Bouvel Investment Partners LLC

Item 5           Fees and Compensation

   A. INVESTMENT ADVISORY SERVICES
      If a client engages Bouvel to provide discretionary or non-discretionary investment advisory
      services on a negotiable fee basis, Bouvel’s annual investment advisory fee is based upon a
      percentage (%) of the market value of assets under Bouvel’s management (generally between
      0.50% and 1.75%) to be charged quarterly in advance. The specific annual investment advisory
      fee is memorialized in and is subject to the terms and conditions of the investment advisory
      agreement between Bouvel and the client. Unless Bouvel expressly agrees otherwise in writing,
      managed account assets consisting of cash and cash equivalent positions are included in the
      value of an account’s assets for purposes of calculating Bouvel’s investment advisory fee. The

    annual investment advisory fees vary depending upon objective and subjective factors that
    include but are not limited to the representative assigned to the account, the amount of assets
    to be invested, the complexity of the engagement, the anticipated servicing needs, related
    accounts, future earning capacity, anticipated future additional assets, account composition,
    prior relationships with Bouvel, familial relationships, and negotiations with the client.
    Similarly situated clients could pay different fees, which will correspondingly impact a client’s
    net account performance, and the services to be provided by Bouvel to any particular client
    could be available from other advisers for lower fees.

    FINANCIAL PLANNING AND CONSULTING SERVICES (STAND-ALONE)
    Upon specific client request, Bouvel may agree to provide financial planning and consulting
    services (including investment and non-investment related matters, estate planning, insurance
    planning, etc.) on a stand-alone fee basis. Bouvel’s planning and consulting fees are negotiable
    but generally range from $250 to $350 on an hourly rate basis, depending upon the level and
    scope of the services required and the professionals providing the services.

B. Clients may elect to have Bouvel’s advisory fees deducted from their custodial account.
   Bouvel’s investment advisory agreement and the custodial/clearing agreement may authorize
   the custodian to debit the account for the amount of Bouvel’s investment advisory fee and to
   directly remit that advisory fee to Bouvel in compliance with regulatory procedures. In the
   limited event that Bouvel bills the client directly, payment is due upon receipt of Bouvel’s
   invoice. Bouvel deducts fees or bills clients quarterly in advance, based upon the market value
   of the assets on the last business day of the previous quarter.

C. Bouvel generally recommends that Pershing Advisor Services LLC, a division of BNY Mellon
   and its affiliates, (“Pershing”) serve as the broker-dealer/custodian for client investment
   advisory assets. Broker-dealers such as Pershing charge transaction fees for executing certain
   securities transactions according to the fee schedule that Bouvel negotiated with Pershing on
   behalf of its clients. Clients who engage Bouvel to manage donor-advised funds pay a separate
   fee to the donor advised fund administrator under terms of a separate written agreement.
   Clients may also be required to pay certain charges and administrative fees, including, but not
   limited to, transaction charges (including mark-ups and mark-downs), charges resulting from
   trades effected through or with a broker-dealer other than Pershing, transfer taxes, odd lot
   differentials, exchange fees, interest charges, American Depositary Receipt agency processing
   fees, and any charges, taxes or other fees mandated by any federal, state or other applicable
   law or otherwise agreed to with regard to client accounts. For mutual fund and ETF purchases,
   clients will incur charges imposed by the respective fund, which represent the client’s pro rata
   share of the fund’s management fee and other fund expenses. These fees and expenses are
   described in each fund’s prospectus or other offering documents. Bouvel does not share in
   those fees or expenses.

D. Bouvel’s annual investment advisory fee is prorated and paid quarterly, in advance, based upon
   the value (market value or fair market value in the absence of market value, plus any credit
   balance or minus any debit balance), of the assets on the last business day of the previous
   quarter. Fees are prorated for accounts opened during the quarter, and quarterly bills are
   adjusted for prorated inflows and outflows that occurred in the previous quarter. The
   applicable form of Agreement between Bouvel and the client will continue in effect until
   terminated by either party by written notice in accordance with the terms of that agreement.
   Upon termination of the applicable agreement, Bouvel will refund the pro-rated portion of
   the advanced advisory fee paid based upon the number of days remaining in the billing quarter.

   E. Commission Transactions. Clients can engage Stephane Bouvel, in his individual capacity as
      a licensed insurance agent, to purchase insurance products on a commission basis. The
      commissions may be higher or lower than those charged by other insurance agents.

         1. Conflict of Interest: The recommendation that a client purchase an insurance commission
            product from Mr. Bouvel presents a conflict of interest, as the receipt of commissions
            may provide an incentive to recommend insurance products based on commissions to be
            received, rather than on a particular client’s need. No client is under any obligation to
            purchase any insurance commission products from Mr. Bouvel.

         2. Clients may purchase insurance products recommended by Bouvel through other, non-
            affiliated agents.
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Item 7           Types of Clients

         Bouvel’s clients currently include individuals, high net worth individuals, and related trusts and
         estates. Bouvel generally imposes an account minimum of $50,000 for investment advisory
         services. However, Bouvel, in its sole discretion, may reduce or waive its account minimum
         requirements based upon certain criteria such as but not limited to anticipated future earning
         capacity, anticipated future additional assets, dollar amount of assets to be managed, related
         accounts, account composition, and negotiations with client.