Pacific Value LLC

Fees and Compensation

Pacific Value, LLC collects an asset management fee for each account. The fee is a percentage of the
assets under management at the beginning of a quarter, including positions in cash and treasury
securities. In certain instances, our advisory fees may exceed the interest that is earned on these cash
and treasury positions.
All fee arrangements are negotiable at our sole discretion. Specific fee arrangements will be set forth in
you Advisory Agreement with us.

Pacific Value’s charges a flat fee. Our standard fee schedule is as follows:

1.40% on assets under $299,000
1.15% on assets between $300,000 and $499,000
1.00% on assets between $500,000 and $2,000,000
Fees on assets in excess of $2,000,001 are negotiable

Pacific Value, LLC deducts annual fees from your assets. We collect approximately one-fourth of the fee
quarterly based on the account value at the beginning of the quarter.

In addition to our service fees, you will pay transaction fees (commissions) to your custodian or broker-
dealer for executing securities transactions and charges for special services elected by you or Pacific
Value, LLC. These fees may include, but are not limited to:

    •   Periodic distribution fees
    •   Electronic fund and wire transfer fees
    •   Certificate delivery fees
    •   Reorganization fees

    •   Account transfer fees
    •   International security transfer tees
    •   Overnight mail and check fees
    •   Rule 144 transfer fees
    •   Transfer agent fees

Investment Company Fees

Investment company funds (e.g., mutual funds or ETFs) that are held by you will bear their own internal
transaction and execution costs, as well as directly compensate their investment managers along with
internal administrative services. Some funds pay 12b‐1 fees, distribution fees, and/or shareholder service
fees to broker‐dealers that offer investment company funds to their clients. These fees affect the net
asset value of the fund shares and are indirectly borne by fund shareholders such as you.

Some fund companies have imposed a redemption fee. A redemption fee is another type of fee that some
funds charge their shareholders when shares are sold or redeemed within a short period of time from the
purchase of the fund shares. Although a redemption fee is deducted from redemption proceeds just like a
deferred sales load, it is not considered to be a sales load. Unlike a sales load, which is generally used to
compensate brokers, a redemption fee is typically used to defray fund costs associated with a
shareholder’s redemption and is paid directly to the fund, not to a broker. The SEC generally limits
redemption fees to 2%. In most cases, the funds will use the "first‐in, first‐out" (FIFO) method to
determine the holding period. Under this method, the date of the redemption will be compared with the
earliest purchase date of shares held in the account. While it is not the general practice of Pacific Value to
sell client’s securities in a period that would generate a redemption fee we might do so if we believe the
sale is in your best interests, or if fund shares must be redeemed to pay fees from the account. (Please
see Brokerage Practices on Page 5).

If your advisory contract is terminated before the end of the pre-paid billing period, we will refund the
unearned portion of the fee. The refund will be prorated based on billing days remaining when the
account transfers out of Pacific Value, LLC’s institutional platform with our chosen Broker-Dealer.

Neither Pacific Value, LLC nor our supervised persons accept compensation for the sale of securities or
other investment products (including asset-based sales charges or service fees from the sale of mutual
funds) inside your managed account.

                       Performance-Based Fees and Side-by-Side Management

Pacific Value, LLC does not, nor do our supervised persons, accept performance-based fees (fees based
on a share of capital gains or capital appreciation within your account).

Types of Clients

We provide fiduciary investment advice and management to individuals, pension and profit-sharing plans,
trusts, and small corporations.

Pacific Value, LLC generally requires a minimum account size of $1,000,000. Pacific Value, LLC may
waive this minimum at its sole discretion.

                    Methods of Analysis, Investment Strategies, and Risk of Loss