Stolzer Rothschild Levy LLC

Item 5 - FEES AND COMPENSATION
Fees for non-retirement plan clients are charged as a percentage of assets under management. Retirement
plan clients are generally charged based on a percentage of assets under management, but in certain cases
may be billed on a flat fee basis for advisory and/or other plan related services.

                                            Standard Fee Structure:

         Assets up to $1 million                                         A maximum of 1.25%

         $1 million to $5 million                                        A maximum of 1.00%

         Assets above $5 million                                               Negotiable

All fees stated above may be subject to certain annual minimums. Unless we mutually agree to bill on a
different basis, fees are charged on a quarterly basis. The amount of fees is determined by the Investment
Advisory Agreement and is negotiable. Depending on our agreement, we may combine certain accounts for
billing and breakpoint purposes. You may also specify one or more of your accounts to use for billing purposes.
With respect to discretionary accounts, fees are automatically deducted by us from your custodial account(s).
Participant directed retirement plan accounts may also have fees deducted by a custodian, or by a Third-Party
Administrator. As a courtesy, households with assets of $1,000,000 or more may also elect to pay us directly.

Fees and expenses paid by clients will vary. Individual clients will pay expenses relating to their Investment
Company securities (e.g., shares of mutual funds) that are embedded within each mutual fund’s net asset value,
which generally include investment advisory or management fees that are separate from our own and paid to
the mutual fund’s investment adviser. In addition, client accounts may be subject to brokerage commissions,
loads, transaction fees, custody, and other charges of their account custodian and of any alternative broker-
dealer used to purchase or sell securities and/or clear securities transactions. Clients may also be subject to
account expenses, such as prime broker charges, interest on margin accounts, borrowing charges on securities
sold short, wire transfer and electronic fund transfer fees, fees and taxes on brokerage accounts and securities
transactions, and other charges related to account and asset management. Please see the Brokerage Practices
section for additional information relating to brokerage and transactions costs.

Corporate retirement plans may be subject to other expenses related to the administration and custody of
their accounts. Those expenses may include Third Party Administrator fees, custodial fees, trustee fees,
actuarial, audit and legal expenses. Corporate retirement plans may also incur additional expenses related to
the preparation of participant materials and other services considered to be beneficial to the plan participant.

Clients are generally billed quarterly although certain retirement plans may opt for monthly billing. If a client
transfers assets into an account during the middle of a billing cycle, we may charge a pro-rated fee. If a client
terminates our services prior to the end of a billing cycle, they may request a refund or credit of unearned fees

on a pro-rated basis. We may charge minimum fees. We do not pro-rate minimum account fees or fees due or
payable to us for plan consulting services.

Stolzer Rothschild Levy LLC does not receive compensation for the sale of securities including asset-based sales
charges or service fees from the sale of mutual funds. We do not recommend securities based on
compensation or incentives from other parties. We primarily recommend no-load mutual funds and/or
exchange traded funds. We evaluate the share classes we purchase based on the lowest cost shares for the
time we anticipate we will be holding a mutual fund. As a result, a client may not always be in the lowest cost
share class. At times we may also choose to pay a commission in order to lower the cost of an investment,
which at purchase we intend to hold for a longer period.

We consider the sale of individual insurance as non-material to our business, however, may occasionally sell
insurance or annuity products from which we may receive a commission. The receipt of these commissions
may present a conflict of interest in that it creates an incentive for us to recommend products based on the
receipt of commissions rather than the needs of the client. If we were to sell a commission-based insurance
product, we would not charge an asset-based fee on the same assets unless it is disclosed in writing and agreed
to by you, the client.

Clients have the option to purchase investment services and products through other advisors, brokers, or
agents that we are not affiliated with. We may recommend a custodian for client accounts. Clients may choose
their own custodian.

The retirement plans we serve may receive distribution fees from certain mutual funds. We do not directly
receive distribution fees from mutual funds. A portion of those distribution fees may be kept by a retirement
plan’s custodian to pay plan expenses, which may include the fees that we charge a retirement plan for
Investment Advisory services. We do not maintain control of the disbursement of funds from any such
accounts. It is the responsibility of the Trustee, custodian and/or Third-Party Administrator to ensure the
proper use, reporting and accounting of those funds.

Item 7 - TYPES OF CLIENTS
Stolzer Rothschild Levy LLC provides investment advice to individuals, high net worth families, trusts, charitable
accounts, 401(k), 403(b) Defined Benefit and similar retirement plans as well as other advisors.

Stolzer Rothschild Levy LLC does not have asset minimums; however, we may not offer all services to accounts
of various sizes. For example, we may use a model portfolio for a smaller account, while a larger account might
be more customized. Stolzer Rothschild Levy LLC may also impose a minimum quarterly fee at its discretion.

Due to the nature of corporate retirement plans, we may not impose a minimum account balance. However,
we may impose a minimum fee. We may also charge separately for retirement plan consulting services. It is

our belief that we make a significant commitment when we provide the necessary services to certain
retirement plan accounts, and that commitment is not always correlated to the size of the retirement plan.
We do not pro-rate minimum account fees or fees due or payable to us for plan consulting services. The
minimum fee, should one apply, is disclosed in our Investment Advisory Agreement.