Dougherty Wealth Advisers LLC

ITEM 5: FEES AND COMPENSATION

With respect to discretionary and non-discretionary portfolio management services,
LW’s fee is typically based on assets under management. The asset-based fees
generally vary between 40 and 125 basis points (0.40% – 1.25%) annually, paid in
quarterly installments, depending upon the amount of assets being managed and the
type of portfolio management services to be rendered. In its sole discretion, LW may
agree to provide such services at a fixed rate not based on a percentage of assets under
management. The investment advisory fees we charge may vary significantly from
client to client in our sole discretion, and may be higher or lower than those indicated in
the basic fee schedule above, depending on a number of factors, including the amount of
assets under management, the nature of the assets, the type of analysis required to
manage the account, the level of service required by the client, the time that the client
began their relationship with us, and other factors. Our investment advisory fees are
negotiable. The client’s agreement with LW specifies the fee to be charged and how it is
to be paid.

Fees are typically charged quarterly, in advance, and calculated using the market value
of the assets being managed on the last day of the previous billing cycle. If assets are
deposited into or withdrawn from an account after the inception of a billing period, the
fee payable with respect to such assets is not prorated to account for the interim change
in portfolio value. If the client relationship is terminated, the fee for the final billing

period is prorated through the effective date of the termination and the outstanding
balance is refunded or charged to the client, as appropriate.

LW typically deducts fees directly from client accounts held with a qualified custodian
but will bill clients upon request.
If assets in the client’s account are invested in mutual funds (including money market
funds), exchange-traded funds, unit investment trusts, private investment funds,
annuities or similar investment vehicles, the client’s account will bear its proportionate
share of the fees and expenses of such investment vehicles, as well as any applicable
sales loads (although we expect that most transactions in mutual fund shares will be free
from sales loads), in addition to the fees payable to us. Similarly, clients that retain a
third-party investment manager will pay a separate advisory fee to that manager as
well as any expenses related to that manager’s services as set out in the manager’s Form
ADV Part 2A. Clients whose accounts are invested in such investment vehicles or with
such manager will therefore pay two levels of advisory fees on such assets - one through
the vehicle to its investment adviser (or directly to the adviser) and one to us.

With respect to brokerage and custodial fees, LW has entered into a relationship with
National Financial Services LLC and Fidelity Brokerage Services, LLC (collectively,
“Fidelity”), regarding clients that enter into a custodial relationship with Fidelity, and
which receive direct advisory services from LW (as opposed to clients that hire third
party managers). For such direct advisory clients, LW has agreed to pay the fees and
expenses related to investment transactions that Fidelity would otherwise charge
directly to the client’s account. Clients that do not hire Fidelity as custodian will pay
brokerage charges and custodial fees and also any taxes or other costs incidental to the
purchase or sale of securities. Further information regarding our brokerage practices is
found in Item 12 below.

Certain LW personnel are licensed in Minnesota as insurance producers. This license
entitles the personnel to offer and sell certain insurance products related to life. Such
personnel may receive commissions from the sale of these products. As a result, such
personnel have an incentive to recommend the insurance products based on the
compensation received rather than a client’s needs. However, clients make the final
determination whether to purchase such products. These commissions are secondary to
LW’s fee-based business.

ITEM 7: TYPES OF CLIENTS

LW provides investment management and financial planning services to:

      Individuals
      Trusts and Estates
      Charitable Organizations
      High Net Worth Individuals

With respect to portfolio management services, the minimum account size required is $3
million, subject to waiver by LW in its sole discretion.

LW does require that each client enter into a written and signed engagement letter or
advisory agreement with LW. LW reserves the right to decline any new engagement, or
to resign as adviser to any account after initiation of the advisory relationship.