Valiant Wealth LLC

Item 5: Fees and Compensation
 A. Fee Schedule and Payment

   Portfolio Management

   Valiant Wealth’s compensation for the provision of portfolio management services for
   separately managed accounts is as follows:

                   Assets under Management                 Annual Fees
                       First $1,000,000                      1.50%
                       Next $1,000,000                       1.20%
                       Next $3,000,000                        0.9%
                      Above $5,000,000                      Negotiable

   Advisory fees are based upon a percentage of assets under management and are
   negotiable. Clients should refer to the fee schedule in their advisory agreements for fee
   information. Advisory fees are paid quarterly in arrears and are based upon the total
   market value of assets in the client’s account(s) as of the last business day of the quarter.
   Clients may terminate their contracts with thirty (30) days’ written notice. If a client
   terminates prior to the end of a quarter, Valiant Wealth is entitled to a pro rata fee for the
   days of service provided during the final quarter. The client will be sent an invoice
   detailing the charges, and payment will be required within thirty (30) days.

   Because our advisory fees are charged in arrears, no refund policy is necessary. Clients
   may terminate their accounts without penalty within five (5) business days of signing the
   advisory contract. Advisory fees are withdrawn directly from the client’s account(s) with
   client written authorization. In cases where advisory fees are directly deducted, Valiant
   Wealth is required to: a) obtain client authorization, b) send a copy of the invoice to the
   client at the same time that the Valiant Wealth directs invoice to the custodian for
   payment, and c) disclose that Valiant Wealth will send quarterly invoices to the client
   wherein advisory fees are itemized.

   We treat cash and cash equivalents as an asset class. Accordingly, unless otherwise
   agreed in writing, all cash and cash equivalent positions (e.g., money market funds, etc.)
   are included as part of assets under management for purposes of calculating our
   advisory fee. At any specific point in time, depending upon perceived or anticipated
   market conditions/events (there being no guarantee that such anticipated market
   conditions/events will occur), we may maintain cash and/or cash equivalent positions for
   defensive, liquidity, or other purposes. While assets are maintained in cash or cash
   equivalents, such amounts could miss market advances and, depending upon current
   yields, at any point in time, our advisory fee could exceed the interest paid by the client’s
   cash or cash equivalent positions.

   Unless otherwise agreed in writing, the gross amount of assets in the client’s account,
   including margin balances, are included as part of assets under management for

purposes of calculating the firm’s advisory fee. Clients should note that this practice will
increase total assets under management used to calculate advisory fees which will in
turn increase the amount of fees collected by our firm. This practice creates a conflict of
interest in that our firm has an incentive to use margin in order to increase the amount
of billable assets. At all times, the firm and its Associated Persons strive to uphold their
fiduciary duty of fair dealing with clients. Clients are free to restrict the use of margin by
our firm. However, clients should note that any restriction on the use of margin may
negatively impact an account’s performance in a rising market.

Valiant Wealth has a fiduciary duty to provide services consistent with the client’s best
interest. As part of its investment advisory services, Valiant Wealth will review client
portfolios on an ongoing basis to determine if any changes are necessary based upon
various factors, including but not limited to investment performance, fund manager
tenure, style drift, account additions/withdrawals, the client’s financial circumstances,
and changes in the client’s investment objectives. Based upon these and other factors,
there may be extended periods of time when Valiant Wealth determines that changes to
a client’s portfolio are neither necessary nor prudent. Notwithstanding, unless otherwise
agreed in writing, Valiant Wealth’s management fee will continue to apply during these
periods, and there can be no assurance that investment decisions made by Valiant
Wealth will be profitable or equal any specific performance level(s).

Pooled investment vehicle clients are charged either a flat management fee or a
management fee based upon the amount of assets under management. This
management fee is described in the vehicle’s offering documents, including the
frequency of collection. A performance-based fee may also be charged, which is
payable upon distribution of the investment, and may be subject to a high-water mark
per the offering documents. Depending on the pooled investment vehicle, some
performance-based fees are owed to an affiliate of Valiant Wealth, as described in the
offering documents. Payment for other services provided to pooled investment vehicles
is payable at the time indicated in the offering documents.

Financial Planning

Depending upon the complexity of the situation and the needs of the client, the rate for
financial planning is usually between $1,000 and $15,000. Fees are paid in advance, but
never more than three months in advance. Fees that are charged in advance can be
refunded based on the prorated amount of work completed at the point of termination.
The fees are negotiable, and the final fee schedule will included in the advisory contract.
Clients may terminate their contracts without penalty within five (5) business days of
signing the advisory contract. After such time, clients may terminate their account with
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Item 7: Types of Clients
   Valiant Wealth generally provides advisory services to the following types of clients:

      •   Individuals
      •   High Net Worth Individuals
      •   Pension Plans
      •   Pooled Investment Vehicles
      •   Charitable Organizations

   Valiant Wealth generally requires an account minimum of $100,000 for separately
   managed account clients, which may be waived at Valiant Wealth’s discretion.