Concord Asset Management LLC

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into a written
sub-advisory agreement with the Advisor.

A. Fees for Advisory Services
Investment management fees are paid monthly, in arrears pursuant to the terms of the investment management
agreement. Investment management fees are based on the average daily balance in the account during the billable
month. CAM’s investment management fee shall be 0.25% annually based on several factors, including: the scope
                                              Concord Asset Management, LLC
                                           955 West Main Street, Abingdon, VA 24210
                                                    Phone: (276) 628-5910

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and complexity of the services to be provided; the level of assets to be managed; and the overall relationship with the
Advisor. Relationships with multiple objectives, specific reporting requirements, portfolio restrictions and other
complexities may be charged a higher fee.

The investment advisory fee in the first quarter of service is prorated from the inception date of the account[s] to the
end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into
consideration the aggregate assets under management with the Advisor. All securities held in accounts managed by
CAM will be independently valued by the Custodian. CAM will not have the authority or responsibility to value portfolio
securities.

CAM’s investment advisory fee is negotiable at its discretion, depending upon objective and subjective factors
including but not limited to: the amount of assets to be managed; portfolio composition; the scope and complexity of
the engagement; the anticipated number of meetings and servicing needs; related accounts; future earning capacity;
anticipated future additional assets; the professional(s) rendering the service(s); prior relationships with the CAM
and/or its representatives, and negotiations with the client. As a result of these factors, similarly situated clients could
pay different fees, the services to be provided by CAM to any particular client could be available from other advisers at
lower fees, and certain clients may have fees different than those specifically set forth above.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and other
related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the Advisor
shall not receive any portion of these commissions, fees, and costs.

B. Fee Billing
Investment management fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s]
at the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted
from the Client’s account[s] at the start of each month. The amount due is calculated by applying the monthly rate
(annual rate divided by 12) to the total assets under management with CAM at the end of the prior month. Clients will
be provided with a statement, at least quarterly, from the Custodian reflecting deduction of the investment advisory
fee. Clients are urged to also review and compare the statement provided by the Advisor to the brokerage statement
from the Custodian, as the Custodian does not perform a verification of fees. Clients provide written authorization
permitting management fees to be deducted by CAM to be paid directly from their account[s] held by the Custodian as
part of the investment management agreement and separate account forms provided by the Custodian.

Please Note: With respect to the instances where CAM is providing sub-advisory services to its affiliate, CWP, CWP
shall be responsible for client fee billing. CWP will charge an advisory fee in accordance with the methodology set
forth in the CWP Disclosure Brochure. CWP will then remit the applicable portion of the advisory fee to CAM.

Clients may incur certain fees or charges imposed by third parties, other than CAM, in connection with investments
made on behalf of the Client’s account[s]. The Client is responsible for all custody and securities execution fees
charged by the Custodian, as applicable. In addition, all fees paid to CAM for investment advisory services are
separate and distinct from the expenses charged by mutual funds and ETFs to their shareholders, if applicable.
These fees and expenses are described in each fund’s prospectus. These fees and expenses will generally be
used to pay management fees for the funds, other fund expenses, account administration (e.g., custody, brokerage
and account reporting), and a possible distribution fee. A Client may be able to invest in these products directly,
without the services of CAM, but would not receive the services provided by CAM which are designed, among other
things, to assist the Client in determining which products or services are most appropriate for each Client’s financial
situation and objectives. Accordingly, the Client should review both the fees charged by the fund[s] and the fees
charged by CAM to fully understand the total fees to be paid. Please refer to Item 12 – Brokerage Practices for
additional information.

D. Advance Payment of Fees and Termination
CAM may be compensated for its investment management services in advance of the quarter in which services are
rendered. Either party may terminate the investment management agreement, at any time, by providing advance
                                              Concord Asset Management, LLC
                                           955 West Main Street, Abingdon, VA 24210
                                                    Phone: (276) 628-5910

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Item 7 – Types of Clients

CAM offers investment management services to other registered investment advisors, including its affiliate, CWP.
CAM generally does not impose a minimum relationship size, but practical minimum exists to effectively implement
an investment strategy. CAM will work closely with its registered investment advisor Clients to determine these
minimums.