Bank of Hawaii

Item 5: Fees and Compensation

Investment Management Fees are charged according to the investment strategy of the account.

Fixed income portfolios consisting of individually managed securities of short or short-intermediate
duration, along with a nominal money-market sweep account, are subject to the following fee
schedule:

                                              Asset Value                       Annual Fee
                                              First $5,000,000                      0.25%
     Investment Management Fee                    Thereafter                        0.15%
     Minimum Annual Fee                                                            $10,000
     Multiple Accounts*                                                              $500

   *Annual fee that may be charged for each additional account within one fee relationship. Such
   fee may be waived at the discretion of AMG.

Accounts that are invested in money-market funds only are subject to the following fee schedule:

                                               Asset Value                               Annual Fee
 Investment Management Fee                                                                    .05%
 Minimum Annual Fee                                                                         $5,000
 Multiple Accounts*                                                                           $500

   *Annual fee that may be charged for each additional account within one fee relationship. Such
   fee may be waived at the discretion of AMG.

Unless alternative arrangements are made with the client, fees are charged monthly in arrears based
on the value of the assets in the account as of the last business day of the month, multiplied by 1/12
of the rates shown above. If an account closes on a day other than month-end, the final fee will be
calculated on a pro rata basis for the portion of the final month that AMG managed the account.

Fee charges are negotiable. They may be based on a discount from the standard fee schedule or on
an individual fee schedule developed with the client. If any other fees are to be charged to the client
for special services outside of those contemplated in the account agreement, they will be as agreed to
with the client in advance of performing the services.

If the Bank of Hawaii has custody of the assets and funds in the account, fees are deducted from the
account and paid to AMG, or the client will be billed, based on the client’s preference. If the assets
are held with another custodian, the custodian will be billed, and a copy of the billing will be sent to
the client. Fees are subject to periodic review and, from time to time, adjustment. Clients shall be
considered to have approved and accepted any such adjustment 30 days after AMG sends written notice
of the adjustment to the client unless the client notifies AMG otherwise in writing before the end of such
30-day period.

In addition to AMG fees, there may be additional fees when AMG invests a client’s funds in the shares
of an unaffiliated registered money market fund. Such fund charges advisory fees and other expenses as
detailed in its prospectus which discloses the pro rata portion that clients pay indirectly through their
investment in the fund. Such expenses, including the fund’s advisory fee, are in addition to the direct
advisory fee charged by AMG for managing the client’s account.

Item 7: Types of Clients

As indicated in Item 4, AMG offers investment advisory services to registered investment companies
(mutual funds) and institutional clients that are governmental entities or quasi-governmental agencies
whose accounts consist in whole or in part of the proceeds from the issuance of municipal bonds.
However, the business practices and other information contained in this brochure pertain primarily
to AMG’s institutional client relationships.