HV Capital Management LLC

Item 5 - Fees and Compensation

HVCM charges fees based on a percentage of assets under management. The specific fees charged by
HVCM for services provided will be set forth in each client’s agreement.

     A. Investment Management Services

HVCM charges an annual investment management services fee based on a percentage of assets under
management that is agreed upon with each client and set forth in an agreement executed by HVCM and the
client. The investment management services fee shall be paid, quarterly in arrears, based on the asset value
of the client’s accounts as of the last business day of the quarter. Fees for partial billing periods, including
the initial and final quarters (as applicable), are prorated. If cash or securities are deposited to or withdrawn
from a client’s account on an individual business day during a quarter, HVCM will (i) assess management
fees to the deposited assets based on the value of the assets on the date of deposit for the pro rata number
of days remaining in the quarter, or (ii) refund management fees based on the value of the assets on the date
of withdrawal for the pro rata number of days remaining in the quarter.

The asset value of a client’s account is determined as provided by third-party sources, such as pricing
services, custodians, fund administrators, and client-provided sources. For purposes of fee calculation, the
asset value of client accounts include cash and cash equivalents, as well as margined securities. HVCM
does not reduce investment management services fees for margin borrowing, regardless of whether the
assets are in cash or other securities. HVCM has a financial incentive to recommend that clients borrow
money for the purchase of additional securities for the client’s account managed by HVCM or otherwise
not liquidate some or all the assets HVCM manages. HVCM addresses this conflict of interest by this
disclosure and working to ensure that any recommendation to a client regarding the use of margin is suitable
for the client.

HV Capital Management                                                     Disclosure Brochure

Following is HVCM’s asset-based fee schedule for investment management services:

                                          FEE SCHEDULE
                         Market Value of Assets                            Rate
              Up to $1,000,000                                            1.20%
              $1,000,001 to $2,000,000                                    1.00%
              $2,000,001 to $3,000,000                                    0.80%
              $3,000,001 to $5,000,000                                    0.60%
              Above $5,000,000                                            0.50%
              The fee rate applies to the market value of assets within that range. As an
              example, for a client account with a market value of assets of $2,000,000
              – the first $1,000,000 of the client’s account will be subject to a fee rate
              of 1.20% and the remaining assets will be subject to a fee rate of 1.00%.
              In addition, HVCM requires a minimum annual investment management
              services fee of $3,000.

HVCM’s policy is to include all related client accounts, specifically the accounts of direct family
members sharing the same residence address, for purposes of determining a client’s market value of
assets.

Notwithstanding the foregoing, HVCM and the client may choose to negotiate an annual advisory fee that
varies from the range set forth above. Factors upon which a different annual investment management
services fee may be based include, but are not limited to, the size and nature of the relationship, the
services rendered, the nature and complexity of the products and investments involved, time
commitments, and travel requirements. The investment management services fee charged by the Firm will
apply to all of the client’s assets under management, unless specifically excluded in the client agreement.
Although HVCM believes that its fees are competitive, clients should understand that lower fees for
comparable services may be available from other sources and firms.

The investment advisory agreement between HVCM and the client may be terminated at will by either
HVCM or the client upon written notice. HVCM does not impose termination fees when the client
terminates the investment advisory relationship, except when agreed upon in advance.

Fees for Subscription Research Services
The subscription research services fee is a monthly fee of $20 or an annual fee of $200 paid in advance.

     B. Payment of Fees

HVCM generally deducts its investment management services fee from a client’s investment account(s)
held at his/her custodian. Upon engaging HVCM to manage such account(s), a client grants HVCM this
limited authority through a written instruction to the custodian of his/her account(s). The client is
responsible for verifying the accuracy of the calculation of the investment management services fee; the
custodian will not determine whether the fee is accurate or properly calculated.

HV Capital Management                                                         Disclosure Brochure

Although clients generally are required to have their investment management services fees deducted from
their accounts, in some cases, HVCM will directly bill a client for investment management services fees if
it determines that such billing arrangement is appropriate given the circumstances. Fees for subscription
research services are directly billed to the subscribers.

The custodian of the client’s investment management services accounts provides each client with a
statement, at least quarterly, indicating separate line items for all amounts disbursed from the client's
account(s), including any fees paid directly to HVCM.

Clients may make additions to and withdrawals from their investment management services account at any
...

Item 7 - Types of Clients

HVCM offers investment advisory services to individuals, high net worth individuals, family offices, trusts,
estates, private foundations, qualified retirement plans and other types of entities. HVCM imposes a
minimum annual fee of $3,000 for investment management services clients. However, HVCM does reserve
the right to accept or decline a potential client for any reason in its sole discretion.