Frazee Investment Consulting Inc

Item 5 Fees and Compensation
Portfolio Management Services
Our fee for portfolio management services is based on a percentage of the assets in your account and
is set forth in the following annual fee schedule:

                  Portfolio Value                              Annual Fee
                  0 to $1,000,000                              1.00%
                  $1,000,001 to $2,000,000                     0.70%
                  $2,000,001 to $5,000,000                     0.60%
                  Over $5,000,000                              0.50%

A minimum deposit of $500,000 is typically required to establish a managed account. There is no
minimum annual fee for any account. We may, at our discretion, make exceptions to the foregoing or
negotiate special fee arrangements where we deem appropriate under the circumstances.

Portfolio management fees are generally payable quarterly, in arrears, based on the balance of the
account at the end of the quarter. If management begins after the start of a quarter, fees may be
prorated accordingly. With your authorization and unless other arrangements are made, fees are
normally debited directly from client account(s).

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 send you an invoice for the payment of our advisory fee, or 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.

We encourage you to reconcile our invoices with the statement(s) you receive from the qualified
custodian. If you find any inconsistent information between our invoice and the statement(s) you
receive from the qualified custodian call our main office number located on the cover page of this
brochure.

Either party may terminate the portfolio management agreement at any time, subject to any written
notice requirements in the agreement. 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.

Financial Planning Services
We charge a fixed fee for financial planning services. The minimum fee is typically $2,500 but is
negotiable depending upon the complexity and scope of the plan, your financial situation, and your
objectives. We do not require you to pay fees six or more months in advance. Should the engagement
last longer than six months between acceptance of the financial planning agreement and delivery of
the financial plan, any prepaid unearned fees will be promptly returned to you less a pro rata charge for
bona fide financial planning services rendered to date. We will not require prepayment of a fee more
than six months in advance and in excess of $1,200. Our financial planning fee is due upon completion
and delivery of the plan.

At our discretion, we may offset our financial planning fees to the extent you implement the financial
plan through our Portfolio Management Service.

You may terminate the financial planning agreement upon written notice to our firm. If you have pre-
paid financial planning fees that we have not yet earned, you will receive a prorated refund of those
fees. If financial planning fees are payable in arrears, you will be responsible for a prorated fee based
on services performed prior to termination of the financial planning agreement.

Comprehensive Reporting Fees
When we provide comprehensive reporting services these services are generally separate from our
financial planning and portfolio management services. Fees for comprehensive reporting are
negotiated at the time of the engagement for such services and are normally based on a percentage of
the total value of assets reported on (inclusive of those assets under our discretionary management
and those assets held away from our firm and not under our management).

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 may 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,
refer to the Brokerage Practices section of this brochure.

Item 7 Types of Clients
We offer investment advisory services to individuals, high net worth individuals, trusts, pension and
profit-sharing plans, and charitable organizations. With some exceptions, the minimum portfolio value
eligible for a managed account is $500,000. There is no minimum annual fee for any account. Under
certain circumstances and in our sole discretion, we may negotiate the account minimums.