Plante Moran Financial Advisors LLC

FEES & COMPENSATION
Annual fees for advisory services are based upon a percentage of the fair market value of the assets being advised, specifically:
                 1.00% on the first $ 2,000,000
                 0.80% on the next $ 3,000,000
                 0.60% on the next $ 5,000,000
                 0.40% on the next $ 15,000,000
                 0.30% over          $ 25,000,000

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A minimum annual fee of $5,000 applies to clients subject to this fee schedule. Accounts below $500,000 charged the minimum
fee will experience a fee greater than the published fee schedule.
If you have a margin balance, your margin debit does not reduce the fair market value of the assets being advised. Where it is
determined to be applicable, fixed-fee arrangements are available. Exceptions to the published fee schedule apply to clients who
engaged our services under a prior fee schedule or will be considered on an individual case basis. Fees for services provided to
clients of Plante Moran Trust are subject to the Agreement between those affiliated entities and vary from the rates above.
In all cases, clients will have the opportunity to place reasonable restrictions on the types of investments that will be made on
their behalf. We reserve the right to not accept or to terminate an account if we believe the restrictions imposed impair our
ability to serve the client.

Nonrecurring Services
PMFA occasionally provides nonrecurring services to help a client develop and administer a comprehensive investment strategy
consistent with their financial goals.

Areas of nonrecurring services include:
    • Analysis of current situation — A review of client financial goals, investment objectives, risk tolerances, and the current
      investment strategy.
    • Asset allocation strategy — Based on items reviewed in the analysis of the client’s current situation, develop an asset
      allocation strategy that is consistent with the client's goals and objectives.
    • Investment policy statement — Written documentation of decisions reached regarding the investment objectives,
      expectations, risk tolerances, and other components of a client's investment strategy (e.g., securities guidelines,
      monitoring requirements, and discretionary or nondiscretionary management).
    • Portfolio manager consideration — Provide clients information concerning the investment styles, strategies, and other
      important factors that should be considered when selecting a manager.

Each of the services described above may be completed separately. For nonrecurring engagements, PMFA will not recommend
specific mutual funds, exchange-traded funds (ETFs), separate account managers, hedge fund-of-fund managers, or specific
alternative investment vehicles. All nonrecurring services will be detailed in an engagement agreement executed by the client
and PMFA. Upon completion of the terms of the engagement, PMFA will provide no other services (such as ongoing monitoring
of portfolios).

Nonrecurring services fees are based on a fixed amount or time incurred at standard hourly billing rates, plus direct costs.
Current hourly rates range from $110 to $450.

General Financial Planning Services
PMFA provides consulting services in connection with personal financial matters. These services are offered through private
consultations and through seminars and workshops. Our services range from a one-time consultation to a long-term
relationship during which we provide financial planning services to fit client needs.

Areas of service include:
    • Tax planning
    • Retirement planning
    • Estate planning assistance

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    • Business succession planning
    • Insurance consulting
    • Seminars and workshops

We also offer tax preparation services for individuals, businesses, trusts, and estates through our affiliate Plante & Moran, PLLC.
Fees for these services (except for seminars and workshops) are based on time incurred at our standard hourly billing rates plus
direct costs. Fees for seminars and workshops are based on a flat fee per participant and vary according to the program.

Fee Calculation Methodology
PMFA calculates and bills fees quarterly in arrears. Unless otherwise agreed upon, fees will be based on the fair market value
using the average daily balance of the assets for the calendar quarter and prorated for the actual number of days the Agreement
is in effect during that quarter. If you have a margin balance, your margin debit does not reduce the fair market value of the
assets being advised. If the relationship is terminated, the fees for the last quarter will be based on the average daily balance of
the Assets from the first day of the quarter through one day prior to the date of termination, prorated for the actual number of
days that the Agreement was in effect during the quarter.

Our fees are deducted directly from client custodial account(s) by making such election on the account application(s). In the
event of multiple custodial accounts, fees will be calculated on such accounts in accordance with the services provided. Fees will
be withdrawn from such accounts as disclosed on the recurring billing invoices. If fees are not deducted directly from client
custodial account(s), then fees shall be due upon receipt of a billing statement from PMFA. Late charges will apply to any
portion not paid within 30 days at a rate of 1.25 percent per month, starting 30 days after the date of the invoice.

PMFA advisory fees do not include fees or expenses which are charged by mutual funds, product issuers, brokerage
commissions, transaction fees, separate account manager fees, or custodian fees. Clients whose assets are invested in mutual
funds and some other investment vehicles such as exchange-traded fund (ETF) securities pay a direct advisory fee to PMFA and
indirect management fees to the issuer.

