Round Rock Advisors LLC

Item 5 – Fees and Compensation
The following sections detail the fee structure and compensation methodology for services provided. Each Client
engaging the Advisor for services described herein shall be required to enter into one or more written agreements
with the Advisor.
  A. Fees for Advisory Services

Investment Management Services
Investment management fees for Round Rock Clients are typically paid monthly, at the end of each month, pursuant
to the terms of the investment management agreement. In some instances, investment advisory fees are paid
quarterly in arrears, at the end of each calendar quarter. Investment management fees are based on the average
daily market value of assets under management during each month or quarter for accounts billed quarterly. This
billing period is determined in the Client agreement. Round Rock’s uses a tiered fee structure that starts at 1.50% of
assets under management. Fees may vary from the standard schedule due to particular circumstances of the Client
or as otherwise negotiated with particular Clients.

The investment management fee in the first month or quarter of service is prorated from the inception date of the
account[s] to the end of the first month or quarter, as applicable. Fees may be negotiable at the sole discretion of the
Advisor. The Client’s fees will take into consideration the aggregate fee-based assets under management with
Advisor. All securities held in accounts managed by Round Rock will be independently valued by the Custodian.
Round Rock will conduct periodic reviews of the Custodian’s valuations.

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.
Independent Managers
For Clients with accounts[s] allocated to an Independent Manager, the Client’s overall fee will be deducted from a
designated covered account of the Client by Round Rock. Round Rock is responsible for negotiating the fees with
the Independent Manager on behalf of the Client. Round Rock does not receive any compensation or fees from the
Independent Manager.
          Fixed Income Portfolios – For Clients in the SAC Fixed Income Portfolio program, SAC will charge a fee
          that is in addition to Round Rock’s Investment Management Fee. SAC’s fee will be determined by the
          Client and Round Rock at the time the Client agrees to utilize SAC’s services. SAC’s fee is calculated and
          deducted from a designated covered account by SAC.

    The Crystal Capital Signal Service
For Clients who utilize the Crystal Capital Signal Service, Round Rock charges an extra annual fee in addition to
the Client’s Investment Management Fee, equal to 0.75% (75 basis points) of the assets under management in
the service. This extra fee offsets Round Rock’s costs for subscribing to the service.

Armstrong Shaw Division
ASD’s fees to Clients for investment advisory services vary with the size of the account. The primary basis of such
fees is a percentage of the quarter end assets under management as determined by our internal accounting system
or by the Client’s independent custodian. ASD's fees are charged at an annual rate and are paid quarterly in arrears.

Accounts opened or closed during a calendar quarter will have the advisory fees pro-rated for the number of days in
the quarter that services were provided, and any earned, unpaid fees will be due and payable. ASD’s services may
be terminated by either party upon written notification in accordance with the applicable contract language.

                                               Round Rock Advisors LLC

ASD’s standard fee structure is 1% of first $10 million under management, .75% on the next $15 million, and .5%
thereafter. Fees may vary from the standard schedule due to particular circumstances of the Client (account size,
servicing requirements or strategy implementation) or as otherwise negotiated with particular Clients.

Clients may choose to have their qualified custodian pay ASD fees directly or alternatively ASD can bill clients and
the Clients can arrange for payment to ASD. With the former arrangement, ASD will get written Client authorization
for the deduction of fees from their custodial account and will provide the Client with copies of all fee invoices sent to
the custodian for payment.

Financial Planning Services
Round Rock offers stand-alone financial planning services for an annual fee ranging up to $5,000. Fees may be
negotiable based on the on the nature and complexity of the services to be provided and the overall relationship with
the Advisor. An estimate for total costs will be determined prior to engaging for these services.

Retirement Plan Services
Fees for retirement plan services are charged an annual asset-based fee of up to 1.25% and are billed in advance,
pursuant to the terms of the retirement plan advisory agreement. Retirement plan fees are based on the market value
of assets under management, and are payable monthly or quarterly, either in advance or in arrears, depending on
the plan provider. Fees may be negotiable depending on the size and complexity of the Plan.

Australian Fund Advisory Services
For its services, Round Rock receives an annual management fee of 1.25% of the Fund’s net asset value (“NAV”),
which is accrued daily and paid monthly from Fund assets.
  B. Fee Billing
Investment Management Services
Investment management fees are calculated by the Advisor or its delegate and deducted from the Client’s
account[s] at the Custodian. The Advisor or its delegate shall send an invoice to the Custodian indicating the
amount of the fees to be deducted from the Client’s account[s] at the end of the respective billing period. The
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Item 7 – Types of Clients
Round Rock offers investment advisory services to individuals, high net worth individuals, trusts, estates, charitable
organizations, endowments, foundations, Pension, 401(k) and profit-sharing plans, businesses and the Fund.
Round Rock generally does not impose a minimum account size for establishing a relationship.