Heritage Asset Advisors Ltd LLP

FEES & COMPENSATION
Heritage is compensated for its investment advisory services based on (i) hourly charges (for Hourly Clients only) or (ii) a
percentage of assets under management (for Wrap Fee Clients only).

Hourly Compensation
Hourly charges are assessed and due at the close of the meeting (or upon delivery of the service). Charges are based upon the
hourly rate of the individual providing the service. Patrick Shinn is billed at $200/hour, and all other investment advisory
personnel at $100/hour. Hourly Clients are responsible for any brokerage transaction, margin, wire, and custodial costs and
fees. Additional information about brokerage fees is provided in the ‘Brokerage Practices’ section of this brochure.

Wrap Fee Compensation
Clients in the Wrap Fee Program pay an annualized fee for participation in the Program (the “Program Fee”) ranging between
0.75% and 1.50% of the market value of the assets being managed by Heritage professionals under the Program (see table
below). The Program Fee may be negotiable under certain circumstances.

        Assets Under Management                                 Annual Wrap Program Fee

        $0 to $625,000                                          1.5%

        $625,001 to $1,000,000                                  1.25%

        $1,000,001 to $3,000,000                                1.0%

        Greater than $3,000,000                                 0.75%

The Program Fee is payable quarterly, in advance, based upon the market value of the assets in the client’s account (the
“Account”) as reported by the account custodian on the last day of the previous quarter. Additional deposits and withdrawals
of funds and/or securities to the Program may be made to the Account at any time. Program Fees are calculated pro rata for
partial billing periods (and additions or withdrawals of assets totaling $10,000 or greater) based upon the value of the assets
in the Account and the number of days in the calendar quarter. If the Client terminates their agreement with Heritage, the
Program Fee will be assessed pro rata and refunded to the Client in a timely manner.

Heritage’s Program Agreement and the Client’s agreement with the Custodian authorize the Custodian to deduct the Program
Fee from the Client’s Account and remit it directly to Heritage. In arrangements where the Program Fee is deducted directly
from the Client’s Account, the Custodian will send the Participant a statement, at least quarterly, indicating all amounts
disbursed from their Account, including the amount of the Program Fee paid directly to Heritage.

Participation in the Program may cost Clients more than purchasing brokerage and advisory services separately. The number
of transactions made in an Account, as well as the commission rate charged by a broker-dealer for each transaction, would
    Heritage Asset Advisors Ltd., LLP                                                                              Page 5 of 10
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determine the relative cost of the Program versus paying for execution on a per transaction basis and paying a separate fee for
advisory services. However, Heritage does not generally seek to offer accounts where Clients pay for services on a per
transaction basis and the Program Fee may be higher or lower than fees charged by other sponsors of comparable investment
advisory programs. Effective 10/7/2019, Schwab eliminated commissions for online trades of U.S. equities, ETFs and options
(subject to $0.65 per contract fee). We encourage Clients to review Schwab’s pricing to compare the total costs of entering
into a wrap fee arrangement versus a non-wrap fee arrangement. To see what you would pay for transactions in a non-wrap
account please refer to Schwab’s most recent pricing schedules available at www.schwab.com/aspricingguide.

Program participants may incur certain charges imposed by third parties in addition to the Program Fee. Such charges
include but are not limited to charges imposed directly by a mutual fund, money market fund or exchange traded fund
purchased in the Client’s Account which are disclosed in the fund’s prospectus (e.g., fund management fees and other fund
expenses, including mark-ups and mark-downs), certain deferred sales charges on previously-purchased mutual funds, odd-
lot differentials, spreads paid to market makers from whom securities were obtained by the broker-dealer, fees for trades
placed away from the Custodian at another broker-dealer, transfer taxes, wire transfer and electronic fund fees, and other fees
and taxes on brokerage and securities transactions.

