Dunbar Associates 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 agreements with the Advisor.

A. Fees for Advisory Services
Wealth Management Services
Investment advisory fees are paid monthly, at the end of each month, pursuant to the terms of the investment
advisory agreement. Investment advisory fees are based on the market value of assets under management at the end
of the month. Investment advisory 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 investment advisory fee in the first month of service is prorated from the inception date of the account[s] to the
end of the first month. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into
consideration the aggregate assets under management with the Advisor. All securities held in accounts managed by
Dunbar Associates will be independently valued by the Custodian. The Advisor will conduct periodic reviews of the
Custodian’s valuation to ensure accurate billing. The Advisor’s fee is exclusive of, and in addition to any applicable
securities transaction and custody fees, and other related costs and expenses described in Item 5.C below, which
may be incurred by the Client. However, the Advisor shall not receive any portion of these commissions, fees, and
costs.

Retirement Plan Advisory Services
Fees for retirement plan advisory services are charged an annual asset-based fee of up to 1.00% and are billed in
advance, pursuant to the terms of the retirement plan advisory agreement. Retirement plan fees are based on the
market value of assets under management at the end of the prior calendar quarter. Fees may be negotiable
depending on the size and complexity of the Plan.
                                                    Dunbar Associates, LLC
                                            71 Turkey Roost Road, Monroe, CT 06468
                                 Phone: (203) 880-5716 | Website: https://dunbarassociatesllc.com

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 from
the Client’s account[s] at the end of the month. The amount due is calculated by applying the monthly rate (annual
rate divided by 12) to the total assets under management with Dunbar Associates at the end of each month. Clients
will be provided with a statement, at least quarterly, from the Custodian reflecting deduction of the investment advisory
fee. Clients are urged to also review and compare the statement provided by the Advisor to 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 Dunbar Associates 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.

Retirement Plan Advisory Services
Retirement plan advisory fees may be directly invoiced to the Plan Sponsor or deducted from the assets of the Plan,
depending on the terms of the retirement plan advisory agreement.

C. Other Fees and Expenses
Clients may incur certain fees or charges imposed by third parties, other than Dunbar Associates, 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 typically charges for
mutual funds and other types of investments. The fees charged by Dunbar Associates are separate and distinct
from these custody and execution fees.

In addition, all fees paid to Dunbar Associates 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 Dunbar
Associates, but would not receive the services provided by Dunbar Associates 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 Dunbar Associates 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
Wealth Management Services
Dunbar Associates may be compensated for its investment management services at the end of the month; 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
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Item 7 – Types of Clients

Dunbar Associates offers investment advisory services to individuals, high net worth individuals, trusts, estates,
businesses, and retirement plans. Dunbar Associates generally does not impose a minimum relationship size.