Covenant Partners LLC

Item 5 - Fees and Compensation

General Fee Information
Fees paid to us are exclusive of all custodial and transaction costs paid to account custodians,
brokers or other third-party consultants. Please see Item 12 - Brokerage Practices for additional
information. Fees paid to us are also separate and distinct from the fees and expenses charged by
mutual funds, ETFs (exchange traded funds) or other investment pools to their shareholders
(generally including a management fee and fund expenses, as described in each fund’s
prospectus or offering materials). Clients should review all fees charged by funds, brokers,
Covenant and others to fully understand the total amount of fees paid for investment and
financial-related services.

Fiscal Counsel Fees
Our Fiscal Counsel fees are individually determined, based on the nature and complexity of
services, project time and effort, and other circumstances that may be identified. Fees are agreed
upon at the time of the engagement, and may be payable in advance or arrears, depending upon
specific arrangements with each client. We do, however, have the unrestricted right to re-
evaluate the fees charged at any time. Should the services to be provided by us deviate
significantly due to a change in a client’s financial condition or investment situation, additional
information that comes to light, or new services are requested, additional fees may apply. We
will not engage in services resulting in additional fees without prior notice to the client.

Portfolio Management Fees
The annual fee schedule, based on a percentage of assets under management, is as follows:

                       On the first $1 million                1.25%
                       On the next $4 million                 0.70%
                       On the next $10 million                0.60%
                       On the balance over $15 million        0.45%

We may impose a minimum portfolio value and/or a minimum annual fee. We may, at our
discretion, make exceptions to the foregoing or negotiate special fee arrangements where we
deem appropriate under the circumstances. For example, selection and monitoring of private
investments (i.e., private funds, private equity) may be billed on a fixed fee basis as opposed to
being included in the portfolio value to which the fee schedule is applied.

The Base Fee for Portfolio Management Fees is payable quarterly and assessed in advance. Fees
are prorated for new accounts, accounts closing and capital flows into or out of the portfolio.
The Base Fee is calculated by applying the applicable fee tiers to the value of the Portfolio at the
end of the prior quarter, including accrued interest on fixed income securities. The applicable fee
tier(s) will also be applied to any capital flows into or out of the Portfolio. Prorated capital flows
are added to/deducted from the quarter-end total portfolio value to determine the applicable
billing tier, beginning with the lowest fee tier. If a proration crosses over a fee tier breakpoint,
the prorated amount will be split across two fee tiers accordingly.

       As an illustration of the impact of capital flows on a portfolio during the third
       quarter, the Base Fee for the fourth quarter will be calculated based on the value of
       the Portfolio on September 30. Therefore, the total fee assessed for the fourth
       quarter will reflect the Base Fee for the fourth quarter and any applicable prorated
       capital flow fee adjustments for the third quarter.

       For accounts that open or close mid-quarter, the same proration methodology is
       applied, so that fees are only paid for the number of days that Covenant is
       responsible for managing funds in the portfolio.

Fees are rounded to the nearest whole dollar amount. With client authorization and unless other
arrangements are made, fees are normally debited directly from one or more designated
account(s). All fee arrangements are outlined in our written agreement(s).

For clients who choose to hold a margin balance at any time, Covenant calculates the advisory
fee on the total market value of the client’s gross investment holdings, with no deduction taken
for outstanding margin debt.

Either the client or Covenant may terminate the Investment Advisory Agreement at any time,
subject to any written notice requirements in the agreement. In the event of termination, any
paid but unearned fees will be promptly refunded based on the number of days that the account
was managed, and any fees due to us will be invoiced or deducted from the account prior to
termination.

Trustee Fees
Covenant does not serve as a trustee under ERISA rules. However, Todd Glisson, Banks Link,
Jennifer Anderson and Macy Rickman are periodically named individually as trustees in certain
situations. Examples include serving as trustee for a Grantor Retained Annuity Trust (“GRAT”),
for an Irrevocable Life Insurance Trust (“ILIT”), or for a Revocable or Irrevocable Trust.
Compensation is paid in accordance with any guidelines enumerated in the applicable trust
document(s) and is based upon competitive market rates.

Item 7 - Types of Clients

We serve individuals, high net worth individuals, and trusts. In certain circumstances, we serve
privately held business entities and estates.