Bridgewater Asset Management LLC

Item 5: Fees & Compensation

We are required to disclose that lower fees for comparable services may be available from other
sources. Please note that unless a client has received the firm’s disclosure brochure at least 48 hours
prior to signing the investment advisory contract, the investment advisory contract may be
terminated by the client within five (5) business days of signing the contract without incurring any
advisory fees.

How We Are Compensated for Our Advisory Services

Assets Under Management is defined as the accumulated total of all accounts held within a client
household. Other non-advisory assets may be included by the advisor at their discretion.

Asset Management:

                 Assets Under Management            Maximum Annual Percentage of
                                                          Assets Charge
                        $0 to $250,000                        1.50%
                    $250,000 to $499,999                      1.25%
                    $500,000 to $999,999                      1.10%
                   $1,000,000 to $1,999,999                   1.00%
                   $2,000,000 to $3,999,999                   0.95%
                   $4,000,000 to $7,999,999                   0.85%
                  $8,000,000 to $15,999,999                   0.80%
                       Over $16,000,000                       0.75%

When establishing the asset charge for a specific account, the advisor will consider various factors
which include the size of the account, trading frequency and transactions cost imposed. There are
instances when the advisor will assess a lower asset charge to offset the cost of transaction charges
or the selection of higher share classes which do not assess a transaction charge. The goal being to
establish a total cost that is equivalent or lower than the asset management schedule above.

Our fees may be negotiable. Our firm bills on cash unless indicated otherwise in writing. Fees will be
automatically deducted from your managed account. In rare cases, we will agree to direct bill clients.

         Clients custodied with LPL Financial (“LPL”):

         Our firm’s fees are billed on a pro-rata annualized basis quarterly in advance based on the
         value of your account on the last day of the previous quarter. Our fees may be negotiable.

ADV Part 2A – Firm Brochure                    Page 8                      Bridgewater Asset Management, LLC

         Fees will be automatically deducted from your managed account*. LPL will make quarterly
         adjustments for deposits and withdrawals in client accounts. As part of this process, you
         understand and acknowledge the following:

            a) LPL Financial as the custodian sends statements at least quarterly to Clients showing
               all disbursements for their account, including the amount of the advisory fees paid to
               our firm;
            b) The Client has provided written authorization permitting fees to be directly paid by
               these terms;
            c) LPL Financial calculates the advisory fees and deducts them from the Client’s account.

         Clients custodied with Charles Schwab & Co., Inc. (“Schwab”):

         Our firm’s fees are billed on a pro-rata basis quarterly in advance based on the value of the
         account(s) on the market value of the account at the end of the quarter. Adjustments will be
         made for deposits and withdrawals during the quarter. As part of this process, you
         understand and acknowledge the following:

            a) The client’s independent custodian sends statements at least quarterly showing the
               market values for each security included in the Assets and all account disbursements,
               including the amount of the advisory fees paid to our firm;
            b) Clients will provide authorization permitting our firm to be directly paid by these terms.
               Our firm will send an invoice directly to the custodian; and
            c) If our firm sends a copy of our invoice to the client, a legend urging the comparison of
               information provided in our statement with those from the qualified custodian will be
               included.

We will review your annual percentage of assets charge at least annually to determine consistency
with the fee schedule shown above.

If you wish to terminate our services, you need to contact us in writing and state that you wish to
cancel the Asset Management service. Upon receipt of your letter of termination, we will proceed to
close out your account and process a pro-rata refund of unearned advisory fees, if applicable. For the
purposes of calculating refunds, all work performed by us up to the point of termination shall be
calculated by dividing the advisory fee by the number of the days of the quarter. We’ll multiply that
rate by the number of days before you terminate our service to determine the amount of your refund.

Financial Planning & Consulting:

We charge on an hourly or flat fee basis for financial planning and consulting services. We require a
retainer of fifty-percent (50%) of the ultimate financial planning or consulting fee with the remainder
of the fee directly billed to you and due to us within thirty (30) days of your financial plan being
delivered or consultation rendered to you. In all cases, we will not require a retainer exceeding
$1,200 when services cannot be rendered within 6 (six) months.

Hourly Fees: Our hourly fees are negotiable, and will not exceed $500. Projects spanning more than
three months will be billed quarterly. The items addressed in a modular plan or general consulting
services may include one or more of the services listed above. The amount of time spent will depend
on the complexity of the request and all services will be completed within six months. The total
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Item 7: Types of Clients & Account Requirements

We have the following types of clients:
   • Individuals and High Net Worth Individuals;
   • Trusts, Estates or Charitable Organizations; and
   • Pension and Profit Sharing Plans.

Our requirements for opening and maintaining accounts or otherwise engaging us:
   • We require a minimum household balance of $100,000 for our Asset Management service.
       This minimum account balance requirement may be negotiable.
   • We charge a minimum fee of $1,000 for Financial Planning & Consulting and Pension
       Consulting.

ADV Part 2A – Firm Brochure                   Page 12                      Bridgewater Asset Management, LLC

    •    A minimum account value of $15,000 is required for Optimum Market Portfolios Program
         (OMP).
    •    A minimum account value of $250,000 is required for Personal Wealth Portfolios Program
         (PWP).
    •    A minimum account value of $50,000 is required for Model Wealth Portfolios Program
         (MWP).
    •    A minimum account value of $100,000 is required for Manager Access Select, however, in
         certain instances, the minimum account size may be lower or higher.