Grange Capital LLC

Item 5       Fees and Compensation

INVESTMENT MANAGEMENT FEES

In consideration for our services, Clients pay us a quarterly fee in advance,
which is debited directly from client accounts. The fee will be equal to the
agreed upon rate per annum, times the market value of the account based on
the value of the account at the end of the last trading day of the previous
quarter, divided by four. The market value will be construed to equal the sum
of the values of all assets in the account, not adjusted by any margin debit.

In all instances, the Adviser will send the client a written invoice, including the
fee, the formula used to calculate the fee, the fee calculation itself, the time
period covered by the fee, and, if applicable, the amount of assets under
management on which the fee was based. The Adviser will send these to the
client concurrent with the request for payment or payment of the Adviser’s
advisory fees. We urge the client to compare this information with the fees
listed in the account statement.

Grange Capital considers cash, money market, and cash equivalent positions
to be an asset class. As a result, these positions are included in our fee
calculation. We are disclosing that at certain times the investment advisory
fee will exceed the money market yield and/or interest earned on cash-like
positions.

Compensation to us for our services will be calculated in accordance with the
actual fees set-forth in “Schedule A” of the Investment Advisory Agreement
which is entered into with each Client when we begin our professional
relationship.

Our maximum fee schedule is as follows:

Assets Under Management                             Fee

Under $1,000,000                                    Maximum of 2.00%
$1,000,000 and above                                Maximum of 1.00%

Fee for separate Financial Planning Services may be up to $150 per hour.

Grange has a $500,000 account minimum. Under certain circumstances fees
and account minimums may be negotiated at the advisor’s discretion.

Lower fees for comparable services may be available from other
sources. However, Grange has determined that the advisory fee charged is
reasonable considering the type of services to be provided and our level of
experience and expertise.

FINANCIAL PLANNING FEES

Grange Capital, LLC offers financial planning services in connection with
investment management services and may charge a separate hourly rate of up
to $150/hr. for the financial planning services. Clients are advised that Grange
may receive additional compensation (advisory fees) if services recommended
in a financial plan are implemented through us. Clients are therefore advised
that they are under no obligation to act on our recommendations, and further,
if Clients do elect to act on any of our recommendations, they are under no
obligation to implement any part of the plan through us (or any person
associated with our firm).

GENERAL INFORMATION

Valuation of Securities: For purposes of determining value, securities and
other instruments traded on a market for which actual transaction prices are
publicly reported shall be valued at the last reported sale price on the principal
market in which they are traded. Other readily marketable securities shall be
priced using a pricing service or through quotations from one or more dealers.
In a situation where less actively traded securities or non-traded securities do
not have readily available market quotations, Advisor will take steps to ensure
that an appropriate valuation methodology is used to determine the value of
the security.

Payment of Fees: Our advisory fees shall be paid directly to us from the Client
account by the custodian upon submission of an invoice to custodian indicating
the account number and amount of fees to be paid. Payment of fees may
result in the liquidation of Client’s securities if there is insufficient cash in the
account. The custodian will provide Clients with a statement at least quarterly.
Copies of the fee invoices will be provided through the Grange Capital Client
Portal and/or emailed or mailed by us to Client when required by law.

Grange Capital, LLC reconciles account data between the custodian and our
internal accounting records on a daily basis to verify the accuracy of all client

account holdings. However, because the custodian does not calculate the
amount of the fee to be deducted, it is important for clients to carefully review
their custodial statements to verify the accuracy of the calculation. Clients
should contact us directly if they believe that there may be an error in their fee
statement.

Termination of the Advisory Relationship: Clients may terminate an
Investment Advisory Agreement without penalty within five business days
after entering into the contract. Otherwise, either the client or Grange Capital,
LLC may terminate the Agreement by providing written notice to the other.
Such termination of the agreement will not affect (a) the validity of any action
previously taken by us under the Agreement; (b) liabilities or obligations of the
parties from transactions initiated before termination of the Agreement; or (c)
client's obligation to pay advisory fees (prorated through the date of
termination). In the event of termination, any fees paid in advance which
remain unearned will be refunded to the Client. Any fees which have been
earned by Grange Capital, LLC but not yet paid by Client will be immediately
due and payable to us.

Mutual Fund Fees: All fees paid to Grange Capital, LLC for investment advisory
services are separate and distinct from the fees and expenses charged by
mutual funds or exchange traded funds (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. Clients can invest in mutual funds directly, without our services. In that
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Item 7       Types of Clients

Grange Capital, LLC provides advisory services to the following types of clients:

   • Individuals and High Net Worth Individuals
   • Pension and Profit Sharing Plans
   • Corporations or Businesses
   • Charitable Organizations