RBO & Co LLC

Item 5 - Fees and Compensation
   Description
       RBO bases its fees on a percentage of assets under management. The standard annual
       fee for services provided is 1.00% of the market value of the assets in the account for the
       first $5 million, 0.75% for the assets between $5 million and $10 million, and 0.60% for
       the assets above $10 million.
        RBO has the discretion to waive or vary its fees. For example, certain employee
        accounts, employees’ family accounts, and select charitable accounts are managed at no
        cost. For certain other accounts, RBO charges a lower fee or custom tiered fee, based
        on certain criteria (e.g., historical relationship, anticipated additional assets, size of
        account, related accounts, account composition, and negotiations with clients).

   Fee Billing
       RBO’s fees are generally payable quarterly in arrears. The quarterly fee is calculated by
       multiplying the fair market value of cash and securities in the portfolio as of the close of
       the calendar quarter by ¼ of the applicable annual fee(s) prorated for any partial quarter.
       It is RBO’s policy to charge fees to clients in accordance with the fee schedule outlined
       in their Investment Management Agreement (IMA) and/or any subsequent IMA
       amendments. RBO’s agreement with each client and/or the separate agreement with the
       qualified custodian may authorize RBO through the qualified custodian to debit the
       client’s account(s) for the amount of RBO’s management fee and to directly remit the
       management fee to RBO in accordance with the applicable custody rules.

                                         RBO & Co., LLC

    Other Fees
        In addition to our fees, you may incur additional fees and costs related to the
        investments in your account, such as custodian fees, account maintenance fees,
        transaction costs, surrender charges, wire transfer and electronic fund fees, internal
        management fees of mutual funds, and other product related fees such as redemption
        fees. You may also pay transaction fees on purchases or sales of certain equities, fixed
        income securities and mutual funds. The selection of the security is more important
        than the nominal fee that the custodian charges to buy or sell the security. Please see

Item 7 - Types of Clients
    Description
        RBO generally provides investment advice to individuals, family offices, trusts, charitable
        organizations, corporations, or business entities.
         Client relationships vary in scope and length of service.

    Account Minimums
        RBO does not require a minimum account(s) size or total investment amount for
        prospective clients to enter into a new relationship with us or for current clients to
        maintain an existing relationship with us. RBO, in its sole discretion, considers client
        relationships on a case-by-case basis based on the specific situation of each current or
        prospective client.

                                          RBO & Co., LLC