Murphy Middleton Hinkle & Parker Inc

FEES & COMPENSATION

     Portfolio Management

     Portfolio management is provided on an asset-based fee arrangement. Our management fee is
     calculated based on the aggregate market value of your account on the last business day of the
     previous calendar quarter multiplied by one-fourth of the corresponding annual percentage
     rate (i.e., 1.50% ÷ 4 = 0.375%).

     We retain discretion to negotiate the management fee under 1.50% on a client-to-client basis
     depending on the size, complexity, and nature of the portfolio managed.

     7   All information provided by and to you will be kept entirely confidential. Such information will be disclosed to third parties only with
         mutual written consent or as may be permitted by law.

Form ADV: Part 2A                                                                                                 Murphy, Middleton, Hinkle & Parker, Inc.
© eAdvisor Compliance, Inc. – Disclosure Brochure Design Layout. www.eAdvisorCompliance.com

                                                                                                            DISCLOSURE BROCHURE

     Generally, fee breaks occur as assets in your portfolio increase past the following tiers:

                                                                                                 Annual Fee
                            Account Value                                                           Rate
                                                                                                  Not to Exceed

                            Equity and Balanced Portfolio Accounts
                               Amounts up to $200,000 .....................................        1.50%
                               From $200,001 to $1,000,000 ..............................          1.25%
                               From $1,000,001 to $5,000,000 ............................          1.00%
                               Over $5,000,000 ..............................................      0.75%
                            Fixed Income Portfolio Accounts
                               Regardless of Account Size..................................      Negotiable

     We generally require a minimum initial investment of $200,000 to open a managed account;
     however, we retain the right to waived or reduced this minimum if we feel circumstances are
     warranted.

         Protocols for Portfolio Management

         The following protocols establish how we handle our portfolio management accounts and
         what you should expect when it comes to: (i) managing your account; (ii) withdrawing funds
         from your account(s); (iii) your bill for investment services; (iv) other fees charged to your
         account(s); and, (iv) termination.

             Discretion
             We will establish discretionary trading authority on all management accounts to execute
             securities transactions at anytime without your prior consent or advice.

             At anytime however, you may impose restrictions, in writing, on our discretionary
             authority (i.e., limit the types/amounts of particular securities purchased for your account,
             exclude the ability to purchase securities with an inverse relationship to the market, limit
             our use of leverage, etc.)

             Billing
             Your account will be billed quarterly in arrears based on the above fee arrangements. For
             new managed accounts opened in mid-quarter, our fee will be based upon a pro-rata
             calculation of the fair market value of your assets managed for the period.

             Advisory fees will be deducted first from any money market funds or cash balances. If such
             assets are insufficient to satisfy payment of such fees, a portion of the account assets will
             be liquidated to cover the fees. Such liquidation may affect the relative balances of the
             account.

             Withdrawals
             For assets you may withdrawal during the quarter, we do not make partial refunds of your
             quarterly portfolio management fee. Any withdrawal of assets from your portfolio may
             require modifications and adjustments to be made in the account to correct your allocation
             of assets.

Form ADV: Part 2A                                                                                  Murphy, Middleton, Hinkle & Parker, Inc.
© eAdvisor Compliance, Inc. – Disclosure Brochure Design Layout. www.eAdvisorCompliance.com

                                                                                                         DISCLOSURE BROCHURE

             Fee Exclusions
             The above fees for all of our management services are exclusive of any charges imposed by
             the custodial firm including, but not limited to: (i) any Exchange/SEC fees; (ii) certain
             transfer taxes; (iii) service or account charges, including, postage/handling fees, electronic
             fund and wire transfer fees, auction fees, debit balances, margin interest, certain odd-lot
             differentials and mutual fund short-term redemption fees; and (iv) brokerage and
             execution costs associated with securities held in your managed account. There can also
             be other fees charged to your account that are unaffiliated with our management services.

             In addition, all fees paid to us for portfolio management services are separate from any
             fees and expenses charged on mutual fund shares by the investment company or by the
             investment advisor managing the mutual fund portfolios. These expenses generally include
             management fees and various fund expense, such as: redemption fees, account fees, and
             purchase fees may occur but are the exception within managed accounts at institutional
...

TYPES OF CLIENTS

     The types of clients we offer advisory services to are described above under “Who We Are” in
     the Advisory Business section. Our minimum account size for portfolio management is
     disclosed above under “Portfolio Management” in the Fees & Compensation section of this
     Brochure.