Clients will pay fees imposed by custodians, brokers, and other third parties that include:
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TYPES OF CLIENTS

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PMFA provides investment advice to individuals, banks and thrift institutions, partnerships, limited liability companies, trusts,
estates, charitable organizations, corporations, and other business entities.

PMFA manages investment adisory accounts and, unless waived, imposes a minimum dollar value of assets of $500,000 and may
have other conditions for providing services.

TYPES OF INVESTMENTS
PMFA offers investment advice on and uses the following types of investments for implementation of client portfolios:
   • Open-end mutual funds
   • Exchange-traded funds (ETFs)
   • Collective trusts
   • Certificates of deposit
   • Limited partnership interests
   • Interests in limited liability companies
   • Options contracts on securities
   • Hedge funds and fund-of-funds
   • Other alternative investments

Additionally, PMFA may offer investment advice on the following types of investments:
    • Equity securities (including exchange-listed securities, over-the-counter securities, and foreign issues)
    • Structured notes
    • Warrants
    • Corporate debt securities
    • Commercial paper
    • Municipal securities
    • U.S. government securities
    • Closed-end funds

PMFA recommends the services of Separate Account Managers when appropriate for specific client circumstances.

METHODS OF ANALYSIS, SOURCES OF INFORMATION, INVESTMENT STRATEGIES, AND
RISK OF LOSS
PMFA’s security analysis methods include fundamental and technical analysis and cyclical analysis.

Our investment research group uses an internally developed, proprietary equity market valuation model as a tool for evaluating
current market conditions and determining equity model allocations. This model considers commonly used valuation statistics
(P/E, P/B, PCF ratios, and dividend yield), comparing current market valuations to long-term averages. We then compare the
results between asset classes and investment styles to identify potentially undervalued or overvalued segments of the equity
markets.

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PMFA uses various sources of information, including financial newspapers and magazines, research materials prepared by
others, corporate rating services, annual reports, prospectuses, and annual reports or other filings with the U.S. Securities and
Exchange Commission, and conference calls with fund portfolio managers.

Equity allocation investment strategies include managers that employ both long- and short-term strategies. For some clients,
PMFA may recommend option strategies (including covered options, uncovered options, and spread strategies), and may refer
clients to a third-party provider for certain options strategies.

Fixed income allocations include managers that seek to invest in a range of fixed income assets and credit classes to generate
attractive risk-adjusted returns through current income and, to a lesser extent, capital appreciation.

Managers selected for both equity and fixed income allocations may employ leverage and/or the use of derivatives to increase
potential results. Such strategies involve higher risk and may result in greater losses than unleveraged strategies. Managers
selected may engage in certain arbitrage strategies from time to time, including convertible arbitrage and capital structure
arbitrage.

PMFA may recommend separate account investment management firms to manage a portion of client portfolios. PMFA does not
have trading authorization or otherwise direct the specific investments or investment strategies of such separate account
investment management firms.

PMFA may recommend alternative investment management firms to manage a portion of client portfolios. These alternative
investments may include, but are not limited to, hedge funds, private equity funds, direct real estate, commodities, and/or fund-
of-funds investments that use any or all of these investment strategies. PMFA does not have trading authorization or otherwise
direct the specific investments or investment strategies of such alternative investment management firms.

At the request of clients, PMFA may review investments that we have not recommended.

PMFA may also advise clients with concentrated individual security positions on diversifying these holdings using alternative
strategies. These strategies include, but are not limited to: sale of the security, option strategies, exchange funds, charitable
gifting, and gifting to family members in connection with estate planning. PMFA may also recommend that some or all of a
position be transferred to an annuity trust or remainder trust(s).

Clients may own securities which are not subject to PMFA advisory services. When these conditions exist, PMFA will encourage
clients to place any such securities in a separate custodial account not subject to the terms and conditions of the Consulting
Agreement.

Due to market value changes and appreciation in some asset classes over others, there will be times when asset allocations in
client accounts will vary from those indicated in the investment policy statement. PMFA considers rebalancing when the
actual percentage allocation to to any asset class varies materially (generally five percentage points or more) from its target
allocation. Subject to practical constraints, PMFA will also consider rebalancing when the actual percentage allocation of a sub-
asset class utilized within the portfolio varies by more than 20% from the target allocation. When necessary and/or available,
PMFA will be deploy cash inflows/outflows, in a manner consistent with our strategic asset allocation.

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Independent Advisor Group
PMFA is a member of the Independent Advisor Group (IAG). The IAG operates as a division of Callan Associates, Inc., a registered
investment adviser. The IAG provides applicants access to the following resources and services through non-affiliated third
parties:
     • Asset simulation software
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