Heritage is charged an asset-based fee directly by its primary Custodian / Broker-Dealer (Charles Schwab, as noted below in
the Other Financial Industry Activities & Affiliations section) which has been negotiated by Heritage. Clients are not
separately charged transaction fees in the Wrap Fee Program. The asset-based fee that Heritage pays to Charles Schwab is
intended to cover trading costs in the Wrap Fee Program. This asset-based fee does not apply to cash, and therefore, Heritage
has a conflict of interest in allocating Client assets to cash in the Program to avoid paying the asset-based fee. Heritage
mitigates this conflict of interest by disclosing it to clients. Heritage also believes that this conflict is mitigated by Heritage’s
desire to increase the value of a Client’s portfolio.

PERFORMANCE-BASED FEES & SIDE-BY-SIDE MANAGEMENT
Heritage accepts hourly and asset-based fees as discussed above. The firm does not currently accept performance-based fees.

TYPES OF CLIENTS
As previously discussed, Heritage typically provides investment advisory services to individuals, pension and profit-sharing
plans, trusts, estates, charitable organizations, and business entities. Heritage does not require any minimum account size.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES, & RISK OF LOSS
Heritage’s security analysis includes fundamental, technical, and/or cyclical methods. The firm considers a range of available
data on an ongoing basis and does not rely solely on any one strategy or indicator in formulating investment advice.
Investment strategies vary by Client, based upon the Client Profile and other information provided by the Client.

Risks of Leveraged Mutual Funds and ETFs: In certain cases, we will invest clients in leveraged mutual funds or ETFs when
we have confidence in certain domestic or international markets, as well as individual sectors. In some cases, we may invest a
substantial portion of a client’s portfolio in these securities.

Leveraged mutual funds and ETFs seek to deliver multiples of the daily performance of the benchmark or index they track.
For example, a 2x (two times) leveraged fund seeks to deliver double the daily performance of the index or benchmark that it
tracks. To accomplish their investment objectives, leveraged funds use a variety of investment strategies including swaps,
futures contracts and other derivative instruments. The use of leverage as well as derivative instruments can cause these funds
to be more volatile and subject to extreme price movements.

Additionally, most leveraged funds “reset” daily, meaning that they are designed to achieve their stated objectives on a daily
basis. Their performance over longer periods of time – over weeks or months or years – can differ significantly from the
stated multiple of the performance (or inverse of the performance) of their underlying benchmark or index during the same
period. This effect can be magnified in volatile markets. As the examples below demonstrate, a fund that is set up to deliver
twice the performance of a benchmark or index from the close of trading on Day 1 to the close of trading on Day 2 typically
will not achieve that goal over weeks, months, or years and may potentially expose investors to significant and sudden loss.
For example, consider these two real world examples:

    ▪    Over four months, a particular index gained 2 percent. However, a leveraged fund seeking to deliver twice that
    Heritage Asset Advisors Ltd., LLP                                                                                 Page 6 of 10
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         index's daily return fell by 6 percent—and an inverse fund seeking to deliver twice the inverse of the index's daily
         return fell by 25 percent.
    ▪    During that same period, a fund seeking to deliver three times the daily return of a different index fell 53 percent,
         while the underlying index actually gained around 8 percent. A fund seeking to deliver three times the inverse of the
         index's daily return declined by 90 percent over the same period.

Even if the long-term performance of leveraged funds doesn’t differ significantly from their stated daily performance
objectives, you can still lose money. This is because returns that are the multiple of a benchmark (or inverse multiple) can
lead to substantial losses.

The way we use leveraged funds for Clients takes these risk factors into consideration, but we are unable to eliminate these
investing risks entirely. There can be no assurance that any strategy will be profitable or successful and Clients may lose
money investing in these strategies. These strategies may not be appropriate for all investors. In light of these additional risks,
as described above in Item 4, a Client can request that Heritage not use leveraged funds in their account. Should Clients have
any questions or concerns about whether leveraged funds are appropriate for your situation, please contact our Chief
Compliance Officer at 281-966-3370.

Investing in debt and equity securities, mutual funds, index funds, exchange-traded funds, options, and other investments
involves a risk of loss that Clients should be prepared to bear.