Cravens & Company Advisors LLC

Item 5: Fees and Compensation

 Fees for Investment Advisory Service

We offer our investment advisory services on a fee-only basis. Our fee is calculated
based upon the market value of the assets in your account on the last day of the
previous quarter.

Broker-dealers and other financial institutions that hold client accounts are referred to
as custodians (hereinafter referred to as “custodian”). Your custodian determines the
values of the assets in your account.

Fees for the initial quarter are based on the value of your cash and securities on the date
the custodian receives them and are prorated based upon the number of calendar days
in the calendar quarter since you contracted to engage our services. Our fees schedules
are as follows:

Assets Under Management           Advisory Fee
First $1,000,000                  1.25%
Next $2,000,000                   1.00%
Next $2,000,000                   0.75%
All amounts over $5,000,000       0.55%

Overall portfolio expenses may be lower through a combination of ETFs, list funds,
and individual securities.

We generally require that your account contain a minimum of $1,000,000 in investment
assets. We may waive that requirement based on various factors, including, for example,
the value of the accounts we manage for your family members.

Our minimum annual fee is $10,000. We may agree to waive that minimum and/or
negotiate lower fees at our discretion.

You may choose to have us send you an invoice for our fees so that you can remit

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payment to us or you may authorize us to withdraw our fees directly from your
investment account. You must authorize us in writing to have the custodian that holds
your account pay our fees to us directly by charging your account.

One-fourth of the annual fee is charged each calendar quarter.

               Quarterly Fee Calculation

   Assets under Management X Annual Fee ÷ 4
                = Quarterly Fee

Your custodian will provide you with statements that show the amount of the fees paid
directly to us. You should review the custodian’s statements and verify the calculation
of our fees. The custodian does not verify the accuracy of fee calculations.

We send you quarterly statements that include the value of your investments and our
advisory fees, including how they were calculated. Your custodian also provides you
with statements that show the amount paid directly to us.

You should compare the statements we send you to the statements you receive from
your custodian to verify the calculation of our fees. Your custodian does not verify the
accuracy of fee calculations.

Generally, you must pay our advisory fees in advance of receiving our services. Should
you terminate the advisory agreement we have entered into within five (5) business days
from the date the agreement is executed, you will receive a full refund of any fees paid.

Should either one of us terminate the advisory agreement we have entered into before
the end of a billing period, any unearned fees that were deducted from your account
will be returned to you by us. The amount refunded to you is calculated by dividing the
most recent advisory fee you paid by the total number of days in the quarter. This daily
fee is then multiplied by the number of calendar days in the quarter that our agreement
was in effect. This amount, which equals the amount we earned for the partial quarter,
is subtracted from the total fee you paid in advance to determine your refund.

 Fees for Private Client Service

The fees we charge you for our Private Client Service will be quoted to you after a
preliminary assessment of your current financial condition and investment needs have

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been completed. The amount of those fees varies and, in many cases, may be higher in
the early stages of our relationship because we spend more time during the initial stages
of our relationship structuring your financial, tax, estate plan, and our fiduciary
investment advice. On an annual basis, we review and, where appropriate, reset the fees
we charge.

The Private Client Service fee is comprised of two parts – a fixed fee to cover financial
planning services and a variable fee to cover investment advisory services. The fixed
fee begins at $10,000 and is determined by a number of factors including the number of
different types of assets subject to review, the number of different accounts, investment
objectives (for example, value accumulation vs. income distribution), and the types and
amounts of marketable and non-marketable assets that you hold.

The variable fee is based upon a percentage of assets actually under our management
and pursuant to the particular investment management strategy to be implemented.

We may agree to negotiate fees at our discretion.

Variable fees are calculated and charged in the same manner as described under the
section titled “Fees for Investment Advisory Services” above.

 Fees for Family Office Service

The fees we charge you for our Family Office Service will be quoted to you after a
preliminary assessment of your current financial condition and investment needs have
been completed. The amount of those fees varies and, in many cases, may be higher in
the early stages of our relationship because we spend more time during the initial stages
of our relationship structuring your financial plan and our investment
recommendations. On an annual basis, we review and, where appropriate, reset the fees
we charge.

The Family Office Service fee is comprised of two parts – a fixed fee to cover financial
planning services and a variable fee to cover investment advisory services. The fixed
fee begins at $20,000 and is determined by a number of factors including the number of
different types of assets subject to review, the number of different accounts, investment
objectives (for example, value accumulation vs. income distribution), and the types and
amounts of marketable and non-marketable assets that you hold.
...

Item 7: Types of Clients

We provide advisory services primarily to individuals, including their trusts, estates, and
retirement accounts. We also provide services to corporations or business entities
including their pension and profit-sharing plans.

As noted above, we generally require that you have an investment portfolio worth at
least $1,000,000 if you wish to engage us to provide investment advisory services. We, at
our sole discretion, may accept clients with smaller investment portfolios based upon
various factors, including anticipated future earning capacity, anticipated future
additional assets, account composition, related accounts, and pre-existing relationships
with family members, co-workers, etc. We may consider the investment portfolios of
your family members to determine if your portfolio meets the minimum size
requirement.

You will generally be subject to a $10,000 per year minimum annual fee, although we
may negotiate at our sole discretion.