Dahab Associates Inc

Item 5 – Fees and Compensation

   A. Describe how you are compensated for your advisory services. Provide your
      fee schedule. Disclose whether the fees are negotiable.

      All our firm’s revenue is generated from the provision of investment consulting
      services. Dahab Associates is not affiliated with any investment managers,
      brokerage firms, or any other third-party service providers. As a matter of policy
      and practice, DAI does not have any formal or informal arrangements or
      commitments to utilize research, research-related products or other services
      obtained from broker-dealers, or third parties, on a soft dollar commission basis.

      DAI works on a full-service retainer basis for the majority of its client relationships.
      The all-inclusive full-service retainer fee includes, but is not limited to the following
      services:

      ▪   Investment policy and guideline statement formulation and review
      ▪   Asset allocation studies
      ▪   All manager search assignments
      ▪   Performance measurement and analysis
      ▪   Trustee meetings
      ▪   Educational seminars
      ▪   Research
      ▪   All consulting time and support time
      ▪   Travel and expenses

      Dahab Associates’ fees are based on factors such as assets under advisement, scope
      of services to be provided, and complexity of the client relationship. We generally
      require a minimum annual fee of $32,000. We also offer services on a per-project or
      per-assignment basis. All fees are subject to negotiation and fixed fees may be
      employed where required by law.

      DAI is paid in hard dollars only. Clients that have employed us as their investment
      consultant for a period of five years or more may be subject to previous fee
      schedules.

   B. Describe whether you deduct fees from clients’ assets or bill clients for fees
      incurred. If clients may select either method, disclose this fact. Explain how
      often you bill clients or deduct your fees.

      Dahab Associates does not have discretion or custody of client assets. DAI bills
      clients for fees incurred on a quarterly basis if such an arrangement has been made.

                                        Form ADV, Part 2A – Disclosure Brochure   DAI

C. Describe any other types of fees or expenses clients may pay in connection
   with your advisory services, such as custodian fees or mutual fund expenses.
   Disclose that clients will incur brokerage and other transaction costs, and
   direct clients to the section(s) of your brochure that discuss brokerage.

   Dahab Associates’ clients do not pay any other types of fees or expenses in
   connection with our advisory services.

D. If your clients either may or must pay your fees in advance, disclose this fact.
   Explain how a client may obtain a refund of a pre-paid fee if the advisory
   contract is terminated before the end of the billing period. Explain how you
   will determine the amount of the refund.

   The specific manner in which fees are charged by Dahab Associates is established in
   a client’s written agreement with the firm. DAI will generally bill its fees on a
   quarterly basis. DAI will be compensated either through direct cash payment from
   the clients or by payment from a registered broker/dealer based on a fully
   disclosed, written arrangement between the client and the broker/dealer.
   Compensation is payable in advance or in arrears subject to negotiation. If payment
   is made in advance, the client may terminate the agreement with DAI by written
   notice and receive a pro rata refund based on work in progress and/or work
   completed. Any unpaid fees will be due and payable.

E. If you or any of your supervised persons accepts compensation for the sale of
   securities or other investment products, including asset-based sales charges
   or service fees from the sale of mutual funds, disclose this fact and respond to
   Items 5.E.1, 5.E.2, 5.E.3 and 5.E.4.

   Dahab Associates does not sell securities or other investment products.

                                           Form ADV, Part 2A – Disclosure Brochure   DAI

Item 7 – Types of Clients

Describe the types of clients to whom you generally provide investment advice, such
as individuals, trusts, investment companies, or pension plans. If you have any
requirements for opening or maintaining an account, such as a minimum account
size, disclose the requirements.

Dahab Associates provides investment consulting services to public pension plans, jointly
trusteed and private corporation pension plans, foundations, endowments, and family
trusts.