Tiemann Investment Advisors LLC

Item 5. Fees and Compensation.

PORTFOLIO MANAGEMENT
Fees for Portfolio Management services are charged at a percentage of assets
under management. For accounts up to $5 million, this fee is 1% of assets under
management per year, subject to a portfolio minimum of $2 million. TIA may
waive this minimum in its discretion. Portfolios of more than $5 million are
billed at an annual rate of 1.00% for the first $5 million, and 0.80% of assets
beyond $5 million. Fees may be negotiable under certain circumstances. Lower
fees for comparable services may be available from other sources. Certain
existing clients may have different fee schedules, often carried over from prior
arrangements.
Fees are billed quarterly in arrears. Clients arrange for their custodians to deduct
portfolio management fees from their assets under management and remit them
to TIA. TIA transmits informational invoices to clients or their advisers prior to,
or at the same time as, fee requests to the custodian.
Portfolio Management clients may incur other expenses in connection with
investment portfolios that TIA manages. Portfolio trading will ordinarily cause
clients to incur commissions and other trading costs. In many portfolios, TIA will
make use of exchange-traded funds (ETFs), open-end mutual funds, closed-end
mutual funds, or other pooled investment vehicles. These investments generally
have embedded expenses, which reduce their investment performance. TIA also
makes use of American Depository Receipts or Shares (ADRs or ADSs) for some
international equity positions. ADRs and ADSs also incur small administrative
fees. TIA does not receive a portion of any of these additional expenses.
TIA does not ask clients to pay fees in advance.
Neither TIA nor any supervised person at TIA accepts compensation for the sale
of securities or other investment products.

PORTFOLIO CONSULTING.
Charges for portfolio consulting are generally negotiated, and may include fixed
fees or hourly fees. In addition, for ongoing portfolio monitoring and reporting
TIA generally charges 0.25% of assets monitored per annum, paid quarterly in
arrears, which may be deducted from assets or paid against an invoice.

SERVICES TO INVESTMENT PROFESSIONALS.
For services to investment professionals, including expert witness services, TIA’s
fees are negotiated, and may be on an hourly or fixed basis.

Item 7. Types of Clients.
For Portfolio Management and Portfolio Consulting, TIA serves individuals and
families, along with related entities such as IRAs and Trusts. TIA prefers to
manage portfolios of at least $2 million in securities, but may waive this
minimum in its discretion. For Services to Investment Professionals, TIA and its
principals serve other, unrelated investment advisers.