Merrion Investment Management Co LLC

Item 5 Fees and Compensation
Investment Advisory Services
For its individually managed accounts, MIMCo charges a management fee on a percentage basis,
derived from the assets under management. The fee structure is expressed on an annualized basis
with fees being collected quarterly in advance. Fees are deducted from the client account by the
qualified account custodian, pursuant to written authorization by the client, and payment of the fee is
reflected in the custodian's statement. Fees are charged in advance based on the market value of
assets on the last trading day of each prior calendar quarter. In any partial calendar quarter, fees are
prorated based on the number of days in which the account is open during the quarter.

Investment management fees are typically 1% of assets under management. These fees may be
negotiable under certain circumstances, at the sole discretion of the firm. Where clients may incur
additional expense from brokerage-based activities, clients should be aware that all custodial and
execution fees remain separate and distinct from those fees charged by MIMCo for its asset
management services.

MIMCo and/or clients may terminate the account agreement, in whole or in part, at any time with 30
days written notice. Upon termination, any fees paid in advance will be prorated to the date of
termination and any excess shall be refunded to clients. Client agreements with MIMCo remain non-
transferable unless consented-to in writing by 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. These charges and fees are typically imposed by
the broker-dealer or custodian through whom your account transactions are executed. We do not
share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or
custodian. To fully understand the total cost you will incur, you should review all the fees charged by
mutual funds, exchange traded funds, our firm, and others. For information on our brokerage practices,
refer to the Brokerage Practices section of this brochure.

Item 7 Types of Clients
MIMCo investment management services are primarily offered to individuals, family trusts, and non-
profit organizations. MIMCo also offers investment management services to pension and profit sharing
plans, corporations, investment advisers and institutional investors. Due to the nature of the firm's
investment strategy, the firm prefers that investment management clients maintain a minimum
relationship size of $250,000.00. However, this minimum remains negotiable at the sole discretion of
the firm.