Carswell Investments LLC

Item 5 - Fees and Compensation

Carswell is compensated for services exclusively by its clients – and absolutely no one else. To maintain
complete objectivity, Carswell does not distribute products or product based services, does not solicit or
accept referral fees from outside advisers, money managers, or mutual funds companies, and does not
charge or receive transaction commissions from broker-dealers, insurance companies, or private offerings.

Wealth Management

Carswell’s fee schedule for Wealth Management Services is as follows:

                         Assets Under Management/Advisement                  Annualized Fee
                         Initial $5 Million                                  0.95%
                         Next $10 Million                                    0.80%
                         Next $10 Million                                    0.60%
                         Over $25 Million                                    Negotiated

Institutional Advisory Services

Carswell’s fee schedule for Institutional Advisory Services is as follows:

                         Assets Under Management/Advisement                  Annualized Fee
                         Initial $5 Million                                  0.60%
                         Next $10 Million                                    0.50%
                         Next $10 Million                                    0.40%
                         Over $25 Million                                    Negotiated

Carswell’s fee for Wealth Management and Institutional Advisory Services are payable quarterly, in
advance, and are calculated on the value of client assets under management as of the close of business
on the last trading day of the previous calendar quarter. Generally, fees will be debited from client accounts
in accordance with the client’s authorization in Carswell’s investment advisory agreement. Clients may
elect to pay for fees incurred by making direct payment to Carswell. Clients will receive a pro-rated refund
of pre-paid fees if an advisory agreement is terminated before the end of the quarterly billing period.

As an alternative to an annualized fee, select clients may pay for services according to a fixed-fee
arrangement. Fixed-fees are determined on a case-by-case basis and may not be available to all clients.

Fees may be subject to negotiation based on factors such as the overall complexity of the client's financial
affairs, the number of accounts, the nature and location of the work and other unique factors.

Clients may be subject to additional fees in connection with Carswell’s services, including, but not be limited
to, mutual fund expenses, third-party manager fees, custodial and brokerage fees. Item 12 further
describes the factors that Carswell considers in selecting or recommending custodians and broker-dealers
for client transactions and determining the reasonableness of their compensation (e.g., commissions).

Qualified Plan Advisory Services

Carswell’s qualified plan advisory services fee, calculation and billing methodology are independently
negotiated with each client based on factors such as the overall size and complexity of the plan, the number
of plan participants, the nature of the services, location of the work and other unique factors.

Fees to Carswell do not include any fees due to third-parties that provide services to the plan or the
underlying fees and expenses associated with mutual funds or investments in which the plan assets are
invested. Mutual funds charge internal management fees, which are disclosed in a fund’s prospectus.
Mutual fund fees and expenses are paid by the funds but are ultimately borne by the plan participants as a
shareholder of the funds.

Fees to Carswell also do not include any fees due to plan providers, including but not limited to, platform
providers, custodians, broker-dealers, administrators, tax preparers and/or auditors. The client contracts
directly with these service providers and thus will be charged separately by such entities for their services.

Carswell does not receive remuneration from any third-party for the recommendation of any such service
provider, manager or fund to Carswell clients or inclusion in client plans.

Item 7 – Types of Clients

Carswell provides discretionary and non-discretionary advisory services to individuals, high and ultra-high
net worth individuals, families and their related entities, such as trusts and private foundations, as well as
a small number of pension and profit sharing plans, not-for-profit organizations, other tax-exempt entities,
and other businesses.