Cedar Wealth Management LLC

ITEM 5: FEES AND COMPENSATION
For investment supervisory services compensation is derived as fee income based upon the percentage
of assets under management. The compensation method is explained and agreed upon with the clients in
advance, before any services are rendered. The compensation for our services, which include developing
and implementing an investment policy and objectives, monitoring a client’s investment results, and
reporting to the client on a quarterly basis, is as follows:

        Annual Rate
        1.00% on the first $20 million
        0.90% on the next $30 million
        0.80% thereafter

These fees are for advisory services only and do not include any applicable transaction fees,
commissions, or other fees charged by non-affiliated third parties.

Advisory fees are based on the value of assets under management of client accounts on the last day of
the month. Billable assets under management (“Billable Balances”) will consist of the market value of a
client’s total investment portfolio, reported as Total Assets Long on the client’s custodial account
statement. When the client borrows funds, a Net Loan Balance or margin loan balance is reported on the
client’s custodial account statement. In such cases, the Billable Balances will be higher than the total
account value as reported in the client’s custodial statement because margin loan balances are added to
those values.

                                      Cedar Asset Management

Fees for clients are billed monthly in arrears of one twelfth of the annual rate based on a percentage of the
client's assets under management at the end of the calendar month. Fees will automatically be deducted
from clients’ managed accounts. Investment advisory services begin with the effective date of the
Agreement, which is the date the client signs the Investment Advisory Agreement. For that calendar
month, fees will be adjusted pro rata based upon the number of calendar days in the calendar month that
the Agreement was effective.

Clients should be aware of their responsibility to verify the accuracy of the fee calculation submitted to the
custodian by the Advisor, as the custodian will not determine whether the fee has been properly
calculated.

Limited Negotiability of Advisory Fees
Although CAM has established the aforementioned fee schedules, we retain the discretion to negotiate
alternative fees on a client-by-client basis. Client facts, circumstances and needs are considered in
determining the fee schedule. These include the complexity of the client, assets to be placed under
management, anticipated future additional assets, related accounts, portfolio style, account composition,
and reporting, among other factors. The specific annual fee schedule is identified in the contract between
the Advisor and each client. Discounts, not generally available to our advisory clients, may be offered to
family members of associated persons of our firm and former employees.

Clients will incur transaction charges for trades executed in their accounts. These transaction fees are
separate from our fees and will be disclosed by the firm that the trades are executed through. Also, clients
may pay the following separately incurred expenses, which we do not receive any part of: charges
imposed directly by a mutual fund, index fund, or exchange traded fund, along with brokerage costs and
transaction fees for any securities or fixed income trades. These are generally charged by your custodian
and/or executing broker.

CAM's services may be terminated by either party upon written notification in accordance with the
applicable contractual notice of termination. Upon termination, the fees charged for advisory services will
be pro-rated. The client may cancel the Agreement without penalty within the first five days after the
signing of the Agreement.

CAM does not sell securities for a commission in our advisory accounts.

ITEM 7: TYPES OF CLIENTS
Cedar Wealth Management, LLC primarily provides investment supervisory services to high-net-worth
individuals and associated trusts, estates, pension and profit sharing plans, endowments, and
foundations.

                                      Cedar Asset Management