IGW Advisory Investment Management LLC

Item 5 – Fees and Compensation

A.     Fee Schedule
The fees and compensation payable to IGW Advisory are negotiable and vary among
its Clients. However, the range of compensation is generally as follows:
       1.      Management Fee
With respect to the Funds, IGW Advisory typically receives a monthly asset-based
management fee calculated as a percentage of each Investor’s capital account, payable
monthly in arrears. The management fee is typically calculated as follows:
 Annual Percentage*                               Aggregate Account Size (AUM)
 1.00%                                            $0 to $100,000,000
 0.50%                                            $100,000,001 to $150,000,000
*Does not included carried interest performance fees related to alternative investments.
       2.      Performance-based Fees
IGW Advisory may or may not receive performance-based compensation for the Clients equal
to a percentage of the net income allocated to each Client for the year, but only to the extent
net income allocated to that Client exceeds any cumulative losses that were allocated to that
Client for earlier periods and that have not been recovered (a “high water mark”). This
performance-based compensation is generally between 0.4% and 0.8% and is typically made
at the end of each calendar year.
Performance-based compensation will only be charged to accounts of those Clients who are
“qualified clients” as defined in Rule 205-3 of the Investment Advisers Act of 1940, as
amended (“Advisers Act”), in accordance with applicable state law.
Performance-based fees for Separate Accounts are subject to negotiation as to amount and
timing. Fees paid by various Separate Accounts may be different and/or more favorable for
some than others.
       3.      Fee Comparison
Client expenses, including the management fee and any performance-based fees may
constitute a higher percentage of average net assets than could be found in other investment
programs.
B.     Payment of Fees
Management fees, performance-based fees and third-party fees (discussed below) are
deducted from Client assets. Management fees, which are paid in arrears, are withdrawn at
the end of the month. Performance-based fees are determined as of the last business day of
the calendar year and as of any date on which a Separate Account Client closes its account(s).

                            Part 2A of ADV: IGW Advisory Investment Management LLC Brochure

C.     Third-Party Fees
Clients shall pay such costs and expenses as IGW Advisory shall reasonably determine to be
necessary, appropriate, advisable or convenient to carry on its business and realize its
objective, including but not limited to: (i) management fees; (ii) all general investment
expenses (i.e., expenses which IGW Advisory reasonably determines to be directly related to
the investment of the Client’s assets); (iii) all administrative, legal, accounting, auditing,
record-keeping, tax form preparation, compliance and consulting costs and expenses; (iv)
fees, costs and expenses of third-party service providers that provide such services; and, (v)
any extraordinary expenses, among other expenses.
IGW Advisory’s fees are exclusive of brokerage commissions, transaction fees, and other
related costs and expenses which shall be incurred by the Clients. Such charges, fees and
commissions are exclusive of and in addition to IGW Advisory’s management fee, and IGW
Advisory shall not receive any portion of these commissions, fees, and costs.
Please see Item 12 of this Brochure regarding brokerage.
D.     Prepayment of Fees
IGW Advisory will pro rate the management fee for Separate Accounts opened or closed mid-
month. Prepaid but unearned fees are refunded to the Clients.
Separate Accounts may only be closed upon 60 days written notice for the last business day
of a quarter and not on any other date. In the event that IGW Advisory does permit an off-
cycle account closure, any prepaid fees (such as management fees) will be refunded for the
partial month. Any applicable performance-based fees will be calculated at the time of
withdrawal or closure and deducted from the proceeds.
E.     Outside Compensation for the Sale of Securities
Neither IGW Advisory nor its supervised persons accept compensation for the sale of
securities or other investment products outside of its association with IGW Advisory.
The foregoing discussion in Items 5 represents IGW Advisory’s basic compensation
arrangements. The management fees and incentive allocations described above are
structured to comply with Rule 205-3 under the Advisers Act and applicable state laws.
Fees and other compensation are negotiable in certain circumstances and
arrangements with any particular Investor may vary. Although IGW Advisory believes
its fees are competitive, lower fees for comparable services may be available from
other investment advisers.

                            Part 2A of ADV: IGW Advisory Investment Management LLC Brochure

Item 7 – Types of Clients

IGW Advisory provides investment advice and management to Separate Accounts, including
high net worth individuals.

                            Part 2A of ADV: IGW Advisory Investment Management LLC Brochure