Bull Street Advisors LLC

ITEM 5: FEES AND COMPENSATION
The Investment Advisory Client Agreement between Bull Street Advisors and its clients
describes our fees. Generally, the annual fee for our advisory services is based on the
quarterly total values of the clients’ accounts, and is calculated as follows:
                                         Assets Under Management
   Rate
   1.00% on the first                    $1,000,000

    0.75% on the next                    $2,000,000

    0.50% on the next                    $2,000,000                                            4
    0.40% on all assets over             $5,000,000

A minimum fee may be applied to an account, and will be disclosed on the Investment
Advisory Client Agreement. The firm's standard minimum fee is $2,000 per annum.

Clients are typically billed quarterly in advance based on the total account value at the end
of the prior quarter. Clients may elect to be billed by invoice or to authorize BSA to directly
debit fees from their investment accounts. If a client begins or terminates their agreement in
the middle of a billing period, the client will be invoiced for an amount that is pro-rated based
on the number of days that the account was managed during that billing period. Upon
termination, any outstanding or unearned portion of the fee will be charged or refunded to
the client, as appropriate.

The firm may, in its sole discretion, negotiate to charge a lesser fee based upon various
criteria, including, but not limited to: anticipated future earning capacity, anticipated future
additional assets, dollar amount of assets to be managed, related accounts, account
composition, pre-existing/legacy client relationship, account retention, pro-bono activities of the
firm, held-away assets or illiquid holdings.

Our fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which shall be incurred by the client. Clients may incur certain charges
imposed by custodians, brokers, and other third parties such as fees charged by managers,
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. Mutual
funds and exchange traded funds also charge internal management fees, fund expenses
and possibly a distribution charge which are disclosed in a fund’s prospectus. Such charges,
fees and commissions are exclusive of and in addition to our fee. For further discussion
concerning our brokerage practices, please see Item 13 of this Firm Brochure.

ITEM 7: TYPES OF CLIENTS

BSA provides its investment advisory services to individuals, high net worth
individuals, pension and profit-sharing plans, charitable organizations, foundations,
trusts, estates, corporations and other business entities.

BSA does not impose a minimum account size however accounts may be charged a minimum
fee of up to $2,000 per annum.