Chequers Financial Management LLC

Item 5 - FEES AND COMPENSATION

Financial Planning and Consulting Fees
Chequers Financial charges fees on either a fixed fee or hourly basis for financial planning
and consulting services. Fixed and hourly fees are based on the scope and complexity of
the engagement. Our hourly rates range between $750 to $1,250 depending upon the
nature of the requested services and the extent to which the project falls outside our normal
scope of services. The fee to be charged and each client's billing cycle are outlined in a
separate agreement. Chequers Financial does not require pre-payment of fees exceeding
$1,200 more than six months in advance of the completion of the work.

Investment Management Fees
Chequers Financial offers investment management services for an annual fee based on the
amount of assets under the Firm's management. This management fee generally varies but
will not exceed 150 basis points (1.50%) per year.

The management fee is billed quarterly in arrears based on the time weighted daily average
balance of a client's account on the last day of the quarter. For the initial period of an
engagement, the fee is calculated on a pro rata basis. In the event the advisory agreement
is terminated, the fee for the final billing period is prorated through the effective date of the
termination and the outstanding portion of the fee is charged to the client, as appropriate.

Chequers Financial may, in its sole discretion, negotiate to charge a lesser fee based upon,
among other things, certain criteria, such as anticipated future earning capacity,
anticipated future additional assets, dollar amount of assets to be managed. related
accounts, account composition, pre-existing/legacy client relationships, account retention,
and pro bono activities.

Services provided for the above fees are for investment advice and quarterly reporting of
asset holdings, valuations and performance reviews. The client’s investment management
fee to the Firm is determined in accordance with the above standard fee structure, with
exceptions negotiated on a case-by-case basis at our discretion. Any deviations from the
fee structure are based on a number of factors including the nature and length of the client
relationship, the services requested, account composition, the amount of work involved, the
amount of assets placed under management and the attention needed to manage the
account.

If assets are deposited into or withdrawn from a client’s account after the inception of a
billing period and depending upon the timing or size of such withdrawal or deposit, the fee
payable with respect to such assets may not necessarily be adjusted or prorated based on
the number of days remaining in the billing period. Accounts initiated or terminated during
a calendar month will be charged a prorated fee.

Clients customarily authorize Chequers Financial to deduct its quarterly investment advisory
fee directly from their custodial account. This authorization is granted under the terms of
the client’s signed investment management agreement and the client’s instructions to the
custodian. Chequers Financial sends quarterly statements to the client showing the fee
amount, the value of the assets upon which the fee is based, and the specific manner in
which the fee is calculated. The account custodian sends a statement to the client, at least
quarterly, showing all account disbursements, including advisory fees. It is the client’s
responsibility to verify the accuracy of the fee calculation, as the custodian will not
determine whether the fee is properly calculated.

Advisor’s investment strategy generally does not encourage clients to use margin account
trading. Therefore, the decision as to whether to employ margin is left to the sole discretion
of each client. To the extent that a client authorizes the use of margin, and margin is
thereafter employed, the market value of the client’s account and corresponding
management fee payable to Advisor may be increased as any margin balance will not be
offset against the value of assets purchased on margin when Advisor calculates its advisory
fee.

In certain cases clients may request that Chequers Financial purchase, maintain, or
consolidate preexisting or other securities positions in custodial accounts maintained with
the Firm, that are not consistent with the Firm’s investment strategy. In such cases, Chequers
Financial will not charge a management fee on such assets, with the specific understanding
that these are non-managed assets for which client is responsible for determining the
suitability of maintaining such a position. The Firm will neither increase nor liquidate such
positions without specific direction from the client to do so.

GENERAL FEE DISCLOSURE
Our investment management fees are competitive with the fees charged by other
investment advisors in the San Francisco Bay Area for comparable services. For smaller
accounts, other investment advisors may provide somewhat similar services for lower
compensation, although still others may charge more for similar services.

Chequers Financial receives no sales commissions on investment products purchased or sold
for client accounts.

CUSTODIAN AND BROKERAGE FEES
Please see Item 12 below for an explanation of our brokerage practices. Clients incur
certain charges imposed by their custodians and other third parties such as 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.
Additionally, clients will incur charges by the executing broker-dealer in the form of
brokerage commissions and transaction fees on the investment transactions entered into
for their account(s). All of these charges, fees and commissions are in addition to Advisor’s
investment management fee.

FUND DISCLOSURES

Investment vehicles such as mutual funds, closed-end funds, exchange traded funds and
...

Item 7 - TYPES OF CLIENTS

Chequers Financial offers services to individuals, families, trusts, estates, charitable
organizations, corporations, and other business entities. As a result of its minimum account
size requirement, Chequers Financial’s services may not be appropriate for everyone.