Mundoval Capital Management Inc

Item 5: Fees and Compensation
Method of Compensation and Fee Schedule
 ASSET MANAGEMENT
 Mundoval Capital offers discretionary direct asset management services to advisory
 Clients. Mundoval Capital charges an annual investment advisory fee based on the total
 assets under management as follows:
      Assets Under Management           Maximum Annual Fee              Quarterly Fee
              All Assets                      1.00%                        0.25%
 The annual fee is negotiable based upon certain criteria (e.g., historical relationship, type of
 assets, anticipated future earning capacity, anticipated future additional assets, dollar
 amounts of assets to be managed, related accounts, account composition, negotiations with
 Clients, etc.).
 Fees are billed quarterly in advance based on the amount of assets managed as of the close
 of business on the last business day of the previous quarter. Lower fees for comparable
 services may be available from other sources. Clients may terminate their account within
 five (5) business days of signing the Investment Advisory Agreement with no obligation
 and without penalty. After five (5) business days, the Client may cancel by providing
 written notice to Mundoval Capital and Mundoval Capital may terminate advisory services
 with thirty (30) days written notice to the Client. For accounts opened or closed mid-billing
 period, fees will be prorated based on the days services are provided during the given
 period. All unpaid earned fees will be due to Mundoval Capital. Additionally, all unearned
 fees will be refunded to the Client. Client shall be given thirty (30) days prior written notice
 of any increase in fees. Any increase in fees will be acknowledged in writing by both parties
 before any increase in said fees occurs.
 ERISA PLAN SERVICES
 The annual fees are based on the market value of the Included Assets and will not exceed
 1%. The annual fee is negotiable and may be charged as a percentage of the Included Assets
 or as a flat fee. Fees may be charged quarterly or monthly in arrears or in advance based on
 the assets as calculated by the custodian or record keeper of the Included Assets (without
 adjustments for anticipated withdrawals by Plan participants or other anticipated or
 scheduled transfers or distribution of assets). If the services to be provided start any time
 other than the first day of a quarter or month, the fee will be prorated based on the number
 of days remaining in the quarter or month. If this Agreement is terminated prior to the end
 of the billing cycle, Mundoval Capital shall be entitled to a prorated fee based on the
 number of days during the fee period services were provided or Client will be due a
 prorated refund of fees for days services were not provided in the billing cycle.
 The fee schedule, which includes compensation of Mundoval Capital for the services is
 described in detail in Schedule A of the ERISA Plan Agreement. The Plan is obligated to pay

 the fees, however the Plan Sponsor may elect to pay the fees. Client may elect to be billed
 directly or have fees deducted from Plan Assets. Mundoval Capital does not reasonably
 expect to receive any additional compensation, directly or indirectly, for its services under
 this Agreement. If additional compensation is received, Mundoval Capital will disclose this
 compensation, the services rendered, and the payer of compensation. Mundoval Capital
 will offset the compensation against the fees agreed upon under the Agreement.
Client Payment of Fees
 Fees for asset management services are deducted from a designated Client account to
 facilitate billing or they may pay Mundoval Capital directly. The Client must consent in
 advance to direct debiting of their investment account.
 Fees for ERISA services will either be deducted from Plan assets or paid directly to
 Mundoval Capital.
Additional Client Fees Charged
 Custodians may charge transaction fees on purchases or sales of certain mutual funds,
 equities, and exchange-traded funds. These charges may include mutual fund transaction
 fees, postage and handling and miscellaneous fees.
 For more details on the brokerage practices, see Item 12 of this brochure.
Prepayment of Client Fees
 Mundoval Capital does not require any prepayment of fees of more than $1200 per Client
 and six months or more in advance.
 Investment management fees are billed quarterly in advance.
 Fees for ERISA 3(21) services may be billed in advance.
 If the Client cancels after five (5) business days, any unearned fees will be refunded to the
 Client, or any unpaid earned fees will be due to Mundoval Capital.

External Compensation for the Sale of Securities to Clients
 Mundoval Capital is the advisor of the Mundoval Fund, an affiliated, a no-load, mutual fund
 that invests in common stocks of domestic and foreign companies that Mundoval Capital
 believes to have long term potential for capital appreciation. Mundoval Capital has
 responsibility for the management of The Mundoval Fund’s affairs, under the supervision
 of the Mundoval Fund’s Board of Trustees.
 Assets held in the Mundoval Fund are charged by the fund only and are not aggregated
 with separately managed account assets also managed by Mundoval Capital. Mundoval
 Capital receives an investment management fee at an annual rate equal to 1.50% of the
 average daily net assets of the Mundoval Fund. Mundoval Capital has agreed to waive,
 without recoupment, a portion of its management fee (the “Fee Waiver”) so that the
 management fee, on an annual basis, does not exceed (i) 1.25% of the Mundoval Fund’s
 average daily net assets greater than $25 million and up to and including $75 million, and
 (ii) 1.00% of the Mundoval Fund’s average daily net assets greater than $75 million. The
 Fee Waiver will automatically terminate on April 30, 2024 unless it is renewed by
 Mundoval Capital. Mundoval Capital may not terminate the Fee Waiver before April 30,
...

Item 7: Types of Clients
Description
 Mundoval Capital generally provides investment advice to individuals, trusts, estates,
 charitable organizations, corporations or other business entities, pension and profit-
 sharing plans, and investment companies. Client relationships vary in scope and length of
 service.
Account Minimums
 Mundoval Capital requires a minimum of $250,000 to open an account. In certain instances,
 the minimum account size may be lowered or waived.