Highland Consulting Associates International Inc

Item 5     Fees and Compensation

                   FEES FOR INVESTMENT ADVISORY SERVICES AND
                    INSTITUTIONAL RETIREMENT PLAN CONSULTING

Our annual fees for Investment Advisory Services are generally based on a percentage of
assets under management and vary based on the scope of the engagement. Fixed fee
arrangements may be negotiated in certain situations. Some clients may be charged on an
hourly basis.

Clients are invoiced in advance at the beginning of each calendar quarter based upon the
value of the client's account at the end of the previous quarter.

A minimum level of assets under management is generally required for this service. This
account size may be negotiable depending on certain circumstances. Highland International
may group together certain related client accounts for the purposes of achieving the minimum

account size and determining the annualized fee.

                          FEES FOR FAMILY WEALTH SERVICES

Our fees for Family Wealth Services are generally based upon a percentage of assets or a
fixed fee. The fee will vary based upon the scope of the engagement. The specific fee
schedule is identified in the contract between Highland International and each client. Some
clients may be charged on an hourly basis.

Clients are invoiced in advance at the beginning of each calendar quarter based upon the fee
schedule identified in the contract.

                                 GENERAL INFORMATION

Termination of the Advisory Relationship: A client agreement may be canceled at any
time, by either party, for any reason upon receipt of 30 days written notice. As disclosed
above, certain fees are paid in advance of services provided. Upon termination of any
account, any prepaid, unearned fees will be promptly refunded. In calculating a client’s
reimbursement of fees, we will pro rate the reimbursement according to the number of days
remaining in the billing period.

Limited Negotiability of Advisory Fees: Highland International retains the discretion to
negotiate fees on a client-by-client basis. Client facts, circumstances and needs are
considered in determining the fee structure. These include the complexity of the client, assets
to be placed under management, anticipated future additional assets; related accounts;
portfolio style, account composition, reports, among other factors. The specific annual fee
schedule is identified in the contract between the adviser and each client.

Discounts, not generally available to our advisory clients, may be offered to family members
and friends of associated persons of our firm.

Mutual Fund Fees: All fees paid to Highland International for investment advisory services
are separate and distinct from the fees and expenses charged by mutual funds and/or ETFs
and/or other investment vehicles. These fees and expenses are described in each fund's
prospectus or documentation. These fees will generally include a management fee, other
fund expenses, and a possible distribution fee. If the fund also imposes sales charges, a
client may pay an initial or deferred sales charge. A client could invest in a mutual fund
directly, without our services. In that case, the client would not receive the services provided
by our firm which are designed, among other things, to assist the client in determining which
mutual fund or funds are most appropriate to each client's financial condition and objective.
Accordingly, the client should review both the fees charged by the funds and our fees to fully
understand the total amount of fees to be paid by the client and to thereby evaluate the
advisory services being provided.

Additional Fees and Expenses: In addition to our advisory fees, clients are also
responsible for the fees and expenses charged by custodians or other vendors and imposed
by broker dealers, including, but not limited to, any transaction charges imposed by a broker
dealer with which an independent investment manager effects transactions for the client's
account(s).

Please refer to the "Brokerage Practices" section (Item12) of the Form ADV for additional
information.

Direct Fee Deduction: Highland International may deduct fees directly from client accounts
when authorized by the client.

Advisory Fees in General: Clients should note that similar advisory services may (or may
not) be available from other registered (or unregistered) investment advisers for similar or
lower fees.

Limited Prepayment of Fees: Under no circumstances do we require or solicit payment of
fees in excess of $1200 more than six months in advance of services rendered.

Item 7     Types of Clients
Highland International provides advisory services to the following types of clients:

Investment Advisory Services:
   Foundations and Endowments
   Charitable Organizations
   Corporations or other businesses not listed above
Institutional Retirement Plan Consulting Services:
   Defined Benefit
   Defined Contribution Plans
Family Wealth Services:
   High Net Worth Individuals
   Individuals

As previously disclosed in Item 5, our firm has established certain initial minimum account
requirements based on the nature of the service(s) being provided. For a more detailed
understanding of those requirements, please review the disclosures provided in each
applicable service.