The Kieckhefer Group LLC

ITEM 5 FEES AND COMPENSATION

Individually Managed Accounts
Fees for individually managed accounts are tier priced as follows:
                Account Size                                 Fee (Annual percentage)*
               $0 to $1,000,000                                        1.5%
           $1,000,001 to $5,000,000                                   1.25%
             $5,000,001 or greater                                      1%

All asset-based fees are deducted by the qualified custodian of record quarterly in advance, or as
otherwise indicated in the FSA. The advisory fee paid to the Firm is calculated using the value of
the assets in the Account on the last business day of the prior billing period. Upon termination,
for any unearned asset-based fees paid in advance, the fee refunded will be equal to the balance
of the fees collected in advance minus the daily rate* times the number of days elapsed in the
billing period up to and including the day of termination. (*The daily rate is calculated by
dividing the annual asset-based fee rate by 365)
The management fee is negotiable at the Firm’s discretion. When negotiating a fee, the Firm will
take into consideration criteria including, but not limited to, future earning capacity, anticipated
future additional assets, related accounts, complexity of the engagement, anticipated services to
be rendered, and competition.
Client statements for prior deductions will be provided on a quarterly basis.
All fees paid to the Firm for investment advisory services are separate and distinct from the
expenses charged by third-party managers and investment companies to their shareholders.
These fees and expenses are described to the client in separate disclosures. These fees will
generally include third-party management fees, an investment company management fee, other
fund expenses, and in some situations a possible distribution fee.

The Firm will provide investment advisory services and portfolio management services but will
not provide custodial or other administrative services. At no time will the Firm accept or
maintain custody of a client’s funds or securities except for authorized fee deduction. The Client
may contact the Custodian directly for disbursements, or account record changes, and may also
do so in writing to the custodian. The Firm may act to facilitate such written communications to
the Custodian, provided that such action is not construed to be custody of client assets.
Client is responsible for all custodial and securities execution fees charged by the custodian and
executing broker-dealer. Fees paid to KG are separate and distinct from the custodian and
execution fees.
Clients may request to terminate their FSA with KG, in whole or in part, by providing advance
written notice. Client’s advisory agreement with the Advisor is non-transferable without Client’s
consent.

Right of Cancellation
In addition to the right to terminate an agreement pursuant to its terms, a Client may cancel an
agreement with the Firm within five (5) business days of first receiving a copy of this disclosure
brochure and supplement without penalty or fee.

ITEM 7 TYPES OF CLIENTS

The Firm provides investment advisory services to many types of Clients, including individuals,
high net worth individuals, and businesses.
The Firm requires a minimum account balance of $50,000. However, this requirement may be
waived at the discretion of KG in certain circumstances.