Outfitters Financial LLC

FEES & COMPENSATION

          Portfolio Management Fee

          Portfolio management services are provided on an asset-based fee arrangement. The
          management fee will be calculated based on the aggregate market value of your portfolio
          account(s) on the last business day of the previous calendar quarter (i.e., March 31 st, June 30th,
          September 30th, and December 31st) multiplied by the corresponding annual percentage rate for
          each portion of your portfolio assets that fall within each tier. See “Billing” below under
          “Protocols for Portfolio Management” for more information on how the fee is calculated.

          We retain discretion to waive or negotiate the management fee within each tier on a client-by-
          client basis depending on the size and complexity of the portfolio managed. Therefore, you may
          pay higher or lower fees than other clients receiving similar services. In addition, as your portfolio
          value exceeds each tier level, either through additional deposits or asset growth, a fee break
          will occur. The tier breaks are as follows:

                                                                                                                         Annual Fee
                                Portfolio Value                                                                             Rate
                                                                                                                          Not to Exceed

                                First $5,000,000 ............................................                              1.50%
                                Next $5,000,000 ............................................                               0.75%

          For any portion of your account managed by a Sub-Advisor, this management fee schedule and
          the “Protocols for Portfolio Management” listed below may not apply.

          Prior to engaging a Sub-Advisor to manage your assets, you will be required to execute our Sub-
          Advisory Acknowledgment Form, which, among other things, allows:

               The Sub-Advisor to have day-to-day responsibility for the active discretionary
                management of your assets;
               Management fees to be deducted from your account(s) in accordance with Outfitter’s
                fee schedule above or the Sub-Advisor’s fee schedule; and
               Management fees to be shared between Outfitter and the Sub-Advisor (This fee-sharing
                arrangement will not result in you paying a higher management fee than what is disclosed
                in the Sub-Advisor Acknowledgment Form).

          The Sub-Advisor used to manage your account(s) will disclose their fee schedule for management
          services in their Disclosure Brochures (the Sub-Advisor’s ADV Part 2A: Firm Brochure), which we
          will provide you prior to when, or at the same time as, you execute the Sub-Advisor
          Acknowledgment Form.

          The Sub-Advisor’s Disclosure Brochure contains all pertinent disclosures relating to their
          management services, the fee structure for such services, and termination provisions – you are
          encouraged to carefully review their document.

Form ADV: Part 2A                                                                                                                              Outfitters Financial LLC
© 38 Compliance jointly with eAdvisor Compliance, Inc. – Disclosure Brochure Design Layout. www.eAdvisorCompliance.com

                                                                                                                         DISCLOSURE BROCHURE

      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) billing for portfolio
      management services; (iii) 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 without your prior consent or advice.

         You may, at any time however, impose restrictions, in writing, on our discretionary authority
         (i.e., limit the types/amounts of particular securities purchased for your account, etc.).

         Billing
         Your account will be billed quarterly in advance based on the aggregate fair market value of
         your portfolio on the last business day of the previous calendar quarter and where it falls within
         our tiered fee schedule. For new managed accounts opened between billing periods, the initial
         fee will be billed in arrears based on (i) the number of days that services were provided during
         the first billing period; and (ii) the portfolio’s aggregate fair market value at the end of the
         first billing period. For existing management accounts, pro-rated adjustments will not be made
         for deposits and withdrawals between billing cycles.

         Our advisory fees will be debited from your portfolio quarterly by the custodian as instructed
         by us. 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.

         We consider cash to be an asset class and will allocate a portion of your assets among various
         cash and/or cash equivalent positions for liquidity management, defensive, or other purposes.
         Therefore, we will include cash and cash equivalents as part of the aggregate fair market value
         of your portfolio when calculating our portfolio management fee. When assets are invested in
...

TYPES OF CLIENTS

          We primarily offer financial services to individuals and their families. We may also advise a
          foundation or endowment, a charitable organization, a corporation and/or small business, a
          trust, a guardianship, an estate, or any other type of entity to which we choose to give
          investment advice.

          We generally require a minimum initial investment of $1,000,000 to open a managed account;
          however, we retain the right to waive or reduce this minimum if we feel circumstances are
          warranted.