Wolfers Asset Management LLC

ITEM 5: FEES AND COMPENSATION

Investment Management Services
First and Main is paid quarterly in arrears based on the value of each account at the close of the quarter.
First and Main offers tiered billing to clients with over $500k in assets under management.

    Asset Value                                               Annual Fee
    On the first $500,000                                       0.85%
    On values from $500,001 to $1,000,000                       0.75%
    On values from $1,000,001 to $1,500,000                     0.65%
    On values from $1,500,001 to $2,000,000                     0.55%
    On values from $2,000,001 to $2,500,000                     0.45%
    On values over $2,500,000                                   0.35%

For example, a client with $720k with First and Main could be billed the following:
       $500,000 @ 0.85% plus $220,00 @ 0.75%

We require that clients provide authorization for us to deduct fees directly from the client accounts
through Charles Schwab & Co. Clients receive a statement in the mail, or uploaded to a client web portal
detailing the fees paid within days of when payment is requested from Charles Schwab & Co. Clients are
responsible for reviewing the accuracy of the invoice, since Charles Schwab & Co will not do so.

You may end our advisory relationship by providing 30 days written notice. We may prorate the advisory
fees earned through the termination date and send you an invoice for the advisory fees due.

Other Costs Involved

In addition to our advisory fee shown above, you are responsible for paying fees associated with investing
for your account. These fees include:

     management fees for ETFs and mutual funds. These are fees charged by the managers of the ETF
      or mutual fund and are a portion of the expenses of the ETF or mutual fund.

     brokerage costs and transaction fees for any securities or fixed income trades. These are
      generally charged by your custodian and/or executing broker.

Additional information about brokerage costs and services is provided in Item 12.

We believe the fees mentioned above are competitive; however, you may be able to obtain similar
services from other sources at a lower price.

We may negotiate lower fees based on the size of the account, the scope and complexity of the services to
be performed, and the amount of time a client has been with us.

Financial Planning
Financial planning services are provided for a fixed fee ranging from $500 to $5,000. Services may also
be offered for a rate of $400 per hour for initial planning. Clients will receive an invoice for a 50% of the
fixed fee with a maximum of $1,200 upon initiation of a plan and a final invoice upon completion of the
financial plan that are payable upon receipt. Fees for financial planning services may be paid by check or
credit card. Revisions to existing plans are billed at a rate of $250 per hour. An invoice is provided upon
completion of these services and is due upon receipt.

When a client becomes an asset management client with substantial assets, it is very rare to charge for
ongoing financial planning. Existing, long-time clients who chose initially not do any financial planning
with us generally do not get charged for financial planning time.

You may cancel our financial planning agreement at any time by providing written notice. Upon
cancellation, we will present you with an invoice for time spent. This invoice is payable upon receipt.
We may negotiate lower fees based on the scope and complexity of the services to be performed.

Pension Plans
We charge pension plans an annual fee of 0.5% of the plan’s assets for financial education and advice on
the investments in the plans to the pension plans’ participants. These fees are billed quarterly in arrears,
based on the plans’ assets as of the last day of the preceding quarter.

Conflicts of Interest
First and Main has a conflict of interest when providing financial planning advice. When clients
implement the financial plan through First and Main, we receive the customary advisory fees as disclosed
in the above section. Clients are not required to employ First and Main to implement any financial
planning recommendations.

Neither First and Main nor our affiliated persons receive compensation, other than the fees mentioned
above, for the sale of securities or other investment products. First and Main’s only compensation comes
from its clients, which helps create the greatest incentive possible to have our interests aligned directly
with clients.

First and Main may lower or waive fees for any client at any time at its sole discretion.

ITEM 7: TYPES OF CLIENTS
First and Main works with clients who are individuals, or may have a revocable trust. First and Main’s
asset minimum for new clients is typically $500,000, but this minimum may be waived at Erik Wolfers’
sole discretion.