Armory Capital Management LLC

Item 5 – Fees and Compensation

FEE SCHEDULE:

INVESTMENT SUPERVISORY SERVICES

ACM’s fee schedule for Investment Supervisory Services:

   •   First $2,000,000 in Assets   1.00%
   •   Next $3,000,000              0.80%
   •   Next $5,000,000              0.60%
   •   Above $10,000,000            0.40%

ACM’s fee schedule for Qualified Retirement Plans:

   •   First $3,000,000 in Assets 0.60%
   •   Next $5,000,000            0.50%
   •   Above $8,000,000           0.40%

Fees are billed on a quarterly basis. In most cases, the quarterly fee is due on the first
business day of each calendar quarter. Fees will be deducted directly from client accounts
that have proper written authorization with the custodian to do so. All other fees will be
due immediately upon receipt of direct bill. Clients can choose to either have fees deducted
from their accounts or to be billed directly.

Clients may make additions to their accounts at any time. Additional assets received after
an account is opened may be charged a pro rata fee based on the number of days remaining
in the calendar quarter. Clients may withdraw assets upon notice to ACM subject to usual
and customary securities settlement procedures. No fee adjustments will be made for
partial withdrawals. A pro rata refund of fees charged will be made if a client’s account is
closed within a billing period. ACM imposes no start-up, closing, or penalty fees in
connection with a client’s account. Investment supervisory services may be provided to
family members, friends, employees of ACM and its affiliates at reduced fees or no fee.

Advisory fees are negotiable.

CONSULTING/FINANCIAL PLANNING

Fees for specific administrative, consulting, and financial planning services will be billed at
an hourly rate ranging from $100-$300 per hour, upon mutual agreement with the client,
and shall be due and payable as earned.

The investment advisory contract contains no termination date. However, the firm or the
client may terminate the contract at any time with reasonable notice to the other party.
The client also has the right to terminate the contract without incurring any fees within five
calendar days from entering into the contract. Termination by either party afterward
would result in fees prorated and payable to the effective date of termination.

ACM’s fees are separate and distinct from any other transactions costs, commissions, fees
or other expenses which may be charged at various times against a client’s accounts by the
client’s custodian, broker, or any other party. The client will be solely responsible for all
commissions and other transaction charges and any charge relating to the custody of assets
and securities in the client’s account. Moreover, all fees paid to ACM for investment
advisory services are separate and distinct from the fees and expenses charged by mutual
funds to their shareholders. These fees and expenses are described in each fund’s
prospectus. These fees will generally include a management fee, other fund expenses, and
a possible distribution fee.

Item 12 further describes the factors that ACM considers in selecting or recommending
broker-dealers for client transactions and determining the reasonableness of their
compensation (e.g., commissions).

Item 7 – Types of Clients

ACM provides portfolio management services to individuals, high net worth individuals,
corporate pension and profit-sharing plans, charitable institutions, foundations,

endowments, private investment funds, trusts, and estates. ACM does not impose a
minimum account size.