Davis Investment Partners LLC

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into one or
more written advisory agreements with the Advisor.

A. Fees for Advisory Services
Wealth Management Services
Wealth management fees are paid quarterly, in advance of each calendar quarter, pursuant to the terms of the
wealth management agreement. Wealth management fees are based on the market value of assets under
management at the end of the prior calendar quarter. Fees range from 0.50% to 1.50% annually based on several
factors, including: the scope and complexity of the services to be provided; the level of assets to be managed; and
the overall relationship with the Advisor. Relationships with multiple objectives, specific reporting requirements,
portfolio restrictions and other complexities may be charged a higher fee.

The wealth management fee in the first quarter of service is prorated from the inception date of the account[s] to the
end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. In certain circumstances, the
Advisor may charge a fixed annual fee for its services. The Client’s fees will take into consideration the aggregate
assets under management with the Advisor across all accounts, unless otherwise agreed in writing. All securities
held in accounts managed by Davis Investment Partners will be independently valued by the Custodian. The Advisor
will conduct periodic reviews of the Custodian’s valuation to ensure accurate billing." any language stating the
Advisor does not have responsibility to value securities should be removed and replaced with this language.

Clients may make additions to and withdrawals from their account[s] at any time, subject to Davis Investment
Partners’ right to terminate an account. Additions may be in cash or securities provided that Davis Investment
Partners reserves the right to liquidate any transferred securities or decline to accept particular securities into a
Client’s account[s]. Clients may withdraw account assets on notice to Davis Investment Partners, subject to the usual
and customary securities settlement procedures. However, Davis Investment Partners designs its portfolios as long-
term investments, and the withdrawal of assets may impair the achievement of a Client’s investment objectives.
Davis Investment Partners may consult with its Clients about the options and ramifications of transferring securities.
However, Clients are advised that when transferred securities are liquidated, they may be subject to transaction
fees, fees assessed at the mutual fund level (i.e. contingent deferred sales charge) and/or tax ramifications.

Bond Consulting Services
Bond consulting services are contracted separately. Davis Investment Partners offers bond consulting services on
an annual fixed engagement fee. Fixed fee engagements for this service range from $1,000 to $10,000. Fixed fee
engagements are negotiated based on the size, type and number of bonds, amount of activity in the bond account
as well as the research and continuous monitoring.

B. Fee Billing
Wealth Management Services
Investment advisory fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s] at
the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted
                                             Davis Investment Partners LLC
                                  4521 Sharon Road, Suite 375, Charlotte, NC 28211-3575
                                 Phone:(704) 741-4200 | www.davisinvestmentpartners.com/

from the Client’s account[s] in advance of each calendar quarter. The amount due is calculated by applying the
quarterly rate (annual rate divided by 4) to the market value of assets under management as of the end of the prior
calendar quarter. Clients will be provided with a statement, generally monthly, from the Custodian reflecting the
deduction of the wealth management fee. Clients provide written authorization permitting advisory fees to be
deducted by Davis Investment Partners to be paid directly from their account[s] held by the Custodian as part of the
wealth management agreement and separate account forms provided by the Custodian.

For Client accounts implemented through an Independent Manager, the Client’s overall fees may include Davis
Investment Partners’ wealth management fee (as noted above) plus wealth management fees and/or platform
fees charged by the Independent Manager[s], as applicable. In certain instances, the Independent Manager or
the Advisor may assume responsibility for calculating the Client’s fees and deduct all fees from the Client’s
account[s]. In other instances the Advisor and the Independent Manager will each assume the responsibility for
calculating and deducting their respective fees from the Client’s account[s].

Bond Consulting Services
Bond consulting fees are fixed annually and invoiced quarterly in advance of each quarter. The Advisor shall send
an invoice to the Custodian indicating the amount of the fees to be deducted from the Client’s account in advance of
each calendar quarter. The amount due is calculated by applying the quarterly rate (annual rate divided by 4).

C. Other Fees and Expenses
Clients may incur certain fees or charges imposed by third parties, other than Davis Investment Partners, in
connection with investments made on behalf of the Client’s account[s]. The Client is responsible for all custody
and securities execution fees charged by the Custodian, as applicable. The Advisor's recommended Custodian
does not charge securities transaction fees for ETF and equity trades in a Client's account, provided that the
account meets the terms and conditions of the Custodian's brokerage requirements. However, the Custodian
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Item 7 – Types of Clients

Davis Investment Partners offers advisory services to individuals, high-net-worth individuals, families, trusts,
estates, and small businesses. Davis Investment Partners generally requires a minimum relationship size of
$500,000, which may be reduced at its sole discretion.