Brophy Wealth Management LLC

Item 5.          Fees and Compensation

   BWM offers its services on a fee basis, which may include fixed fees, hourly fees, as well as fees
   based upon assets under management. Additionally, BWM’s Supervised Persons, in their individual
   capacities, may offer securities brokerage services under a separate commission-based arrangement.

   Investment Management Fees

   BWM provides investment management services for an annual fee based upon a percentage of the
   market value of the assets managed by BWM. Below is a schedule of the fees generally charged by
   BWM.
                                     Assets under              Advisory Fee
                                     Management                    Rate
                                  On the first $500,000             1.12 %
                                  On the next $500,000              0.92%
                                 On the next $1,000,000             0.52%
                                 On amounts thereafter              0.32%

   The total portfolio value may include Assets Under Management from other members of a client’s
   household, family, company 401k, or other individuals or institutions that they are connected with that
   has/had a mutual association with Brophy Wealth Management, LLC. The Firm’s management fee is
   prorated and charged quarterly, in advance (or arrears), as derived from the market value of the assets
   managed by BWM on the last day of the previous billing period.

   If assets are deposited into or withdrawn from an account after the inception of a billing period, the fee
   payable with respect to such assets is typically adjusted to reflect the interim change in portfolio value.
   For the initial term of an engagement, the fee is calculated on a pro rata basis. In the event the
   Agreement is terminated, the fee for the final billing period is prorated through the effective date of the
   termination and the outstanding balance is charged or refunded to the client, as appropriate. The
   Independent Managers engaged to manage client assets generally charge investment advisory fees
   that are separate from the Firm’s management fee and such Independent Managers and other turnkey
   asset management platforms may employ billing practices that differ from those of BWM.

   BWM, in its sole discretion, may negotiate to charge a lesser management fee based upon certain
   criteria (i.e., anticipated future earning capacity, anticipated future additional assets, dollar amount of
   assets to be managed, related accounts, account composition, pre-existing client, account retention, pro
   bono activities, etc.).

   Financial Consulting Services, Financial Analyses & Wealth Plans Fees

   BWM may charge an hourly fee for financial consulting services and financial analysis and wealth

plans. These fees are negotiable, but generally range from $110 for administrative services to $500 for
senior advisor services, depending upon the level and scope of the services and the professional
rendering the financial planning and/or the consulting services.

Prior to engaging BWM to provide financial planning and/or consulting services, the client is required to
enter into a written agreement with BWM setting forth the terms and conditions of the engagement.
Generally, BWM requires the financial analysis and wealth plan fee (estimated hourly or fixed fee) upon
delivery of the financial analysis and/or wealth plan or the completion of the agreed upon services.

Additional Fees and Expenses

In addition to the advisory fees paid to BWM, clients may also incur certain charges imposed by other
third parties, such as broker-dealers, custodians, trust companies, banks and other financial institutions
(collectively “Financial Institutions”). These additional charges may include securities brokerage
commissions, transaction fees, custodial fees, fees charged by the Independent Managers, charges
imposed directly by a mutual fund or ETF in a client’s account, as disclosed in the fund’s prospectus
(e.g., fund management fees and other fund expenses), deferred sales charges, odd-lot differentials,
transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts
and securities transactions. Fees charged by Independent Managers generally range from 25 bps to
95 bps (0.20% - 0.95%), per annum. These additional fees are separate, distinct and in addition to the
fees charged by BWM.

Fee Debit

BWM’s Agreement and the separate agreement with any Financial Institutions may authorize BWM or
the Independent Manager to debit the client’s account for the amount of BWM’s fee and to directly remit
that fee to BWM or the Independent Manager. Any Financial Institutions recommended by BWM have
agreed to send a statement to the client, at least quarterly, indicating all amounts disbursed from the
account, including the amount of management fees paid directly to BWM.

Account Additions and Withdrawals

Clients may make additions to and withdrawals from their account at any time, subject to BWM’s right
to terminate an account. Additions may be in cash or securities provided that the Firm reserves the
right to liquidate any transferred securities or decline to accept particular securities into a client’s
account. Clients may withdraw account assets on notice to BWM, subject to the usual and customary
securities settlement procedures. However, BWM designs its portfolios as long-term investments, and
the withdrawal of assets may impair the achievement of a client’s investment objectives. BWM may
consult with its clients about the options and implications of transferring securities. Clients are advised
that when transferred securities are liquidated, they may be subject to transaction fees, fees assessed

   at the mutual fund level (i.e., contingent deferred sales charge) and/or tax ramifications.
...

Item 7.       Types of Clients

   BWM provides its services to individuals, pension and profit-sharing plans, trusts, estates, charitable
   organizations, corporations and business entities.

   Minimums Imposed by Independent Managers

   BWM does not impose a minimum portfolio size or minimum annual fee. Certain Independent
   Managers may, however, impose more restrictive account requirements and varying billing practices
   than BWM. In such instances, BWM may alter its corresponding account requirements and/or billing
   practices to accommodate those of the Independent Managers.