Mercury was founded in October 2019. Additional information about Mercury is available on the SEC’s website at https://adviserinfo.sec.gov/firm/summary/308960. The SEC’s website also provides information about any persons affiliated with Mercury who are registered, or are required to be registered, as investment adviser representatives of Mercury. Mercury is a registered investment adviser (“RIA”) that offers a wrap fee program to its advisory clients (each a “Client,” and collectively, “Clients”) through an online web-based platform. Mercury is a privately held company headquartered in San Francisco, California. Mercury Advisory is a wholly owned subsidiary of Mercury Technologies Inc, a financial technology company. Further information is provided on Part 1 of Mercury’s Form ADV, which is available online at http://www.adviserinfo.sec.gov. Wrap Fee Program Mercury provides web-based advisory services through a wrap fee program that bundles or “wraps” services together and charges a single fee based on the value of assets under management (the “Program”). The Program is provided, primarily, through Mercury’s website, https://mercury.com/ (the “Website”). The services included in the Program are the management of portfolio allocations and certain advisory functions with respect to the portfolios. Additional information about Mercury’s products and services is provided in Mercury’s Form ADV Part 1 available at https://adviserinfo.sec.gov/firm/summary/308960. Mercury encourages visiting the Website for additional information. Mercury’s Clients consist solely of small business entities, typically venture-backed start-ups. Clients utilize the Website, which allows a Client to allocate its financial resources into an investment portfolio designed to meet a Client’s financial goals within their respective investment risk tolerance, financial parameters, and liquidity needs. Clients with a minimum balance greater than $250,000 and less than $25,000,000 may choose investments offered through the “Mercury Treasury” (“Treasury”) product, a Program that includes a combination of mutual funds (“MFs”). Generally, the underlying assets of the MFs available through the Program shall consist of money market funds or fixed income (debt) securities, although MF choices with other underlying assets may be offered based upon the discretion of Mercury’s Investment Committee. Mercury provides investment advice only with respect to limited types of investments. Clients with a minimum balance greater than $25,000,000 may choose MFs offered through Mercury Treasury as noted above or may also qualify for the “Mercury Treasury Solutions” (“Treasury Solutions”) product which is advised by Morgan Stanley Professional Alliance Group (“Morgan Stanley”). Morgan Stanley provides custom portfolio management and a wider selection of fixed-income securities, primarily U.S. Treasury debt securities, to Treasury Solutions clients. During Mercury Treasury Client onboarding, each Client provides its investment objectives, risk tolerance, and the monetary amount it wishes to allocate via an interactive questionnaire within the Program. After completion of the interactive questionnaire, the Program will recommend a non-discretionary investment portfolio for the Client. Clients should understand the investment portfolios rely upon the information provided by the Client during the onboarding process and Mercury does not capture any additional information not covered in the onboarding process in providing its investment advice. Mercury does not allocate assets or directly manage accounts for Clients. The Program provides recommendations to each Client, and each Client is solely responsible for implementing such recommendations. Clients are responsible for directing purchases and sales of specific investments. Clients are not required to implement Mercury’s investment advice and should carefully review all of the information provided by the Website and in the relevant MF prospectus before investing. Mercury Treasury Solutions Clients will be introduced by a Mercury Representative to investment representatives from Morgan Stanley, who will recommend a non-discretionary investment portfolio for the Client. Clients should understand the investment representatives rely upon the information provided by the Client and information not captured is not considered in providing investment advice. Clients are obligated to update their information through the Website or via conversation with their Relationship Manager promptly if there are changes to their financial situation, liquidity needs, risk tolerance or if other relevant information changes or becomes available. The investments in each Client’s account are held in a separate account in the name of the Client at an independent custodian, and not with Mercury. All accounts managed through the Treasury program and directly through the Website are required to use Apex Clearing Corporation (“Apex”) as the custodian. Mercury does not have the authority to manage Client accounts on a discretionary basis and does not trade in any Client’s account except at the Client’s direction. All Treasury Solutions accounts are required to use Morgan Stanley as custodian. Mercury is independent of Morgan Stanley and Apex and all investments are held in the name of the Client. Mercury does not allow the purchase of fractional shares. Clients will receive Mercury’s Advisory Agreement, which further details the services Clients will receive, fees charged to Clients, and the conditions of the Mercury-Client relationship. Importantly, Mercury does not provide overall financial planning services, nor does it provide tax advice. Fees and Compensation The Program charges an annual “wrap” fee, which allows Clients to pay a single fee for investment advisory services (the “Fee”). The Fee is not based upon transactions in a Client account, but rather is a bundled fee, which includes the costs for advisory services, execution, clearance, custody and account reporting. The Mercury Treasury product charges a Fee that is billed as the lesser of the following: (1) the amount due under the Fee Schedule set forth below (the “Fee Cap”); or (2) twenty percent of the effective federal funds rate (“EFFR”). Notwithstanding the foregoing, the Mercury Fee will never be less than five basis points (0.05%). TIERED FEE Investing Account and Deposit Account Balance Mercury Fee Less than $2,000,000 60 basis points (0.60%) $2,000,000 - $4,999,999.99 45 basis points (0.45%) $5,000,000 - $9,999,999.99

