Marino Stram and Associates LLC

Item 5 – Fees and Compensation
The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client shall enter into one or more agreements that detail the responsibilities of MSA Financial and
the Client.

A. Fees for Advisory Services
Investment Management Services
Investment advisory fees are paid quarterly, in advance of each calendar quarter, pursuant to the terms of the
investment advisory agreement. Investment advisory fees are charged at an annual rate of up to 1.50% and based
on the market value of assets under management at the end of the prior quarter. Relationships with multiple
objectives, specific reporting requirements, portfolio restrictions and other complexities may be charged a higher
fee.

In the event that a deposit in excess of $50,000 occurs mid-quarter, the fee for that quarter will be recalculated at
quarter-end and the account[s] will be billed a second fee pro-rata, in arrears, based on the additional deposits.
In the event that a withdrawal in excess of $50,000 occurs mid-quarter, the fee for that quarter will be
recalculated at quarter-end and the account will be refunded the pro-rata fee that was attributable to the amount
of the withdrawal.

The investment advisory fee in the first quarter of service is prorated from the inception date of the account[s] to the
end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into
consideration the aggregate assets under management with the Advisor. All securities held in accounts managed
by MSA Financial will be independently valued by the Custodian. The Advisor will conduct periodic reviews of the
Custodian’s valuation to ensure accurate billing.

Managed Accounts Programs – Fees for Clients participating in managed accounts programs may also include
MSA Financial’s investment advisory fee above plus the Program Sponsor’s Fee.
                                              Marino, Stram & Associates, LLC
                                                      d/b/a MSA Financial
                                  25 Braintree Hill Park, Suite 303, Braintree, MA 02184-8716
Page 7                                    Phone: 781-843-3500 Fax: (781) 843-3530
                                                     http://www.msaplan.com

Retirement Plan Advisory Services
Fees for retirement plan advisory services are charged an annual asset-based fee of up to 1.00%. Fees may be
negotiable depending on the size and complexity of the Plan.

Financial Planning and Consulting Services
MSA Financial offers financial planning or consulting services on an hourly basis ranging from $100 to $1,000 per
hour or on a fixed fee basis ranging from $1,000 to $5,000. Fixed fee engagements are offered based on the
expected effort and duration at the Advisor’s hourly rate. Fees may be negotiable depending on the nature and
complexity of each Client’s circumstances. An estimate for total hours and/or costs will be provided to the Client
prior to engaging for these services. A discount of 50% may be offered for current or former employees of Verizon.

The Advisor’s fee is exclusive of, and in addition to, any applicable securities transaction and custody fees, and
other related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the
Advisor shall not receive any portion of these commissions, fees, and costs.

Financial Institution Consulting Services
MSA Financial receives a consulting fee based on the assets under MSI’s management from Brokerage Customers
who have provided written consent to MSI to receive the consulting service from MSA Financial. The consulting fee
is calculated from the assets under MSI’s management as of the end of a calendar quarter period. The initial fee is
paid only after the completion of one full calendar quarter period following the date of the executed agreement with
MSI.

B. Fee Billing
Investment Management Services
Investment advisory fees will be calculated by the Advisor or its delegate and deducted from the Client account[s] at
the Custodian. The Advisor or its delegate shall send an invoice to the Custodian indicating the amount of the fees
to be deducted from the Client’s account[s] at the respective quarter-end date. The amount due is calculated by
applying the quarterly rate (annual rate divided by the number of days in the year, multiplied by the number of days
in the quarter) to the total assets under management with MSA Financial at the end of the prior quarter. Clients will
be provided with a statement, at least quarterly, from the Custodian reflecting deduction of the investment advisory
fee. It is the responsibility of the Client to verify the accuracy of these fees as listed on the Custodian’s brokerage
statement as the Custodian does not assume this responsibility. Clients provide written authorization permitting
advisory fees to be deducted by MSA Financial directly from their accounts held by the Custodian as part of the
investment advisory agreement and separate account forms provided by the Custodian.

Managed Accounts Programs – Clients participating in a managed accounts program or referred to unaffiliated
money managers or investment advisors will be billed in accordance to the investment advisory agreement with the
respective Program Sponsor or advisor. Program Sponsors may add MSA Financial’s investment advisory fee and
deduct the overall fee from the Client’s account[s] or bill separately.

Retirement Plan Advisory Services
Retirement plan advisory services are calculated by the Advisor and either deducted from the accounts of the Plan
Participants or invoiced and paid directly by the Plan Sponsor pursuant to the terms of the retirement plan advisory
agreement.

Financial Planning and Consulting Services
Financial planning and consulting fees are invoiced upon completion of the agreed upon deliverable[s] and are due
...

Item 7 – Types of Clients
MSA Financial provides investment advisory services to individuals, high net worth individuals, trusts, estates,
business entities, retirement plans, and financial institutions. The amount of each type of Client is available on
the Advisor's Form ADV Part 1A. These amounts may change over time and are updated at least annually by the
Advisor. MSA Financial generally does not impose a minimum size for establishing a relationship.