Great Valley Advisor Group LLC

Item 5 – Fees and Compensation
Investment Management Fees and Compensation

GVA charges an asset-based fee as compensation for providing Investment Management services on your
account. These services include advisory and consulting services, trade entry, investment supervision, and other
account maintenance activities. The custodian charges separate custodial fees, transaction costs, redemption
fees, retirement plan and administrative fees or commissions. See Additional Fees and Expenses below.

In addition, some mutual fund assets held in client accounts may have been subject to 12(b)-(1) fees and other
mutual fund annual expenses as described in the fund’s prospectus. Furthermore, some existing variable annuities
may be subject to trailing service fees, deferred sales charges, and mortality and expense fees. These fees are
independent of our fees and should be disclosed by the custodian or contained in the prospectus or other
offering documents of each fund. You should also note that fees for comparable services vary and lower fees for
comparable services may be available from other sources.

We charge fees for accounts based on an annual percentage of assets under management. The fees are applied
to the account asset value on a pro-rated basis, billed quarterly in advance or arrears depending on the selected
custodian. The initial fee will be based upon the date the account is accepted for management by execution of
the investment advisory contract by the Firm and the assets are transferred through the last day of the current
calendar quarter. The management fee is based on the size of the account at inception and is reviewed annually
and reset at the time of the advisory client’s annual review if the account(s) qualify for a lower fee. The fee is
charged quarterly and is calculated on the market value of the account as of the last day of the quarter. The
market value will be determined as reported by the Custodian. Fees are assessed on all assets under management,
including securities, cash and money market balances.

Under certain appropriate circumstances, we may add (aggregate) asset amounts in accounts from your same
household together to determine the advisory fee for all your accounts. We may do this, for example, where we
also service accounts on behalf of your minor children, individual and joint accounts for a spouse, and/or other
types of related accounts. This consolidation practice is designed to allow you the benefit of an increased asset
total, which could potentially cause your account(s) to be assessed at a reduced advisory fee based on the
asset levels available in our fee schedule.

You authorize us to debit your account quarterly for our fee. The independent qualified custodian holding your
funds and securities will debit your account directly for the advisory fee and pay that fee to us.

You will provide written authorization permitting the fees to be paid directly from your account held by the qualified
custodian. Further, the qualified custodian agrees to deliver an account statement at least quarterly directly to
you indicating all the amounts deducted from the account including our advisory fees. You are encouraged to
review your account statements for accuracy. We will receive a duplicate copy of the custodian’s statement that
was delivered to you.

Either GVA or you may terminate the management agreement, upon 30 day written notice to the other party. If
applicable, the management fee will be pro-rated to the date of termination, for the quarter in which the
cancellation notice was given, and any unearned fees will be refunded to you. Upon termination, you are
responsible for monitoring the securities in your account, and we will have no further obligation to act or advise
with respect to those assets.

Non-Wrap Fee Basis

If client engages GVA to provide discretionary and/or non-discretionary investment advisory services for a fee, the
annual investment advisory fee shall be based upon a percentage (%) of the market value. The IAR may at their
discretion, negotiate a fee based on the following schedule:

                        Market Value                                Annual Fee %

                           $ 0 – 500,000                                 2.50%
                    $ 500,001 – 1,000,000                                2.25%
                   $ 1,000,000 – 3,000,000                               2.00%
                           $ 3,000,001 +                              Negotiable
             used as a guideline only; all fees and account value tiers are subject to negotiation
                at the sole discretion of GVA.

Wrap Fee Basis

Clients participating in separately managed account programs of TPAs may be charged various program fees in
addition to the advisory fee charged by GVA. Such fees may include the investment advisory fees of the TPAs, which
may be charged as part of a wrap fee arrangement. In a wrap fee arrangement, clients pay a single fee for advisory
and other services. Clients’ portfolio transactions may be executed without commission charges in a wrap fee
arrangement. In evaluating such an arrangement, the client should also consider that, depending upon the level of
the wrap fee charged by the TPA, the amount of portfolio activity in the client’s account, and other factors, the
wrap fee may or may not exceed the aggregate cost of such services if they were to be provided separately. The
current annual advisory fee range is generally between 2%-2.5% but it is possible that certain client assets could incur
additional advisory fees. We will review with clients any separate program fees that may be charged on their
accounts.

Third Party Advisor Fees

Fees and billing methods are outlined in each respective TPA’s Brochure and Advisory Contract. GVA will be paid
an on-going fee by the TPA based upon a percentage of your assets under management with the TPA. You will
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Item 7 – Types of Clients
GVA offers investment advisory services to individuals, high-net-worth individuals, retirement plans, corporations,
LLCs, profit-sharing plans, trusts, charitable organizations and state or municipal government entities. GVA does not
usually require a minimum for establishing or maintaining a client's account.