Ryan Investment Management Inc

Item 5.   Fees and Compensation
Equity/Balanced Portfolios:
Fees for equity and balanced portfolios are based on Assets Under Management (AUM) in the equity
and/or balanced portfolio(s). The management fee schedule is as follows:

                               AUM $                   Fee %
                      First $2 million                 1.00%
                      Next $3 million                  0.75%
                      Over $5 million                  0.60%

As an example, a $5m householded equity/balanced portfolio(s) would pay a blended rate of 0.85%
per year.

Municipal Bond Portfolios:
Fees for customized municipal bond portfolios are based on AUM in the bond portfolio(s). The
municipal bond management fee schedule is as follows:

                               AUM $                   Fee %
                      First $2 million                 0.60%
                      Next $3 million                  0.45%
                      Over $5 million                  0.35%

As an example, a $5m householded municipal bond portfolio(s) would pay a blended rate of 0.51%
per year.

Under certain limited circumstances, we may negotiate account minimums and fees.

Fees in General

Clients that have multiple accounts that are included in one household (e.g., spouse, IRAs, trusts,
and children under age 26) may be aggregated for fee purposes within the same fee schedule, as
described below. Each account is assigned to one of our two fee schedules above. For purposes of
calculating management fees, we aggregate (“household”) all accounts held by a client or related
client accounts that are assigned to the same fee schedule. Accounts assigned to different fee
schedules are not combined for purposes of determining fee break points or calculating
management fees. As a result, if a client maintains accounts under both fee schedules, each fee
schedule is applied and billed separately based on the assets assigned to that schedule.

Management fees are charged in arrears at the end of each month, based upon the value of the
managed assets in your account(s) on the last business day of the month. With your written
authorization, we will directly debit your account(s) for portfolio management fees. Clients may
terminate the investment advisory agreement at any time by providing us with notice or by
notifying the independent custodian. Fees are payable through the termination date, and there is no
additional cancellation fee.

Mutual Fund and ETF Fees and Expenses

RI only earns fees based on portfolio management fees, discussed above. Our fees are separate and
distinct from any other fees and expenses that may be embedded in mutual funds and ETFs. These
fees and expenses are described in each fund's prospectus. These fees are typically embedded into
the price of the index fund or ETF, and so are not paid for with cash. Rather, these fees reduce the
gross performance of the fund. These fees may include a fund manager fee, other fund expenses,
and a possible distribution fee. RI uses low-cost index funds and ETFs. Fund expenses of these index
ETF are typically low, in the 0.04% to 0.20% range. RI receives no part of these fund-level fees.

You could invest in a mutual fund or ETF directly, without the services of our firm. In that case, you
would not receive the services provided by us which include fund selection, allocation decisions,
trading decisions, and performance review. You should review both the fees charged by RI as well
as fees charged by the funds and ETFs to evaluate the advisory services being provided.

Brokerage and Custodial Fees

In addition to management fees paid by you to our firm, clients will also be responsible for all
transaction, brokerage, prime-broker, trade-away, and custodial fees incurred as part of their
account management, if any. Currently, our chosen custodian, Charles Schwab & Co., does not
charge for custodian or online trading services. Please see Item 12 of this Brochure for important
disclosures regarding our brokerage practices.

Item 7.   Types of Clients
Our firm provides wealth management services to high-net-worth investors and non-profits. We
have a minimum investment requirement of $1 million for equity/balanced portfolios, and $2
million for customized municipal bond portfolios. Our firm occasionally works with family offices
and other advisory firms to provide portfolio management services to their end-clients in a sub-
advisory capacity.

We seek clients who are looking for a wealth management team to meet their overall financial goals.
By taking a comprehensive view of our clients’ overall wealth, we can better coordinate their total
portfolio and work better with their CPAs and attorneys. We feel it is important for us to fully
explain our recommendations and strategies, and to educate our clients about our investment
strategies, including iFolios and municipal bonds. For every portfolio that we manage, we are
always mindful of a dual objective to provide growth and income, while always being mindful of
drawdown risk. Our clients tend to appreciate this dual objective.