Concert Investment Advisory LLC

Item 5: Fees and Compensation
A. Fee Schedule

Investment Supervisory Services Fees

These fees are negotiable (maximum annual fee 1.95%), depending upon the needs of the
client and complexity of the proposed investment strategy and overall situation, and the
final fee schedule is attached as exhibit II of the Investment Advisory Contract. The annual
fees are negotiable and are pro-rated and paid in advance on a quarterly basis. No
increase in the annual fee shall be effective without agreement from the client by signing
a new agreement or amendment to their current advisory agreement.

Advisory fees are directly debited from client accounts, or the client may choose to pay
by check. Accounts initiated or terminated during a calendar quarter will be charged a
pro-rated fee based on the amount of time remaining in the billing period.

An account may be terminated with written notice at least 10 days in advance. Upon
termination of the account, any unearned fee will be refunded to the client based on a pro-
rated rate from the date of termination to the end of the billing period. Lower fees for
comparable services may be available from other sources.

The investment management agreement will continue in effect until terminated by either
party by giving the other ten business days written notice. Client may terminate the
Agreement within five (5) business days of signing, without penalty, and with full refund.

charges are negotiable and will not exceed any limit imposed by any regulatory agency.
This relationship will be memorialized in each contract between CONCERT
INVESTMENT ADVISORY LLC and the third-party advisor.

A maintains an ownership interest through a separate LLP in N”), which provides research and related services to

B. Payment of Fees

      Payment of Investment Supervisory Fees

      Advisory fees are withdrawn directly from the client’s accounts with client written
      authorization. Fees are paid quarterly in advance. CONCERT INVESTMENT ADVISORY
      LLC will send an itemized invoice directly to the client and custodian explaining each fee
      debit, and includes the formula used to calculate the fee.

      C. Clients Are Responsible 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 CONCERT INVESTMENT ADVISORY
      LLC. Please see Item 12 of this brochure regarding broker/custodian.

      D. Prepayment of Fees

      Fees are paid quarterly in advance, and clients may terminate their contracts with ten
      days’ written notice. All remaining fees will be returned to the client, prorated from date
      of termination.

      E. Outside Compensation for the Sale of Securities to Clients
      Neither CONCERT INVESTMENT ADVISORY LLC nor its supervised persons accept
      any compensation for the sale of securities or other investment products, including asset-
      based sales charges or services fees from the sale of mutual funds.

Item 7: Types of Clients

CONCERT INVESTMENT ADVISORY LLC generally provides management supervisory and
institutional consulting services to the following types of clients:

          ❖ Individuals
          ❖ High-Net-Worth Individuals
          ❖ Institutional Clients

Minimum Account Size

There is an account minimum of $80,000.00. This minimum may be waived by the investment
advisor, based on the needs of the client and the complexity of the situation.