Doucet Asset Management LLC

Item 5   Fees and Compensation

Assets Under Management- Portfolio Management Program Fee Schedule:

DOUCET VALUE MOMENTUM PORTFOLIO FEE SCHEDULE:
Minimum Fee (% of AUM)                  Maximum Fee (%of AUM)
         0.25                                      2.00%
Investment Account Minimum: $150,000

DOUCET VALUE INCOME PORTFOLIO FEE SCHEDULE:
Minimum Fee (% of AUM)                  Maximum Fee (%of AUM)
         0.25                                      2.00%
Investment Account Minimum: $150,000

FUND ALLOCATION PROGRAM FEE SCHEDULE:

Minimum Fee (% of AUM)                  Maximum Fee (%of AUM)
         0.25                                      2.00%
Investment Account Minimum: $1,000

DOUCET OPPORTUNISTIC MULTI-STRATEGY PORTFOLIO PROGRAM FEES:
 Assets Under Management          Minimum Fee   Maximum Fee
 First       $1,000,000                            2.00%               2.00%
 Up To       $3,000,000                            2.00%               2.00%
 Over        $4,000,000                            2.00%               2.00%
Investment Account Minimum: $1,000,000

FIXED INCOME PORTFOLIO PROGRAM FEE SCHEDULE:

Minimum Fee (% of AUM)                  Maximum Fee (%of AUM)
         0.50                                      2.00%
Investment Account Minimum: $250,000

Our account minimums and fees are negotiable when your portfolio size begins outside our published fee
brackets or in other situations deemed appropriate by us in our sole discretion.

Portfolio Management fees for each program listed above will be directly deducted from your account at the
custodian quarterly in advance from your account(s) based upon a percentage of the market value of assets in
the Investment Account on the first business day of each calendar quarter in accordance with the applicable
Fee Schedule as disclosed in the Client Agreement. We will not be compensated based on a share of capital

gains or capital appreciation of the funds or any portion of the funds of the client.

The Portfolio Management fee covers all investment advisory services provided or made available by us
pursuant to your Agreement and brokerage, custodial, and administrative services provided by the Custodian.
No brokerage commissions will be charged when trades are placed for your account.

The Portfolio Management Fee does not include transaction costs incurred, and such costs will be paid by the
client at the time of the transaction and will appear on the trade confirmation. The Custodian transaction fees
consist of execution charges by the custodian and the SEC Section 31 fees on transactions. The custodian
sets the execution charges based on the size of the transaction and can fluctuate accordingly. No markup will
be applied to transaction costs. Our fee will not exceed 2% of total assets under management. The Program
Fee does not include: (i) annual account fees or other administrative fees, such as wire fees, charged by the
Custodian; (ii) underwriting or dealer concessions or related compensation in connection with securities
acquired in underwritten offerings; (iii) certain odd-lot differentials, transfer taxes, SEC fees, postage and
handling fees, and charges imposed by law with regard to transactions in the Investment Account; and (iv)
advisory fees and expenses of mutual funds (including money market funds), closed-end investment
companies or other managed investments, if any are held in the Investment Account. In addition, the Program
Fee does not cover certain costs associated with securities transactions in the over-the-counter market, where
the Custodian must approach a dealer or market maker to purchase or sell the security. Such costs include a
mark-up, markdown or spread and odd lot differentials or transfer taxes imposed by law. The Portfolio
Management Fee also does not include any commissions, mark-ups, mark-downs, or other brokerage or
transfer fees incurred in transactions that we effect through broker-dealers other than the Custodian.

All fees payable to us will be deducted from the Investment Account by the Custodian pursuant to an
authorization provided to the Custodian by you, the Client. We will send to the Custodian and you, at the same
time, an invoice showing the amount of the Portfolio Management Fee due, the Investment Account value on
which the Portfolio Management Fee is based, and how the fee was calculated. Clients will receive in due
course a quarterly statement showing all fees paid to us. If the Client transfers into the Investment Account
securities on which the Client previously paid a commission or similar fee on a per-trade basis, we will include
the value of these securities in our calculation of the value of the Investment Account. Because a brokerage
commission or fee may already have been charged on these assets prior to transferring assets to the
Investment Account, the Client should consider whether it is appropriate to transfer such securities and subject
them to the Portfolio Management Fee based on the value of the assets in the Investment Account.

You should compare invoices for advisory fees to the corresponding custodian statement. Statements should
be received from the custodian no less than quarterly. If statements are not received, contact us immediately.

The Investment Account provides for an annual fee that may or may not exceed the cost that you would have
incurred if you separately purchased investment advisory, custody, brokerage, and administrative services. The
Investment Account may not be suitable if you effect less than a certain number of transactions per year, acquire
significant numbers of securities in underwritten offerings, or make substantial investments in money market
funds. The fees we charge may be higher than those charged by other investment advisors for comparable
types of services.

Termination
A pro-rata refund of any prepaid Program Fee will be made if the Agreement is terminated within a billing period.
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Item 7   Types of Clients

Client Base:
Our customer base consists of individuals, high-net-worth individuals, pension and profit-sharing plans, trusts
and estates, charitable organizations, investment advisors, corporations, and other business entities. These
are the types of clients we serve, but we may not have all of them as current clients at any one time.

Conditions for Account Management:
Our fees are assessed on a per-account basis. We have imposed a minimum account value of $25,000 for the
Fund Allocation Program and $100,000 for the Doucet Value Income Portfolio and the Doucet Value Momentum
Portfolio Programs. We can make exceptions to these minimums from time to time based on individual factors.