Aspen Capital Management

Item 5 - Fees and Compensation
   Description
      ASPEN CAPITAL MANAGEMENT, LLC bases its investment management
      fees on a percentage of assets under management.
       Financial plans are priced according to the degree of complexity associated
       with the client’s situation.
       Fees are negotiable.

   Fee Billing
       Investment management fees are billed quarterly, in arrears, meaning that we
       charge you after the three-month billing period has ended. Our fees are
       calculated based on the number of days in a quarter within a 365-day period.
       Fees are electronically deducted from a designated client account(s) to
       facilitate billing. The client must consent in advance to direct debiting of their
       investment account through their approval of our advisory agreement.

                               Aspen Capital Management

    If the Client’s quarterly fee – calculated using the fee schedule above – is less
    than $1,250, a minimum quarterly fee of $1,250 will be assessed. Our minimum
    fee is negotiable.

    Fees for financial plans are billed upon delivery of the financial plan.

Other Fees
    Custodians charge transaction fees on purchases or sales of certain mutual
    funds, stocks, bonds and exchange-traded funds. These transaction charges
    are usually small and incidental to the purchase or sale of a security. The
    selection of the security is more important than the nominal fee that the
    custodian charges to buy or sell the security. Clients will sometimes incur
    brokerage and other transaction costs (see page 8 for Brokerage Practices).
    ASPEN CAPITAL MANAGEMENT, LLC does not receive any compensation
    from custodians.
    ASPEN CAPITAL MANAGEMENT, LLC, in its sole discretion, may charge a
    lesser investment advisory fee based upon certain criteria (e.g., historical
    relationship, type of assets, anticipated future earning capacity, anticipated
    future additional assets, dollar amounts of assets to be managed, related
    accounts, account composition, negotiations with clients, etc.).

Expense Ratios
   Mutual funds generally charge a fee for their services as investment
   managers. Mutual funds also charge other fees in addition to their
   management fees. The aggregate fees of the management company are
   called an expense ratio. For example, an expense ratio of 0.30 means that
   the mutual fund company charges 0.3% annually for their services. These
   fees are in addition to the fees paid by you to ASPEN CAPITAL
   MANAGEMENT, LLC. ASPEN CAPITAL MANAGEMENT, LLC does not
   receive any compensation from mutual fund companies.
    Performance figures quoted by mutual fund companies in various publications
    are after their fees have been deducted.

Past Due Accounts and Termination of Agreement
    ASPEN CAPITAL MANAGEMENT, LLC reserves the right to stop work on
    any account that is more than 30 days overdue. In addition, ASPEN CAPITAL
    MANAGEMENT, LLC reserves the right to terminate any financial planning
    engagement where a client has willfully concealed or has refused to provide
    pertinent information about financial situations when necessary and
    appropriate, in ASPEN CAPITAL MANAGEMENT, LLC’s judgment, to
    providing proper financial advice.

                           Aspen Capital Management

Item 7 - Types of Clients
   Description
      ASPEN CAPITAL MANAGEMENT, LLC generally provides investment advice
      to individuals, trusts, estates, or business entities. However, the vast majority
      of our clients are individuals, families, or non-profit organizations.
       Client relationships vary in scope and length of service.

   Account Minimums
      In most cases ASPEN CAPITAL MANAGEMENT, LLC does not have an
      account minimum. While we don’t have an account minimum, we do have a
      minimum quarterly fee. If the Client’s quarterly fee – calculated using the fee
      schedule above – is less than $1,250, a minimum quarterly fee of $1,250 will
      be assessed. Our minimum fee is negotiable.

       Other exceptions will apply to employees of ASPEN CAPITAL
       MANAGEMENT, LLC and their relatives, or relatives of existing clients.