PER Stirling Capital Management LLC

Item 5. Fees and Compensation

Investment Management Fees
For clients receiving investment management services, the annual Investment Management
Agreement fee is based on a percentage of the investable assets under management
(sometimes referred to as an “asset-based fee”) or a flat fee. These advisory fees, which are
not to exceed 2.0% of assets under management per annum, are determined between the
client and the IAR and may be negotiable based upon certain criteria, including, but not
limited to, historical relationship, type of assets, anticipated future earning capacity,
anticipated future additional assets, dollar amounts of assets to be managed, related
accounts, account composition, etc. For an account where PSCM charges an asset-based fee,
the more assets there are in your account, the more you will pay in fees, and an IAR
therefore has an incentive to encourage you to increase the assets in your account, including
transferring or rolling over assets from other accounts.
In certain instances, where clients request services outside of PSCM’s core investment
management services, hourly charges or fixed fees may apply. Any such hourly charges or
fixed fees would be specified in advance through separate agreements.

PER STIRLING PRIVATE WEALTH
For clients receiving investment management services through Per Stirling Capital
Management, LLC’s DBA, Per Stirling Private Wealth, fees for investment management
services are based on the following tiered schedule:

                    Assets Under Management              Annual Fee (%)
                            $0 - $2,000,000                   1.00%
                       $2,000,001 - $5,000,000                0.85%
                       $5,000,001 - $10,000,000               0.70%
                      $10,000,001 - $20,000,000               0.60%
                          $20,000,001 and up                  0.50%

These fees are determined between the client and Per Stirling Private Wealth and may be
negotiable based upon certain criteria, including, but not limited to, historical relationship,
type of assets, anticipated future earning capacity, anticipated future additional assets, dollar
amounts of assets to be managed, related accounts, account composition, etc.

Financial Planning Fees
Fees for financial planning services are noted on the Financial Planning Agreement and
negotiable based on the complexity of your financial situation, the actual services requested,
and the IAR providing the services.

If a fixed fee is selected for services, a deposit may be due upon presentation of initial
invoice to the client. Fixed-fee Services terminate upon presentation of the financial plan or
completion of the requested services. If the client requires services after a one-year period, a
new Agreement will be required.

Fees for financial planning services may also be charged on an hourly-fee basis. If the actual
hours needed to complete the plan are more than the estimate given, the IAR will contact
the client before proceeding with additional work beyond the estimate. The client will be
charged for the actual time expended on preparation of the plan. Any unpaid hourly fees will
be due immediately from the client upon presentation of invoice.
PSCM also provides hourly consulting services for clients who need advice on a limited
scope of work. The hourly rate for limited-scope engagements will vary depending on the
expertise of the IAR and the services provided.
Consulting services for 1031 Exchange recommendations are billed on a fixed fee not to
exceed 5% of the assets included in the recommendations of the 1031 assessment. Clients
sign written agreements with their qualified intermediaries which provide that PSCM fees are
billed to the qualified intermediary, chosen by the client, and the qualified intermediary pays
the fee to PSCM. PSCM provides a written notice of the fee to each client and their qualified
intermediary.

Fee Billing
Investment management fees are billed quarterly, in advance, meaning that PSCM will
invoice you, or debit your account, at the beginning of the three-month billing period. Fees
are usually deducted from a designated client account to facilitate billing, or payment in full
is expected upon an invoice presentation. The client must consent in advance to direct
debiting of their investment account. This is further explained and documented in the
Investment Management Agreement.
Typically, investment management fees will be debited from or billed to each account at the
beginning of each quarter based on the value of the account as of the end of the prior
quarter. The following formula will be used to determine the fee amounts to be assessed.
             (Account Value X Management Fee) X (of days in the Quarter/365)
Example:
The quarterly assessment (for a 91-day quarter) on a $100,000 portfolio with a 150-basis
point (1.50%) annual management fee would be $373.97 as shown:
                          ($100,000 X .015) X (91/365) = $373.97
Fees are payable in advance on the 7th day of the quarter and delinquent after the 15th day
of the quarter. Any account in which fees are delinquent for more than 15 days is subject to
termination of services hereunder, and any fees earned by the Advisor but unpaid by the
client will accrue at an interest rate equivalent to the prevailing Prime Rate as published by
the Wall Street Journal plus 3%. Clients whose services have been terminated will be notified
in writing either by mail to the last known address and/or email if a client has consented to

electronic delivery. The firm will not automatically change an investment position in the
event of termination of services regardless of the type of account.

Prorating for New Client Assets is calculated by the following formula:
     Quarterly Calculation x {Days Remaining in Quarter/Total # of Days in Quarter}

Prorating for Terminating Accounts is calculated by the following formula:
...

Item 7. Types of Clients

Description
PSCM provides advisory services to clients including individuals, corporations or other
business entities, trusts, estates, and charitable organizations. While not its core market,
PSCM may also provide services to banks or thrift institutions, investment companies, and
pension and profit-sharing plans. Client relationships vary in scope and length of service.

Asset Minimums
The minimum investable assets required for investment management services is $250,000 of
assets under management per client “household”. However, these minimums may be waived
by PSCM, in its sole discretion, based upon certain criteria (i.e. historical relationship, type of
assets, anticipated future earning capacity, anticipated future additional assets, dollar amounts
of assets to be managed, related accounts, account composition, negotiations with clients,
etc.).