COWA LLC

Item 5 Fees and Compensation
Portfolio Management Services
Our annual fee for portfolio management services varies between 0.50% - 2.00% depending upon the
market value of your assets under our management, the type and complexity of the asset management
services provided, as well as the level of administration requested either directly or assumed by the
client. Assets in each of your account(s) are included in the fee assessment unless specifically
identified in writing for exclusion.

Our annual portfolio management fee is billed and payable, quarterly in advance, based on the
balance at the end of the billing period for the previous quarter.

If the portfolio management agreement is executed at any time other than the first day of a calendar
quarter, our fees will apply on a pro rata basis, which means that the advisory fee is payable in
proportion to the number of days in the quarter for which you are a client. Our advisory fee is
negotiable, depending on individual client circumstances.

At our discretion, we may combine the account values of family members living in the same household
to determine the applicable advisory fee. For example, we may combine account values for you and
your minor children, joint accounts with your spouse, and other types of related accounts. Combining
account values may increase the asset total, which may result in your paying a reduced advisory fee.

We will send you an invoice for the payment of our advisory fee, or we will deduct our fee directly from
your account through the qualified custodian holding your funds and securities. We will deduct our
advisory fee only when you have given our firm written authorization permitting the fees to be paid
directly from your account. Further, the qualified custodian will deliver an account statement to you at
least quarterly. These account statements will show all disbursements from your account. You should
review all statements for accuracy.

We encourage you to reconcile our invoices with the statement(s) you receive from the qualified
custodian. If you find any inconsistent information between our invoice and the statement(s) you
receive from the qualified custodian call our main office number located on the cover page of this
brochure.

You may terminate the portfolio management agreement upon written notice. You will incur a pro rata
charge for services rendered prior to the termination of the portfolio management agreement, which
means you will incur advisory fees only in proportion to the number of days in the quarter for which you
are a client. If you have pre-paid advisory fees that we have not yet earned, you will receive a prorated
refund of those fees.

Financial Planning Services
We charge either an hourly fee or a fixed fee for financial planning services. Our hourly fee is $250 per
hour and our fixed fee ranges from $2,000 - $10,000. The fees are negotiable depending upon the
complexity and scope of the plan, your financial situation, and your financial objectives. For hourly
arrangements, an estimate of the total time/cost will be determined at the start of the advisory
relationship. In limited circumstances, the cost/time could potentially exceed the initial estimate. In
such cases, we will notify you and request that you approve the additional fee. Hourly fees are typically
due upon completion of the services rendered and fixed fees are due and payable as invoiced, based
on the agreed terms of the financial planning agreement.

We will send you an invoice for the payment of our advisory fee, or we will deduct our fee directly from
your account through the qualified custodian holding your funds and securities. We will deduct our
advisory fee only when you have given our firm written authorization permitting the fees to be paid
directly from your account. Further, the qualified custodian will deliver an account statement to you at
least quarterly. These account statements will show all disbursements from your account. You should
review all statements for accuracy.

We will not require prepayment of a fee more than six months in advance and in excess of $1,200.
Should the engagement last longer than six months between acceptance of financial planning
agreement and delivery of the financial plan, any prepaid unearned fees will be promptly returned to
you less a pro rata charge for bona fide financial planning services rendered to date.

At our discretion, we may offset our financial planning fees to the extent you implement the financial
plan through our portfolio management service.

You may terminate the financial planning agreement by providing written notice to our firm. If you have
pre-paid financial planning fees that we have not yet earned, you will receive a prorated refund of
those fees. If financial planning fees are payable in arrears, you will be responsible for a prorated fee
based on services performed prior to termination of the financial planning agreement.

Financial Consulting Services
We charge either an hourly fee or a fixed fee for financial consulting services. Our hourly fee is $250
per hour and our fixed fee ranges from $2,000 - $10,000. The fees are negotiable depending upon the
complexity and scope of the services to be rendered. For hourly arrangements, an estimate of the total
time/cost will be determined at the start of the advisory relationship. In limited circumstances, the
cost/time could potentially exceed the initial estimate. In such cases, we will notify you and request that
you approve the additional fee. Hourly fees are typically due upon completion of the services rendered
and fixed fees are due and payable as invoiced, based on the agreed terms of the financial consulting
agreement.

We will send you an invoice for the payment of our advisory fee, or we will deduct our fee directly from
your account through the qualified custodian holding your funds and securities. We will deduct our
...

Item 7 Types of Clients
We offer investment advisory services to individuals, high net worth individuals, retirement plans and
accounts, charitable organizations, corporations and other business entities.

In general, we do not require a minimum dollar amount to open and maintain an advisory account;
however, we have the right to terminate your Account if it falls below a minimum size which, in our sole
opinion, is too small to manage effectively.