PSP Research LLC

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into a written
agreement with the Advisor.

A. Fees for Advisory Services
Investment Management Services
Investment advisory fees are paid quarterly in advance pursuant to the terms of the investment advisory agreement.
Investment advisory fees are based on the market value of assets under management at the end of the prior calendar
quarter. Investment advisory fees range up to 2.00% annually based on several factors, including: the scope and
complexity of the services to be provided; the level of assets to be managed; and the overall relationship with the
Advisor. Relationships with multiple objectives, specific reporting requirements, portfolio restrictions and other
complexities may be charged a higher fee.

The investment advisory fee in the first quarter of service is prorated from the inception date of the account[s] to the end
of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into
consideration the aggregate assets under management with the Advisor. All securities held in accounts managed by
PSP Research will be independently valued by the Custodian. The Advisor will conduct periodic reviews of the
Custodian’s valuation to ensure accurate billing.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and other
related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the Advisor
shall not receive any portion of these commissions, fees, and costs.

PSP Research may offer a performance-based fee option to certain Clients. Please see Item 6 for more details.
                                                      PSP Research LLC
                                                     Las Vegas, NV 89138
                                                     Phone: 617-483-5981

B. Fee Billing
Investment Management Services
Investment advisory fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s] at the
Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted from
the Client’s account[s] at the beginning of the respective quarter. The amount due is calculated by applying the quarterly
rate (annual rate divided by 4) to the total assets under management with PSP Research at the end of the prior quarter.
Clients will be provided with a statement, at least quarterly, from the Custodian reflecting deduction of the investment
advisory fee. Clients are urged to also review and compare the statement provided by the Advisor to the brokerage
statement from the Custodian, as the Custodian does not perform a verification of fees. Clients provide written
authorization permitting advisory fees to be deducted by PSP Research to be paid directly from their account[s] held by
the Custodian as part of the investment advisory agreement and separate account forms provided by the Custodian.

C. Other Fees and Expenses
Clients may incur certain fees or charges imposed by third parties, other than PSP Research, in connection with
investments made on behalf of the Client’s account[s]. The Client is responsible for all custody and securities
execution fees charged by the Custodian, as applicable. The Advisor's recommended Custodian does not charge
securities transaction fees for ETF and equity trades in a Client's account, provided that the account meets the terms
and conditions of the Custodian's brokerage requirements. However, the Custodian typically charges for mutual funds
and other types of investments. The fees charged by PSP Research are separate and distinct from these custody
and execution fees.

In addition, all fees paid to PSP Research for investment advisory services are separate and distinct from the
expenses charged by mutual funds and ETFs to their shareholders, if applicable. These fees and expenses are
described in each fund’s prospectus. These fees and expenses will generally be used to pay management fees for
the funds, other fund expenses, account administration (e.g., custody, brokerage and account reporting), and a
possible distribution fee. A Client may be able to invest in these products directly, without the services of PSP
Research, but would not receive the services provided by PSP Research which are designed, among other things,
to assist the Client in determining which products or services are most appropriate for each Client’s financial situation
and objectives. Accordingly, the Client should review both the fees charged by the fund[s] and the fees charged by
PSP Research to fully understand the total fees to be paid. Please refer to Item 12 – Brokerage Practices for additional
information.

D. Advance Payment of Fees and Termination
Investment Management Services
PSP Research may be compensated for its investment management services in advance of the quarter in which
services are rendered. Either party may terminate the investment advisory agreement, at any time, by providing at least
60 days advance written notice to the other party. The Client may also terminate the investment advisory agreement
within five (5) business days of signing the Advisor’s agreement at no cost to the Client. After the five-day period, the
Client will incur charges for bona fide advisory services rendered to the point of termination and such fees will be due
and payable by the Client. Upon termination, the Advisor will refund any unearned, prepaid investment advisory fees
from the effective date of termination to the end of the quarter. The Client’s investment advisory agreement with the
Advisor is non-transferable without the Client’s prior consent.

E. Compensation for Sales of Securities
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Item 7 – Types of Clients

PSP Research offers investment advisory services to corporations and businesses. PSP Research generally requires
a minimum relationship size of $10,000,000 to effectively implement its investment process.