Longbow Asset Management

Item 5. Fees and Compensation
A) Our standard fee is an annual percentage of the market value of the client account. At the end of each
   quarter, the firm calculates in arrears the portfolio’s asset management fee using market values for the last
   day of the calendar quarter as determined by the portfolio’s custodian or a third party pricing service such
   as Interactive Data Corporation (IDC).

    The firm's standard annual fee rate is 1%. The fee is negotiable. In some cases, depending on
    circumstances, the firm may agree to be compensated by a fixed fee or by a custom tiered fee schedule.

    A client’s specific fee schedule is established in the client’s written investment advisory agreement with
    our firm.

B) Clients may choose to either authorize our firm to debit our management fee directly from an investment
   account or to pay by check, according to preference. Clients select their billing method with Longbow at
   the beginning of the investment advisory relationship and may change it at any time.

    Billing will commence as of the date of the investment advisory agreement between the client and the firm.
    Generally, households with more than $250,000 in assets are billed quarterly while those with less than this
    amount are billed semi-annually.

C) Longbow’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and
   expenses, which shall be incurred by the client. Clients may incur certain charges imposed by custodians,
   brokers-dealers and other third parties. Mutual funds and exchange traded funds charge internal
   management fees, which are disclosed in a fund’s prospectus. Such charges, fees, and commissions are
   incurred directly by the client.

D) Clients do not pay any fees in advance.

E) Longbow does not compensate its employees for the sale of securities or other investment products.

Item 7. Types of Clients
Longbow’s manages accounts for individuals, families, trusts, endowments, corporations, individual retirement
accounts (IRAs), 401(k) Plans, other retirement plans, 529 Plans, custodial accounts, other organizational accounts,
and charitable accounts.

The minimum account size for opening an account with Longbow is $250,000. Our firm may waive this minimum
based on circumstances including, but not limited to the total assets managed for a household, age, and the future
earnings potential of a client.