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Effective as of [INSERT DATE], First Manhattan Securities LLC (“FMS”) charges brokerage commissions to standalone brokerage accounts as indicated in the following schedule:

Brokerage Commission Schedule

We use the term “standalone brokerage account” to refer to any nondiscretionary brokerage account that is not subject to an investment advisory relationship with First Manhattan Co. LLC (“FMC”), First Manhattan’s registered investment adviser affiliate. For additional information about brokerage services that FMS provides, please refer to FMS’s Form CRS. The schedule set forth above does not apply to accounts advised by FMC on a discretionary or nondiscretionary basis, which are subject to an investment advisory fee. For additional information about FMC’s investment advisory services, please refer to FMC’s Form ADV and Form CRS.

In addition to brokerage commissions, FMS standalone brokerage accounts may incur other types of fees, such as custodian fees in instances where the client elects to maintain his, her, or its account at a custodian other than Pershing LLC (“Pershing”), FMS’s fully disclosed clearing firm and custodian. FMS standalone brokerage accounts may also incur fees related to the use of a third-party broker-dealer. In general, FMS does not impose service charges on standalone brokerage accounts to cover costs associated with clearance, settlement, and confirmation services. However, Pershing may pass through certain charges (e.g., charges from depositories with respect to foreign securities held in client accounts, etc.) to such accounts.