35 basis points (0.35%) $10,000,000-19,999,999.99 25 basis points (0.25%) $20,000,000 or more 15 basis points (0.15%) The Mercury Fee is charged monthly, in arrears based on the daily balance in the Client account and the Client’s deposit accounts opened and accessed through our affiliate, Mercury Technologies, Inc. (together, “Deposit Account”) each day during the previous month. Where the fee is based on EFFR, the Fee for each month is calculated based on the daily EFFR during the previous month. The Fee percentage is applied to invested balance in the Treasury account. Mercury’s Treasury Solutions product charges a fee of 8 basis points (0.08%) charged monthly, in arrears and based upon the daily balance in the Client account at Morgan Stanley. This fee compensates both Mercury and Morgan Stanley and includes all costs for advisory services, execution, clearance, custody and account reporting. Fees are charged to clients directly by Morgan Stanley. The Mercury Treasury Fee is negotiable, and Mercury reserves the right to waive the Fee or any part thereof for any period for any Client in Mercury’s sole discretion. The fee for Mercury Treasury Solutions is set by Morgan Stanley. For example, Mercury may, from time to time, elect to launch programs or initiatives whereby the Fee may be waived, in whole or in part, for certain categories of Clients. Any such program or initiative (i) is entirely discretionary to Mercury and may be expanded, narrowed, suspended, canceled or modified at any time by Mercury, and (ii) will be subject to any rules, guidelines and/or terms and conditions created by Mercury in connection therewith (which rules, guidelines and/or terms may be included on the Website and/or elsewhere). To the extent any such program or initiative is canceled or terminated, Clients will once again be charged the then-current Fee on a going-forward basis. Mercury shall have sole discretion in determining whether or not any existing Client or potential Client meets the requirements to participate in and/or benefit from any such program or initiative, and Mercury shall not be liable to the Client or any other party in connection with any such decision and/or in connection with the administration of any such program or initiative generally. Any program, initiative, waiver, modification or other change to the Fee noted above is only applicable to the Mercury Fee charged by Mercury. Clients may still be subject to any fees charged separately by the custodian, funds company or other third parties. Mercury will deduct the Fee from the Client’s account on a monthly basis. This Fee will be paid from funds in the account or from funds resulting from the sale of investments from the Client’s account. Mercury may initiate a sale of investments from the Client’s account to pay the fee. Each time a Client uses Mercury’s advisory services, they reaffirm their agreement that Mercury may charge the accounts, as applicable. In the event Mercury cannot charge the applicable accounts, it reserves the right to terminate a Client’s access to its advisory services. Mercury may terminate the account at its sole discretion. Each Client may also terminate its account at any time. Upon termination of a Client’s account, assets are liquidated as soon as practicable, and money is returned to the Client, if applicable. Once the account termination process is initiated, Mercury will no longer accrue any fees from the Client with respect to the Client’s account, although fees not yet deducted for partial months prior to the account termination process may still be deducted. In the circumstance where a Client’s account is opened mid-month or terminated mid-month the Fee may be applied to the account on a prorated basis. Mercury believes its wrap fee is reasonable considering the quality and scope of the services it provides and the fees charged by other investment advisers offering similar services/programs. For example, Mercury is able to give Clients access to mutual funds at a lower minimum initial investment than Clients may be able to access through other sources. However, by participating in a wrap fee program, Clients may end up paying more or less than they would through a non-wrap fee program where a lower advisory fee is charged, but trade execution costs are passed directly through to the Client by the executing broker. In that scenario, Clients would be responsible for any other fees charged by other parties, including the respective custodian, Apex or Morgan Stanley. Clients could also invest in MFs and other assets directly without Mercury’s services. In that case, Clients would not receive the services provided by Mercury, which are designed, among other things, to assist in determining which investments are appropriate for the Client’s account. There exists a conflict of interest for Mercury and Mercury Technologies to recommend to Client the service or account that produces the most revenue for Mercury and Mercury Technologies and not the service or account that is the most suitable for a Client. This conflict is heightened where the Fee is calculated based on the combined balance of Client accounts of Mercury and Deposit Accounts opened and accessed through Mercury Technologies because in certain cases, Mercury has an incentive to recommend Clients open and access additional Deposit Accounts and for them to maintain and deposit additional funds into such Deposit Accounts. However, Client participation in the services provided by Mercury and Mercury Technologies, Inc. is strictly voluntary, and fees and related expenses are fully disclosed to a Client; therefore, this conflict is minimized. Other Account Fees The Program includes all trade charges applicable to an account. At the current time the custodians do not charge any additional fees however, Mercury’s fees do not include other related costs and expenses that custodians or other third parties may levy. Clients may incur certain charges imposed by custodians and other third parties. These include transfer fees, administrative fees and other fees and taxes on brokerage accounts and securities/asset transactions. The issuer of some of the securities or products purchased for Clients, such as MFs or other financial products, may charge product fees that affect Clients. Mercury does not charge these fees to Clients and does not benefit directly or indirectly from any such fees. A MF typically includes embedded expenses that may reduce the fund’s net asset value, and therefore directly affect the fund’s performance and indirectly affect a Client’s portfolio performance or an index benchmark comparison. These fees are in addition to the Fee Clients pay to Mercury. Clients should review all fees charged to fully understand the total amount of fees they will pay. Performance-Based Fees and Side-by-Side Management Mercury does not charge any performance-based fees. These are fees based on a share of capital gains on or capital appreciation of the assets of a Client. Mercury does not engage in side-by-side management. Mercury maintains only one general type of fee structure (a Wrap Fee).