The Proper Analysis Corporation

Item 5 Fees and Compensation
Please refer to the "Advisory Business" section in this brochure for information on our advisory fees,
fee deduction arrangements, and refund policy according to each service we offer.

Additional Fees and Expenses
As part of our investment advisory services to you, we invest on your behalf in mutual funds and
exchange traded funds. The fees that you pay to our firm for investment advisory services are separate
and distinct from the fees and expenses charged by mutual funds or exchange traded funds (described
in each fund's prospectus) to their shareholders. These fees will generally include a management fee
and other fund expenses that we do not share. You will also incur transaction charges and/or
brokerage fees when purchasing or selling some securities. These charges and fees are typically
imposed by the broker-dealer or custodian through whom your account transactions are executed. We
do not share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or
custodian. To fully understand the total cost you will incur, you should review all the fees charged by
mutual funds, exchange traded funds, our firm, and others. For information on our brokerage practices,
please refer to the "Brokerage Practices" section of this brochure.

Item 7 Types of Clients
We offer investment advisory services to individuals, pension and profit sharing plans, trusts, estates,
charitable organizations, corporations, and other business entities.

In general, we require a minimum dollar amount ($250,000 within the first 12 months) to open and
maintain an advisory relationship; however, we have the right to terminate your relationship with us if
your portfolio falls below a minimum size which, in our sole opinion, is too small to manage effectively.
In our sole discretion, we may charge a lesser investment management fee and/or reduce or waive the
aggregate portfolio minimum based upon certain criteria (i.e. anticipated future earning capacity,
anticipated future additional assets, dollar amount of assets to be managed, related accounts, account
composition, negotiations with client, etc.).