Fiduciary Management Group LLC

Item 5 – Fees and Compensation

 A. Fees are negotiable and are based on the requirements of the client and the complexity of the
    services provided. Fees are typically charged based on a percentage of assets under
    management ranging from 0.75% to 2%. Fees are quarterly debited from the client's account
    and are charged in arrears.

 B. Fees can also be charged as a flat fee based on anticipated services and are billed in arrears
    and after the performance of the services has been rendered. Billings for services based on a
    flat fee are negotiated and agreed upon between FMG and the client. Fixed fees are based on
    the complexity of services provided. At all times, fees are negotiated and agreed upon with
    the client before they are charged.

 C. FMG can assess new clients with an initial fee. This fee is pre-negotiated and fully disclosed
    with the client. This fee can be charged based upon the complexity, the number of accounts
    and the cost of due diligence. Fees can also be waived at the discretion of management.

 D. Financial planning, consulting fees and business management fees will be charged in one of
    two ways:

 1. As a fixed fee, typically, $750 depending on the nature and complexity of each client's
    circumstances. 33% of this fee may be due upon signing the financial planning/consulting
    agreement, with the balance due upon presentation of the financial plan or consulting work to
    the client.

 2. On an hourly basis, ranging from $500 - $1,000 per hour, depending on the nature and
    complexity of each client's circumstances, as well as the FMG professional conducting the
    work. If appropriate, an estimate for total hours can be determined at the start of the advisory
    relationship. 50% of the estimated fee will be due upon signing the advisory agreement, with
    the balance (based on actual hours) due upon presentation of the plan to the client.

 E. Negotiability of Fees: In certain circumstances, FMG fees will be negotiable. Negotiating
    factors include, but are not limited to, the total scope of services provided, the amount of
    assets under management and the client’s relationship to FMG and its staff members.

 Fee Calculation: The fee charged is calculated as described above and is not charged on the basis
 of a share of capital gains upon or capital appreciation of the funds or any portion of the funds of
 an advisory client (Section 205(a) (1) of the Investment Advisers Act of 1940, as amended).

 Termination of Advisory Relationship: A client agreement may be cancelled at any time, by
 either party, for any reason, upon receipt of 5 days written notice. Upon termination of any client
 relationship, any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees
 will be due and payable.

 F. Mutual Fund & ETF Fees and Expenses: All fees paid to FMG for investment advisory
    services are separate and distinct from the fees and expenses charged by mutual funds or

Form ADV: Part 2A                                                                                Page 6

    ETFs to their shareholders. These fees and expenses are described in each fund's
    prospectus. These fees will generally include a management fee, other fund expenses, and a
    possible distribution fee. FMG does not accept or receive compensation for the sale of
    securities or other investment products, including asset-based sales charges or service fees
    from the sale of mutual funds. All such fees and expenses are billed directly to the client’s
    account by the third-party and we do not receive any portion of such fees and expenses.

Item 7 – Types of Clients

 The types of clients that FMG has are high net worth individuals and families, corporate
 retirement plans, Taft-Hartley accounts and nonprofit organizations. The required minimum
 deposit to establish an account is typically 500k. However, it can be reduced at the discretion
 of FMG. In order to open an account, a new account application and state identification are
 required but no cash minimum is in place.