Intrinsic Value Partners LLC

Item 5.          Fees and Compensation
IVP offers its services on a fee basis, which may include fees based upon assets under management, as
well as hourly fees. The Firm’s compensation is solely from fees paid directly by clients. The Firm does
not receive commissions based on the client’s purchase of any financial product, including insurance. No
commissions in any form are accepted. No referral fees are paid or accepted.

Investment Management Fees

IVP provides investment management services for an annual fee based on the amount of assets under
the Firm’s management. The annual fee is prorated and charged quarterly, in arrears, based upon the

market value of the assets being managed by IVP on the last day of the previous billing period.

Pro Rata Adjustment for Partial Billing Periods

For the initial period of an engagement, the fee is calculated on a pro rata basis. In the event the Agreement
is terminated, the fee for the final billing period is prorated through the effective date of the termination and
the outstanding balance is charged to the client, as appropriate.

Fee Waiver on Certain Cash Balances
For clients who have been with IVP for less than one year (as measured by the client’s first billing inception
date), IVP will include the client’s accounts’ full cash balances in IVP’s fee calculations. For clients who
have been with IVP for at least one year (as measured by the client’s first billing inception date), IVP will
waive fees on cash balances that exceed 20% of the client relationship value starting with the first full
quarter after that one year period. For example, if a client’s first billing inception date with IVP was February
12th 2020, IVP would waive fees on any cash above 20% starting with the billing period beginning on April
1st, 2021. This fee waiver is at the client level, not the account level and accounts added by the client
after this fee waiver becomes effective for the client - will immediately receive this benefit. This fee waiver
policy on cash balances applies to all accounts irrespective of account size.

Fee Adjustment for Certain Deposits and Withdrawals
For billing quarters where assets exceeding $30,000 in value are either deposited or withdrawn from the
client’s account in one calendar day, IVP will make a pro rata adjustment to its fee based on the amount of
the deposit/withdrawal and the number of days remaining in the quarter. This fee adjustment policy only
applies to deposits and withdrawals that exceed $30,000, which occur on a particular day and is not
cumulative—that is, it does not apply to deposits/withdrawals that are less than $30,000 which occur over
multiple days even if, in total, they exceed $30,000.

Fee Schedule

The fee varies based on the following fee schedule:

                              PORTFOLIO VALUE                     ANNUAL FEE

                                First $1,000,000                       1.00%
                                Next $1,000,000                        0.90%
                                Next $1,000,000                        0.80%
                               Above $3,000,000                        0.50%

Intrinsic Value Partners, LLC Disclosure Brochure

A simple example is included for illustration purposes of the fee calculation method. A client has a portfolio
value of $1,500,000 on March 31, 2013. The client’s portfolio has been managed by the Firm the entire first
quarter of 2013 and there have been no deposits or withdrawals over this time period. The fee would be
calculated as follows:

The annual fee for the first $1,000,000 is $10,000 ($1,000,000 * 1.00%).

The annual fee for the next $500,000 is $4,500 ($500,000 * 0.90%).

The subtotal of the two tiers is $14,500 ($10,000 + $4,500).

The total quarterly fee assessed to the client is $3,625 ($14,500 / 4).

Independent Investment Manager Fees
With respect to IVP’s investment management services, the investment management fee charged by IVP
does not include any fees charged by Independent Investment Managers for their services provided to
clients. The fee assessed by IVP for portions of the client account managed by Independent Managers
shall be increased by the amount of the Independent Manager’s fee. The maximum fee charged by
Independent Managers is .25% (25 basis points). The billing statement(s) sent by IVP to the client shall
indicate the amount of IVP’s fee and the additional fee charged to the client for the Independent Manager’s
services.

Financial Planning, Consulting and 529 Rebalancing Fees

IVP generally charges $300 on an hourly basis to provide clients with stand-alone financial planning or
consulting services.

IVP charges clients hourly on a periodic basis for rebalancing client 529 plans. IVP researches available
investment options within the 529 plan and then rebalances each client's 529 account subject to the client's
goals and investment objectives. If the client has a related non-retirement account at Schwab, the
rebalancing fee is debited from the related Schwab account. If the client does not have a related account
at Schwab, the client is billed directly for this fee.

The specific terms and fee structure are set forth in the Agreement with IVP. Generally, the fee for these
hourly services are itemized and added to each client’s quarterly billing statement. These fees will be
deducted directly from the client brokerage account, unless the client opts to receive an invoice.

Fee Discretion

IVP, in its sole discretion, may negotiate to charge a lesser fee based upon certain criteria, such as
anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be

managed, related accounts, account composition, pre-existing client relationship, account retention and
pro bono activities.

Additional Fees and Expenses

In addition to the advisory fees paid to IVP, clients may also incur certain charges imposed by other third
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Item 7.          Types of Clients
     IVP provides its services to individuals, trusts, estates, charitable organizations, corporations and other
     business entities.

     Minimum Annual Fee

     As a condition for starting and maintaining an investment management relationship, IVP generally
     imposes a minimum annual fee of $10,000.

     This minimum fee may have the effect of making IVP’s services cost prohibitive for certain clients,
     particularly those with less than $1,000,000 in assets under IVP’s management.               IVP, in its sole
     discretion, may waive its minimum annual fee based upon certain criteria, such as anticipated future
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earning capacity, anticipated future additional assets, dollar amount of assets to be managed, related
accounts, account composition, pre-existing client relationships, account retention and pro bono activities.