Aequitas Investment Advisors LLC

Item 5      Fees and Compensation
                                   FINANCIAL PLANNING FEES

Financial Planning: Written Financial Plans are prepared at the beginning of a new Client relationship. A
one-time flat fee will be calculated based upon the extent and complexity of the Client’s personal
circumstances and investment assets. Fees for preparing the plan will typically range from $3,500 to
$10,000 and are due as follows: 50% of the fee shall be due upon the signing of the agreement with the
balance due upon the presentation of the written investment plan. Financial Plans will normally be
presented within 90 days following the signing of the investment advisory agreement, provided that all
information needed to prepare the plan has been promptly provided by the Client.

                                PORTFOLIO MANAGEMENT FEES

Standard Reporting Service: The fee for non-discretionary portfolio management services is based upon
two components: (1) an annual base investment planning fee and (2) a percentage of assets under
management fee (.35% per year of the account market value). The base investment planning fee is
calculated at the beginning of each year for the subsequent 12 months of the agreement. This base fee
typically ranges from $2,500 to $15,000, depending on the complexity of the Client’s financial situation.
The percentage of assets fee is calculated at the end of each calendar quarter by multiplying the account
value times 0.35% and dividing the result by four. The total combined fee will be invoiced to the Client,
or to the Client’s account, on a calendar quarterly basis in arrears. The client may choose how to pay the
invoice. The Client will be notified in advance of any changes to the subsequent year’s base planning fee.
Any such changes are subject to written approval by the Client before taking effect.

Specialized Reporting Service: For Clients with complex portfolio structures where specialized reports are
required, portfolio management services are often provided on a flat fee basis which will be calculated
based upon the extent of our services, the complexity of the Client’s specific circumstances and the value
of investment assets under advisement. Fees for specialized portfolio management services will typically
range from $3,000 to $50,000 annually and will be billed either quarterly or semi-annually in advance. All
fees are agreed upon prior to signing an agreement with any Client.

The fees charged will never be based on capital gains or the capital appreciation of any funds or any part
of any funds of any Clients.

                            ANNUAL PORTFOLIO REVIEW SERVICE

A flat fee will be calculated based upon the extent and complexity of the Client’s personal circumstances
and investment assets. Fees for this service typically range from $2,000 to $15,000 annually and are due
as follows: 50% of the fee is due at the signing, or renewal, of the agreement with the remaining 50% due

six months hence.

                                        CONSULTING SERVICES

Consulting Service fees are determined based on the nature of the services being provided and the
complexity of each Client’s circumstances. All fees are agreed upon prior to entering into an agreement
with a Client. Consulting Service fees are normally billed to the Client in two installments: 50% at the
signing of the agreement and 50% at the completion of the services. In some situations, we can charge for
our consulting services on an hourly basis, ranging from $175 to $350 per hour. For hourly services, an
estimate for the total hours is determined at the start of the advisory relationship. An initial retainer is paid
by the Client upon the signing of the agreement with subsequent billings made quarterly in arrears based
on actual hours accrued, or sooner if all services have been rendered.

                          LIMITED NEGOTIABILITY OF ADVISORY FEES

Although Aequitas has established the aforementioned fee structures, we retain the discretion to negotiate
alternative fees on a client-by-client basis. Client facts, circumstances and needs are considered in
determining the fee structure. These include the complexity of the Client’s situation, assets to be placed
under management, anticipated future additional assets, number of related accounts, administrative
requirements, account composition, complexity of reports, number of meetings and other factors. The
specific fee structure is identified in the agreement between the Advisor and each Client.

We may group certain related Client accounts for the purposes of achieving the minimum fee requirements
and for determining the annual base planning fee.

Depending upon the circumstances, discounts may be available to our advisory Clients and may be offered
to family members and friends of associated persons of our firm.

                                       GENERAL INFORMATION

Termination of the Advisory Relationship: A Client agreement may be canceled at any time, by either party,
for any reason upon receipt of written notice to the other. Upon termination of any account, any prepaid,
unearned fees will be promptly refunded. In calculating a Client’s reimbursement of fees, we will pro-rate
the reimbursement according to the number of days remaining in the billing period.

Mutual Fund Fees: All fees paid to Aequitas for investment advisory services are separate and distinct from
the fees and expenses charged by mutual funds and/or ETF’s to their shareholders. These fees and expenses
are described in each fund's prospectus and generally include a management fee, other fund expenses, and
a possible distribution fee. A Client could invest in a mutual fund directly, without our services. In that
case, the Client would not receive the services provided by our firm which are designed, among other things,
to assist the Client with investment planning and determining which mutual fund or funds are most
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Item 7       Types of Clients

Aequitas provides advisory services to the following types of Clients: Individuals, including high net worth
individuals, charitable foundations and non-profit organizations.