Caldwell Advisors LLC

Item 5 – Maximum Fees and Compensation

                 Assets Under Management                      Annual Percentage

                 $0 to $1,000,000                             up to 2.75%

                 $1,000,001 to $5,000,000                     up to 2.00%

                 $5,000,001 +                                 up to 1.25%

Under certain circumstances, fees may be negotiable, but will never exceed 2.75%.

Although the Investment Advisor Representatives (“IARs”) of Caldwell Advisors, LLC may be Registered
Representatives (“RRs”) of LPL Financial and, in their role as an RR may receive commissions on trades,
100% of the revenue of CA is generated by fees from advisory and planning services.

Client shall pay a yearly management fee as compensation for advisor's services. The specific manner in
which fees are charged by Caldwell Advisors is established in a client’s written agreement with Caldwell
Advisors. For fees charged utilizing the agreement titled as the Investment Management Agreement,
Caldwell Advisors will generally bill its fees on a quarterly basis in advance, based upon the market value
of the assets on the last business day of the previous quarter. Clients may also elect to be billed directly for
fees or to authorize CA to directly debit fees from client accounts. Management fees shall be prorated for
each capital contribution and withdrawal made during the applicable calendar quarter. Accounts initiated
or terminated during a calendar quarter will be charged a prorated amount for the actual days the assets
were managed by CA at the next regular payment date. Upon termination of any account, any prepaid,
unearned fees will be promptly refunded, and any earned, unpaid fees will be due and payable. For fees
charged utilizing the agreement titled as the Financial Planning Agreement, fees will be set based on a
mutually agreed upon negotiated figure between CA and client. The fee charged by Caldwell Advisors may
vary among its clients based upon the type of client, the services requested, the investment adviser
representative providing advice, the complexity of the client's situation, the composition of the client's
account, other advisory services provided and the relationship of the client and the IAR. For ongoing
financial planning, it would be expected for the first year of planning fees to be higher than subsequent
years based on the amount of time and effort required to establish the initial plan. Client will notify Caldwell
Advisors if Client disputes any billing entry. Lower investment advisory fees for comparable services may
be available from other sources.

All fees paid to Caldwell Advisors for services under this Agreement are separate and distinct from the
commissions, fees and expenses charged by insurance companies associated with any disability insurance,
life insurance and annuities subsequently acquired by Client. If Client sells or liquidates certain existing
securities positions to acquire any insurance, Client may also incur a commission and/or deferred sales

charges in addition to the financial planning and consulting fees paid to Caldwell Advisors and any
commissions, fees and expenses charged by the insurance company for subsequently acquired insurance
and/or annuities.

CA’s associates may also be registered representatives of LPL Financial and may offer annuities, insurance
products, mutual funds, bonds, stocks and other financial investments and receive a commission for sales
resulting from the recommendation. As noted above, CA’s associates will not receive a commission and a
fee for the same investment. However, the Client should be aware of the following disclosures:
          a) A conflict exists between the interests of the IAR and the interests of the Client;
          b) The Client is under no obligation to act upon the IAR’s recommendation; and
          c) If the Client elects to act on any of the recommendations, the Client is under no obligation to
          affect the transaction through the IAR.

Caldwell Advisor’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which may be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers, third party investment managers and other third parties such as fees charged by
managers, custodial fees, 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, which are disclosed in a fund’s
prospectus.

Such charges, fees and commissions are exclusive of and in addition to the fee charged by CA, and CA shall
not receive any portion of these commissions, fees, and costs related to accounts for which CA receives asset
based fees or consulting fees. Although the IARs of Caldwell Advisors, LLC may be a Registered
Representative of LPL Financial and, in some cases, clients may have certain of their accounts managed by
CA and held at LPL Financial, and for which CA may receive fees as more particularly described above, while
for other accounts of that client, the IAR may act in the capacity of a RR for LPL Financial. CA will not
receive commissions or such 12b-1 fees on those accounts for which it receives fees for the management
and investment advice it offers to clients with respect to these accounts, but may receive commissions on
others.

Item 12 further describes the factors that CA considers in selecting or recommending broker-dealers for
client transactions and determining the reasonableness of their compensation (e.g., commissions).

Item 7 – Types of Clients

CA provides financial planning and portfolio management services to individuals, high net worth
individuals, corporate pension and profit-sharing plans, charitable institutions, foundations, endowments,
and other U.S. institutions. For CA to accept a new client relationship, the combined assets of the client to
be managed by CA must generally total $750,000. Under certain circumstances, clients with less than
$750,000 may be accepted or maintained as clients of CA.