Pathmont LLC

Item 5        Fees and Compensation

                            INVESTMENT SUPERVISORY SERVICES ("ISS")
                            INDIVIDUAL PORTFOLIO MANAGEMENT FEES

The annualized fee for Investment Supervisory Services is charged as a percentage of assets under
management, according to the following schedule:

Assets Under Management                                 Annual Fee
First $2,000,000                                        1%
Next $8,000,000                                         0.5%
Assets over $10,000,000                                 0.25%

Our fees are billed quarterly, in advance, at the beginning of each calendar quarter based upon the
value (market value or fair market value in the absence of market value), of the client's account at the
end of the previous quarter. Fees will be debited from the account in accordance with the client
authorization in the Client Services Agreement. In all instances, the Adviser will send the client a
written invoice, including the fee, the formula used to calculate the fee, the fee calculation itself, the
time period covered by the fee, and, if applicable, the amount of assets under management on which
the fee was based and the name of the custodian(s). The Adviser will send these to the client
concurrent with the request for payment or payment of the Adviser’s advisory fees. We urge the
client to compare this information with the fees listed in the account statement

A minimum of $500,000 of assets under management is required for this service. This account size may
be negotiable under certain circumstances. PathMont LLC may group certain related client accounts for
the purposes of achieving the minimum account size and determining the annualized fee.

Limited Negotiability of Advisory Fees: Although PathMont LLC has established the aforementioned fee
schedule(s), we retain the discretion to negotiate alternative fees on a client-by-client basis and fees will
not exceed our maximum fee of 1% outlined in the schedule above. Client facts, circumstances and
needs are considered in determining the fee schedule. These include the complexity of the client, assets
to be placed under management, anticipated future additional assets; related accounts; portfolio style,
account composition, reports, among other factors. The specific annual fee schedule is identified in the
contract between the adviser and each client.

We may group certain related client accounts for the purposes of achieving the minimum account size
requirements and determining the annualized fee.

Discounts, not generally available to our advisory clients, may be offered to family members and friends
of associated persons of our firm.

GENERAL INFORMATION

Termination of the Advisory Relationship: A client agreement may be canceled at any time, by either
party, for any reason upon receipt of written notice. As disclosed above, certain fees are paid in
advance of services provided. Upon termination of any account, any prepaid, unearned fees will be
promptly refunded. In calculating a client's reimbursement of fees, we will pro-rate the reimbursement

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according to the number of days remaining in the billing period. If the client does not receive the
brochure at least 48 hours prior to entering into an investment advisory agreement, the advisory client
has a right to terminate the contract without penalty within five business days after entering into the
contract.

Mutual Fund Fees: All fees paid to PathMont LLC for investment advisory services are separate and
distinct from the fees and expenses charged by mutual funds and/or ETFs to their shareholders. These
fees and expenses are described in each fund's prospectus. These fees will generally include a
management fee, other fund expenses, and a possible distribution fee. If the fund also imposes sales
charges, a client may pay an initial or deferred sales charge. A client could invest in a mutual fund
directly, without our services. In that case, the client would not receive the services provided by our
firm which are designed, among other things, to assist the client in determining which mutual fund or
funds are most appropriate to each client's financial condition and objectives. Accordingly, the client
should review both the fees charged by the funds and our fees to fully understand the total amount of
fees to be paid by the client and to thereby evaluate the advisory services being provided.

Wrap Fee Programs and Separately Managed Account Fees: PathMont LLC does not participate in a
wrap fee program.

Additional Fees and Expenses: In addition to our advisory fees, clients are also responsible for the fees
and expenses charged by custodians and imposed by broker-dealers, including, but not limited to, any
transaction charges imposed by a broker-dealer with which an independent investment manager affects
transactions for the client's account(s). Please refer to the "Brokerage Practices" section (Item 12) of this
Form ADV for additional information.

Grandfathering of Minimum Account Requirements: Pre-existing advisory clients are subject to
PathMont LLC's minimum account requirements and advisory fees in effect at the time the client
entered into the advisory relationship. Therefore, our firm's minimum account requirements will differ
among clients.

Advisory Fees in General: Clients should note that similar advisory services may (or may not) be
available from other registered (or unregistered) investment advisers for similar or lower fees.

Limited Prepayment of Fees: Under no circumstances do we require or solicit payment of fees in excess
of $500 more than six months in advance of services rendered.

Item 7        Types of Clients

PathMont LLC provides advisory services to the following types of clients:

       Individuals (other than high net worth individuals)
       High net worth individuals
       Charitable organizations
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       Corporations or other businesses

As previously disclosed in Item 5, our firm has established certain initial minimum account
requirements, based on the nature of the services being provided. For a more detailed understanding
of those requirements, please review the disclosures provided in each applicable service.