Willow Grove Advisors LLC

Item 5: Fees and Compensation

General Information on Fees and Services

Fee Schedule

WILLOW GROVE ADVISORS LLC                                                                 FORM ADV, PART 2A

Diversified Investment Management

For fully Diversified Investment Management accounts where Willow Grove has investment discretion over
assets in the account, the fee schedule is as follows:

First $1 Million 1.10%
Next $2 Million .85%
Next $2 Million .70%
Next $5 Million .55%
Next $10 Million .2%
Next $20 Million .07%
Over $ 40 Million Negotiable

Fees on assets greater than $40 million are negotiable. The fees stated herein do not apply to “Non-Managed
Assets”, if any.

Fees will be automatically debited on a monthly basis from client accounts unless alternative arrangements have
been made between the client and Willow Grove. Invoices detailing these fees will be sent to clients
simultaneously. Clients will also be notified of the amount of their fee through statements provided by their
custodian.

Employees of Willow Grove may be eligible for a discounted fee. Fees are payable monthly in arrears, based
on the previous month-end fair market value of each account. The client must consent in advance to direct
debiting of their investment account.

For securities where ready valuation information is not available (including but not limited to hedge funds,
private equity, private placements, illiquid securities and some derivatives) pricing will be undertaken through
good faith cooperation between Willow Grove Operations and the manager of the specific security to fairly
approximate the security's current value. Willow Grove will also engage third-party pricing agents to price
illiquid and hard-to-value securities holdings

We are compensated for our investment advisory services based on a percentage of assets under management.
Fees percentages may differ among clients based on a number of factors, including the type and size of the
advisory account and the number and range of supplemental advisory and client‐related services to be provided.
Assets in related accounts may be aggregated to establish the amount on which fees will be based. Our fee
schedule shows the maximum percentage charged for each asset range. Custodians may charge transaction fees
on purchases or sales of certain mutual funds and exchange-traded funds. These transaction charges are usually

small and incidental to the purchase or sale of a security. The selection of the security is more important than
the nominal fee that the custodian charges to buy or sell the security (Please see Part 12 Brokerage Practices).

Hourly Fees

WILLOW GROVE ADVISORS LLC                                                               FORM ADV, PART 2A

On occasion, when clients request that we work on specific projects, we will charge an hourly fee ranging from
$200/hour to $400/hour for the services.

Additional Fees Charged by Mutual Fund Companies and Separate Account Managers/Sub-Advisers

In addition to our fees, each mutual fund, ETF, Limited Partnership, and Money Manager in which a client's
assets may be invested, charges its own management fees and other expenses. Details about these fees and
expenses can be found in the relevant fund prospectus, Limited Partnership offering memorandum or Money
Manager Form ADV Part 2. Copies of mutual fund and ETF prospectuses can be obtained directly from the
company or through Willow Grove upon request. Willow Grove will provide copies of offering memoranda for
Limited Partnerships and Form ADV Part 2 for money managers.

Clients may incur certain fees or charges imposed by third parties, other than Willow Grove, in connection with
investments made on behalf of the client’s account[s]. Other non-ordinary fees, which may include wire transfer
fees, small account fees and other fees charged by the custodian incurred at the direction of the client are not
included and shall be paid by the client. Willow Grove may include securities transactions costs as part of its
overall advisory fees. Please see Item 4 above as well as Appendix 1 – Wrap Fee Program Brochure. The
inclusion of securities transaction fees into a single bundled fee may cost the client more or less than if paid
separately.

Item 7: Types of Clients

Willow Grove provides portfolio management services for individuals and high net worth individuals.
Generally, the firm requires a minimum portfolio size of $500,000, however, on occasion we may accept
smaller accounts. Also, we may continue to service existing accounts that fall below the minimum.