Lebenthal Global Advisors LLC

Item 5 Fees and Compensation
Our Services are offered on a fee only basis. Fees for our wrap fee program are described in the Lebenthal
Global Advisors Program Brochure (the Appendix I) which is available upon request.

Wrap Fees for Portfolio Management Services
Our annual wrap fee for portfolio management services (referred to as Program Fee below) varies depending
upon the market value of your assets under our management, the type and complexity of the asset management
services provided, as well as the level of administration requested either directly or assumed by the
client. Our Program Fee is made up of an advisory fee and a platform fee, both of which are negotiable and will
be memorialized in the advisory agreement you enter into with us.

The maximum advisory fee that can be assessed is 2.00% and the maximum platform fee that can be assessed is
0.40%. Thus, the maximum Program fee that you could ever be charged is 2.40%. However, our clients are
typically charged a total Program fee that ranges between 1.00% and 1.50%. Assets in each of your account(s)
are included in the fee, unless excluded by written acknowledgement.

Depending on the asset value of your account(s), our Program fee will be assessed either on a single flat fee basis
or on a blended tiered fee basis; whichever is most favorable to you. Accounts with a value of $800,000 or less,
will typically be charged a single flat fee basis. Accounts with a value of more than $800,000 will typically be
charged on a blended tiered fee basis. For a better understanding of a flat fee basis and a blended fee basis, please
see the examples below. Please note these examples are for illustrative purposes only.

                                            For Illustrative Purposes Only
                    (All agreed upon fee schedules will be provided in the Advisory Agreement)
A flat fee basis is when a single fee rate is assessed against the total value of your account. For example, an
account with a balance of $500,000 would pay 1.25% (1.00% advisory fee+ 0.25% platform fee) on the entire
balance of $500,000. When assessing a fee on blended tiered basis, different fee rates will be applied to different
asset tiers. Using the same 1% advisory fee cited in the example above, an account containing a balance of
$1,000,000 would pay 1.40% on the first $100,000 of the client's account balance; 1.35% on the next $150,000 of
the client's balance; 1.25% on the next $250,000 of the client's balance; and 1.15% on the remaining $500,000 of
the account balance.

Our blended tiered Program Fees are determined as follows:

                                                        Maximum          Maximum
Value of Account                                        Annual           Advisory     Platform
                           Account Size Range
Assets                                                  Program Fee      Fee          Fee
Upto                       $100,000                     2.40%            2.00%        0.40%
Next $150,000              $100,001 - $250,000          2.35%            2.00%        0.35%
Next $250,000              $250,001 - $500,000          2.25%            2.00%        0.25%
Next $500,000              $500,001 - $1,000,000        2.15 %           2.00%        0.15 %
Next $4,000,000            $1,000,001 - $5,000,000      2.12%            2.00%        0.12%
Assets over $5,000,000     $5,000,0001 and up           2.05%            2.00%        0.05%

Our Program Fee is billed and payable, quarterly in advance, based on the balance of your account at end of the
previous billing period. If the Program 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.

Should either one of us terminate the advisory agreement we have entered before the end of a billing period, any
unearned fees that were deducted from your account will be returned to you by us. The amount refunded to you is
calculated by dividing the most recent advisory fee you paid by the total number of days in the quarter. This daily
fee is then multiplied by the number of calendar days in the quarter that our agreement was in effect. This
amount, which equals the amount we earned for the partial quarter, is subtracted from the total fee you paid in
advance to determine your refund.

We require that you authorize us in writing to direct your custodian to pay our investment advisory fees directly
to us by charging your account. This authorization is set forth in the investment advisory agreement you will
execute to retain our services.

Your custodian will provide you with statements that show the amount of the advisory fees paid directly to us.
Your custodian does not verify the accuracy of our fee calculations so please review your statements carefully.

Our fees may be higher or lower than the fees charged by other advisors for similar services.

The Program Fee covers the consulting services provided by the Advisory Representative, the advisory services
provided by LGA and our affiliated third-party asset manager, program administrative services, execution of
transactions and custodial services through the custodian named in the agreement (unless otherwise agreed
between the custodian and the client).

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in mutual
funds and exchange traded funds. The fees that you pay to our firm for investment advisory services are separate
and distinct from the fees and expenses charged by mutual funds or exchange traded funds (described in each
fund's prospectus) to their shareholders. These fees will generally include a management fee and other fund
expenses. You will also incur transaction charges and/or brokerage fees when purchasing or selling securities.
...

Item 7 Types of Clients
We provide advisory services primarily to individuals, high net-worth individuals and their families, including
their trusts, estates and retirement accounts. We also provide services to small businesses, including their pension
and profit sharing plans.

We do not impose a minimum investment account size to start and maintain an advisory relationship with us.
However, we have the right to terminate your Account if it falls below a minimum size which, in our sole
opinion, is too small to manage effectively.