Adolos Asset Management

ITEM 5: FEES AND COMPENSATION

   5.1 - Fees Charged
   The only way we are paid is by the investment management advisory fee. It
   doesn’t matter which investments we recommend to you. It doesn’t matter how
   frequently we trade in your account. It doesn’t matter which other investment
   products we might recommend to you. We are not paid, nor impacted by any of
   these types of factors. The only fee we receive is from you. As a result, we have
   no conflicts as far as which investments to pick for you. We do what’s solely in
   your best interest.

   Our advisory fee is based on a percentage of the market value of the assets
   under management (“account value”). In calculating your market value, assets
   allocated to cash or a cash proxy, such as a money market fund, will be
   included in the calculation of assets under management. This prevents a
   conflict of interest. Otherwise, we would benefit by your account containing less
   cash and more investments. Fees may be modified based on a client’s specific
   circumstances that may, in our view, either increase or decrease expenses
   related to the administration of their account(s). Our standard advisory fee
   schedule is:

          Account Value           Quarterly Advisory Fee      Annual Advisory Fee
         $0 - $3,000,000                   0.2500%                    1.00%
    $3,000,001 - $10,000,000               0.2000%                    0.80%
    $10,000,001 - $50,000,000              0.1500%                    0.60%
   $50,000,001 - $100,000,000              0.1250%                    0.50%
     $100,000,001 and above                0.0875%                    0.35%

   5.2 - Fee Payment
   Fees are collected in arrears. Immediately after the end of each quarter, we
   collect our fee based on the average daily balance during the previous quarter.
   This is in accordance with the above fee schedule. Your authorized custodian
   will debit your account for the amount of the advisory fee and directly remit
   the fee to us, following all regulatory procedures. The custodian-provided
   statements will reflect the payment of the advisory fee to us. Our fees are
   subject to change upon notice not less than thirty (30) calendar days in
   advance.

   As mentioned above, all advisory fees are based on the consideration of many
   factors including, but not limited to the complexity of the relationship, the
   anticipated number of meetings, client’s future earning capacity, potential
   future size of the relationship, and the length of relationship with us or our
   representatives. Your fee schedule will be documented in writing.

   A potential conflict of interest exists because the total fees you pay us increase
   with the size of your account. This creates an incentive for us to recommend
   that you increase the assets, or risk level, in your account. At the same time, if
   your account decreases in value, our management fee earned decreases. This
   type of potential conflict of interest is addressed in our Code of Ethics (see Item
   11 below).

   5.3 - Other Fees
   We have the authority to invest your assets in investments such as, but not
   limited to, mutual funds, exchange traded funds (ETFs), and/or third-party
   investment managers. These types of investments will have their own
   fees/expenses in addition to the advisory fee we charge. These manager and
   fund fees should not be confused with “loads” or commissions.

   There can also be transaction fees from the custody or purchase/sale of
   investments in your account. For example, you are responsible for paying
   transaction fees for certain no-load mutual funds to the custodian, or
   management fees or fund expenses (mutual fund or ETF) to a brokerage firm.

   All fees and expenses paid to us are separate and distinct from the
   fees/expenses charged by custodians and individual mutual funds or ETFs. In
   addition, all direct and indirect costs are fully detailed and explained to you.

   5.4 - Pro-rata Fees
   Accounts initiated or terminated during a calendar quarter will be charged a
   pro-rated fee based on the amount of time for which the assets were managed
   during the billing period. An account may be terminated without penalty if we
   receive written notice at least thirty (30) calendar days in advance. A withdrawal
   from a hedge fund or private equity investments will typically require a longer
   advance notice.

   5.5 - Compensation for the Sale of Securities
   This item is not applicable.

Item 7: TYPES OF CLIENTS
   We provide investment management services to individuals, high net-worth
   individuals, corporations, trusts, estates, endowments, and charitable
   foundations. There is no minimum account size to become our client.

   We have policies and procedures that strive to avoid any actual or potential
   conflicts of interest. However, such conflicts occur from our managing many
   client accounts at the same time. For example, we might buy an investment for
   you while we are selling the same investment in another client’s account. Also,
   we might give different investment advice to you as compared to another client,
   even if your portfolios are similar. These types of decisions could be based on
   many factors including, but not limited to:

      •   your goals/objectives
      •   your tax status,
      •   guidelines found in your investment policy statement