Phillip B White Co Inc

5. Fees and Compensation
Description
   PBW bases its fees on a percentage of assets under management, hourly
   charges and fixed fees (not including subscription fees).
    Fees are negotiable.

Fee Billing
    Investment management fees are billed quarterly, in arrears, meaning that
    your account is billed after the three-month billing period has ended. The
    quarterly fee will be based on the market value of a client’s account on the
    last trading day of the previously billing quarter as determined and reported
    by the custodian custodying the account.
    The specific manner in which fees are charged by the firm is established in
    the client's written Investment Management Agreement and Fee Schedule
    Addendum between the client and PBW.
    In instances where a TAMP is providing investment management, clients will
    be billed both PBW’s management fee and the TAMP’s fee.
    Fees are usually deducted from a designated client account to facilitate
    billing. The client must consent in writing in advance to direct debiting of their
    investment account.
    Services billed on an hourly basis or flat fee are invoiced to the client.
    Payment in full is expected upon invoice presentation.
    PBW, in its sole discretion, may waive its minimum fee and/or charge a lesser
    investment advisory fee based upon certain criteria (e.g., historical
    relationship, type of assets, anticipated future earning capacity, anticipated
    future additional assets, dollar amounts of assets to be managed, aggregating
    related accounts for a single client relationship and/or household, account
    composition, negotiations with clients, etc.).

Other Fees
    Custodians may charge transaction fees on purchases or sales of certain
    mutual funds and exchange-traded funds. These transaction charges are
    usually small and incidental to the purchase or sale of a security. The
    selection of the security is more important than the nominal fee that the
    custodian charges to buy or sell the security.

Expense Ratios
   Mutual funds generally charge a management fee for their services as
   investment managers. This management fee is called an expense ratio. For
   example, an expense ratio of 0.50 means that the mutual fund company
   charges 0.5% for their services. These fees are in addition to the fees paid
   by you to PBW.
    Performance figures quoted by mutual fund companies in various publications
    are after their fees have been deducted.

Past Due Accounts and Termination of Agreement
    PBW reserves the right to stop work on any account that is more than 30
    days overdue. In addition, PBW reserves the right to terminate any financial
    planning engagement where a client has willfully concealed or has refused to
    provide pertinent financial information when necessary and appropriate, in
    PBW’s judgment, to providing proper financial advice. Any unused portion of
    fees collected in advance will be refunded within 30 days.

7. Types of Clients
Description
   PBW generally provides investment advice to individuals, small pension and
   profit-sharing plans, trusts, estates, or charitable organizations.
    Client relationships vary in scope and length of service.

Account Minimums
   The minimum account size is $500,000 of assets under management, which
   equates to an annual fee of $6,250.00.
    When an account falls below $500,000 in value, the minimum annual fee of
    $6,250.00 will be charged. Depending upon circumstances, PBW will sign a
    new fee Agreement with the client if assets have diminished significantly
    below $500,000.
    PBW has the discretion to waive the account minimum. Accounts of less than
    $500,000 may be set up when the client and the advisor anticipate the client
    will add additional funds to the accounts bringing the total to $500,000 within
    a reasonable time. Other exceptions may apply to employees of PBW and
    their relatives, or relatives of existing clients.
    Clients with assets below the minimum account size may pay a higher
    percentage rate on their annual fees than the fees paid by clients with greater
    assets under management.