Kensington Financial Advisors LLC

Item 5 Fees and Compensation
Investment Management Services
Our fee for investment management services is negotiable and ranges from 0.40% to 1.00% of the
value of your assets under management. Our fees may also be based on the following negotiable
tiered fee schedule*:

Assets Under Management (AUM)               Annualized Fee
Less than $500,000                          1.0%
$500,000 to $1,000,000                      $5,000+0.9% of AUM>$500,000
$1,000,000 to $2,000,000                    $9,500+0.8% of AUM >$1,000,000
$2,000,000 to $4,000,000                    $17,500 +0.7% of AUM>$2,000,000
$4,000,000 to $8,000,000                    $31,500+0.6% of AUM>$4,000,000
$8,000,000 to $16,000,000                   $55,500 +0.5% of AUM>8,000,000
More than $16,000,000                       $95,500 +0.4% of AUM>16,000,000

*In limited circumstances we may charge an annual management fee up to 1.50% for accounts less
than $500,000.

Our annual investment management fee is billed and payable quarterly in advance based on the value
of your account on the last day of the previous quarter. If the investment advisory agreement is
executed at any time other than the first day of a calendar quarter, our fees will apply on a pro rata
basis, which means that the advisory fee is payable in proportion to the number of days in the quarter
for which you are a client. Our advisory fee is negotiable, depending on individual client circumstances.

At our discretion, we may combine the account values of family members living in the same household
to determine the applicable advisory fee. For example, we may combine account values for you and
your minor children, joint accounts with your spouse, and other types of related accounts. Combining
account values may increase the asset total, which may result in your paying a reduced advisory fee
based on the available breakpoints in our fee schedule stated above. We may also, in our sole
discretion, waive fees for certain accounts.

You may make additions to and withdrawals from your account at any time, subject to our right to
terminate an account. If assets are deposited into or withdrawn from an account after the inception of a
quarter, we will not adjust the fee based on the number of days remaining in the quarter, unless the
additional assets (excluding transfers within accounts) change the value of the individual account (or
total household ) by more than 10%. Any such adjustment shall be at the discretion of the investment
adviser representative. You may withdraw account assets on notice to our firm, subject to the usual
and customary securities settlement procedures. We design portfolios as long-term investments and
assets withdrawals may impair the achievement of your investment objectives.

Additions may be in cash or securities provided that we reserve the right to liquidate any transferred
securities, or decline to accept particular securities into an account. We may consult with you about the
options and ramifications of transferring securities. However, you should be aware that when
transferred securities are liquidated, they are subject to transaction fees, fees assessed at the mutual
fund level (i.e. contingent deferred sales charge) and/or tax ramifications.

We will send you an invoice for the payment of our advisory fee, or we will deduct our fee directly from
your account through the qualified custodian holding your funds and securities. We will deduct our
advisory fee only when you have given our firm written authorization permitting the fees to be paid
directly from your account. Further, the qualified custodian will deliver an account statement to you at
least quarterly. These account statements will show all disbursements from your account. You should
review all statements for accuracy.

You may terminate the investment advisory agreement upon written notice to our firm. You will incur a
pro rata charge for services rendered prior to the termination of the agreement, which means you will
incur advisory fees only in proportion to the number of days in the quarter for which you are a client If
you have pre-paid advisory fees that we have not yet earned, you will receive a prorated refund of
those fees.

Financial Planning Services
We charge either a fixed fee for financial planning services ranging between $250 and $10,000 or an
hourly fee between $200 and $400 per hour. The fees are negotiable depending upon the complexity
and scope of the plan, your financial situation, and your objectives. We require that you pay 50% of the
fixed fee in advance and the remaining portion upon the completion of the services rendered or in the
alternative the total fee shall be due and payable upon completion of the services rendered. Our hourly
fee is due and payable upon completion of services rendered.

We will not require prepayment of a fee more than six months in advance and in excess of $1,200. In
certain circumstances the fees may exceed the initial fee quoted, in which case we will obtain approval
from you before performing additional services. In the event you wish to engage us to provide
additional services beyond the initial engagement an addendum to the financial planning agreement
will be executed.

You may terminate the financial planning agreement by providing written notice to our firm. You will
incur a pro rata charge for services rendered prior to the termination of the agreement. If you have pre-
paid advisory fees that we have not yet earned, you will receive a prorated refund of those fees.

Consulting Services
We may provide consulting services where our firm or associated persons provide clients with specific
a la carte services. The specific services provided and fees charged will be determined and negotiated
on a client by client basis.

Pension Consulting Services
Our annual fee for pension consulting services is negotiable and is 0.40% of the value of the plan's
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Item 7 Types of Clients
We offer investment advisory services to individuals, including high net worth individuals, pension and
profit sharing plans, trusts, estates, charitable organizations, corporations, and other business entities.

For investment management services, we do not generally impose a minimum portfolio size, nor a
minimum annual fee.