Contravisory Investment Management Inc

Item #5: Fees and Compensation
    A. Contravisory receives an investment management fee for managing client accounts. Each
       account is valued at the end of each quarter. Invoices are generated using the quarter end
       value and applying the following tiered fee schedule: 1.2% per annum for the first $1,000,000,
       1.0% per annum for next $1,000,000 and 0.8% per annum for amounts over $2,000,000. These
       fees are payable quarterly in advance. Contravisory, in its sole discretion, may elect to modify
       this fee outline when discussing individual agreements with clients and prospective clients. The
       fee structure is negotiable.
    B. Contravisory deducts management fees directly from client accounts quarterly in advance. A
       limited number of client accounts are invoiced for management fees.
    C. Contravisory is not a custodian and is not affiliated with any custodian banks or brokers. Clients
       may incur custodian bank fees as well as transaction charges for trades done in client accounts.
       For example, mutual fund transactions can incur a custodian transaction fee.
    D. As disclosed above, management fees are paid in advance. If a client account closes,
       Contravisory calculates a prorated refund by determining the daily fee amount for the current
       quarter and multiplies it by the number of days remaining in the quarter after the termination
       to come up with the reimbursement amount. Reimbursements are typically refunded to the
       client within 30 days after the termination date.
    E. Neither Contravisory nor any of its supervised persons receive or accept any compensation for
       the sale of securities or other investment products, including asset-based sales charges or
       service fees from the sale of mutual funds.

Item #7: Types of Clients
       A. Contravisory has many different types of clients. For example, we service individuals,
           pension plans, profit sharing plans, trusts, endowments, and corporations. We typically try
           to bring on new clients with an account size of $500,000 or more. However, it is important
           to note that this initial investment amount is a target only; it is not a requirement.