Cardinal Advisers LLC

Item 5 – Fees and Compensation
  A. Fees

     DISCRETIONARY ACCOUNTS. Generally, the Firm charges fees in accordance with the
     following fee schedule:

         AUM (USD)                                       Annualized Fee
         Up to $100,000                                  USD $1,000 fixed fee per annum
         $100,000 - $999,999                             1.00%
         $1,000,000 and Over                             0.80%

     "AUM" means the assets under the management of the Firm for a particular client or client
     account. The fees listed in the schedule above are annualized figures. Fees are generally charged
     quarterly and in arrears. The fee is based on the daily average balance provided by the client’s
     custodians, for all net assets held in the client's account during the period and includes cash
     balances in client accounts. The custodian or other independent third party determines account
     valuations. Fees may be adjusted pro rata based on the number of calendar days for which the
     advisory agreement was in effect. Additional deposits to the account are subject to the same
     prorata fee procedures. The client will generally be charged a pro rata fee if the client's service is
     terminated on a day other than the last business day of the semiannual period. In that event, the
     pro rata fee will be due and payable upon termination of the service.

     The Firm may adjust the advisory fee schedule upon thirty (30) days' prior written notice to the
     client. In certain instances, fees are negotiable.

     The client's account will be directly debited for the above-mentioned fees. When the client's
     account is debited, the Firm may collect its advisory fees from available cash in the client's
     account, the amount of any contribution or transfer, or by liquidating the client's assets held in the
     client's account, in an amount equal to the fees due. The custodian account statement will reflect
     the fee deduction amount. We request that clients carefully review their custodian statements and
     inform us of any discrepancies.

     An asset-based fee may cost more than a transaction-based fee, but clients may prefer an asset-
     based fee if they want continuing advice or for the investment adviser to make investment
     decisions on their behalf. Although Cardinal believes the charges and fees offered are
     competitive, comparable services and charges may be available from other investment advisers at
     a lower or higher cost.

When appropriate, Cardinal may recommend using margin and/or option transactions. As these
investment strategies involve a degree of additional risk, they are recommended only when
consistent with the client’s objectives and risk tolerance. The use of margin also results in
interest charges in addition to all other fees and expenses associated with the management of the
account. Although account statements for margined accounts may reflect a negative amount, our
advisory fee is based on the account’s net asset value. This poses a conflict of interest because
Cardinal benefits by receiving a higher fee based on the account’s absolute market value.

PLATFORM FEES. The Firm currently utilizes two (2) primary brokers to custody client assets,
Insigneo Securities LLC (“Insigneo”), which offers custodial services through Pershing LLC, and
Interactive Brokers LLC (“IBKR”). A broker may charge a Platform Fee to service client
accounts. The Platform Fee is part of a broker’s compensation and is in addition to what we
charge. This fee is NOT shared with Cardinal Advisers LLC. The broker’s Platform Fee may
include brokerage commissions, transaction fees, sales loads, sales charges, third-party
management fees, administrative fees, account maintenance fees, wire or electronic fund transfer
fees, transfer taxes, and other fees charged by the broker or dealer selected for execution of
securities transactions in the Client’s advisory accounts. The Platform Fee may be amended at
any time by Insigneo or by IBKR. Please refer to your Insigneo, IBKR, or custodian institution’s
account brokerage agreement and fee disclosures for updated information regarding the Platform
Fees and other fees and expenses charged by the broker or custodian that houses your account.

FLAT FEES. In certain circumstances, the Firm offers advisory services for a flat or fixed fee.
Fixed fees are generally reserved for very small portfolios and depend on the level and
complexity of the services involved. Such fees will be set forth in the Fee Schedule attached to
the client’s financial planning agreement.

FINANCIAL PLANNING SERVICES. The Firm offers financial planning services on an hourly
or fixed-fee basis. Generally, the hourly fee is USD $300. In certain instances, hourly fees are
negotiable. Fixed fees depend on the complexity of the plan and will be set forth in the Fee
Schedule attached to the client’s financial planning agreement. Fifty percent (50%) of the
estimated fees are due upon the signing of the financial planning agreement. The remaining fees
are due upon delivery of the advisory report to the client or upon the close of the meeting in
which the advisory recommendations are presented to the client, whichever occurs earlier.

SUB-ADVISORY SERVICES FEES. Fees for sub-advisory services to unaffiliated investment
advisors are generally based upon 50% of the total assets under management, or as agreed to with
the unaffiliated investment advisor. Clients of unaffiliated investment advisors should consult
with their advisor and review the unaffiliated investment adviser’s Form ADV and other
disclosure documents to understand their billing policies and whether Cardinal’s sub-advisory
services fees are included in the fees they pay to the unaffiliated investment adviser.

FORMATION & RENEWAL OF COMPANIES. Cardinal may assist clients with the formation
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Item 7 – Types of Clients
The Firm provides advisory services to individuals, including high-net-worth individuals, trusts, and
foreign and domestic entities, including unaffiliated registered investment advisers.

When subscribing to the Firm’s advisory services, the minimum account value is generally USD
$100,000. In some special cases, such as when the client has a longstanding relationship with the Firm’s
management, account minimums may be negotiated or waived at the Firm’s discretion.