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Annual Fees and Bank Charges

ENR manages client assets in Europe and in the United States vis-à-vis credible and established financial institutions. These institutions hold client assets for trustee and safekeeping purposes.

ENR does not handle individual securities or act as a custodian/trustee. Its role is strictly one of investment advisor or managing and advising client portfolios. Each managed-account requires a credible financial institution such as those mentioned above to safeguard and trade global securities on that client's behalf. All securities are held in the client's name or vis-à-vis a company, trust or foundation and are kept in-trust for safekeeping purposes via a European private bank or at a U.S. financial institution. All ENR clients are fully tax compliant and must provide proof of said income taxes as part of the account-opening process.

ENR's primary international private banking hubs are located in Vienna, Austria and Zurich, Switzerland. Both financial centers provide historically strong operational credibility and are located in jurisdictions supported by strong economic fundamentals.

Our oldest private banking relationship remains at Wiener Privatbank SE in Vienna (previously Valartis Bank Austria AG) since 1997 and Bank Winter AG in Vienna since 2014. In Switzerland, ENR's banking services are offered through Zurich-based Vontobel Bank AG since 2015.

In the United States, Interactive Brokers LLC is our core brokerage relationship offering the lowest-cost trading platform for discount brokerage clients.

ENR Asset Management, Inc. charges a competitive fee structure, which declines as assets increase beyond certain threshold minimums. The annual management fee ranges between a maximum 1.5% (under $1 million in assets) to a minimum of 0.75% per annum on assets over $5 million dollars. Standard Advisory accounts are charged a quarterly fee in arrears at a maximum rate of 0.5% per annum. Advisory Extra accounts are charged a quarterly fee of 1.0% per annum for accounts up to $1 million dollars or 0.75% per annum for accounts above $ 1 million dollars.

Bank trustee and safekeeping fees typically range between 0.15% and 0.55% in Austria and Switzerland, depending on the account balance. Where possible, we try to arrange lower trustee and safekeeping fees for our clients. ENR does not receive any retrocession fees or commissions for introducing clients and 100% of a client's assets are deposited at a European private bank without any fees or commissions levied.

In addition, ENR provides monthly discretionary managed account statements, including a monthly commentary on portfolio performance, no later than the 30th day following the month under review.

All clients receive a complimentary copy of the monthly ENR Market Outlook via email.




Disclaimer
The enclosed documents should be carefully reviewed by prospective investors. The following information is not an offer to purchase or sell any securities. It is a presentation only. REGISTERED AS AN INVESTMENT ADVISOR WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.