RF&L Wealth Management LLC

Item 5 – Fees and Compensation

Investment Management Services

The annual fee for investment management services will be charged as a percentage of the clients’
assets under management, according to the schedule below:

                    Range of Assets                              Annual Fee (%)

                    Up to $200,000                                    1.25%
                $200,001 to $1,000,000                                1.00%
                $1,000,001 to $2,500,000                              0.90%
                 $2,500,001 or greater                                0.80%

(This is a blended fee schedule in which assets within each range are charged the corresponding fees
represented in the table.)

For 529 College Savings Accounts, RF&L charges a flat rate fee of 0.50% per annum for the
management of these assets. In very limited circumstances, RF&L can charge a fixed fee if mutually
agreed upon.

Independent Manager Fees

As stated above in Item 4, RF&L (in coordination with the client) may decide to implement AQR as
an Independent Manager for the management of portfolios of individual securities. In these
instances, AQR will charge its own separate and distinct fee from RF&L’s advisory fees, which are
noted above. Clients grant AQR authority at the client’s custodian for AQR to directly debit client
accounts for AQR’s fee. Additionally, clients are required to sign an advisory agreement addendum
with RF&L which outlines these additional fees.

Participant-Directed Retirement Account Services

The annual fee for plan services will generally be 0.80% of assets within the plan. Additional

Information

In certain circumstances, all fees and account minimums may be negotiable.

Fees may vary based on individual or family relations or may be negotiated for members of an
organized affinity or industry groups. Individual accounts for members of the same family can be
assessed fees based on the total account balance of all family accounts.
Accounts for business entities and related accounts, including those of the business owner are
assessed fees based on the total account balances of all such related accounts.

RF&L has contracted with FAS for services including trade processing, collection of management
fees, record maintenance, report preparation, marketing assistance, and research. RF&L has also
contracted with FAS for sub-advisory services with respect to clients’ fixed income accounts. RF&L
pays a fee for FAS’ services based on management fees paid to RF&L on accounts administered
through FAS. The fee paid by RF&L to FAS consists of a portion of the fee paid by clients to RF&L and
varies based on the total client assets participating in FAS’ solutions through RF&L. These fees are
not separately charged to advisory clients. For separately managed accounts, the Independent
Manager will charge the client its own fee for services, which is in addition to RF&L’s fees.

Advisory fees are billed quarterly in advance and are deducted directly from client accounts at the
beginning of each calendar quarter. Fees are calculated based on the value of the client's account as
of the last valuation date of the preceding calendar quarter, which is generally the last day of the
quarter.

Account values are determined using market values obtained from independent third-party sources
or, where market values are unavailable, fair market value. The account values used to calculate
advisory fees may differ from those reflected on custodial statements due to independent asset
valuations and other accounting adjustments, including the treatment of accrued interest.

RF&L will request authority from the client to receive quarterly payments directly from the client’s
account held by an independent custodian. Clients will provide written limited authorization to
RF&L or its designated service provider, FAS, to withdraw fees from the account. Clients will receive
custodial statements showing the advisory fees debited from their account(s).

For the retirement plan clients, certain third-party administrators will calculate and debit RF&L’s
fee and remit such fee to RF&L.

All fees paid to RF&L for investment advisory services are separate and distinct from the fees and
expenses charged by mutual funds/ETFs to their shareholders. These fees and expenses are
described in each fund's prospectus. These fees will generally include a management fee, other fund
expenses, and possibly a distribution fee. A client could invest in mutual funds/ETFs directly without
the services of RF&L. In that case, the client would not receive the services provided by RF&L which
are designed, among other things, to assist the client in determining which ETFs/mutual fund are
most appropriate to each client's financial condition and objectives. Some funds also may not be
available to clients directly. Accordingly, the client should review both the fees charged by the funds
and the fees charged by RF&L to fully understand the total amount of fees to be paid by the client
and to thereby evaluate the advisory services being provided.

RF&L’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and
expenses which shall be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers, and other third parties such as custodial fees, deferred sales charges, odd-lot
differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on
brokerage accounts and securities transactions. Such charges, fees and commissions are exclusive of
and in addition to RF&L’s fee, and RF&L shall not receive any portion of these commissions, fees,
and costs.

Clients should note that similar advisory services may (or may not) be available from other
registered investment advisers for similar or lower fees.

Management of the account commences upon the signing of the agreement, unless otherwise
...

Item 7 – Types of Clients

RF&L manages investment portfolios for individuals, qualified retirement plans, trusts, charitable
organizations, and small businesses.

Generally, RF&L will require a minimum account size or client relationship of $250,000 for

Investment Management Services. A separate minimum account size of $500,000, in most instances,
is required for fixed income portfolio management services consisting of individual fixed income
securities. These minimum account requirements may be waived under certain circumstances.
Client accounts, where the total balance of all accounts is less than the required minimum, will be
accepted only on a case by case basis.