Charles Fish Investments Inc

ITEM 5 - FEES AND COMPENSATION

Fee Schedule

Investment Management Services

CFI’s fees are computed as a percentage of the market value of assets under management and
are payable quarterly in advance. On rare occasions and under special circumstances, CFI may
agree to charge a fixed fee. However, this type of fee arrangement is limited in time and scope
and should not be considered a standard practice of the firm.

Fixed Income Portfolios

The rates on certain discretionary fixed income portfolios may be negotiable depending upon a
number of independent factors including, but not limited to, the size of the account, type of
service, and custodial arrangement. The assets of related discretionary accounts may, at the
discretion of CFI, be combined for the purpose of calculating the breakpoint on fees. The
maximum annual fee for fixed income accounts is as follows:

     ½ of 1% on the first $2 million under management
     3/8 of 1% on the next $13 million under management
     1/4 of 1% on the next $35 million under management
     1/8 of 1% on all over $50 million under management

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Multi-Asset Portfolios

The rates on certain discretionary multi-asset portfolios may be negotiable depending upon a
number of independent factors, including, but not limited to, the size of the account, type of
service, and custodial arrangement. The assets of related diversified portfolios may, at the
discretion of CFI, be combined for the purpose of calculating the breakpoint on fees. The
maximum annual fee for multi-asset accounts is as follows:

              1% on the first $2 million under management
       7/8 of 1% on the next $3 million under management
       3/4 of 1% on the next $5 million under management
       5/8 of 1% on all over $10 million under management

Fees for non-discretionary accounts are negotiable depending upon the size of the portfolio
and scope of services to be provided, but will not exceed the fee schedule disclosed above.

Sub-Advised Portfolios

CFI will bill a management fee of between 0.10% to 0.35% on any assets managed by a Sub-
Advisor; this fee is negotiable. CFI will bill its management fee in the same manner as described
directly above under Investment Management Services. The client will pay the Sub-Advisor
separately for their advisory services rendered. Annual fees for Sub-Advisors range from 0.35%
to 0.40%. The Sub-Advisor’s fee and how the fee is calculated and billed will be specified in CFI’s
agreement with the client. The annual fees paid to the Sub-Advisor are separate from and in
addition to CFI’s management fee.

Sub-Advisory Services to Registered Investment Advisers

Fees and payment arrangements are negotiable and will vary on a case-by-case basis.

Analysis and Consulting Services

Upon request, CFI will perform an account analysis and/or offer its consulting services. The
charge for such services is done on a negotiated fixed fee basis, depending on the nature and
complexity of each client’s circumstances at the time of request.

Billing Method

Investment Management Services

Payment of fees to CFI may be made either directly by the client or by the custodian holding the
client’s funds and securities. Client invoices are mailed, along with the client’s quarterly
statement of holdings, on or about the 10th business day of the month following the end of the
calendar quarter.

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Two criteria must be met when the payment is made by the custodian: (1) the client’s account
must be established in a separate account for each client under the client’s name at a qualified
independent custodian who will maintain the client’s funds and securities; and (2) the client
must receive an account statement, at least quarterly, directly from the qualified custodian,
which must identify the amount of funds and the amount of each security in the account at the
end of the period and set forth all transactions in the account during the period.

We will provide clients with an invoice showing the amount of the fee, the value of the assets in
the account on which the fee was based and the specific manner the fee was calculated. It is
up to the client whether they wish to have CFI’s advisory fees withdrawn directly from their
custodian account or pay by check. With client authorization, we will submit an invoice to the
custodian and to the client. The client can authorize the custodian to pay CFI’s advisory fees. 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 custodian to pay CFI’s advisory fees directly from the client’s account.
Alternatively, clients may choose to pay CFI’s advisory fees directly.

Analysis and Consulting Services

CFI invoices fees for analysis and consulting services at the time the project is completed. For
projects extending beyond 30 days, fees will be prorated and billed on a monthly basis until
such time as the project has been completed. A final bill will be sent to the client at that time.

Other Fees and Expenses

CFI’s fees do NOT include custodial fees (such as transactional or line item charges). Custodial
fees vary depending upon the particular custodian selected by the client and are in addition to
investment management fees paid to CFI. Clients selecting a custodian that provides additional
services beyond safekeeping services may or may not incur higher custodial fees or additional
charges.

Although CFI is happy to assist with the selection of a client’s custodian, the firm has no control
over any custodian’s fees or policies and procedures. Clients are encouraged to discuss their
concerns or questions before establishing an account with a particular custodian. Please see
Custody for additional information.

Fixed income securities transactions are executed with mark-up or mark-downs that are
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ITEM 7 - TYPES OF CLIENTS

CFI offers its investment management services to individuals, high net worth individuals, trusts
and estates, and individual retirement accounts. In addition, we offer our services to
corporations, financial institutions, charitable organizations, small businesses, foundations, and
pension and profit sharing plans.

Account Requirements for Discretionary Accounts

CFI, in general requires a minimum dollar amount of $2million to open and maintain an
advisory account managed on a discretionary basis. Smaller accounts are accepted on a case-
by-case basis. Assets allocated to CFI for sub-advising have lower minimums of $500,000.
However, at any time, minimum account size can be waived at our discretion.

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CFI reserves the right to sell some or all of the securities in a client account after the initial
receipt of the account or the deposit of additional securities into the account. With regard to
existing assets held outside of the account which are to be placed under CFI’s management, it is
generally CFI’s policy to do one of the following: 1) accept the security into the account, having
found it suitable for the client’s portfolio, 2) accept the security into the account, but, having
found it unsuitable for the portfolio, liquidate such security, or 3) having found the security
unsuitable and believing that it is in the client’s best interest, CFI would advise the client to
liquidate the asset and have the proceeds forwarded to the account for CFI’s management.

CFI makes every effort to minimize the tax consequences resulting from transactions done
within a given portfolio. However, clients are advised that they are responsible for any tax
liabilities that may occur.

Occasionally clients may have assets that are not part of the advisory agreement and not
managed by CFI although they are held by the same custodian in the same account as managed
assets. CFI strongly recommends against this situation and recommends that a client set up a
separate account for non-managed assets. However, on those occasions where non-managed
assets are held in the client’s CFI account, CFI requires the client to acknowledge in writing that
the holding is considered to be a non-discretionary asset and its management remains as the
sole responsibility of the client.

Account Requirements for Non-Discretionary Accounts

Non-discretionary accounts are accepted on a case-by-case basis and only after careful review
to avoid any conflicts of interests with existing accounts. Exceptions to this policy require prior
approval from both CFI’s board of directors and the firm’s Investment Committee.

Acceptance as a non-discretionary account requires the establishment of specific and clearly
delineated investment and operational parameters which are reviewed annually with the client.
CFI’s management responsibilities are extremely limited regarding non-discretionary accounts,
including but not limited to, the need for specific client approval before execution of any
transaction. Furthermore, many standard functions normally handled by CFI on behalf of its
discretionary accounts do not apply on a non-discretionary basis. Therefore, any function not
clearly delineated in the investment agreement for that specific client will be the client’s
responsibility. Further information is available upon request.