Dorian Investment Advisory 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 a written
agreement with the Advisor.

A. Fees for Advisory Services
Investment Management Services
Investment advisory fees are paid quarterly in arrears of each calendar quarter pursuant to the terms of the
investment advisory agreement. Investment advisory fees are based on the average daily balance of assets under
management during the quarter. Investment advisory fees are based on the following schedule:

                   Assets Under Management ($)                Annual Rate (%)
                   $100,000 to $1,000,000                           1.00%
                   $1,000,001 to $5,000,000                         0.90%
                   $5,000,001 and above                             0.75%

Fixed Income Securities Clients – If the Client’s portfolio is exclusively limited to the management of fixed income
securities, the following fee schedule would apply:

                   Assets Under Management ($)                Annual Rate (%)
                   $100,000 to $25,000,000                          0.50%
                   $25,000,001 and above                            0.35%

                                                Dorian Investment Advisory, LLC
                                      1661 International Drive, Suite 400, Memphis, TN 38120
                                                      Phone: (901) 482-8444

B. Fee Billing
Investment 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 from
the Client’s account[s] at the respective quarter end date. The amount due is calculated by applying the quarterly rate
(annual rate divided by 4) to the average daily balance of assets under management with DIA during the quarter.
Clients will be provided with a statement, at least quarterly, from the Custodian reflecting deduction of the investment
advisory fee. Clients are urged to review the brokerage statement from the Custodian, as the Custodian does not
perform a verification of fees. Clients provide written authorization permitting advisory fees to be deducted by DIA to
be paid directly from their account[s] held by the Custodian as part of the investment advisory agreement and
separate account forms provided by the Custodian. This processing of fees does not constitute DIA obtaining or
maintaining Custody of Clients’ assets.

C. Other Fees and Expenses
Clients may incur certain fees or charges imposed by third parties, other than DIA, 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 may charge transaction fees for
certain mutual funds and other types of investments. The fees charged by DIA are separate and distinct from any
custody and execution fees charged by the Custodian.

In addition, all fees paid to DIA for investment advisory services are separate and distinct from the expenses
charged by mutual funds and ETFs to their shareholders, if applicable. These fees and expenses are described in
each fund’s prospectus. These fees and expenses will generally be used to pay management fees for the funds,
other fund expenses, account administration (e.g., custody, brokerage and account reporting), and a possible
distribution fee. A Client may be able to invest in these products directly, without the services of DIA, but would not
receive the services provided by DIA which are designed, among other things, to assist the Client in determining
which products or services are most appropriate for each Client’s financial situation and objectives. Accordingly, the
Client should review both the fees charged by the fund[s] and the fees charged by DIA to fully understand the total
fees to be paid. Please refer to Item 12 – Brokerage Practices for additional information.

D. Advance Payment of Fees and Termination
Investment Management Services
Dorian Investment Advisory does not collect fees in advance. DIA will be compensated for its investment
management services at the end of the quarter after services are rendered. Either party may terminate the investment
advisory agreement, at any time, by providing advance written notice to the other party. The Client may also terminate
the investment advisory agreement within five (5) business days of signing the Advisor’s agreement at no cost to the
Client. After the five-day period, the Client will incur charges for bona fide advisory services rendered to the point of
termination and such fees will be due and payable by the Client. The Client’s investment advisory agreement with the
Advisor is non-transferable without the Client’s prior consent.

E. Compensation for Sales of Securities
DIA does not buy or sell securities to earn commissions and does not receive any compensation for securities
transactions in any Client account, other than the investment advisory fees noted above.

Item 7 – Types of Clients

DIA offers investment advisory services to individuals, high net worth individuals, trusts, estates, businesses,
retirement plans, and charitable organizations. DIA generally requires a minimum relationship size of $100,000 to
effectively implement its investment process.