Porter White Investment Advisors Inc

Item 5 Fees and Compensation
Typically, we charge a global fee for all investment advisory services based on assets under
management. In some cases where we are providing investment advisory services other than asset
management, we may charge a fixed or hourly based fee. Our fees are negotiable based on the
complexity and scope of services provided. We will not require prepayment of a fee more than six
months in advance or in excess of $750. Our fees for wealth management portfolio management
services include the services described above and are based on a percentage of your assets we
manage and are set forth in the following fee schedule:

Table 1: Wealth Management Fee Schedule

Assets Under Management           Annual Fee
First $2 million                   1.00%
Next $3 million                    0.60%
Next $5 million                    0.50%
Next $5 million                    0.40%
Assets in excess of $15 million    0.30%
(The minimum fee for Wealth Management is $2,000 per quarter.)

For example, for an account with $2.5 million, 1% would apply to the first $2 million and 0.6% to the
next $500,000.

Our fees for institutional and retirement plan portfolio management services include the services
described above, are based on a percentage of your assets we manage and are set forth in the
following fee schedule:

Table 2: Institutional and Retirement Plan Fee Schedule

Assets Under Management                Annual Fee
First $1 million                        0.95%
Next $4 million                         0.50%
Next $5 million                         0.40%
Next $5 million                         0.30%
Assets in excess of $15 million         0.20%
(The minimum fee for Institutional and Retirement Plans is $2,000 per quarter.)

For stand-alone financial planning services, we will charge an hourly or flat fee, depending on the facts
and circumstances of the proposed engagement. The hourly fee for individuals ranges from $150 to
$460 depending upon the level of services provided. Additionally, the flat fees for financial planning
range from $750 to $1,250 depending upon the scope of the services. Fees for institutional consulting
may be significantly higher based on the scope of work agreed to. In either case, the fee will be
negotiated with the client prior to signing the agreement.

Fee schedules differing from those stated above that are incorporated in existing investment advisory
agreements shall remain unchanged until such time as those agreements are amended.

Our annual portfolio management fee is billed and payable quarterly in arrears based on the value of
your account on the last day of the quarter. If the portfolio management agreement is executed at any
time other than the first day of a calendar quarter, our fees will apply on a pro rata basis, which means
that the advisory fee is payable in proportion to the number of days in the quarter for which you are a
client. Our agreement may provide for additional calculation methods if there are significant cash flows
in an account.

We will send you an invoice for the payment of our advisory fee, or we will deduct our fee directly from
your account through the qualified custodian holding your funds and securities. We will deduct our
advisory fee only when you have given our firm written authorization permitting the fees to be paid
directly from your account. This written authorization is typically provided in the written investment
advisory agreement among us. Further, the qualified custodian will deliver an account statement to you
at least quarterly. These account statements will show all disbursements from your account. You
should review all statements for accuracy.

You may terminate the portfolio management agreement upon 30 days' written notice to our firm. You
will incur a pro rata charge for services rendered prior to the termination of the portfolio management
agreement, which means you will incur advisory fees only in proportion to the number of days in the
quarter for which you are a client.

We encourage you to reconcile our invoices with the statements you receive from the qualified
custodian. If you find any inconsistent information between our invoice and the statements, you receive
from the qualified custodian please call our main office number located on the cover page of this
brochure.

In cases where services required are atypical, fees and fee-paying arrangements may differ, including
cases where we may charge hourly or fixed fees. We may also provide additional types of retirement
plan consulting services to plans on an individually negotiated basis. All such services will be based
upon requirements of the plan fiduciaries (which may include additional plan-level or participant-level
services), shall be detailed in a written agreement, and shall be consistent with the parameters set
forth in the plan documents. Our advisory fees for these customized services will be negotiated with
the plan sponsor or named fiduciary on a case-by-case basis. In no case will we require prepayment of
a fee more than six months in advance or a payment in advance in excess of $1,200. If an investment
advisory agreement is terminated before the end of six months, we will rebate any advance payments
to the extent that such payments exceed at time of termination the value of our services calculated at
our standard hourly rates during the period work was performed times the hours expended according
to our time records.

Sub-Adviser Compensation

When appropriate, we will recommend the services of sub-adviser. The sub-adviser's annual fee for
investment management services provided shall be a percentage of the value of the Assets of an
account up to a maximum of 29 bps (0.29%).The annual fees to be paid to sub-adviser for each
account shall be calculated on the average daily value of the assets, paid quarterly, in arrears. The
fees you pay to our firm for investment advisory services are separate and distinct from the fees and
...

Item 7 Types of Clients
We offer investment advisory services to individuals, high-net-worth individuals, pension and profit-
sharing plans, trusts, estates, charitable organizations, corporations, governments and other business
entities.

In general, we require a minimum of $1,000,000 to open and maintain an advisory account. At our
discretion, we may waive this minimum account size. For example, we may waive the minimum if you
appear to have significant potential for increasing your assets under our management. We may also
combine account values for you and your minor children, joint accounts with your spouse, and other
types of related accounts to meet the stated minimum.

As part of our investment advisory services to you, we may recommend a sub-adviser to manage all or
a portion of your account. The sub-adviser may require a minimum account value to invest in a
strategies or a minimum annual fee per account. We encourage you to review the applicable sub-
adviser's disclosure documents which contain important information regarding the sub-adviser's
services, fees, and business practices.