MWA Investments LLC

Fees and Compensation

        Fees are billed on a quarterly basis in arrears in compliance with the trust instrument or the standard fee
schedule shown below.

STANDARD FEE SCHEDULE (effective January 1, 2026)

Minimum Annual Fees, billed quarterly:

 1st $1.75 Million of Assets:
  Debt investments (including cash)                     .5 of 1% of principal
  Equity investments                                    0.8 of 1% of principal

 2nd $1.75 Million of Assets:
  Debt investments (including cash)                     .25 of 1% of principal
  Equity investments                                    .3 of 1% of principal

 Next $1.5 Million of Assets:
  Debt investments (including cash)                     .18 of 1% of principal
  Equity investments                                    .26 of 1% of principal

 Over $5,000,000 of Assets:
  Debt investments (including cash)                     .16 of 1% of principal
  Equity investments                                    .25 of 1% of principal

          All fees calculated based upon the schedule above or the trust instrument shall comprise the entire amount
due for both trust services and advisory services. Each trustee and the Company shall divide the fees earned from
their respective services as per a written agreement between them. The standard division between the trustee and
the Company is 75% of the fee to the Company and 25% of the fee to the trustee, although the trustee and the
Company may agree as to different percentages. Advisory services include, by are not limited to, investment
management, asset allocation, the purchase and sale of investments for a trust, the rendering of investment advice to
the trustee, and various other activities of an investment nature. Trust services include, but are not limited to,
interpretation of the trust instrument, contact with a trust’s grantor and/or beneficiaries, ensuring that all tax filings
are timely made, and various other activities that the Company considers work of a legal nature. In no event,
however, shall the fee for investment advisory services exceed the Company’s proportion of the fee calculated
above. Time will be kept and reviewed annually regarding trust services. Where time substantially exceeds the
annual fees paid for trust services, the excess may be billed. Any out-of-pocket expenses required in trust
administration will be billed. In the event of a partial quarter of trust administration, the fee calculated shall be
reduced by the proportion of the quarter that no trust administration occurred. If the assets to be managed exceed
$5,000,000.00, the Company, after consultation with the trustee, may consider negotiation of the minimum fee
schedule.

         Besides the administration fees calculated above, clients will also be responsible for transaction fees
charged in purchase and sale of securities, as well as the expenses charged by mutual funds in the event that mutual
funds are purchased for the trust. The trust administration fees cited above do not include the costs of tax
preparation, which shall be borne by the trust as a separate expense. All of these costs shall be borne by the trust
and not the beneficiaries or the trust’s grantor. Please see Brokerage Practices below for more details.

          The following example is meant for explanatory purposes only and should not be considered an offer of
services or to be used for any other purpose. An example of the fee calculation is as follows: If a trust is comprised
of $500,000 in equity investments and $500,000 in debt investments, the fee would be $4,000 for the equities and
$2,500.00 for the debt investments for a year. Since fees are calculated and paid on a quarterly basis, the yearly fee
is divided by 4: $4,000.00/4 = $1,000.00 and $2,500.00/4 = $625.00. The total quarterly fee, then, is $1,625.00.
If the agreement with a trustee is that the trustee will receive 25% of the fee calculated, then the trustee would
receive $406.25, and the Company would receive $1,218.75. If services were performed for only 50% of a quarter,
the fee calculated would be reduced by 50% to $812.50.

          The Company’s policy regarding custody is simply that it will not undertake to maintain custody of any
client assets. More particularly, the Company enters into a written agreement with the custodian of the trust assets
that prohibits the custodian from delivering any securities or funds to the Company except fees, the client agrees to
the payment of fees from the trust, the statements of fees owed are prepared so that the assets on which the fees are
based is calculable as well as the manner of calculation, and the custodian sends reports on a quarterly basis directly
to the clients which show all of the disbursements made. Clients are granted a reasonable period to object to any
fee incurred. Fees, then, are typically deducted directly from the client’s account. The Company may agree to the
direct billing of a client if requested.

         The Company receives no compensation for the sale of securities or any other investment products.

Performance-Based Fees and Side-By-Side Management

         The Company does not receive performance-based fees, nor does it engage in Side-By-Side Management.

