Chapel Hill Investment Analysts Inc

Item 5: Fees and Compensation

A) Depositor will pay an advisory fee to the advisor of 0.2375% per quarter, (0.95%
   annually) for all accounts other than the ”No Volatility”, or fixed-income, option.
   Fixed-income accounts will be assessed at an advisory fee of 0.10% per quarter (0.40%
   annually). We reserve the right to waive fees for the ”No Volatility”, or fixed-income,
   option due to unfavorable market conditions. Advisory fee calculations will be based
   on account values for quarterly billing periods ending March 31, June 30, September
   30 and December 31. Management fees are listed on all client account statements for
   months following quarterly billing.

   Chapel Hill Investment Analysts, Inc. receives an asset management fee of 0.95% per year
   directly from Nationwide Mutual Insurance Company.

   Chapel Hill Investment Analysts, Inc. receives an asset management fee of 0.95% per year
   directly from Manning & Napier.

   Chapel Hill Investment Analysts, Inc. receives an asset management fee of 0.40% per year
   directly from Alerus Financial.

   Chapel Hill Investment Analysts, Inc. receives an asset management fee of 0.60% per year
   directly from American Funds.

   Chapel Hill Investment Analysts, Inc. receives an asset management fee of 0.45% and
   0.60% per year directly from T. Rowe Price.

   The advisor reserves the right to negotiate fees for clients with assets of more than
   one million dollars, when requested by the client or at the advisor’s discretion.

B) Fees will be calculated by multiplying the previous quarter-end account value by the
   quarterly factor (0.2375%). Accounts will be billed within 60 days of the end of the
   billable quarter. Payment of fees shall be made directly to the advisor out of the
   custodian account which holds the assets for each client account. Direct billing is not
   permitted. Client is responsible for confirming appropriate billing amounts.

C) On occasion, the advisor will be instructed to perform administrative services that are
   not included in the advisory fee. Payment of these additional administrative fees will
   be processed in accordance with the hourly advisory fee of $550 per hour, as indicated
   in the Advisor’s Form ADV Part II.

   The advisor may modify their fee schedule or change billing periods at its discretion
   with 30 days’ written notice to the depositor and the custodian.

   The client shall be solely responsible for all commissions and other transaction-based
   charges, and any charge relating to the custody of securities in the account. The
   advisory fee covers only the investment management services provided by the advisor
   and does not include brokerage commissions, mark-ups and mark-downs, dealer
   spreads or other costs associated with the purchase and sale of securities, custodian
   fees, interest, taxes, or other account expenses. Client shall be solely responsible for
   these additional expenses. Client understands that, in addition to the fee paid to the
   advisor pursuant to this Agreement, each exchange-traded fund or mutual fund in
   which a client may invest pursuant to this Agreement may also bear its own internal
   investment advisory fee and other expense, which are disclosed in each funds’
   prospectus. All information can be obtained from the prospectus that is either e-
   mailed or mailed directly by the custodian, as selected by the client in the initial
   application. In addition, all disclosures are available for review through Charles Schwab.

D) All fees are billed in arrears on a quarterly basis.

E) We do not maintain a relationship with any registered Broker Dealer as a Registered
   Representative and therefore do not accept any commission-based compensation as
   you would find with a retail broker. We have no such conflict of interest in this regard
   with our client relationships.

Item 7: Types of Clients

Chapel Hill Investment Analysts, Inc. accepts clients who are individuals, businesses, trust
funds, and pension plans. We have no minimum investment requirement or account size
to open an account. We reserve the right to accept or decline any potential new client.