Duncker Streett & Co LLC

FEES AND COMPENSATION

Duncker Streett is compensated for its investment advisory services by assessing a management fee at
the schedule set forth below:
                    .90% per annum on the first $2 million of market value of assets under supervision.
                   .70% per annum on the next $2 million.

                   .50% per annum on the amounts above $4 million.

Fees are billed quarterly, in advance and are based upon asset valuations at the end of the preceding

quarter. Rates may be negotiated in response to atypical circumstances relating to account
composition, portfolio complexity, immediate family business, etc. This may result in a different rate
being charged than the standard schedule. Additionally, our employees and their immediate family may
be charged a reduced amount for services rendered.

Though the firm believes its rates are competitive, clients should be aware that comparable services may
be available from other firms including other investment management firms at a cost higher or lower
than the schedule above.

The client is encouraged to confirm the accuracy of the fee calculation when the invoice arrives. Fees
may either be paid directly to Duncker Streett upon receipt of the invoice or the custodian can be
instructed to deduct the charge(s) from the account(s) for payment to Duncker Streett. If the latter
method is chosen, the custodian is not responsible for oversight of the fee calculation. The client will
see invoice payments on the following custodial statement and is encouraged to compare the invoice
with the amount deducted.

Investment Advisory Fees paid to Duncker Streett are our only source of compensation. Any brokerage
commissions or other charges associated with security transactions, mark-ups/mark-downs in principal
transactions, stock exchange fees, wire transfers or related processing fees, transfer taxes, or any other
charges mandated by law or regulation are not shared with us. The section on Brokerage Practices in
this filing details how we select and recommend brokerage firms for your securities transactions.

It is important to point out that mutual funds and exchange traded funds, in which a portion of your
assets may be invested, impose separate investment management fees and other operating expenses.
These costs are imbedded in the securities, never seen on a statement and are assumed by the client.
The details of these charges are contained in each funds’ prospectus. While most portfolios are
dominated by the holding of actual stocks and bonds and have no imbedded fees, great effort is taken
during the selection process of ETFs and mutual funds to keep imbedded expenses down to a
reasonable minimum.

Under special circumstances, the firm offers non-discretionary investment management services on a
limited basis. Investment advice is given but only acted upon at the discretion of the client. These
services are intended for clients with unusual circumstances. Fee arrangements are negotiated on a
client-by-client basis.

PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT

This section does not apply to Duncker Streett & Co., LLC.

TYPES OF CLIENTS

Duncker Streett clients include individuals, banking institutions, pension and profit-sharing plans,
trusts, estates, charitable organizations, and corporations or similar business entities. Generally, our
minimum account size is $1,000,000, though this threshold requirement may be waived based on other
considerations such as the account’s relationship to established clients or other factors.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

Duncker Streett uses several methods of investment analysis and investment strategies to provide
services to our clients. Our methods of investment analysis include, 1) charting (the use of financial
charts and graphs), 2) fundamental analysis (the analysis of a company’s financial statements with
emphasis on a discounted cash flow model, management review, competitive advantage
considerations, markets, etc.), 3) technical analysis (the analysis of a company by studying past market
data such as price and volume); and 4) cyclical analysis (the buying and selling of investments when
certain financial ratios are low or high). Our investment strategies call for purchased securities to be
held long term (at least a year) but when unforeseen developments occur, the holding period may be
shorter (less than a year).

On rare occasion, and only when requested by a client who is an experienced investor, we may use
stock options (securities which provide the investor with an opportunity to purchase a security at a
specified price over a stated time period) or margin accounts (buying securities with borrowed money
used to magnify returns). Strategies calling for the use of stock options or margin transactions are not
usually part of the Duncker Streett program.

The US equity securities we use in investment strategies and investment advice include common stocks,
REITS, Master Limited Partnerships, Business Development Companies, exchange traded funds and
mutual funds. International securities are acquired in the form of ADRs, ETFs and mutual funds. Direct
(and indirect investments-ETFs & mutual funds) investments are made into fixed income securities such
as in Treasury, Municipal and Corporate bonds. Investment grade preferred shares (or ETFs) are also
used in fixed income allocations. Certificates of deposit are purchased periodically where appropriate.

Certain service providers utilized by the Firm to service client accounts have artificial intelligence
components. The use of artificial intelligence and machine learning includes increased risk of data
inaccuracies and security vulnerabilities. Due to the rapid advancement of machine learning
technologies, future risks related to artificial intelligence are unpredictable. As a measure to mitigate
these risks to our clients, the Firm performs periodic due diligence of our service providers for
assurance that the service providers have appropriate controls in place to protect our clients’
information and to limit data inaccuracies when artificial intelligence is used by the service provider.

Investing in the securities mentioned requires the assumption of financial risk. You should be prepared
to experience temporary or permanent losses in any given security. The degree of risk depends upon
the type of security or strategy involved.

DISCIPLINARY HISTORY

This section does not apply to Duncker Streett & Co., LLC or any of its employees.

OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS

The following firms are affiliated with Duncker Streett based on common ownership interest through
majority owner, Hightower Holding, LLC:

Delta Asset Management, LLC - investment adviser
GMS Surgent Advisors, LLC – accounting firm
Grant Tani Barash & Altman, LLC – investment adviser
Harvey Investment Company, LLC – investment adviser
Hightower Securities, LLC – brokerage firm
Hightower Trust Company N.A. – trust company
Kanawha Capital Management, LLC – investment adviser
Madison Avenue Solutions, LLC – investment adviser
NEPC, LLC – investment advisor
The Rikoon Group, LLC – investment adviser
Trust Company of IL – trust company
WealthTrust Axiom, LLC – investment advisor

Duncker Streett is affiliated through common ownership with WealthTrust Acquisitions. LLC, which is
owned by Hightower Holdings, LLC. Hightower Holdings, LLC owns Hightower Advisors, LLC, an
investment adviser registered with the Securities and Exchange Commission, and Hightower Securities,
LLC, a broker-dealer registered with the Securities and Exchange Commission. Hightower Securities,
LLC is also a licensed general insurance broker and agency and commodity-trading advisor. Hightower
Securities is a member of FINRA, the MSRB, and SIPC and are registered in various states as required.

CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING

Duncker Streett has adopted a written Code of Ethics under which our employees are restricted from
placing personal transactions on the same day and in the same securities as what we are buying or
selling for our clients . We also restrict, for a specified period, trading by employees in securities which
are newly added to our list of securities being considered to purchase in client accounts. Our
employees may buy or sell the same securities that we purchase or sell for our clients, provided the
above and rules are followed.

Pre-approval is required before employees may invest in initial public offerings of securities and before
investing in private placements of securities. Our employees are required to submit quarterly reports
relating to their personal transactions and an annual report of their personal securities holdings to us.
Our Code of Ethics also contains policies and procedures which are intended to prevent the misuse of
material non-public information. A copy of our Code of Ethics is available to you upon request by
contacting us through the contact information provided on the Cover Page of this brochure.