Weybosset Research & Management LLC

Item 5 – Fees and Compensation
Investment Management Fee Schedule

$0-$2,000,000 1%
$5,000,000 and above negotiable

Variations from this fee schedule are offered relative to the size of a portfolio or its composition.

WRM’s fees may be negotiable depending on a client’s unique situation – such as the size of theaggregate total
relationship, family holdings, low-cost basis securities, fixed income holdings, certain passively managed
investments and pre-existing relationships with clients.

The basic fee schedule for Investment Management Services is as follows: Most fees are calculated based on
the value of a portfolio at the close of each calendar quarter and are chargedin arrears. It is standard practice to
charge the fee directly to the client’s account; however, if theclient(s) would like to be billed directly for fees
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incurred, they have that option.

Qualified clients may from time to time request a performance fee arrangement pursuant to Section 205-3 of the
Investment Advisors Act. Fixed fees are charged at an annual rate between $500 and $10,000 depending on
account size. They are payable quarterly in arrears. Fixed feesare available on a negotiated basis.

Clients may terminate investment advisory contracts at any time upon written notice with no penalty. Accounts
initiated or terminated during a calendar quarter will be charged a prorated fee. If a deposit or withdrawal is
made during a quarter, it is prorated. If assets are transferred between accounts for a client, the full fee is
charged.

When purchasing mutual funds for client accounts, these investments result in clients paying twoadvisory fees.
In addition to the management fee charged by WRM, clients also pay fees assessed by the mutual funds.

WRM’s fees do not include certain charges imposed by third parties which may include the following: custodial
fees; brokerage commissions; platform fees; mutual fund or money marketmanagement fees; administrative
expenses; mutual fund transaction fees; IRA and qualified retirement plan fees and other charges required by
law. WRM does not receive any portion of these third-party charges.

Neither WRM nor any management person at WRM receives any compensation for the sale ofsecurities or other
products.

Custody, Payment of Compensation, and Trusteeship
Client assets will be held in the custody of a bank, trust company, custodian or brokerage firm agreed upon by
the client and WRM. The custodian sends a statement to the client monthly, indicating all amounts disbursed
from the account including the amount of advisory fees paid directly to WRM. Though WRM will assist the
client in establishing and maintaining accounts atthe custodian, WRM shall have no responsibility or liability
with respect to custodial arrangements or the acts, omissions, or other conduct of the custodian. The client
generally authorizes WRM to debit fees directly from the client’s account at the custodian, except for those
clients who choose the option to be billed directly. WRM sends a copy of the invoice to the client stating the
amount of the fee, the value of the client’s assets on which the fee was based,and the method by which the fee
was calculated.

Item 7 – Types of Clients
WRM provides investment management services to high-net-worth individuals, qualified retirement plans,
corporate pension and profit-sharing plans, charitable institutions, endowments,trusts, estates, foundations, and
corporations.