Royale Asset Management LLC

Item 5:       Fees and Compensation

   A. Fees Charged

      All individuals will be required to execute an agreement with RAM outlining the services to be
      performed, as well as the fees for those services. Clients are under no obligation at any time to
      engage or to continue to engage, RAM for investment services. If you do not receive a copy of this
      brochure at least 48 hours prior to the execution of an Agreement, you may terminate the agreement
      within the first five (5) business days without penalty.

   Fees for services can be an initial fixed fee/retainer followed by an annual fixed fee. Because the
   typical RAM client’s financial circumstances are so complex due to the higher net worth than the
   average RIA client, each client’s case is truly unique, and therefore a simple fee tier for assets is
   not appropriate. In many cases, the asset management aspect of RAM’s services is actually a
   smaller part of the work performed, as opposed to the overall strategy management and monitoring
   services that RAM provides. Other factors determining the fee arrangement and amount include
   the sense of urgency, the number of potential other professionals involved, whether there are
   significant complicating factors such as business ownership or heir issues. Generally, however,
   fixed fees range between $32,000 and $225,000 on an annual basis. However, these fees are
   guidelines, subject to change according to the complexity of the situation. It is important to note
   that in many cases, the amount of assets under management is not an appropriate proxy for the
   amount of work required for a given client.

   Fees for consulting services widely depend on the services being provided. However, generally,
   they provided at a fixed fee between $5,000 and $20,000, paid over a three-month period. The fee
   depends on the deliverable.

B. Fee Payment

   Fixed Fee

   The annual fee will be mutually agreed at the inception of the engagement, and can be billed
   monthly or quarterly, in advance. Clients can pay the invoice by any means available to them
   (check, wire, etc.). To the extent there is cash in your account, it will be included in the value for
   the purpose of calculating fees.

C. Other Fees

   There are no additional fees payable to RAM. Clients referred to an Investment Manager will pay
   fees to that Investment Manager. There may or may not be additional fees or expenses for third
   parties or Investment Managers, depending on the Investment Manager and the agreement between
   that Investment Manager and their client. Clients should thoroughly and carefully review all
   materials from any Investment Manager prior to executing or otherwise entering into any agreement
   with an Investment Manager. Clients may incur other expenses with the implementation of advice
   provided such a commissions, custodian fees, or mutual fund expenses. None of these fees are
   payable to RAM. When selecting mutual funds that have multiple share classes for
   recommendation to clients, RAM will take into account the internal fees and expenses associated
   with each share class, and it is RAM policy to choose the lowest-cost share class, absent
   circumstances that dictate otherwise. For complete discussion of expenses related to each mutual
   fund, you should read a copy of the prospectus issued by that fund. RAM can provide or direct you
   to a copy of the prospectus for any fund that we recommend to you.

D. Pro-rata Fees

   Clients are free to terminate engagements at any time. In the event a client terminates an
   engagement, RAM will issue an invoice to the client for work expended and return any unearned
   fees to the client. If the hours expended are greater than the initial retainer, the client shall be
   responsible for any outstanding amount due. Clients should be advised that a great deal of work

      occurs in the beginning of the engagement, including document reviews, client interviews, and
      analysis. This means that if a client terminates later in the process, the majority of a fixed fee may
      have already been earned.

   E. Compensation for the Sale of Securities

      This item is not applicable.

Item 7:       Types of Clients

      Our practice is limited to high-net-worth individuals and their families, insurance companies, and
      family offices. There is no minimum to become a client of RAM.