HOEY Investments Inc

Item 5         Fees and Compensation

                                  Fee Calculation

INVESTMENT ADVISORY SERVICES: Hoey Investments’ advisory fees are charged
quarterly in advance at an annual rate, generally between .40% and 1.00%. The fee is
calculated based on the market value of a client’s assets under management as of the last
business day of the quarter. Fees are not pro-rated for cash flows, but unearned fees are
refunded to clients upon termination of the advisory relationship. Fees may vary
depending upon various factors, e.g., the amount of assets to be invested, the complexity
of the engagement, the anticipated number of meetings and servicing needs, related

accounts, future earning capacity, anticipated future additional assets, and negotiations
with the client. Hoey Investments does not generally require an annual minimum fee or
asset level for investment advisory services.

Depending upon perceived or anticipated market conditions/events, the Advisor may
maintain cash positions for defensive purposes. All cash positions (money markets, etc.)
are included as part of assets under management for purposes of calculating the advisory
fee.

FEE DIFFERENTIALS: Hoey Investments prices its services based on various objective
and subjective factors. As a result, Hoey Investment’s clients could pay diverse fees
based upon the market value of their assets, the complexity of the engagement, and the
level and scope of the overall financial planning and/or consulting services to be
rendered. The services to be provided by Hoey Investments to any particular client could
be available from other advisors at lower fees. All clients and prospective clients should
be guided accordingly.

FINANCIAL PLANNING AND CONSULTING SERVICES: If requested by a client, Hoey
Investments may provide financial planning and/or consulting services on a stand-alone
fee basis. Planning and consulting fees are negotiable, but generally range from $1,000 to
$4,000 on a fixed fee basis, depending upon the level and scope of the service(s) required
and the professional(s) rendering the service(s).

                                    Fee Payment

Fees are billed quarterly in advance. Generally, clients’ management fees are withdrawn
directly from the clients’ custodial accounts with clients’ written authorization. If the
client is billed directly, payment is due upon receipt of the advisor’s invoice.

                                  Other Expenses

Hoey Investments’ fees do not include brokerage commissions, transaction fees, and
other related expenses which will be incurred by the client. These fees may include
charges imposed by custodians, brokers, wire transfer and electronic fund fees, etc.
Mutual funds and exchange traded funds also charge internal management fees, which
are disclosed in a fund’s prospectus. These charges, fees and commissions are exclusive
of and in addition to Hoey Investments’ fee, and Hoey Investments does not receive any
portion of these costs.

Broker-dealers such as Charles Schwab & Co., Inc. (“Schwab”) charge brokerage
commissions, transaction, and/or other type fees for effecting certain types of securities

transactions (i.e., including transaction fees for certain mutual funds, and mark-ups and
mark-downs charged for fixed income transactions, etc.). The types of securities for
which transaction fees, commissions, and/or other type fees (as well as the amount of
those fees) shall differ depending upon the broker-dealer/custodian.

While certain custodians, including Schwab, generally (with exceptions) do not currently
charge fees on individual equity transactions (including ETFs), others do.

There can be no assurance that Schwab will not change its transaction fee pricing in the
future. Schwab may also assess fees to clients who elect to receive trade confirmations
and account statements by regular mail rather than electronically.

                                Fee Reimbursement

Upon termination of the client relationship, the advisor will refund the pro-rated portion
of the advanced advisory fee paid, based on the number of days remaining in the billing
quarter.

                                Other Compensation

Neither the firm, nor its representatives accept compensation from the sale of securities or
other investment products.

Item 7         Types of Clients

Hoey Investments’ clients may include individuals, pension and profit-sharing plans,
business entities, trusts, estates and charitable organizations.