IPEX Inc

FEES AND COMPENSATION
Item 5A

Describe how you are compensated for your advisory services. Provide your fee schedule.
Disclose whether the fees are negotiable.

IPEX Form ADV Part 2A

                                         March 31, 2026

IPEX enters into a Services Agreement with all of our retainer clients and enters into a Letter of
Engagement for all projects that we perform for all of our non-retainer clients. Both the Services
Agreement and the Letter of Engagement specify the fee to be paid by the client and the services
IPEX will provide. While all project work is performed for a fixed fee, retainer clients compensate
IPEX according to one of the following three options:
    a fixed fee
    a fixed fee adjusted for the CPI
    a fee based upon a percentage of the account’s market value
When IPEX provides a prospective client with a fee quote, the quote may include a choice of one or
more of these options.

The fixed fee for a project is typically between $5,000 and $30,000. The annual retainer fee for new
clients is typically between $10,000 and $100,000. The fee is based upon these factors:

    complexity of the account structure
    number of custodians
    number of money managers and investment products
    number of client meetings

All IPEX fees are charged in arrears, after the services have been provided. If IPEX is terminated,
IPEX will charge a fee for any services provided since the last payment. The final fee is based on
the termination provision contained in the IPEX Services Agreement.

The IPEX fees are in addition to the following charges:

    other investment manager fees
    custodian fees / trustee fees
    brokerage commissions
    mutual fund expenses
    ETF expenses

The following schedule outlines the maximum IPEX fees, as a percentage of an account’s market
value:

     First $5 million                     100 basis points
     Next $20 million to $25 million       75 basis points
     Next $25 million to $50 million       50 basis points
     Balance over $50 million              25 basis points

Fees are subject to negotiation and may be less than this schedule.

IPEX Form ADV Part 2A

                                         March 31, 2026

Item 5B

Describe whether you deduct fees from clients’ accounts or bill clients for fees incurred. If
clients may select either method, disclose this fact. Explain how often you bill clients to
deduct your fees.

For retainer clients, IPEX bills for its services quarterly, in arrears, after the services have been
performed. The client is either billed directly or the client may authorize a quarterly withdrawal,
limited to the contractually agreed upon IPEX fee, directly from the custodial account. The choice
is up to the client. This authorization for withdrawal extends to formally billed fees only. It does
not allow IPEX any other access to the account. IPEX instructs the custodian on each invoice that
all IPEX fees should be reflected on the custodian’s statement as a withdrawal.

The IPEX invoice lists the amount of the fee and explains how the fee was calculated. All invoices
indicate the toll-free number that clients can use to contact IPEX with any questions or objections
regarding the quarterly billing.

When IPEX is hired to provide its services for a one-time project, IPEX may require the client to
pay 50% of the total fee in advance. IPEX would bill the client for the balance when the project is
finished.

Item 5C

Describe any other types of fees or expenses clients may pay in connection with your advisory
services, such as custodian fees or mutual fund expenses. Disclose that clients will incur
brokerage and other transaction costs, and direct clients to the section(s) of your brochure
that discuss brokerage.

As IPEX functions primarily as a consultant, a client will typically pay other fees related to their
investment program.

A client may pay a separate custodian fee, unless the client uses a brokerage firm, which does not
charge such a fee. If the account is a trust, the client may pay a separate trustee fee.

The client may also pay transaction fees associated with buying or selling individual securities,
mutual funds and ETFs. The client may not pay these individual fees if they are included in a
custodian wrap fee program or the custodian/broker does not assess such fees on some securities.

The client may also pay the charges for the individual investment product. This investment product
may be a money manager, a mutual fund or an ETF. The money manager fee is normally paid by
the account or the client is billed directly. A mutual fund or ETF fee is charged inside the

IPEX Form ADV Part 2A

                                         March 31, 2026

investment product and is deducted from the investment returns. All of these fees are assessed by
third parties, as IPEX does not charge custody, brokerage, transaction or investment product fees.

IPEX clients are free to use the broker and custodian of their choice. IPEX clients use a number of
different brokers and custodians. Some clients may decide to maintain directed brokerage
relationships. IPEX does not negotiate commission rates. Clients may pay higher commissions if
they use directed brokerage relationships. IPEX does not participate in fee sharing arrangements
with any broker dealer in connection with preferred brokerage arrangements.

IPEX treats Schwab Advisor Services as its preferred custodian to maintain custody of client assets
and to process trades for client accounts. IPEX recommends Schwab Advisor Services to clients
when we feel that their services are appropriate. Schwab Advisor Services is a division of Charles
Schwab & Co Inc., a registered broker-dealer, member SIPC. No IPEX client is obligated to use
Charles Schwab as its custodian or to process trades through Schwab Advisor Services.

No separate custody charge is applied to IPEX client accounts held at Schwab. However,
...

Item 7

Describe the types of clients to whom you generally provide investment advice, such as
individuals, trusts, investment companies, or pension plans. If you have any requirements for
opening or maintaining an account, such as a minimum account size, disclose the
requirements.

IPEX focuses on institutional clients, primarily not for profit organizations. Virtually our entire
client base consists of institutional clients, although IPEX does work with some high net worth
individuals. Institutional clients may include community foundations, private foundations,
cemetery trust funds and religious organizations.

IPEX does not have a fixed minimum account size, although clients typically have assets of at least
$2 million. IPEX does not impose any other requirements for opening or maintaining an account.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES
AND RISK OF LOSS