America First Investment Advisors LLC

5. Fees and Compensation
 Our fees that we charge can be negotiable but will generally conform with the schedule
 outlined below.

    Assets Under Management                                                     Annual Fee
    Initial assets up to $500,000                                                  1.25%
    Additional assets between $500,001 to $ 1,500,000                              1.00%
    Additional assets between $1,500,001 to $5,000,000                             0.75%
    Additional assets over $5,000,000                                              0.50%

 For all clients, management fees are payable on a quarterly basis after the quarter is
 completed. These fees are based on the market value of their portfolio as of the end of
 each calendar quarter. Our clients have the option of having their fees deducted directly
 from their account(s) or paying by check. Our investment advisory contracts provide
 termination provisions which allow either the client or us to terminate the agreement at
 any time by telephone and then confirm in writing. As of the effective date of
 termination, any fee owed to AFIA by that client will be prorated.

 Clients should be aware that because our fee is based upon the amount of assets in their
 accounts, this creates an incentive for us to increase the number and size of these
 accounts. Our Code of Ethics (see Item 11) recognizes that as a fiduciary, we must
 always place the interest of our client first and discusses this conflict of interest further.

Sales-Based Compensation
 An adviser that accepts compensation from any transaction of securities for a client has
 an incentive to base investment recommendations on the amount of compensation it
 will receive. We do not receive compensation on either the purchase or sale of
 securities.

Other Fees
 Our clients will also incur costs assessed by brokers and custodians. These costs include
 transaction fees, custodial fees, commissions, service fees, payments from mutual funds,
 the use of client cash at below-market interest rates, and interest charges on any
 borrowings by the client. None of these costs represent income to AFIA.

 To minimize transactions charges, we will generally select no-load mutual funds or
 ETFs when using those types of investments.

 Most brokerage firms also receive payments from third parties for order routing and
 execution. These do not represent income to AFIA, either.

 Please refer to Item 12 “Brokerage Practices” of this brochure for a more detailed
 discussion of our brokerage practices.

7. Types of Clients
 AFIA will provide investment advice to individuals, employee benefit plans, trusts,
 estates, and charitable organizations as well as corporations and other business entities.

 We generally require a minimum of $300,000 in investable assets to start a new client
 relationship.