Mount Tamalpais Asset Management LLC

Item 5: Fees and Compensation
  A. Fee Schedule

    Lower fees for comparable services may be available from other sources.

    Portfolio Management Fees

                Total Assets Under Management          Annual Fees
                $0 - $2,000,000                        1.00%

                $2,000,001 - $5,000,000                0.75%

                $5,000,001 - AND UP                    0.50%

    The advisory fee is calculated using the value of the assets in the Account on the
    last business day of the prior billing period. The fee schedule is a blended tier fee
    schedule.

    The final fee schedule will be memorialized in the client’s advisory agreement.
    Clients may terminate the agreement without penalty for a full refund of TAM's fees
    within five business days of signing the Investment Advisory Contract. Thereafter,
    clients may terminate the Investment Advisory Contract immediately upon written
    notice.

   Private Placements/ Limited Partnerships

               Total Assets Under Management           Annual Fees
               $0 - $2,000,000                         1.00%

               $2,000,001 - $5,000,000                 0.75%

               $5,000,001 - AND UP                     0.50%

   The advisory fee for private placements/limited partnerships is calculated using
   the value of the assets in the Account on the last business day of the prior billing
   period. The fee schedule is a blended tier fee schedule.

   The final fee schedule will be memorialized in the client’s advisory agreement.
   Clients may terminate the agreement without penalty for a full refund of TAM's fees
   within five business days of signing the Investment Advisory Contract. Thereafter,
   clients may terminate the Investment Advisory Contract immediately upon written
   notice.

B. Payment of Fees

   Payment of Portfolio Management Fees

   Asset-based portfolio management fees are withdrawn directly from the client's
   accounts with client's written authorization on a quarterly basis. Fees are paid in
   advance.

   Payment of Private Placements/ Limited Partnerships

   Asset-based private placements/limited partnerships fees are withdrawn directly
   from the client's accounts with client's written authorization on a quarterly basis.
   Fees are paid in advance.

C. Client Responsibility for Third Party Fees

   Clients are responsible for the payment of all third-party fees (i.e. custodian fees,
   brokerage fees, mutual fund fees, transaction fees, etc.). Those fees are separate
   and distinct from the fees and expenses charged by TAM. Please see Item 12 of
   this brochure regarding broker-dealer/custodian.

D. Prepayment of Fees

   TAM collects fees in advance. Refunds for fees paid in advance but not yet
   earned will be refunded on a prorated basis and returned within fourteen days to
   the client via check or return deposit back into the client’s account.

       For all asset-based fees paid in advance, the fee refunded will be equal to the
       balance of the fees collected in advance minus the daily rate* times the number
       of days elapsed in the billing period up to and including the day of termination.
       (*The daily rate is calculated by dividing the annual asset-based fee rate by 365.)

   E. Outside Compensation for the Sale of Securities to Clients

       Michael Anthony Bristow in his outside business activities (see Item 10 below) is
       licensed to accept compensation for the sale of investment products to TAM
       clients. This presents a conflict of interest and gives the supervised person an
       incentive to recommend products based on the compensation received rather
       than on the client’s needs. When recommending the sale of securities or
       investment products for which the supervised persons receive compensation, TAM
       will document the conflict of interest in the client file and inform the client of the
       conflict of interest. Clients always have the right to decide whether to purchase
       TAM -recommended products and, if purchasing, have the right to purchase those
       products through other brokers or agents that are not affiliated with TAM.

       Commissions are not TAM's primary source of compensation for advisory services.
       Advisory fees that are charged to clients are not reduced to offset the commissions
       or markups on securities or investment products recommended to clients.

Item 7: Types of Clients
TAM generally provides advisory services to the following types of clients:

       ❖      Individuals
       ❖      High-Net-Worth Individuals

There is no account minimum for any of TAM’s services.