Avondale Partners LLC

Fees and Compensation
Retirement plan advisory services are paid quarterly in advance or arrears depending on the
terms agreed to in the advisory contract.

Advisory fees do not cover the internal expenses or distribution fees (such as 12b-1 fees) of
mutual funds, unit investment trusts, or electronically traded funds and administrative,
management and performance fees of privately offered pooled investment vehicles,fees
imposed by mutual funds for short-term trading for redemptions made within short periods
of time; any mark-up, mark-down, or dealer spread related to any client account investment;;
costs to third parties for transactions; floor brokerage or exchange fees; fees for wire
transfers; costs for exchanging currencies; margin interest; taxes; or other expenses
incurred with respect to any investments made for the client account. All of these items will
be expenses either directly or indirectly borne by the client separate from the Advisory fee.

Fees for independent managers are generally deducted from client accounts and are in
addition to Avondale’s advisory fee. Independent manager fees are established and payable
in accordance with the brochure provided by each independent manager and will not apply
to client accounts where Independent managers are not utilized. Some independent
managers may calculate fees quarterly in arrears and not in advance. In these cases
Avondale’s advisory fees will be charged in arrears as well. Independent managers may
charge a minimum fee.

Retirement Plan Advisory Services Fees
Fees are customized to suit the specific needs of each Plan Client, are negotiated directly
between the Plan Client and Avondale, and may vary depending on the frequency and type
of services provided. Fees may be assessed as itemized expenses, a flat fee for services,
and or a fixed percentage of plan assets. Depending on the needs of the Plan Client, fees
may be assessed quarterly, semi-annually, or annually. Pursuant to each Plan Client's
Agreement, fees may be due in advance of services or in arrears. Asset-based fees will be
based on the value of specified plan assets as of the close of business on the last day of the
specified period as valued by the Plan Clients' independent custodian. All Plan Clients will be
provided invoices itemizing all fees due for services provided by Avondale pursuant to their
Agreement with the Plan Client. Alternatively, Plan Clients may authorize a third party
provider to provide payment automatically to Avondale according to the terms of the Plan's
Agreement. Avondale will work to ensure that all fees received are accurate and provide the
Plan client with proper documentation for their records.

Institutional Consulting Services Fees

Fees for institutional consulting services are offered at a fixed rate or can be based on an asset-
based rate and are paid quarterly in advanced. Because the level of service varies by client
there is no fee schedule however the maximum annual fee for asset-based services is 1.00%.

All fees are negotiable.

Other Fees and Expenses
Investment adviser representatives may also be registered representatives of Avondale’s
broker-dealer. As a result, Avondale and registered representatives may accept
compensation for the sale of securities or other investment products, including distribution
of service fees (“trails”) from the sale of mutual funds.

       Performance-Based Fees and Side-By-Side Management
Avondale Partners, LLC does not charge any performance-based fees (fees based on a share
of capital gains on or capital appreciation of the assets of a client).

Types of Clients
Avondale's clients are pension and profit sharing plans, corporations or business entities.

       Methods of Analysis, Investment Strategies and Risk of Loss
Avondale investment adviser representatives may utilize or rely on financial newspapers and
magazines, corporate rating services such as Morningstar, annual reports, prospectuses
and press releases, research reports and analysis of performance provided by third parties,
and publicly available research and reports.

As a firm, Avondale does not follow any particular investment strategy. Each investment
adviser representative may determine the strategies and products to be used to achieve the
objective of the client. Strategies may include long-term purchase, short-term purchase,
day-trading (securities bought and sold within 30 days), short sales, margin transactions, or
option transactions or strategies.

Investing in securities involves risk of loss that a client should be prepared to bear. It is
important a client understands the risks associated with investing in securities.

Independent Managers

We recommend independent managers to clients with a variety of investment strategies.
We examine the experience, philosophies and past performance of independent managers
in an attempt to determine if the manager has the ability to invest over a period of time and
in different economic conditions. We monitor the managers underlying holdings, strategies,
concentrations and leverage as part of our overall risks assessment.

Avondale recommends Managers to clients with a variety of investment strategies. Some
strategies may be high-risk strategies. Such strategies usually have the potential for
substantial returns; however, there are correspondingly significant risks involved in the
strategies. Such strategies are not intended for all investors. Clients who choose to follow
high-risk strategies should be aware that there is the possibility of significant losses up to
and including the possibility of the loss of all assets placed in the strategies. Avondale
recommends that clients diversify their investments and do not place all of their investments
in high-risk investment strategies.

There are additional risks involved in investing in an independent manager which include:

   •    Managers may not be able to replicate past successes.
   •    Avondale does not have control of the underlying investments in the portfolio.
   •    A manager may deviate from the stated strategy of the portfolio.
   •    We may be unaware of the lack of internal controls necessary for a manager to
        prevent business, regulatory or reputational deficiencies.