Values First Advisors Inc

ITEM 5 - FEES AND COMPENSATION

Financial Planning Fees
Fees for services outside of asset allocation and portfolio management are negotiated separately at the time
of the engagement and are customarily based on an hourly rate.

We will assess hourly fees according to the below hourly rates for all time spent by VFA dedicated to work
on your behalf (“Billable Time”). This may include, for example, time spent preparing your financial plan,
meetings with you, preparing for such meetings, and following up after such meetings. Billable Time will
generally be affected by, among other things, the scope and complexity of services provided.

The below applicable hourly rates will be used to determine your hourly fees:

 Rate                     Current Hourly Rate          Criteria
 Admin Rate               $60                          For all Billable Time by VFA’s administrative staff
                                                       (e.g., administrative assistants).
 Rate Type 1              $300                         For clients whose primary advisor is not listed in
                                                       Rate Type 2.
 Rate Type 2              $400                         For clients whose primary advisor is a principal of
                                                       VFA: Benji Nunn or Alex Ellis.

Billable Time is calculated in tenth of an hour increments (i.e., six-minute increments), rounded to the next
increment, such that if any portion of a six-minute increment is Billable Time, you will be charged for the
entire increment. For example, if we spend fifteen minutes of Billable Time, you will be charged for three
six-minute increments (i.e., three tenths of an hour).

Hourly fees are charged in arrears and are invoiced to the custodian and deducted from your account. If
you do not have a managed account, we will invoice you for the amount due.

Fees for Non-discretionary, Non-supervisory Advice and Consultations
Fees for this service include a retainer fee of $150 assessed for each calendar year or portion thereof on a
yearly basis in advance and is non-refundable to the client. In addition to the retainer fee, we assess hourly
fees according to the below hourly rates for all time spent by VFA dedicated to work on your behalf (“Billable
Time”). Billable Time will generally be affected by, among other things, the scope and complexity of
services provided.

Billable Time shall include, without limitation, all time that we spend carrying out your instructions,
servicing the account(s), meeting with you, preparing for such meetings, and time spent on follow up after
such meetings.

The below applicable hourly rates will be used to determine your hourly fees:

 Rate                    Current Hourly Rate          Criteria
 Admin Rate              $60                          For all Billable Time by VFA’s administrative staff
                                                      (e.g., administrative assistants).
 Rate Type 1             $300                         For clients whose primary advisor is not listed in
                                                      Rate Type 2.
 Rate Type 2             $400                         For clients whose primary advisor is a principal of
                                                      VFA: Benji Nunn or Alex Ellis.

Billable Time is calculated in tenth of an hour increments (i.e., six-minute increments), rounded to the next
increment, such that if any portion of a six-minute increment is Billable Time, you will be charged for the

entire increment. For example, if we spend fifteen minutes of Billable Time, you will be charged for three
six-minute increments (i.e., three tenths of an hour).

The retainer fee is invoiced to the account custodian and deducted from one of your managed accounts on
a yearly basis in advance. Hourly fees are charged in arrears and are invoiced to the custodian and deducted
from your account. If you do not have a managed account, or if you have one that you do not want your fee
withdrawn from, then we will invoice you for the amount due.

Core Asset Allocation Fee
The specific manner in which VFA’s Core Asset Allocation Fee (the “Allocation Fee”) is charged on your
account is established in the investment advisory agreement.

The Allocation Fee is payable monthly in arrears. Depending upon the custodian of the account, the fee is
calculated either on the value of the account at the end of the month or on the average daily balance of the
account (i.e., the “Billing Value”). (Currently, GSCS is the only custodian utilized by VFA clients using
the average daily balance calculation.) The fee is calculated based on the market value of all assets in the
account, including accrued interest and cash, and amounts payable and receivable for securities transactions
(trade date purchases and sales).

If VFA’s management begins after the first day of the month, fees are prorated based on the number of days
that the account was funded, or if your account is at GSCS the fees are based on the average daily balance
of the account during the applicable month. The Allocation Fee is debited directly from your account unless
other arrangements are mutually agreed upon.

Depending upon unique circumstances such as other account relationships, expected growth in account
value, special conditions or unique portfolio guidelines, fees may be subject to negotiation. Also, pre-
existing advisory clients are subject to any minimum account requirements and advisory fees in effect at
the time the client entered into the advisory relationship with us.

As a potential benefit to clients, we will group related client accounts for determining the aggregate account
Billing Value and annualized fee. This common practice is often referred to “householding” accounts for
fee purposes and may result in lower fees than if fees were calculated on accounts separately. Once the
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ITEM 7 - TYPES OF CLIENTS

VFA provides investment management services to individuals, trusts, estates and charitable organizations.
The efficiencies of money management work most effectively at or above certain asset levels. It can be
more of a challenge to adequately diversify portfolios with a lower account size. Depending upon unique
circumstances such as other account relationships, expected significant growth in account value and other
special conditions, minimum account size is subject to negotiation and will be reviewed by the firm’s
principals on a case-by-case basis. The minimum fee for Asset Allocation Services is $100 per month.