JVL Associates LLC

Item 5: Fees and Compensation

                   LETTER OF ENGAGEMENT / UNDERSTANDING
In exchange for the fees outlined in our Letter of Engagement / Understanding, our clients have
access to our entire menu of financial advisory services as outlined in Item 4. We work with the
client to determine the types and level of services the client needs or desires. While fees are
computed based on managed assets, there are no additional fees for financial planning or wealth
management services (see below for OTHER FEE ARRANGEMENTS).
Our fees are charged as a percentage of assets under management, according to the following
tiered fee schedule:
 Assets Under Management (AUM):	             					Annual Fee:
   First $1,000,000		          up to $1,000,000						                                 1.00%
   Next $1,500,000	     	      $1,000,000 to $2,500,000					                          0.75%
   Next $7,500,000		           $2,500,000 to $10,000,000					                         0.60%
   Next $15,000,000		          $10,000,000 to $25,000,000				                         0.50%
   Next $25,000,000		          $25,000,000 to $50,000,000				                         0.40%
   Balance			                  Over $50,000,000						                                 0.25%

JVL Wealth Strategies may group certain related client accounts together for determining assets
under management for fee computation purposes.
JVL Wealth Strategies retains the discretion to impose a minimum asset size for utilizing their
AUM fee schedule. However, JVL currently does not have a stated minimum asset size.
JVL Wealth Strategies does not have any wrap fee programs.
Limited Negotiability of Advisory Fees: Although JVL Wealth Strategies has established the
aforementioned fee schedule, we retain the discretion to negotiate alternative fees on a client-by-
client basis. Client facts, circumstances and needs are considered in determining the specific fee
schedule. These include the complexity of the client’s situation, amount of assets to be placed
under our management, anticipated future additional assets, other related accounts, portfolio
style, account composition, and reporting, among other factors. The specific annual fee schedule
is identified in the Letter of Engagement / Understanding between our firm and each client.
Discounts, not generally available to our advisory clients, may be offered to family members and
friends of associated persons of our firm.
Fee Billing: Our advisory fees are charged on a quarterly basis based on the assets under
management as of the end of the preceding calendar quarter. Fees are paid on the first business
day of the second month of the calendar quarter. When authorized by the client, fees are debited
from the account in accordance with the terms set forth in the Client Letter of Engagement /
Understanding (see Item 15).

                                                                                              8 of 22

 JVL Wealth Strategies

If, for any reason, the Letter of Engagement / Understanding is terminated fees will be assessed
or refunded pro rata based on the number of days services were provided during the quarter.

                               OTHER FEE ARRANGEMENTS
FINANCIAL PLANNING PROJECTS: For clients who do not have current liquid assets that are
managed under our discretion and who desire Financial Planning services, we will charge a flat
fee, typically ranging from $4,000 to $7,500, based on the nature and complexity of the client’s
circumstances. Fees are agreed to with the client in writing, in advance of the services being
provided.
HOURLY PROJECTS: Under certain circumstances we may enter into projects where we charge
by the hour.

                                  GENERAL INFORMATION
Conflicts of Interest: Because the firm’s fee schedule is charged as a percentage of assets
under management, there is an actual or potential conflict of interest whenever the firm is making
recommendations to clients about adding or withdrawing funds from their account. We recognize
this conflict; however, we do not believe that this has an effect on our recommendations because
we have a fiduciary responsibility to act in our clients’ best interests and to place their interests
ahead of our own (see Item 11).
Termination of the Advisory Relationship: A Letter of Engagement / Understanding may be
terminated by either party without penalty upon written notice. If termination occurs prior to the
end of a calendar quarter, fees will be assessed or refunded pro rata based on the number of days
services were provided during the quarter of termination.
Mutual Fund & Exchange Traded Fund (ETF) Fees: All fees paid to JVL Wealth Strategies
under the Letter of Engagement / Understanding are separate and distinct from the fees and
expenses charged by an underlying mutual fund or ETF. Those fees and expenses are described
in each fund’s prospectus. Those fees will generally include a management fee, other fund
expenses, and a possible distribution fee. A client could invest in a mutual fund or ETF directly,
without our services. In that case, the client would not receive the services provided by our firm
which are designed, among other things, to assist the client in determining which investment
vehicles are most appropriate to each client’s financial goals and objectives. Accordingly, the
client should review both the fees charged by the investment vehicle and our firm’s fees to fully
understand the total amount of fees to be paid by the client and to thereby evaluate the advisory
services being provided.
Other Advisory Fees: Separate from the advisory fees paid to JVL Wealth Strategies,
investments in private real estate funds, private equity funds, hedge-funds, Separate Account
Managers, and certain specific investment strategy funds incur advisory fees and expenses paid
directly to the investment manager. These fees and expenses are outlined in the investment
...

Item 7: Types of Clients

JVL Wealth Strategies provides advisory services to the following types of clients:
 •	 High net worth individuals
 •	 Individuals (other than high net worth individuals)
 •	 Charitable organizations
 •	 Trusts and Estates
 •	 Business entities not listed above

                                                                                            10 of 22

 JVL Wealth Strategies