Korving & Company LLC

Item 5           Fees and Compensation

   A. Clients can engage Korving & Co. to provide investment advisory services on a fee basis as
      described below:

         INVESTMENT ADVISORY SERVICES
         Korving & Co.’s annual investment advisory fee is based upon a percentage of the total market
         value of related portfolios placed under Korving & Co.’s direct management as follows:

                 Client Portfolio Value                                     Annual Advisory Fee
                 $0 to less than $250,000                                   1.25%
                 $250,000 to less than $500,000                             1.15%
                 $500,000 to less than $1,000,000                           1.00%
                 $1,000,000 to less than $2,000,000                         0.90%
                 $2,000,000 to less than $5,000,000                         0.80%
                 $5,000,000 and greater                                     Negotiable

    Korving & Co.’s fee schedule is based on the total value of assets under management. Clients do
    not incur respective fees at each tier. For example, a client that has $400,000 assets under
    management would pay an annual fee of 1.15% (rather than 1.25% on the first $250,000 and 1.15%
    on the amount over $250,000).

    Unless otherwise agreed in writing, all cash positions are included as part of assets under
    management for purposes of calculating Korving & Co.’s advisory fee. In limited circumstances,
    Korving & Co.’s investment advisory fee is negotiable at our sole discretion, depending upon
    objective and subjective factors including but not limited to: the amount of assets to be managed;
    portfolio composition; the scope and complexity of the engagement; the anticipated number of
    meetings and servicing needs; related accounts; future earning capacity; anticipated future
    additional assets; the professionals rendering the services; prior relationships with Korving & Co.
    and its representatives, and negotiations with the client in limited circumstances. Korving & Co.
    may also determine to aggregate account values for related clients (such as spouses and certain
    other relatives in Korving & Co.’s discretion) for the purpose of reducing the overall fee. Certain
    legacy clients may have accepted different pre-existing service offerings and may therefore receive
    services under different fee schedules than as set forth above. As a result, similarly situated clients
    could pay different fees, the services to be provided by Korving & Co. to any particular client could
    be available from other advisers at lower fees, and certain clients may have fees different than those
    specifically set forth above.

    FINANCIAL PLANNING AND CONSULTING SERVICES (STAND-ALONE)
    Korving & Co.’s financial planning and consulting fees are negotiable but generally range from
    $1,500 to $10,000 on a fixed fee basis, or $250 on an hourly rate basis, depending upon the level
    and scope of the services required. We generally require at least $250 to be paid in advance, with
    the remainder due upon completion of the engagement and delivery of the advice or financial plan.

B. Clients agree to have Korving & Co.’s advisory fees deducted from their custodial account. Both
   Korving & Co.’s Investment Advisory Agreement and the custodial/clearing agreement authorize
   the custodian to debit the account for the amount of Korving & Co.’s investment advisory fee and
   to directly remit that fee to Korving & Co. in compliance with regulatory procedures. In the limited
   event that Korving & Co. bills the client directly, payment is due upon receipt of the invoice.
   Korving & Co. deducts fees or bills clients quarterly in advance, based on the market value of the
   assets on the last business day of the previous quarter or the beginning value of a new account.

C. Unless the client directs otherwise or an individual client’s circumstances require, Korving & Co.
   generally recommends that Charles Schwab & Co., Inc., and its affiliates (“Schwab”) serve as the
   broker-dealer/custodian for client investment advisory assets. Broker-dealers such as Schwab
   charge transaction fees for executing certain securities transactions according to their fee schedule
   and they or their affiliated or unaffiliated custodians also impose additional charges for custodial
   services and other fees associated with maintaining the client’s account. Without limiting the
   foregoing, clients may also be required to pay certain charges and administrative fees related to
   their investment advisory accounts, including, but not limited to transaction charges, (including
   mark-ups and mark-downs) prime brokerage fees resulting from trades executed through or with a
   broker-dealer other than the designated broker-dealer/custodian, transfer taxes, transfer or wiring
   fees, odd lot differentials, exchange fees, interest charges, American Depository Receipt agency
   processing fees, and any charges, taxes or other fees mandated by any federal, state or other
   applicable law or otherwise agreed to with regard to client accounts. For mutual fund and ETF
   purchases, clients will incur charges imposed by the respective fund, which represent the client’s
   pro rata share of the fund’s management fee and other fund expenses. These fees and expenses are

         described in each fund’s prospectus or other offering documents. Korving & Co. does not share in
         those funds or expenses.

   D. Korving & Co.’s annual investment advisory fee is paid quarterly, in advance, based on the market
      value of the assets on the last business day of the previous quarter or the beginning value of a new
      account, subject to time weighted adjustment in the following quarter for deposits and withdrawals
...

Item 7           Types of Clients

         Korving & Co.’s clients generally include individuals, high net worth individuals, pensions, and
         profit sharing plans. Korving & Co. does not impose any mandatory requirements for opening or
         maintaining investment advisory accounts.