Boulay Financial Advisors LLC

Item 5 – Fees and Compensation

INVESTMENT ADVISORY PROGRAM

The advisory fees payable upon initial implementation of the account may be paid by the
client upon receipt of the invoice from Boulay or collected directly from the account,
provided the client has given Boulay written authorization. Advisory fees for all subsequent
periods will be charged to and collected directly from the client’s account, in accordance
with the Investment Advisory Agreement, unless other arrangements have been made.
Advisory fees will be charged to and collected directly from the account early in the quarter
and will be based on the value of the portfolio as of the last working day of the previous
quarter.

Clients will be provided with access to a fee notification, which identifies the amount of the
advisory fee and the value of the account. Additionally, clients will be provided with an
account statement from their custodian reflecting the deduction of the advisory fee. If the
account does not contain sufficient funds to pay advisory fees, Boulay has limited authority
to sell or redeem securities in sufficient amounts to pay advisory fees. Clients may
reimburse the account for advisory fees paid to Boulay, except for ERISA and IRA accounts.

Fees are negotiable and are not based on a share of capital gains or capital appreciation of
the funds or any portion of the funds. Boulay also reserves the right to waive advisory fees
on any account at the sole discretion of the Investment Advisor Representative. The fee
will typically range from .60% to 1.95% based upon the size, nature, and complexity of the
client relationship. While Boulay does not require clients to have a minimum level of
investable assets, our minimum total annual fee is $10,000. For special circumstances the
minimum fee can be negotiated or established at a flat annual rate.

Boulay generally has two types of fee arrangements: a blended fee arrangement and an
incremental fee arrangement. Under the blended fee arrangement, the client would pay
one annual blended rate with respect to the entire portfolio based on the total size of the
account. Under the incremental fee arrangement, the annual rate is determined based on
the incremental thresholds for the size of the account.

Fees charged individual clients are set forth in individual Investment Advisory Agreements.
Clients may refer to the Investment Advisory Agreement for additional information and
disclosures. Client may elect to include tax preparation services as part of their Investment
Advisory Agreement. Tax preparation services are completed by Boulay PLLP and subject
to additional fees that are combined for purposes of billing.

In addition to the advisory fees, clients may incur costs for custodial services, account
maintenance fees, transaction fees, and other fees associated with maintaining the account.
Also, depending on a particular security, trading costs could be incurred which could range
from $0 to $24 per trade. Boulay strives to minimize trading costs. Some funds impose
short-term trading fees which can be triggered if the fund is not held long enough.
Transactions which result in short-term trading fees will be avoided unless extenuating
conditions exist. Boulay does not share in any portion of such fees. Mutual funds, exchange-
traded funds (ETFs), Separately Managed Funds (SMAs), and Unit Investment Trusts (UITs)
charge management and administrative fees that are paid from the client’s investment
balance. These fees are not shared with Boulay. Clients are encouraged to read the
investment’s prospectus prior to investing to understand an investment’s fees.

Additional assets deposited into the account after it is opened will be charged a pro-rata fee
based upon the number of days remaining in the then current calendar quarter. No fee
adjustments will be made for partial withdrawals or for account appreciation or
depreciation during the quarter.

Clients may terminate investment advisory services obtained from Boulay, without penalty,
upon written notice within five (5) business days after entering into the Investment
Advisory Agreement with Boulay. Clients will be responsible for any fees and charges
incurred from third parties as a result of maintaining the account such as transaction fees
for any securities transactions executed and account maintenance or custodial fees.

Thereafter, a client may terminate investment advisory services with 30-day’s notice in
either written or electronic format which is acknowledged by the Investment Advisory
Representative. If a client decides to terminate the investment advisory services during the
quarter, Boulay is under no obligation to refund fees paid for the current quarter. Under
certain circumstances, Boulay may choose to waive its invoice on a pro-rata basis but is not
obligated to do so.

THIRD PARTY MANAGED PROGRAMS

Advisory fees can vary depending on if the client obtained management services directly
from a single manager versus multiple managers. Advisory fees and any conflicts of interest
with respect to the third-party manager would be disclosed in the third-party manager’s
Form ADV Part 2A.

The fee charged by the third-party manager will be in addition to the fees charged by
Boulay. Boulay fees are negotiable and are not based on a share of capital gains or capital
appreciation of the funds or any portion of the funds. The Boulay fees would generally fall
below rates, set forth in either the Maximum Blended Rate or the Maximum Blended Rate
Schedules, provided above. Fees charged individual clients are set forth in individual
Investment Advisory Agreements and Appendices. Clients may refer to the Investment
Advisory Agreement and Appendices for additional information and disclosures.

Boulay fees payable upon initial implementation of the account may be paid by the client
upon receipt of the invoice from Boulay or collected directly from the account, provided the
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Item 7 – Types of Clients

Boulay provides portfolio management services to individuals, high net worth individuals,
corporate pension and profit-sharing plans, charitable institutions, foundations, and other
entities. Boulay generally requires that clients have a minimum of $1,000,000 of assets
under management to open and maintain an account with Boulay. This requirement may
be waived by Boulay.