Dupree Financial Group LLC

Item 5 – Fees and Compensation

A.    Describe how you are compensated for your advisory services. Provide your fee
schedule. Disclose whether the fees are negotiable.

Dupree Financial Group is paid a fee in consideration for the investment management services
provided to its advisory clients at the rates agreed to in written advisory contracts. Our annual fees
for portfolio management services and asset management advice are equal to a percentage of the
market value of a client’s account, as shown in the tables below. Portfolio management services
include $385,950,551 as of December 31, 2025. Asset management advice includes
$18,418,110.00 as of December 31, 2025. These annual fees are pro-rated and paid quarterly in
advance based on the quarter-end market value of each client’s account. The percentage
calculation of the annual fee will not be increased without prior written notice to a client. Fees are
not negotiable, but Dupree Financial Group has deviated in certain circumstances from the
investment fees listed below at its sole discretion.

Portfolio Management Services
  Account Size                                      Annualized Fee
  $0 to $499,999.99                                 1.25%
  $500,000 to $999,999.99                           0.90%
  $1,000,000 to $1,999,999.99                       0.75%
  $2,000,000 to $2,999,999.99                       0.60%
  $3,000,000 and above                              0.50%

Asset Management Advice
  Account Size                                      Annualized Fee
  $0 to $1,000,000                                  0.75%
  Over $1,000,000                                   0.50%

B.      Describe whether you deduct fees from clients’ assets or bill clients for fees incurred.
If clients may select either method, disclose this fact. Explain how often you bill clients or
deduct your fees.

Generally, the qualified custodian holding a client’s funds and securities will charge a client’s
account for the amount of the investment management services fee quarterly in advance and will
remit such fee directly to Dupree Financial Group. If the terms of a client’s account do not allow
for direct withdrawal of the management and/or asset allocation advice fee, the client will be
required to pay the fee directly to Dupree Financial Group within 30 days of receipt of an invoice
from Dupree Financial Group. The qualified custodian delivers a quarterly account statement
directly to the client, showing all holdings, additions and disbursements from the account. Clients
are strongly encouraged to review all account statements for accuracy.

C.     Describe any other types of fees or expenses clients may pay in connection with your
advisory services, such as custodian fees or mutual fund expenses. Disclose that clients will
incur brokerage and other transaction costs, and direct clients to the section(s) of your
brochure that discuss brokerage.

Clients will incur certain charges imposed by custodians, brokers, third-party investment and other
third parties such as fees charged by managers, custodial fees, deferred sales charges, odd-lot
differentials, transfer taxes, wire transfer and electronic fund fees and other fees and taxes on
brokerage accounts and securities transactions. Mutual funds and exchange-traded funds also
charge internal management fees, which are disclosed in a fund’s prospectus. Such charges, fees
and commissions are exclusive of and in addition to Dupree Financial Group’s fee, and Dupree
Financial Group does not presently receive any portion of these commissions, fees and costs.

D.     If your clients either may or must pay your fees in advance, disclose this fact. Explain
how a client may obtain a refund of a pre-paid fee if the advisory contract is terminated
before the end of the billing period. Explain how you will determine the amount of the
refund.

As mentioned above in 5.B., generally the qualified custodian holding a client’s funds and
securities will charge a client’s account for the amount of the investment management services fee
quarterly in advance and will remit such fee directly to Dupree Financial Group. If the terms of a
client’s account do not allow for direct withdrawal of the management and/or asset allocation
advice fee, the client will be required to pay the fee directly to Dupree Financial Group within 30
days of receipt of an invoice from Dupree Financial Group. Fees will be assessed pro rata in the
event an investment advisory services agreement is executed at any time other than the first day of
a calendar quarter. Dupree Financial Group or the client may terminate such investment advisory
services agreement upon written notice to the other party. In the event of termination, fees will be
charged on a pro-rata basis and any unearned fees will be refunded to the client.

E.     If you or any of your supervised persons accepts compensation for the sale of
securities or other investment products, including asset-based sales charges or service fees
from the sale of mutual funds, disclose this fact and respond to Items 5.E.1, 5.E.2, 5.E.3 and
5.E.4.

Neither Dupree Financial Group nor any supervised person accepts compensation for the sale of
securities or other products.

Item 7 – Types of Clients

Describe the types of clients to whom you generally provide investment advice, such as
individuals, trusts, investment companies, or pension plans. If you have any requirements
for opening or maintaining an account, such as a minimum account size, disclose the
requirements.

Dupree Financial Group provides personalized investment advisory and portfolio management
services to individuals, high net worth individuals, pension and profit-sharing plans, trusts, estates,
charitable organizations, corporations and other organizations and business entities. Although the
minimum requirement to maintain an account is $25,000, this minimum may be waived, for a
particular client with special circumstances, at the sole discretion of management.

Dupree Financial Group provides personal investment advisory and asset management services
for the pension plans of individuals that are employees of the University of Kentucky. Dupree
Financial Group negotiates the terms of such services as well as the fees of such services with
these individual clients. For these asset management clients, there is no minimum requirement to
maintain an account.