Intrinsic Investors LLC

ITEM 5. FEES AND COMPENSATION

  Fees paid to Intrinsic are for Intrinsic advisory services only. The fees do not include, for example, the
  fees charged by third parties such as third-party managers, or accountants and attorneys assisting with
  providing the client with accounting and legal advice. Commissions on transactions and other account
  fees will also be charged by brokerage firms in accordance with the account’s brokerage firm’s normal
  commission schedule. See Item 12, Brokerage Practices. Customary commissions on insurance are also
  not included.
  Prospective clients should be aware that in addition to Intrinsic's advisory fees, each mutual fund in which
  a client's assets are invested also pays its own advisory fees and other internal expenses which already
  have been deducted from the fund's reported performance. Depending on the fund, a client may be able
  to invest directly in the shares issued by the fund with or without incurring any sales or third-party
  management fees. Account maintenance fees are also deducted by the custodian.
  In addition, there are tax effects pertaining to fund share redemptions, and other sales, made by Intrinsic
  on behalf of clients. Redemptions and sales are taxable events which may accelerate the recognition of
  capital gains, and losses, and frequent redemptions and sales may result in short-term, rather than long-
  term, capital gains and losses.
Asset Management Service Fees
  Fees charged by Intrinsic for its discretionary Asset Management Services are based upon the value of
  assets being managed. In most cases, Intrinsic does not charge new accounts on funds held in cash
  equivalent securities while building their portfolios.

                      Portfolio Asset Value             Quarterly Fee          Annual Fee

                         Over $2,000,000                    0.25%                 1.00%
                    $1,000,000 to $1,999,999                0.28%                 1.10%
                      $750,000 to $999,999                  0.34%                 1.35%
                      $500,000 to $749,999                  0.38%                 1.50%
                      $250,000 to $499,999                  0.41%                 1.65%
                      $100,000 to $249,999                  0.45%                  1.8%
                           $0 to $99,999                    0.50%                 2.00%
  The fees described above cover Intrinsic's charges for Asset Management Services only.
  All fees due Intrinsic are payable quarterly in advance. The first fee, which includes the fee for the balance
  of the first quarter plus the next full quarter, is due in full on the date an Asset Management Agreement
  is signed by the client and Intrinsic and is based on the Portfolio's asset value on that date. Thereafter,
  quarterly fees are based upon a Portfolio's total asset value on the last business day of the previous quarter.
  If additional cash, securities or other investments exceeding $20,000 are accepted for management during
  any billing period, the applicable fees are pro-rated for the number of days remaining in the billing period
  and are due on the date the new assets are accepted. For purposes of valuing assets, the assets of related
  portfolios may, at the discretion of Intrinsic, be combined for fee calculating purposes. The fee schedule
  provided to a client may be modified or changed by Intrinsic upon advance written notice to the client.

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  If, for any reason, a client decides to terminate the service agreement with Intrinsic, a client may do so
  by notice to Intrinsic and a pro-rated refund based solely on the days services were provided will be
  returned to the client. Intrinsic may terminate the service agreement by notice to the client.
  Intrinsic's fee does not include charges for transaction execution services. As mentioned above, Intrinsic
  typically recommends that clients utilize the execution services of TD Ameritrade/Schwab, whose
  commission rates may be higher or lower than those charged by other firms.
  With prior written client authorization, fees payable to Intrinsic are deducted from the client’s account
  when due and reports from the account’s custodian show the fee debits. Intrinsic will liquidate money
  market shares to pay the fee and, if money market shares or cash value are not available, other investments
  will be liquidated. Authorization for the deduction of fees is contained in the services agreement. The
  client will receive invoices detailing the calculation of and amount of the advisory fees being deducted.
  The client will also receive periodic account statements from the custodian which disclose all amounts
  disbursed from the account, including advisory and service fees paid. The client may terminate the
  authorization for automatic deduction of advisory fees by Intrinsic at any time by notifying Intrinsic in
  writing.

ITEM 7.   TYPES OF CLIENTS/MINIMUM ACCOUNT SIZE

  Intrinsic makes its advisory services available to a wide variety of clients including. but not limited to,
  individuals, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations, and
  other business entities.
  The minimum portfolio size for Intrinsic to provide Asset Management Services is usually $100,000, but
  lesser amounts may be accepted for management under certain circumstances.