Robinson Value Management Ltd

Item 5 - Fees and Compensation

Description
Adviser bases its fees on a percentage of assets under management. The annual fee
as stated in the Investment Management Agreement is based on a percentage of the
investable assets according to the following schedule:

First              $1,000,000          ………       1.00% of assets, plus
Next               $4,000,000          ………       0.75% of assets, plus
Next               $5,000,000          ………       0.50% of assets, plus
Next              $15,000,000          ………       0.35% of assets, plus
Over              $25,000,000          ………       0.20% of assets

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For any account over $10,000,000, the first 2 tiers of fees, 1.00% and 0.75%, are waived,
with the result that the fee on the first $10,000,000 is 0.50% of assets. Fixed Income Only
portfolios are managed at a 30% discount to the standard fee schedule. New relationships
are typically subject to a two-million-dollar ($2,000,000) minimum market value at inception.
Current client relationships may exist where the fees are higher or lower than the fee
schedule above. Fees may be negotiable in certain instances (i.e., size of account, current
client or relative, etc.)

Fee Billing
Investment management fees are billed quarterly in advance (meaning that they are
invoiced at the beginning of the three-month billing period) using end of quarter market
values, or as otherwise agreed. Unless otherwise agreed, fees shall be prorated for
periods of less than three months for new and terminated accounts. Prorated fees will
not be billed on mid-quarter additions to existing accounts nor refunded on non-
terminating withdrawals by the Client.

At Adviser’s discretion, Adviser may aggregate asset amounts across several accounts
belonging to a household (or group of households) to determine the advisory fee for
those Client accounts. Adviser may do this, for example, when it services accounts on
behalf of the client’s minor children, individual and joint accounts for a spouse, and/or
other types of related accounts. This consolidation practice is designed to provide the
benefit of an increased asset total, which could qualify the Clients’ account(s) for a
reduced advisory fee based on the asset-level thresholds in our fee schedule.

Payment in full is expected upon invoice presentation. Fees are usually deducted from a
designated Client account to facilitate billing. Clients must consent in advance to the
direct debiting of their investment accounts. They must provide written authorization
permitting the fees to be paid directly from their account held by the qualified custodian.
Once authorized to debit the account, fees are debited quarterly directly by the qualified
custodian and paid to the Adviser.

Further, the qualified custodian will deliver or make available through their client portal
an account statement at least quarterly, directly to the Client, indicating all the amounts
deducted from the account, including the Adviser’s advisory fees. Clients are
encouraged to review their account statements for accuracy. The Adviser receives
duplicate copies of the custodian statements that were delivered to Clients.

Adviser also earns fees from unaffiliated third-parties to whom it provides sub-advisory
services.

Other Fees
Assets invested in mutual funds (“MFs”) and exchange-traded funds (“ETFs”) are
charged a fee by the fund company. Fund companies charge each fund shareholder an
investment management fee that is disclosed in the fund prospectus. Brokers may

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charge a transaction fee for the purchase of some funds. Adviser does not receive any
compensation, in any form, from the fund or brokerage companies.

Advisory fees payable to the Adviser do not include all the fees paid when the Adviser
purchases or sells securities for Client account(s). The following list of fees or expenses
is what Clients may pay directly to third parties, whether a security is being purchased,
sold or held in their account(s) under Adviser’s management.

•      Brokerage commissions;
•      Transaction fees;
•      Exchange fees;
•      SEC fees;
•      Advisory fees and administrative fees charged by MFs and ETFs;
•      Advisory fees charged by sub-advisers (if any are used for the account);
•      Custodial fees;
•      Foreign taxes;
•      Deferred sales charges (on MFs or annuities);
•      Odd-lot differentials;
•      Transfer taxes;
•      Wire transfer and electronic fund processing fees;
•      Commissions or mark-ups / mark-downs on security transactions;

Clients custodied with Pershing are subject to an asset-based fee model for the
custodial services. Custodial fees are determined by Pershing and are separate from
our advisory fees. This is likely to result in higher fees for larger accounts. Additional
information about Pershing’s asset-based custody fees is available in Pershing’s Annual
Disclosure of Important Information, as well as other disclosure statements available on
Pershing’s website. Pershing account statements, sent directly by Pershing, will detail
any charges applied to accounts. Adviser does not require the use of Pershing as a
custodian.

Please refer to the “Brokerage Practices” and “Custody” below for discussion of
Adviser’s brokerage practices.

Expense Ratios
MFs and ETFs generally charge a management fee for their services as investment
managers. The management fee is referred to as the expense ratio. For example, an
expense ratio of 0.50 means that the mutual fund company charges 0.5% for its
services. These fees are in addition to the fees paid to the Adviser.

Performance figures quoted by mutual fund companies in various publications are after
their fees have been deducted (net of fees).

Termination of Agreement
...

Item 7 – Types of Clients
Description
Adviser generally provides investment advice to individuals, banks, thrift institutions,
pension and profit-sharing plans, trusts, estates, charitable organizations, corporations,
and small businesses (“Clients”). The Adviser also provides investment management
services through separately managed accounts and wrap-fee programs sponsored by
unaffiliated third-party investment advisers, Orion Portfolio Solutions, LLC, and
Envestnet Portfolio Solutions, Inc.

Client relationships vary in scope and length of service.

Account Minimums
New relationships are typically subject to a two-million-dollar ($2,000,000) minimum
market value across related accounts at inception. Adviser, in its sole discretion, may
charge a lesser investment advisory fee based upon certain criteria (e.g., historical
relationship, type of assets, anticipated future earning capacity, anticipated future
additional assets, dollar amounts of assets to be managed, related accounts, account
composition, negotiations with Clients, etc.).

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Prospective clients who do not meet this minimum may be referred to other registered
investment advisers who use the OPS Program or the Envestnet Program as they are
subject to lower minimums. Please see Items 4 and 5, above, for a description of the
program and its fees.