M&B Investment Advisors LLC

Item 5 – Fees and Compensation

Our Basic Fee Schedule

We offer our asset management and financial planning services as a wrap fee and a non‐
wrap fee program. Generally, assets managed by an agreed upon third party/independent
adviser are covered by a wrap fee arrangement. All other asset management services are
on a non‐wrap fee arrangement.

We charge fees in one of two ways:

   A. Fixed Fee: Clients pay a fixed fee in an amount agreed in advance and set forth in
      the Client Agreement.

   B. Percentage of Managed Assets:

   Our fees are the same for our wrap and non‐wrap fee arrangements. All fees are
   negotiable. In general, our fees are based on a percentage of assets we manage as
   follows:

                Assets Under Management                       Annual Fee

                     Up to $1,000,000                             1%

                     Next $4,000,000                            0.75%

                 Amount over $5,000,000                       Negotiable

For accounts in which we serve as the sub‐advisor for a third‐party money management
firm (see Item 5 – Sub‐Advisory Services), the above fee schedule would not include any
fees charged by third‐party money management firm.

Depending on the arrangements made at the inception of the engagement, we may agree
to bill our management fees in advance or arrears. Fees are billed quarterly based upon the
asset value as of the last day of the quarterly billing period for accounts billed in arrears or
the first day of the current quarterly billing period (or the initial value of the assets in the
case of the establishment of a new account) for accounts billed in advance.

Fee Payment Options

Our clients may select from two options to pay for our services:

   •   Direct debiting (preferred). For each quarterly billing period, we will notify your
       custodian of the amount of the fee due and payable to us through our fee schedule
       and contract. You and your custodian will see exactly how our requested fee is
       calculated and will be able to check the calculation. The custodian will deduct the
       fee from your account or, if you have more than one account, from the account you
       have designated to pay our advisory fees. Each month, you will receive a statement
       directly from your custodian showing all transactions, positions, and credits/debits
       into or from your account, including in applicable months the advisory fees you have
       been charged.

   •   Pay‐by‐check. For each quarterly billing period, we will send the client an invoice for
       our services. You will see exactly how our requested fee is calculated and you will
       be able to check the calculation. You may pay us by check or wire transfer.

Additional Fees and Expenses

Advisory fees payable to us do not include all the fees you will pay when we purchase or sell
securities for your account(s). The following list of fees or expenses are what you may pay
directly to third parties, whether a security is being purchased, sold, or held in your
account(s) under our management. Fees charged are by the broker‐dealer or custodian, not
M & B Investment Advisors, LLC. We do not receive, directly or indirectly, any of these fees
charged to you, except as noted above. They are paid to your broker, custodian or the
mutual fund or other investment you hold. Possible third‐party fees include:

   •   Brokerage commissions
   •   Transaction fees
   •   Exchange fees
   •   SEC fees
   •   Mutual fund sales loads or 12b‐1 fees
   •   Advisory fees and administrative fees charged by mutual funds and exchange traded
       funds
   •   Advisory fees charged by sub‐advisers (if any are used for your account)
   •   Custodial fees
   •   Deferred sales charges (on mutual funds or annuities)
   •   Odd‐lot differentials
   •   Deferred sales charges (charged by mutual funds)
   •   Transfer taxes
   •   Wire transfer and electronic fund processing fees

   •   Commissions or mark‐ups / mark‐downs on security transactions
   •   Insurance commissions and referral fees

Please see Item 12 of this brochure for further discussion of our brokerage practices.

Account Cancellation and Refunds

Client accounts may be cancelled at any time by either the client or M & B Investment
Advisors, LLC upon 15 days prior written notice.

For fees paid in advance, a refund will be due to you in the event your account is closed
before the end of the billing period for which fees were paid, after the fifteen‐day account
closure notice period. Refunds are calculated by dividing the number of days remaining in
the billing period after the 15‐day notice takes effect by the total number of days in the
billing period, times the total amount of fees that were collected in advance for that billing
period.

Sub‐Advisory Services

We offer sub‐advisory services to unaffiliated third‐party money management firms (the
“Primary Investment Advisor”). As part of these services, we will provide model portfolios,
which the Primary Investment Advisor and their client choose.

Item 7 – Types of Clients

We may provide our services to all types of clients, including among others the following:

   •   Individuals, including high net worth individuals

   •   Trusts, estates, and charitable organizations

   •   Corporations or other business entities

   •   Endowments and foundations

   •   Not for profit entities

   •   IRAs and Roth IRAs

   •   401(k) plans (or individuals' accounts in such plans)

   •   403(b) plans (or individuals' accounts in such plans)

There is no minimum account size required to open an account or to maintain an account
once opened.

Under certain Department of Labor fiduciary regulations which were originally scheduled to
become effective on April 10, 2017, our firm, and all our supervised persons, are deemed to
be fiduciaries with respect to all clients who are ERISA plans, ERISA plan participants, and/or
owners of Individual Retirement Accounts (IRAs) – referred to generally as “Retirement
Investors.” ERISA refers to the Employee Retirement Income Security Act of 1974. While
the effectiveness of these regulations has now been postponed, and they may or may not
become effective, we have always been deemed to be fiduciaries to all or our clients (both
Retirement Investors and all others) under existing federal and state securities laws and will
continue to govern ourselves accordingly.