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Chester County Retirement Board Equity Account

VFIM, Corp.

120 3. Warner Read, P.0. Box 83?
Valley Forge, PA 19432
610-687-2400

DISCLOSURE STATEMENT AND ACKNOWLEDGMENT

ViilM, Corp. has been authorized by Valley Forge Asset Management Corp. (?Valley Forge"), a
registered Investment Adviser, to refer prospective clients to Valley Forge. VFIM is not a registered investment
adviser and is not responsible for the services which Valley Forge may provide to you or the fees Valley Forge may

charge you from time to time.

VFIM is to be paid an amount equal to 50% of the fees paid by referrals as long as you remain a client of
Valley Forge. VFIM is to be paid 30% of the investment advisory fees for VF 1M referred clients for general
marketing, piibiic relations and liaison services and 20% of the investment advisory fees for referred clients
For solicitation services. This may not be typical el?Vailcy lierge?s other solicitation arrangements, whereby
solicitors are generally paid 25% et? Valley Forge?s advisory fee.

Valley Forge has represented to VlilM that Valley Forge wiil charge rates in accordance with Valley Forge?s Form
ADV Part 11 ?ling with the Securities and Exchange Commission Valley Forge has not advised VFIM that
you will be charged any amount in addition to the advisory fee for the cost of obtaining your account through VFIM,
nor has Valley Forge advised that Valley Forge will charge any differentiai among Valley Forge?s clients if
such differential is attributable to the existence of Valley lierge?s agreement to compensate . The agreement
between VFIM and Valley Forge states that Valley Forge may negotiate rates with its clients and prospects in the
circumstances and to the extent set forth in Valley Ferge?s Form ADV (Part ll) tiling with the Securities and
Exchange Commission Valley Forge?s fees for service are set Forth in its filings with the SEC on Form
ADV (Part it), a copy of the current version of which, as received from Valley Forge is enclosed with this
Disclosure Statement. The disclosures made on Form ADV Part are made by Valley Forge and not by VlilM.
The rates disclosed in this disclosure statement or in Valley liorge's Form ADV Part it may change from time to

time.

?s business rciatienship with Valley Forge with respect to this referral is set forth in a written agreement
between Valley Forge and Vi? 1M. VFIM and Valley Forge may have other business relationships from time to time
but are not af?liated by common control. The officer or employee of VFI signing this disclosure on behalf of
Vl-?lh?i is not an employee ot?, or under common control with, Valley Forge but may have another business

relationship with it.

  

 

 

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CLIENT ACKNOWLE elitism}

acknowledge receipt and have read the foregoing Consultant?s Disclosure Statement and also the accompanying
Form ADV Part II relating to Valley Forge Asset Management.

Print Name: fiqgv?chQU'95 t" Signature: W23. 1 LM
Date: