RBF Capital Management Inc

ITEM 5        FEES AND COMPENSATION
In general, fees for investment advisory services are based upon a percentage of assets under
management and are charged quarterly in arrears.

A. Portfolio Management Services
Advisory fees portfolio management services are generally deducted from such clients’
accounts on a monthly basis in arrears based on the value of such clients’ accounts on the last
trading day of each calendar month. Clients may terminate their portfolio management
agreement with thirty days' written notice. Because fees are charged in arrears, no refund
policy is applicable. Clients may terminate their accounts without penalty within 5 business
days of signing the portfolio management agreement.
The maximum annual fee charged for either service will not exceed 2.00%. Fees to be
assessed will be outlined in the advisory agreement to be signed by the Client. RBF uses the
value of the account as of the last business day of the billing period, after taking into account
deposits and withdrawals, for the purpose of determining the market value of the assets
upon which the advisory fee is based. These fees are generally negotiable, and the final fee

schedule will be memorialized in the client’s advisory agreement.
Adjustments will be made for deposits and withdrawals during the quarter. In rare cases, our
firm will agree to directly invoice. As part of this process, Clients understand the following:

   a) Clients must provide our firm with written authorization permitting direct payment
      of advisory fees from their account(s) maintained by a custodian who is independent
      of our firm;
   b) The account custodian sends a statement to the client, at least quarterly, showing all
      account disbursements, including advisory fees.

B. Financial Planning Fees
    • Fixed Fees
       The negotiated fixed rate for creating client financial plans is between $200 and
       $7500.
    • Hourly Fees
       The negotiated hourly fee for these services is between $200 and $950. Fixed financial
       planning fees are paid 100% in advance and hourly financial planning fees are paid in
       arrears upon completion.
C. Fiduciary and Non-Fiduciary for Qualified and Non-qualified Retirement Plan Services
Advisory fees for Qualified and Non-Qualified Retirement plans range from 0.20% to 1.50%
annually, which is detailed in the Investment Advisory or Plan Services Agreement. Fees are
negotiable and vary based on the characteristics of the account including the complexity of
the services and the size of the account. The level of complexity may be affected by Section
3(38) Fiduciary and/or by Risk Based Managed Portfolio services.
Fees may be paid directly by the Plan Sponsor or the Plan Sponsor’s Third-Party
Administrator who calculates Management Fees on the Plan’s behalf. RBF charges fees on the
first of the month based on the assets under management as of the last day of the previous
quarter.
The initial fee will be prorated based upon the number of days remaining in the initial
quarterly period from the date of execution of the Agreement.
When the Agreement is terminated prior to the end of a quarter, RBF will be entitled to a
quarterly fee, prorated for the number of days in the quarter prior to the effective date of the
termination, and for asset-based fees, based on the market value of the Retirement Plan
assets at the close of business on the effective date of termination.

D. Other Fees and Expenses
RBF’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses that shall be incurred by the Plan. There may be additional fees or charges that
result from the maintenance of or trading within the Plan’s account. These charges are
imposed by third parties such as custodians and brokers, mutual fund fees, and collective
trust fees, in connection with investments made through the account. Charles Schwab & Co.
Inc. does not charge transaction fees for U.S. listed equities and exchange traded funds.

Mutual funds exchange traded funds (ETFs) and collective trusts also charge internal
management fees, which are disclosed in a fund’s disclosure document. Such charges, fees,
and commissions are exclusive of and in addition to the fees received by RBF; further, RBF
does not receive any portion of these commissions, fees, or costs unless contractually allowed
to do so to offset advisory fees.

E. Termination Policy
For individual clients (private clients), either party may terminate the Agreement upon thirty
(30) days written notice that ends on the last day of each calendar quarter. Upon termination,
any earned, unpaid fees will be immediately due and payable. For Fiduciary and Non-
Fiduciary for Qualified and Non-qualified Retirement Plan Services, either party may
terminate the Agreement upon ninety (90) days written notice. If Agreement is terminated
prior to the end of a quarter, RBF will be entitled to a quarterly fee, prorated for the number
of days in the quarter prior to the effective date of the termination, and for asset-based fees,
based on the market value of the Retirement Plan assets at the close of business on the
effective date of termination.
F. Other Compensation
RBF does not accept any compensation other than Management Fees.

ITEM 7        TYPES OF CLIENTS
RBF provides investment advisory and non-investment consulting services to qualified and
non-qualified retirement plans sponsored by corporations, not for profit organizations and
participants of the retirement plan. It also provides Customized Portfolio Management and
Asset Management services to individuals, high net worth individuals, businesses, trusts,
estates, and charitable organizations. The minimum account value required to open an
account is $250,000. This may be waived in the sole discretion of the advisor.