Common use of Section or Paragraph Headings Clause in Contracts

Section or Paragraph Headings. Section headings herein have been inserted for reference only and shall not be deemed to limit or otherwise affect, in any matter, or be deemed to interpret in whole or in part any of the terms or provisions of this Agreement. Products and Services Available to Us from Fidelity and Schwab. Fidelity and Schwab have divisions which serve independent investment advisory firms like us. They provide us and our clients with access to its institutional brokerage – trading, custody, reporting and related services – which is not typically available to retail customers. They also make available various support services. Some of those services help us manage or administer our clients’ Accounts while others help us manage and grow our business. Services that Benefit You. Fidelity and Xxxxxx’x institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of client assets. Services that May Not Directly Benefit You. Fidelity and Schwab also make available to us other products and services that benefit us but may not directly benefit you. These products and services assist us in managing and administering our clients’ accounts. In particular, they make available software and other technology that: Services that Generally Benefit Only Us. Fidelity and Schwab also offer other services intended to help us manage and further develop our business enterprise, including: 1) Approximately what proportion of your total investment assets are represented by Xxx-managed accounts, including this account? A small minority A significant proportion of assets, but not the vast majority The vast majority 2) Is your Net Worth greater than $2.1 million? (We ask so we can comply with routine reporting requirements regarding the fraction of our clients who meet the SEC’s “High-Net-Worth” threshold. For these purposes, Net Worth is measured jointly with your spouse, and excluding your primary residence) Yes No 3) How liquid are the investment assets held outside of your Elm-managed accounts? Mostly illiquid Some illiquid Mostly liquid 4) When do you expect to start making regular withdrawals from this Account? Almost immediately (less than 1 year). Within the next 1 to 5 years Within the next 5 to 10 years After 10 years 5) How would you describe your knowledge of investing? Very little knowledge or experience Some prior knowledge including familiarity with index funds, mutual funds, and ETFs I am a knowledgeable, experienced investor 6) What best describes your tax status? I am not a US-taxable investor I am a US taxable investor. I understand that Xxx attempts to manage taxable accounts in a tax- sensitive fashion consistent with the account being subject to a high marginal rate of tax. (See FAQ #7 here for more detail) I am a US-taxable investor, but I do not wish my taxable accounts to be managed in a tax-sensitive fashion. 7) Asset allocation: I understand that Xxx’s strategy involves dynamic global asset allocation based on a systemic value- and momentum-based approach. I understand this approach may deviate significantly from Xxx’s baseline allocation, and for Global Balanced portfolios may at times result in Equity vs. Fixed-Income allocations strongly biased toward either Equities or Fixed-Income depending on specific market conditions. I am unsure if I understand Xxx’s strategy, and need more information about Xxx’s strategy and the potentially dynamic nature of the holdings. Other:

Section or Paragraph Headings. Section headings herein have been inserted for reference only and shall not be deemed to limit or otherwise affect, in any matter, or be deemed to interpret in whole or in part any of the terms or provisions of this Agreement. Products and Services Available to Us from Fidelity and SchwabFidelity. Fidelity and Schwab have divisions which serve Brokerage Services LLC serves independent investment advisory firms like us. They provide us and our clients with access to its institutional brokerage – trading, custody, reporting and related services – which is not typically available to Fidelity retail customers. They Fidelity also make makes available various support services. Some of those services help us manage or administer our clients’ Accounts while others help us manage and grow our business. Services that Benefit You. Fidelity and Xxxxxx’x Fidelity’s institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of client assets. The investment products available through Fidelity include some to which we might not otherwise have access or that would require a significantly higher minimum investment by our clients. Services that May Not Directly Benefit You. Fidelity and Schwab also make makes available to us other products and services that benefit us but may not directly benefit you. These products and services assist us in managing and administering our clients’ accounts. In particular, they make Fidelity makes available software and other technology that: Services that Generally Benefit Only Us. Fidelity and Schwab also offer offers other services intended to help us manage and further develop our business enterprise, including: 1) Approximately what proportion of your total investment assets are represented by XxxElm-managed accounts, including this account? A small minority A significant proportion of assets, but not the vast majority The vast majority 2) Is your Net Worth greater than $2.1 million? (We ask so we can comply with routine reporting requirements regarding the fraction of our clients who meet the SEC’s “High-Net-Worth” threshold. For these purposes, Net Worth is measured jointly with your spouse, and excluding your primary residence) Yes No 3) How liquid are the investment assets held outside of your Elm-managed accounts? Mostly illiquid Some illiquid Mostly liquid 4) When do you expect to start making regular withdrawals from this Account? Almost immediately (less than 1 year). Within the next 1 to 5 years Within the next 5 to 10 years After 10 years 5) How would you describe your knowledge of investing? Very little knowledge or experience Some prior knowledge including familiarity with index funds, mutual funds, and ETFs I am a knowledgeable, experienced investor 6) What best describes your tax status? I am not a US-taxable investor I am a US taxable investor. I understand that Xxx Elm attempts to manage taxable accounts in a tax- sensitive fashion consistent with the account being subject to a high marginal rate of tax. (See FAQ #7 here for more detail) I am a US-taxable investor, but I do not wish my taxable accounts to be managed in a tax-sensitive fashion. 7) Asset allocation: I understand that XxxElm’s strategy involves dynamic global asset allocation based on a systemic value- and momentum-based approach. I understand this approach may deviate significantly from XxxElm’s baseline allocation, and for Global Balanced portfolios may at times result in Equity vs. Fixed-Income allocations strongly biased toward either Equities or Fixed-Income depending on specific market conditions. I am unsure if I understand XxxElm’s strategy, and need more information about XxxElm’s strategy and the potentially dynamic nature of the holdings. Other:

Section or Paragraph Headings. Section headings herein have been inserted for reference only and shall not be deemed to limit or otherwise affect, in any matter, or be deemed to interpret in whole or in part any of the terms or provisions of this Agreement. Products and Services Available to Us from Fidelity and SchwabFidelity. Fidelity and Schwab have divisions which serve Brokerage Services LLC serves independent investment advisory firms like us. They provide us and our clients with access to its institutional brokerage – trading, custody, reporting and related services – which is not typically available to Fidelity retail customers. They Fidelity also make makes available various support services. Some of those services help us manage or administer our clients’ Accounts while others help us manage and grow our business. Services that Benefit You. Fidelity and Xxxxxx’x Fidelity’s institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of client assets. The investment products available through Fidelity include some to which we might not otherwise have access or that would require a significantly higher minimum investment by our clients. Services that May Not Directly Benefit You. Fidelity and Schwab also make makes available to us other products and services that benefit us but may not directly benefit you. These products and services assist us in managing and administering our clients’ accounts. In particular, they make Fidelity makes available software and other technology that: Services that Generally Benefit Only Us. Fidelity and Schwab also offer offers other services intended to help us manage and further develop our business enterprise, including: 1) Approximately what proportion of your total investment assets are represented by XxxElm-managed accounts, including this account? A small minority A significant proportion of assets, but not the vast majority The vast majority 2) Is your Net Worth greater than $2.1 million? (We ask so we can comply with routine reporting requirements regarding the fraction of our clients who meet the SEC’s “High-Net-Worth” threshold. For these purposes, Net Worth is measured jointly with your spouse, and excluding your primary residence) Yes No 3) How liquid are the investment assets held outside of your Elm-managed accounts? Mostly illiquid Some illiquid Mostly liquid 4) When do you expect to start making regular withdrawals from this Account? Almost immediately (less than 1 year). Within the next 1 to 5 years Within the next 5 to 10 years After 10 years 5) How would you describe your knowledge of investing? Very little knowledge or experience Some prior knowledge including familiarity with index funds, mutual funds, and ETFs I am a knowledgeable, experienced investor 6) What best describes your tax status? I am not a US-taxable investor I am a US taxable investor. I understand that Xxx Elm attempts to manage taxable accounts in a tax- sensitive fashion consistent with the account being subject to a high marginal rate of tax. (See FAQ #7 here for more detail) I am a US-taxable investor, but I do not wish my taxable accounts to be managed in a tax-sensitive fashion. 7) Asset allocation: I understand that XxxElm’s strategy involves dynamic global asset allocation based on a systemic value- and momentum-based approach. I understand this approach may deviate significantly from XxxElm’s baseline allocation, and for Global Balanced portfolios may at times result in Equity vs. Fixed-Income allocations strongly biased toward either Equities or Fixed-Income depending on specific market conditions. I am unsure if I understand XxxElm’s strategy, and need more information about XxxElm’s strategy and the potentially dynamic nature of the holdings. Other: 8) Customization: I understand that Elm’s model portfolio has a Baseline which is not customized specifically for me and my financial situation, and am comfortable with the model portfolio’s Baseline asset-allocation and dynamic adjustment strategy. I require a portfolio customized for me and my specific needs, and need to further discuss whether Elm is appropriate for me