Ryan Alm Advisers LLC

Item 5. Fees and Compensation

   A. Ryan ALM, Inc.’s Fee Schedule is as follows:

      1. Liability Beta Portfolio (full discretion Asset/Liability Management):

                                Asset/ Liability Management = 15 bps on AUM

      Note: All fees are negotiable
             All fees are based on ending market values
             All fees are payable quarterly in arrears (as invoiced)
             All fees are exclusive of brokers’ commissions, custody, and any other costs

      2. Investment Advisory:

      All fees are negotiable
      All fees are based on the complexity and size of the assets.
      All fees are payable quarterly in arrears based upon quarterly invoices

   B. See above
   C. Clients must hire their own custodian. Clients will pay for any B/D transaction costs.
   D. Clients pay our fees quarterly in arrears. Terminated accounts are billed only for period
      fees are earned.
   E. No one at Ryan ALM Advisers accepts compensation for the sale of securities to our
      clients.
      1. We will not recommend any product to our client for sales compensation.
      2. Clients have the option to buy investments that we recommend from any B/D.
      3. We have no sales commissions from any investments recommended to our clients.
      4. We do not charge any sales commissions or markups to our clients.

Item 7. Types of Clients

Currently, Ryan ALM Advisers services pooled investment vehicles, and institutional
clients with a focus on pension plans.