Index Financial Advisors LLC

Fees and Compensation
   Overall Description
       Index Financial Advisors is a fee only financial planning and investment
       management firm; compensation is limited solely and exclusively to the
       professional fees received directly from clients. The firm is not affiliated with
       entities that sell financial products or securities. The firm does not accept
       commissions based on the client’s purchase of any financial product. No
       benefits are received from custodians or broker-dealers based on client

                              Index Financial Advisors LLC

    securities transactions (“soft dollar benefits”). No referral fees are paid or
    accepted by the firm.

Investment Management Fees
    The annual fee for investment advisory services is generally equal to 0.50%
    of a client's assets under management. However, if a client’s assets under
    management exceed $2.5 million, then the annual fee will be calculated using
    a tiered fee structure, as follows:
        0.50% per year for assets up to $2,500,000, plus
        0.25% per year for assets from $2,500,000 to $5,500,000, plus
        0.125% per year for assets above $5,500,000.
    The annual fee will be charged in quarterly installments at the beginning of
    each calendar quarter. Clients will be billed each calendar quarter based on
    the fair market value of the assets under management at the end of the
    previous quarter.
    The firm requires a minimum annual fee of $5,000 for each client relationship.
    The minimum size for a new or existing client will be $500,000 of assets
    under management. Fees are negotiable and, at the firm’s discretion, the
    minimum fee and account size may be reduced based on individual client
    circumstances.

Financial Planning Fees
    If requested by the client, Index Financial Advisors will prepare a
    comprehensive written financial plan. For the development and preparation
    of the financial plan, the firm will charge a fixed fee ranging from $2,500 to
    $5,000, depending on the complexity of the client's financial situation. This
    fixed fee is negotiable but will be in addition to the regular quarterly fee for
    investment advisory services as described above. A deposit of 50% of the fee
    is required to begin the development of the financial plan and the balance will
    be due upon the completion of the financial plan.

Financial Consulting Fees
    As described above, personal financial consulting services will be provided on
    a project basis as needed and requested by the client. The scope and timing
    of any project will be determined in advance. The fee for such financial
    consulting services is negotiable but will generally be charged on a per hour
    basis at $200 per hour. These services will be billed at the end of each
    calendar quarter based on the number of hours incurred during the quarter.

Past Due Accounts
    Index Financial Advisors may assess a late penalty in the amount of 2% per
    month for any fees received more than 2 months after the due date. The firm
    reserves the right to stop providing investment advisory services and personal
    financial planning services in the event that uncollected accounts receivable

                          Index Financial Advisors LLC

       from the client are more than 3 months overdue. The client will also be
       required to pay all reasonable attorneys fees and collection costs for
       uncollected accounts receivable which are more than 6 months overdue.

   Termination of Agreement
       A client agreement may be terminated at any time, by either party, and for
       any reason, upon written notice received 30 days in advance of the
       termination date. Upon termination, unearned fees will be promptly refunded,
       and any earned, unpaid fees will be immediately due and payable.

   Other Fees and Expenses
       All fees paid to Index Financial Advisors for portfolio management services
       are separate and distinct from the fees and expenses charged by mutual
       funds and exchange traded funds (ETFs) to their shareholders. These fees
       and expenses are described in each fund's prospectus and will generally
       include a management fee, other fund expenses, and a possible distribution
       fee. The fund may also assess an initial or deferred sales charge. However,
       Index Financial Advisors will generally recommend mutual funds or exchange
       traded funds that have low fees and no sales charge.
       Clients may also incur brokerage and other transaction fees on purchases or
       sales of securities, including stocks, bonds, exchange-traded funds, and
       certain mutual funds. See Brokerage Practices on page 7 for a more
       detailed description of the firm’s brokerage practices.
       It is possible that additional financial service expenses will be incurred by the
       client during the implementation of financial planning recommendations.
       These expenses could include legal fees, tax return preparation fees,
       commissions on the purchase and sale of securities, appraisal fees, custodial
       fees, trustee fees, banking fees, wire transfer fees, safe deposit fees, etc.
       The client will be responsible for the payment of these additional expenses
       directly to the provider of these additional financial services.

Types of Clients
   Description
      Index Financial Advisors generally provides investment advice to individuals,
      families, trusts and estates. Occasionally, advice may extend to entities
      related to the individual client, such as a small business or charitable
      organization. Client relationships vary in scope and length of service.

   Account Minimums
      The minimum size for a new or existing client will be $500,000 of assets
      under management. However, the firm requires a minimum annual fee of
      $5,000 for each client relationship, which equates to an annual rate of 1.0%
      for a client with assets of $500,000. At the firm’s discretion, the minimum fee
      and account size may be reduced based on individual client circumstances.

Methods of Analysis, Investment Strategies and Risk of Loss
   Investment Strategies
       Index Financial Advisors uses an investment approach based on Modern
       Portfolio Theory and the Efficient Market Hypothesis. As such, the firm
       advocates a long-term, passive investment strategy based on index investing.
       This investment approach is focused on asset allocation as the primary
       determinant of portfolio risk and performance. An appropriate asset allocation
       and personal investment policy is developed for each client based on the
       client's financial goals, time horizon, and risk tolerance. Asset selection within
       each investment class is focused on low cost, well-diversified, index
       investments whenever possible. In general, we do not attempt to time the
       market, select individual securities, or use actively managed mutual funds to
       try to beat the market benchmarks.
       Based on a client's asset allocation and personal investment policy, Index
       Financial Advisors will recommend a portfolio consisting primarily of index
       mutual funds, index-based exchange traded funds (ETFs), and other
       registered investment company securities. When there is no index fund
       available for an asset class, depending on the characteristics of that particular
       asset class, the firm may use actively managed mutual funds, individual
       securities, and non-traditional investment products.
       In addition, investment advice may be offered on any investments held by the
       client at the start of the advisory relationship or later selected by the client.
       Other special situations may include low-basis stock, employee stock options,
       inheritances, collectibles, or special tax situations. In these circumstances,
       the firm may include various other investments in the portfolio, including but
       not limited to any combination of the following: individual equities, warrants,
       corporate debt securities, commercial paper, certificates of deposit, municipal

                              Index Financial Advisors LLC

       securities, variable annuities and life insurance, United States government
       securities, real estate investments, limited partnerships, and other alternative
       investments.