Cobblestone Asset Management LLC

Item 5: Fees and Compensation

A. Fee Schedule

Portfolio Management Fees

The standard fee schedule is set forth below:

           Total Assets Under Management                 Annual Fee

                    All Assets                           Up to 2.0%

The advisory fee is calculated using the value of the assets in the Account on the last
business day of the prior billing period.

The final fee schedule will be memorialized in the client’s advisory agreement. Clients
may terminate the agreement without penalty, for full refund of Cobblestone Asset
Management’s fees, within five business days of signing the Investment Advisory
Agreement. Thereafter, clients may terminate the Investment Advisory Agreement
immediately upon written notice.

Platform Fees

Cobblestone Asset Management will charge third party advisors up to 25 basis points of
their clients’ assets under management in Cobblestone Asset Management’s platform. The
fee is negotiable based on the amount of assets under management the third party advisor
is placing on Cobblestone Asset Management’s platform.

Selection of Other Advisors Fees

Cobblestone Asset Management may direct clients to third-party investment advisors.
Clients will pay Cobblestone Asset Management its standard fee in addition to the
standard fee for the advisors to which it directs those clients. The fees shared are

negotiable and will not exceed any limit imposed by any regulatory agency. The notice of
termination requirement and payment of fees for third-party investment advisors will
depend on the specific third-party advisor selected.

B. Payment of Fees

Payment of Portfolio Management Fees

Asset-based portfolio management fees are withdrawn directly from the client's accounts
with client's written authorization on a quarterly basis. Fees are paid quarterly or monthly
in advance or arrears.
Payment of Platform Fees

Platform fees can be paid in advance or arrears. The frequency method of paying fees for
selection of third-party managers will depend on the specific third-party advisor selected
and will be disclosed to the client prior to entering into a relationship with the third-party
advisor.

Payment of Selection of Other Advisors Fees

The timing, frequency, and method of paying fees for selection of third-party managers
will depend on the specific third-party advisor selected and will be disclosed to the client
prior to entering into a relationship with the third-party advisor.

C. Client Responsibility For Third Party Fees

Clients are responsible for the payment of all third-party fees (i.e. custodian fees,
brokerage fees, mutual fund fees, transaction fees, etc.). Those fees are separate and
distinct from the fees and expenses charged by Cobblestone Asset Management. Please
see Item 12 of this brochure regarding broker-dealer/custodian.

D. Prepayment of Fees

Cobblestone Asset Management may collects fees in advance or arrears. Refunds for fees
paid in advance but not yet earned will be refunded on a prorated basis and returned
within fourteen days to the client via check, or return deposit back into the client’s
account.

For all asset-based fees paid in advance, the fee refunded will be equal to the balance of
the fees collected in advance minus the daily rate* times the number of days elapsed in
the billing period up to and including the day of termination. (*The daily rate is calculated
by dividing the annual asset-based fee rate by 365.)

       E. Outside Compensation For the Sale of Securities to Clients

       Richard Robert Krafcik, Ronald Kenneth Stack, and Jason Dodzik are registered
       representatives of a broker-dealer. Richard Robert Krafcik, Ronald Kenneth Stack, and
       Jason Dodzik are also insurance agents. In these roles, they accept compensation for the
       sale of investment products to Cobblestone Asset Management clients.

       Supervised persons may accept compensation for the sale of investment products,
       including asset based sales charges or service fees from the sale of mutual funds to
       Cobblestone Asset Management's clients. This presents a conflict of interest and gives the
       supervised person an incentive to recommend products based on the compensation
       received rather than on the client’s needs. When recommending the sale of investment
       products for which the supervised persons receives compensation, Cobblestone Asset
       Management will document the conflict of interest in the client file and inform the client
       of the conflict of interest.

       Clients always have the option to purchase Cobblestone Asset Management
       recommended products through other brokers or agents that are not affiliated with
       Cobblestone Asset Management.

       Commissions are not Cobblestone Asset Management’s primary source of compensation
       for advisory services.

       Advisory fees that are charged to clients are reduced to offset the commissions or
       markups on investment products recommended to clients. Cobblestone Asset
       Management will not charge an advisory fee on investment products where a
       commission is received.

Item 7: Types of Clients

Cobblestone Asset Management generally provides advisory services to the following types of
clients:

       ❖      Individuals
       ❖      High-Net-Worth Individuals
       ❖      Corporations or Business Entities
       ❖      Investment Advisors/Financial Advisors

There is no account minimum for any of Cobblestone Asset Management’s services.