5 assets that were acquired by Clients based on SFM’s advice, such as certain closed-end private equity investments, sports teams, or real estate, but are not monitored by SFM post-acquisition. Fixed Fee Arrangements. SFM charges fees according to a fixed-fee arrangement depending upon the scope and complexity of the services being performed. For example, SFM may agree to provide investment advisory services for a fixed fee for a specified period. Fixed fees are negotiable and will be determined on a case-by-case basis, depending on such factors as the nature and complexity of the services, staffing arrangements, and size of the asset base. All fees will be agreed upon in advance with the Client. Generally, fees are charged either monthly or quarterly in advance, and thus, such fees will be prorated or refunded for any partial period of investment advisory service. Because SFM reserves the right to negotiate fees, certain clients pay more or less than others depending on certain factors, including but not limited to, the type and size of the account, the level and complexity of service provided, and the total amount of assets managed for a single Client or such Client’s family in the aggregate. Clients may pay other fees such as brokerage commissions, transaction fees, custodial fees and transfer taxes, and other fees and taxes charged to brokerage accounts and securities transactions. Brokerage fees may be incurred in accordance with the practices set forth in Item 12 below. All SFM client assets are held by a “qualified custodian,” as that term is defined in Rule 206(4)-2 of the Investment Advisers Act of 1940 (the “Advisers Act”), to the extent required by law. SFM bills its Clients directly. Out-of-Pocket Expenses. In addition to fees, Clients will be responsible for certain out-of-pocket expenses for reasonable and direct costs incurred by SFM on the client’s behalf, such as travel expenses. From time to time, SFM may engage third-party service providers, such as attorneys, accountants, and other

experts to assist with coordinating and conducting due diligence on an investment opportunity on your behalf or structuring and purchasing an investment. SFM will pass these expenses along to clients investing in the specific investment on a pro rata basis based on the dollar value of the client’s commitment. In the event a client determines not to participate at any time prior to the closing of an investment, SFM shall determine how to allocate expenses based on its good faith estimate of allocable expenses and may determine that a non-participating client owes no expenses, or their pro rata share of expenses. SFM will provide Clients with an invoice containing a detailed description of such expenses as necessary. Other Fees. Clients may incur certain charges imposed by custodians, brokers, attorneys, third- party investment products and other third parties, such as fees charged by other managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, other fees and taxes related to brokerage and custodian accounts and securities transactions, and certain other expenses. Fees to SFM do not include any fees due to such third parties that provide services to the client or any underlying fees and expenses associated with private funds or alternative investments in which Clients’ assets may be invested. The Client may contract directly with investment managers, brokers, attorneys, and custodians to provide services with regard to his or her assets and thus will be charged separately by such entities for their services. SFM does not charge performance-based fees to its Clients. the entire net worth of Clients or certain restricted executive stock positions. These amounts also do not double count assets of one Client that are invested in another Client (e.g., a family company). Please see Part 1A of SFM’s Form ADV for the amount of regulatory assets under management (i.e., those assets under management over which SFM provides continuous and regular supervision).