s various legal documents, tax returns,
establishing working relationships with the client’s professional team, retitling of assets, and assistance in
opening client’s accounts at the custodian.

For purposes of fee calculation, assets under management include cash and cash equivalents, as well as
margined securities. Toro West does not reduce management fees for margin borrowing, regardless of
whether the assets are in cash or other securities. Toro West has a financial incentive to recommend that
clients borrow money for the purchase of additional securities for the client’s account managed by Toro
West or otherwise not liquidate some or all the assets Toro West manages. Toro West addresses this
conflict of interest by this disclosure and working to ensure that any recommendation to a client regarding
the use of margin is suitable for the client.

Following is Toro West’s standardized tiered asset-based fee schedule for wealth management services:

                                                 FEE SCHEDULE

                  Market Value of Assets / Breakpoints                               Rate
            First $10,000,000                                                       0.95%
            Next $20,000,000                                                        0.85%
            Next $20,000,000                                                        0.75%
            Amount over $50,000,000                                                 0.65%

            Note: Minimum annual fee is $25,000. One time startup fee is $15,000. Toro West reserves the
            right to lower or eliminate the minimum annual fee and/or waive part or all of our one-time
            start-up fee. These decisions will be made at Toro West’s discretion, depending on the
            individual circumstances of each case.

Toro West’s policy is to include all related client accounts, specifically the accounts of direct family
members sharing the same residence address, for purposes of determining a client’s market value of
assets.

Toro West Capital Advisors                                                         Disclosure Brochure

Additional Information Regarding Fees
The client agreement between Toro West and the client may be terminated at will by either Toro West or
the client upon written notice. Toro West does not impose termination fees when the client terminates
the wealth management services, except when agreed upon in advance.

     B. Payment of Fees

Toro West generally deducts its wealth management services fee from a client’s investment account(s)
held at client’s custodian. Upon engaging Toro West to manage such account(s), a client grants Toro West
this limited authority through a written instruction to the custodian of his/her account(s).
...

Item 7 - Types of Clients

Toro West provides services to investors, including ultra-high net worth individuals and their families,
trusts, estates, individual retirement entities, non-profit entities, family offices, and other business
entities.

Toro West does not impose a minimum portfolio size or a minimum initial investment to open an
investment management services account. For the provision of wealth management services, Toro West
requires a minimum fee of $25,000, although we may make exceptions at our discretion.