Catawba River Capital

Item 5: Fees and Compensation
Wealth Management Service Fees
Catawba River Capital charges annual fees as a percentage of assets under management, in which most
clients pay a 1% fee.

Catawba River Capital has various fee structures for legacy clients.

Asset-based management fees will be charged quarterly in advance, as agreed to with the client, based
on a percentage of the client's assets under management on the last business day of the previous calendar
quarter, and becomes due the following business day.

Most clients authorize Catawba River Capital to deduct fees automatically from their brokerage
accounts, but clients may request that Catawba River Capital send quarterly invoices to be paid by
check.

If a client contributes more than $50,000 during a quarter Catawba River Capital will prorate the fees
on this contribution. Contributions of less than $50,000 and partial withdrawals of client assets are not
pro-rated and will be reflected in Catawba River Capital fee calculation for the entire quarter.

In addition to Catawba River Capital investment management fees, clients bear trading costs and
custodial fees. To the extent that clients’ accounts are invested in mutual funds, these funds pay a
separate layer of management, trading, and administrative expenses.

CRC has “legacy clients” that are subject to a fee schedule the terms of which may by different than
those stated above.

Financial Planning Service Fees

Financial planning services will be charged at the prevailing hourly rate of $150 per hour. This fee may
be negotiated in advance with the client. The amount of the hourly fee is determined based upon a
number of factors including but not limited to the amount of work involved and the complexity of the
case.

In no circumstances will CRC require prepayment of more than $1,200 in fees and six months or more
in advance. The Client shall pay CRC within 30 days from the date of the invoice or upon presentation
of the written financial plan. A client may cancel the financial planning agreement and receive a full
refund if CRC is notified within five business days after signing an agreement. If cancellation occurs
thereafter, the client is responsible only for expenses incurred to that point. In such an event, an itemized
invoice will be provided documenting the expenses that have been incurred.
Private Investment Consulting (PIC) Service Fees

For private investment consulting clients, we charge an annual fee of 1% based on the capital
contributions of Client to the direct private investment vehicle. This fee will be applied to a private
investment until the partnership between the Client and the general partner(s) and / or custodian(s) is
terminated. Additionally, this fee will be charged quarterly and in advance and be applicable to both
managed and unmanaged assets held under the PIC account(s). The PIC fees will be based upon the
total billable capital contribution value of Client’s account on the last business day of the previous
calendar quarter and becomes due the following business day.

The Agreement between CRC and the client will continue in effect until terminated by either party
pursuant to the terms of the Agreement. CRC’ advisory fee shall be prorated through the date of
termination as defined in the Agreement and any remaining balance shall be refunded to the client, as
appropriate, in a timely manner.

Item 7: Types of Clients

Catawba River Capital primarily provides investment management services to high-net-worth
individuals and associated trusts, estates, pension or profit-sharing plans, charitable organizations, and
other legal entities. Clients utilizing our Wealth Management Services with less than $500,000 of assets
under management will be charged a minimum $5,000 annual fee, of which $1,250 will be charged
quarterly in advance and may be waived in certain circumstances.