Vorpahl Wing Securities Inc

Item 5 - Fees and Compensation

Fees for standard discretionary advisory services are as follows:

First $250,000.……………….         2.0% annually (0.500% quarterly)
$250,001-$1,000,000........... 1.5% annually (0.375% quarterly)
Over $1,000,000 ……………. 1.00% annually (0.25% quarterly)

Fees are negotiable and fully disclosed with each Client Assets Management Agreement. Fees
shall be charged and paid quarterly in advance.

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Fees will be paid to Vorpahl Wing by the brokerage firm or custodian maintaining custody of an
account from funds in the account. The custodian does not verify the correctness of the fee
calculation.

The custodian will send a statement no less frequently than quarterly indicating all amounts
disbursed from an account including the amount of advisory fees paid to Vorpahl Wing.

Payment of fees may result in the liquidation of securities if sufficient cash in the account is not
available. Fees are charged on funds or securities added to a previously established account
during any period at a marginal percentage rate using the client’s fee schedule and prorated to
reflect the number of days remaining in the billing period.

Vorpahl Wing’s custodian shall determine the net equity value of an account for each period as
of the closing date occurring during the month preceding the fee period. It is this net equity
value in which management fees are calculated. In the case where the closing date is not a
regular business day of the New Your Stock Exchange, the net equity is computed as of the last
prior business day of the New York Stock Exchange. Net equity is calculated by valuing each
security held by an account based on the closing price, or if not traded on an exchange the last
bid price.

Brokerage commissions, custodial fees and service charges, stock transfer fees, mutual fund
management fees, 12b-1 fees, and other similar charges incurred in connection with
transactions are not considered part of management fees and will be paid separately from the
assets in a client’s account.

The current negotiated commission rates for executions processed through Vorpahl Wing’s
clearing firm and custodian(s) are listed in a separate document and should be reviewed and
considered as part of this brochure:

The investment advisory agreement may be terminated at any time by either party by written
notice to the other party at their primary address. Client shall receive a refund of all unearned
fees prorated as of the date of termination.

Changes to the fee structure or to other material provisions of an Asset Management
Agreement may only be made by amendment or through the execution of an entirely new
Agreement; either requiring the written acceptance of the Client.

Vorpahl Wing endeavors to allocate securities purchases and sales so as to not advantage nor
disadvantage any client. A random selection process is normally used such as starting at either
the beginning, the end or in the middle of the alphabetical list of clients.

It is the policy of Vorpahl Wing when securities are initially purchased for, or sold from, a
client's portfolio, that orders for the same securities from Vorpahl Wing and related person's
accounts will be included in the bunched trades if the size and volume is large and the market is
liquid and purchased last and sold last if the market is thin and illiquid so as to not disadvantage
clients.

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In isolated instances where Vorpahl Wing does not perform supervisory management nor
provide recommendations to a client, and the account is established as non-discretionary;
Vorpahl Wing may provide operational services only for an annual flat fee, to be negotiated, of
between $500.00 and $3,000.00. The fee for a partial year shall be pro-rated.

Item 7 - Types of Clients

Vorpahl Wing provides investment management services to individuals, trusts, estates,
corporations, and similar organizations including charitable.