Banta Asset Management LP

ITEM 5 - FEES AND COMPENSATION
Fee Schedule

Investment Management Services
Banta charges advisory fees for investment management services based on a percentage of the client’s
total assets under management. The fees generally range from 0.25% to 2.00% annually based on the
scope and complexity of the services provided to the client. Some accounts are under different fee
schedules honoring prior agreements. At our discretion, fees may be negotiable based on a number of
factors, which include but are not limited to “grandfathered” accounts, related accounts, and other
structures that we may consider in special situations.

In rare circumstances, Banta aggregates client accounts that have family relationships with each other
for purposes of calculating the advisory fees applicable to each client. We also manage some family and
related accounts without charge.

Financial Planning Services
Compensation for Banta’s Financial Planning services is generally included in our advisory fees for
Investment Management Services clients. Alternatively, non-Investment Management Services clients
will be charged a fixed fee depending on the scope of the services requested or invoiced at the rate of
$350 per hour for our Financial Planning Services. The hourly rate may be negotiable at our discretion.

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Consulting Services
At a client’s request, Banta offers consulting services at an hourly rate of $350.00, which is generally
negotiable depending on the nature and complexity of each client’s circumstances. In these instances,
we will provide an estimate of the total hours required at the start of the relationship.

Billing Method

Investment Management Services
Banta’s advisory fees are payable quarterly in advance at the beginning of each calendar quarter. We
charge one fourth of the annual fee each quarter based on the market value of the client’s portfolio as
of the last business day of the prior calendar quarter. The formula used for the calculation is as follows:
(Annual Rate) x (Total Assets Under Management at Quarter-End) / 4.

For new client accounts, the first payment is a pro-rata calculation due upon execution of the advisory
agreement and/or when the client places assets in the custodial account(s) we manage for them. The
calculation will take into consideration the number of days remaining in the quarter and the initial value
of the portfolio. The formula used to calculate the initial advisory fee would be as follows: (Result of
Quarterly Calculation) x (Days Remaining in Quarter) / (Total Number of Days in Quarter).

With client authorization, Banta will automatically withdraw Banta’s advisory fee from the client’s
account held by an independent custodian. Typically, the custodian withdraws advisory fees from the
client’s account during the first month of each quarter based on Banta’s instruction. All clients will
receive brokerage statements from the custodian no less frequently than quarterly. The custodian
statement will show the deduction of the advisory fee for those clients who authorize the advisory fees
to be withdrawn directly from their custodian account.

Consulting Services
One-half of the total estimated hourly consulting fees are due and payable at the time the client
executes the agreement. The remainder of the fee, based on actual hours spent, is due upon the
rendering of consulting services. Fees are invoiced to the client.

Other Fees and Expenses

Banta’s fees do not include custodian fees. Clients pay all brokerage commissions, stock transfer fees,
margin interest, and/or other similar charges incurred in connection with transactions in accounts, from
the assets in the account. These charges are in addition to the fees client pays to Banta. See Item 12 -
Brokerage Practices below for more information.

Clients that make requests for Banta to purchase/hold mutual fund shares held in their accounts should
be aware that they might be subject to deferred sales charges, 12b-1 fees, and other fund-related
expenses. Each fund’s prospectus fully describes the fees and expenses. All fees paid to Banta for
investment advisory services are separate and distinct from the fees and expenses charged by mutual
funds. Mutual funds pay advisory fees to their managers, which are indirectly charged to all holders of
the mutual fund shares.

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Termination

Investment Management Services
Either party may terminate the agreement upon thirty (30) days written notice to the other party. The
client will receive a prorated refund based on the effective date of termination. Account fees will not be
refunded when a client terminates their account(s) during last month of a calendar quarter. The client
may terminate the agreement by writing Banta at our office. Banta will refund any prepaid, unearned
advisory fees based on the effective date of termination. Upon termination of the agreement, we will
send the client a prorated refund of unearned advisory fees using the following formula: (Fees Paid) x
(Days Remaining in Quarter)/(Total Number of Days in Quarter).

Terminations will not affect liabilities or obligations from transactions initiated in client accounts prior to
termination. In the event the client terminates the investment advisory agreement, Banta will not
liquidate any securities in the account unless authorized in writing by the client to do so. In the event of
client’s death or disability, Banta will continue management of the account until we are notified of
client’s death or disability and given alternative instructions by an authorized party.

Consulting Services
Banta considers our consulting services to be complete, and the agreement terminated upon delivery of
the agreed services. In the event that either the client or Banta wishes to terminate the consulting
...

ITEM 7 - TYPES OF CLIENTS
Banta offers discretionary investment advisory and financial planning services to individuals, high net
worth individuals, and trusts and estates. In addition, we offer advisory services to pension and profit
sharing plans, charitable organizations, and businesses.

Account Requirements

Generally, Banta requires a minimum account size of $500,000 at the start of the advisory relationship.
At our discretion, we may combine family accounts to meet the account size minimum or reduce or

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waive the account minimum altogether.