Types of Clients

          The Company's clients are typically trusts and high net worth individuals. These trusts are usually created
by high-net-worth individuals as well. Because the Company does not solicit this business, it is not an investment
advisor to pension plans or investment companies. The Company will usually not undertake to serve as an
investment advisor for a trust or account that consists of less than $2,000,000.00, although it will occasionally serve
as an investment advisor of a smaller trust or account when the client relationship that has been developed from Mr.
Alley's legal practice warrants such.

Methods of Analysis and Investment Strategies

           Initially, a proper asset allocation for the trust must be determined. Such a determination is made by
consultation with the grantor at the time the trust instrument is created, or by consultation with beneficiaries of a
trust if the grantor is not available, if applicable. However, in all cases the intent of the grantor as expressed by the
trust instrument is paramount. A client's investment risk tolerance and their need for income and principal is
considered in the development of the proper asset allocation. General targets for the proper proportions of equities,
fixed income investments and cash reserves are set in consultation with the client.

          Equity investment is performed by engaging in both a macro analysis of the general economy as well as an
analysis of individual equities. The macro analysis serves to help determine which sectors of the stock market to
avoid and which to overweight. Macro analysis also helps with respect to the proper balance among fixed income
investments, cash reserves and equities. Equity selection is based upon a fundamental analysis of the stock in
question. Typically, equities with strong balance sheets, superior management, and above average earnings growth
potential are considered for investment. Often, these companies are the leaders in their respective fields, and they
are difficult to displace by competitors. Most of the equities purchased are large and middle capitalization in size
since the information necessary to monitor their progress is readily available. Most of these stocks are found in the
United States, but high-quality foreign companies that conform to American accounting rules may be considered.
Companies that pay a solid and growing dividend are also given preference. The equity investments are diversified
so that a trust usually has no more than 5% in a particular stock. Unless directed by the client or market conditions
are unfavorable, a position in a single equity that comprises more than 10% of all the stocks in a trust will be
reduced. While individual stocks are usually held, exchange-traded funds and mutual funds may be purchased on a
limited basis to provide exposure to emerging markets, broad foreign markets, or small capitalization stocks if
appropriate. Equities are purchased based upon valuation studies that are performed, and so long as the stock
continues to perform as expected, it may be held for many years, or perhaps decades. Equities are not purchased or
sold for the purposes of market-timing or trading.

          The primary focus of fixed-income investment is to provide a stable source of income at the lowest risk
possible. Fixed income investments are organized into a "ladder" of various maturities that run from five to thirty
years in length. If possible, approximately equal amounts of bonds are purchased in each maturity so that a certain
amount of bonds will mature every year. This process of "laddering" reduces the risk of changing interest rates and
provides funds for reinvestment. Bonds must have a rating of "A" or better to be eligible for purchase. If a bond is
downgraded to below an "A" rating, it may be held so long as the underlying quality of the investment is
undamaged. Non-investment grade bonds will not be purchased. The decision as to whether to utilize municipal
bonds, obligations of the United States Government or its agencies, or corporate bonds is made after consideration
of the needs of the client and tax considerations. Bond funds and preferred stock issues are not used.

         Cash reserves generally fall between 2-10%. Higher or lower percentages of cash may be held depending
upon the principal requirements of the client, prevailing interest rates on cash, and the macro analysis of the
economy discussed above.

         The investment in equities, bonds and other investments always entails a risk that all of the investment’s
principal will be lost. The Company attempts to minimize those losses through thorough research by choosing

investments that have low individual risk.    The Company cannot guarantee that losses will not occur.

Disciplinary Information/Arbitration Claims/Civil Claims

          The Company has no disciplinary record, has not been found liable in an arbitration claim, nor has the
Company been involved in a civil proceeding, self-regulatory organization proceeding, or administrative proceeding,
so this section is not applicable.

Other Financial Industry Activities and Affiliations

          The Company is currently utilizing the services of Blue Ridge Bank (BRB) as the primary custodian of all
assets. Mr. Alley, the Company's principal, has no business or professional relationship with BRB. BRB is used by
the Company and the law firm as a custodian for trust assets for several reasons. First, purchases and sales of
securities may be aggregated to save costs. The Company has negotiated sharply reduced transaction costs for
equity sales and purchases (from 2 to 5 cents per share with a small minimum commission). Second, the interest
rates paid on uninvested cash are usually far higher than that paid by a broker. Third, BRB does not lend securities
for short sales, which is unlike many brokers. Overall, then, the use of BRB as a custodian is often both safer and
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