High Plains Investment Advisors Inc

Item 5 – Fees and Compensation

Fees for our advisory services are based upon the value of the account(s) being managed.
Fees are collected in advance. Fees are calculated and collected quarterly based upon the
value of the client’s account(s) on the last day of the previous quarter. Fees are negotiable.
We retain discretion to waive or discount fees for certain clients. Following is our fee
schedule:

      First $1,000,000: 1% Annually
      All amounts over $1,000,000: .65% Annually (Maximum Annual Fee of $95,000)

Fees are debited directly from client custodial accounts. Fees are collected only after an
invoice has been sent to client (on paper or electronically) and a fee summary has been
sent to the client’s account custodian.

Our fees are exclusive of brokerage commissions, transaction fees, bid/ask spreads and
other related costs and expenses which shall be incurred by the client. Under certain
circumstances, clients will incur certain charges imposed by custodians, brokers, third
party investment and other third parties such as fees charged by managers, custodial fees,
deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic
fund fees, and other fees and taxes on brokerage accounts and securities transactions.
Mutual funds and ETFs also charge internal management fees, which are disclosed in a
fund’s prospectus. Such charges, fees and commissions are exclusive of and in addition to
our fee, and we do not receive any portion of these commissions, fees, and costs.

When a client terminates an advisory agreement, the un-earned advisory fee for the
quarter is refunded to the client. The refund is calculated on a daily pro-rata basis.

For other services, we bill by the hour. These rates range up to $300 per hour. Certain
clients are charged a negotiated flat fee.

Item 7 – Types of Clients

HPIA provides portfolio management services to individuals, high net worth individuals,
charitable institutions, foundations, defined contribution retirement plans, businesses and
trusts.