Fellowship Investment Advisors LLC

Item 5 Fees and Compensation
Portfolio Management Services
Our fee for portfolio management services is based on a percentage of your assets we manage. This
annual fee ranges from 0.5% to 2.0%, depending on the size, type and complexity of a your account.
Our fee is billed and payable monthly in arrears based on the average daily balance during the period.
If the portfolio management agreement is executed at any time other than the first day of a calendar
month, our fees will apply on a pro rata basis, which means that the advisory fee is payable in
proportion to the number of days in the quarter for which you are a client. Our advisory fee is
negotiable, depending on individual client circumstances.

At our discretion, we may combine the account values of family members living in the same household
to determine the applicable advisory fee. For example, we may combine account values for you and
your minor children, joint accounts with your spouse, and other types of related accounts. Combining
account values may increase the asset total, which may result in your paying a reduced advisory fee
based on the available breakpoints in our fee schedule stated above.

We will deduct our fee directly from your account through the qualified custodian holding your funds
and securities. We will deduct our advisory fee only when you have given our firm written authorization
permitting the fees to be paid directly from your account. Further, the qualified custodian will deliver an
account statement to you at least quarterly. These account statements will show all disbursements
from your account. You should review all statements for accuracy.

You may terminate the portfolio management agreement upon 30-days' written notice to our firm. You
will incur a pro rata charge for services rendered prior to the termination of the portfolio management
agreement, which means you will incur advisory fees only in proportion to the number of days in the
quarter for which you are a client.

Selection of Other Advisers
We do not charge you a separate fee for the selection of other advisers. We will share in the advisory
fee with the MM. The advisory fee you pay either to us or directly to the MM is established and payable
in accordance with the brochure provided by each MM to whom you are referred. These fees may or
may not be negotiable. Our compensation may differ depending upon the individual agreement we
have with each MM. As such, a conflict of interest exists where our firm or persons associated with our
firm has an incentive to recommend one MM over another MM with whom we have more favorable
compensation arrangements or other advisory programs offered by MMs with whom we have less or
no compensation arrangements.

You will be required to sign an agreement directly with the recommended MM(s). You may terminate
your advisory relationship with the MM according to the terms of your agreement with the MM. You
should review each MM's brochure for specific information on how you may terminate your advisory
relationship with the MM and how you may receive a refund, if applicable. You should contact the MM
directly for questions regarding your advisory agreement with the MM.

Financial Planning Services
We charge an hourly fee of $350 for standalone financial planning services, which is negotiable
depending on the scope and complexity of the plan, your situation, and your financial objectives. An
estimate of the total time/cost will be determined at the start of the advisory relationship. In limited
circumstances, the cost/time could potentially exceed the initial estimate. In such cases, we will notify
you and request that you approve the additional fee. Fees are due upon completion of services
rendered. You may terminate the financial planning agreement by providing written notice to our firm.
You will incur a pro rata charge for services rendered prior to the termination of the agreement.

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in
mutual funds and exchange traded funds. The fees that you pay to our firm for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds or exchange
traded funds (described in each fund's prospectus) to their shareholders. These fees will generally
include a management fee and other fund expenses. You will also incur transaction charges and/or
brokerage fees when purchasing or selling securities. These charges and fees are typically imposed by
the broker-dealer or custodian through whom your account transactions are executed. We do not
share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or

custodian. To fully understand the total cost you will incur, you should review all the fees charged by
mutual funds, exchange traded funds, our firm, and others. For information on our brokerage practices,
please refer to Item 12 (Brokerage Practices) below for more information.

Compensation for the Sale of Securities or Other Products
Persons providing investment advice on behalf of our firm are licensed as independent insurance
agents. These persons will earn commission-based compensation for selling insurance products,
including insurance products they sell to you. Insurance commissions earned by these persons are
separate and in addition to our advisory fees. This practice presents a conflict of interest because
persons providing investment advice on behalf of our firm who are insurance agents have an incentive
to recommend insurance products to you for the purpose of generating commissions rather than solely
based on your needs. You are under no obligation, contractually or otherwise, to purchase insurance
products through any person affiliated with our firm.

IRA Rollover Considerations
As part of our investment advisory services to you, we may recommend that you withdraw the assets
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Item 7 Types of Clients
We offer investment advisory services to individuals, pension and profit sharing plans, trusts, estates,
charitable organizations, corporations, and other business entities.

In general, we do not require a minimum dollar amount to open and maintain an advisory account;
however, we have the right to terminate your Account if it falls below a minimum size which, in our sole
opinion, is too small to effectively manage.