Colchester Investment Counsel LLC

Fees and Compensation

Advisory Fees

The annual fee for investment management services is based upon a percentage of assets under
management according to the following schedule:

       First $1 Million                              1.00 percent per annum
       Next $2 Million                               0.875 percent per annum
       $3 Million and More                           Negotiable

Colchester typically debits fees for investment management services directly from client
accounts during the first month of each calendar quarter. Colchester computes its fees based on
the market value of the assets in each account at the end of the preceding quarter. A client may
choose to be billed for fees rather than to have fees directly deducted. Colchester may hold a
portion of assets under management in cash for strategic and other purposes.

Other Information About Fees

Fees and account minimums may be negotiated based on the relevant circumstances. The
advisory fee is calculated as described above and is not charged on the basis of a share of the
capital gains or the capital appreciation of the holdings in a client account.

The investment advisory agreement between Colchester and a client may be terminated at any
time, by either party, for any reason upon written notice to the other party. Upon termination,

Colchester will promptly refund any prepaid unearned fees, and any unpaid earned fees are
immediately due and payable.

All fees paid to Colchester for investment management services are distinct from and in addition
to the fees and expenses charged by mutual funds to their shareholders. These fees and
expenses are described in the prospectus provided by the particular mutual fund. Mutual fund
fees and expenses typically include an advisory fee, other fund expenses, and possibly a
distribution fee. A Colchester client could invest in a mutual fund directly without the services of
Colchester. In such a case, the client would not receive the services provided by Colchester,
which are designed among other things to assist the client in determining which mutual fund or
funds are appropriate for his financial condition and objectives. Clients will incur the fees charged
by mutual funds in addition to the advisory fees charged by Colchester. Colchester does not
receive any of the fees charged by the mutual funds in which its client accounts are invested.

In addition to investment advisory fees payable to Colchester, each client is also responsible for
the fees and expenses charged by such client’s custodian and broker-dealer, including any
brokerage fees and other transaction charges imposed by the broker-dealer. Additional
information about brokerage is contained in the section of this firm brochure entitled “Brokerage
Practices.”

Types of Clients

Description

Colchester provides investment advisory services to individuals, families, small businesses, and
charitable organizations. As of December 31, 2025, we provided investment advisory services to
approximately 57 clients.

Minimum Account Size

A minimum of $1 million in assets under management is required, although Colchester reserves
the right to waive this requirement. Colchester may group related or affiliated client accounts to
achieve the minimum account size and to determine the applicable advisory fee.

Know Your Client

It is Colchester policy to know and understand the identities of clients and prospective clients
and the business reasons for any transactions in which Colchester engages on behalf of its clients.
Colchester does not directly or indirectly conduct any business with any person or entity whose
identity and source of funds have not been verified to the satisfaction of the account custodian.