Note Advisors LLC

Item 5:      Fees and Compensation

      A.     Fees Charged

      All investment management clients will be required to execute an Investment Management
      Agreement that will describe the type of management services to be provided and the fees,
      among other items. Clients are advised that they may pay fees that are higher or lower than
      fees they may pay another advisor for the same services and may in fact pay lower fees for
      comparable services from other sources. Clients are under no obligation at any time to engage
      or to continue to engage, Note Advisors for investment services.

      Financial Planning and Wealth Coaching

      Hourly: For clients needing advice with a limited scope, financial planning services can be done
      on an hourly basis. Hourly rates range from $150 – $350 for all investment professionals at
      Note Advisors. The professional working on the assignment, as well as, the hourly rates is
      dependent upon a number of factors, most importantly the complexity of the assignment and the
      availability of professionals. An estimate of total hours to complete the assignment will be
      determined at the start of the engagement. Generally, fifty percent (50%) of this estimate will
      be payable upon signing the Financial Planning Agreement. The hourly rates stated are
      guidelines. Fees may be higher or lower than this range, based on the nature of the
      engagement. Fees are negotiable and will depend on the anticipated complexity of your plan.

      Fixed Fee: For clients requiring a complete financial plan, or desiring wealth coaching, services
      will be provided on a fixed fee basis. Fixed fees will typically range from $2,500 to $50,000,
      depending upon the nature and complexity of the assignment. For example, a client with
      complex estate planning issues, multiple sources of investment income, and special needs heirs
      will have a more complex plan (and therefore a higher fixed fee) than a client with no estate
      planning issues, a single heir and a single source of income. The fixed fee range stated is a
      guide. Fees are negotiable, and may be higher or lower than this range, based on the nature of
      the assignment.

      Asset Management

      Generally, fees vary from 0.50% to 2.00% per annum of the market value of a client’s assets
      managed by Note Advisors. The fee range stated is a guide. Fees are negotiable, and may be
      higher or lower than this range, based on the nature of the account. Factors affecting fee
      percentages include the size of the account, complexity of asset structures, and other factors.

      All clients, but especially those with smaller accounts, should be advised they may receive
      similar services from other professionals for higher or lower overall costs.

      Tax Preparation

      Clients who engage Note Advisors for comprehensive and ongoing financial planning services

may additionally request tax preparation services, as described in Item 4 of this brochure. Tax
preparation services are also offered as a standalone service for an additional fee. Fees for tax
preparation services may be hourly or a fixed fee basis. Our hourly rates range from $150 -
$350 per hour. Fixed fees will typically be between $500 and $5,000. The fee range stated is a
guide. Tax preparation fees are negotiable prior to signing of the tax preparation agreement
and are calculated based on the overall complexity of the client’s tax situation. In the event that
we encounter unusual circumstances that would require us to expand the scope of the
engagement, we will present our estimate and obtain prior approval before continuing with the
engagement. Our fee for any additional services will be based upon the amount of time required
at standard billing rates plus out-of-pocket expenses. Upon termination of any engagement, the
fee will be prorated, and any unearned fee will be refunded to the client.

Consulting

Consulting fees can be hourly, fixed fee basis, or included with asset management services.
Our hourly rates range from $150 - $350 per hour. Fixed fees will typically be between $500
and $5,000. The fee range stated is a guide. Because of the nature of consulting as a general
practice with great variety of assignments and issues, the fees for this service may also vary
greatly. Accordingly, fees may be higher or lower than the stated range, based on the nature of
the engagement. Fees are negotiable and will depend on the anticipated complexity of the
services to be provided.

B.       Fee Payment

Financial Planning, Tax Preparation, Out of Scope Consulting, & Wealth Coaching Generally,
fifty percent (50%) of the anticipated fee will be payable upon signing the applicable Agreement,
with the remainder due upon completion of the financial plan, or as mutually agreed upon by the
parties. For hourly engagements, the final amount due will be based upon actual hours
expended. For fixed fee engagements, the final amount due will be fifty percent (50%) of the
fixed fee. On an ongoing basis, the annual fee will be mutually agreed at the end of the initial
engagement and billed according to the specific engagement with the client, which may mean
payments are made quarterly, semi-annually, or on intermittent time periods. Payment of fees
may be via check or credit card.

Asset Management:

Direct

For clients whose assets are managed directly by the firm, investment advisory fees will be
debited directly from each client’s account. The advisory fee is paid quarterly, in advance, and
the value used for the fee calculation is the net value as of the last market day of the previous
quarter. This means that if your annual fee is 1.00%, then each quarter we will multiply the
value of your account by 1.00% then divide by 4 to calculate our fee. To the extent there is cash
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Item 7:      Types of Clients

      Clients advised may include individuals, families, trusts, charitable organizations and
      foundations, pensions and corporations. Note Advisors requires each client to place at least
      $500,000 with the firm for the discretionary services and $100,000 for the non-discretionary
      services. This minimum may be waived in the discretion of Note Advisors.