Estabrook Capital Management LLC

Item 5 – Fees and Compensation

With respect to all types of Clients, we are compensated with a management fee (a percentage of assets
under management). We do not charge performance-based fees to any clients.

Individually Managed Accounts

Individually Managed Account Clients generally have fee arrangements that differ depending upon the
type of strategy we use in managing the account. Our standard fee schedules are set forth below. These
fee schedules may be negotiable, and the minimum account size may be negotiable.

Large Cap Core Equity
Annual Rate                      1.00% on the value of the Portfolio
Minimum Account Size             $500,000

SRI/ESG Equity
Annual Rate                      1.00% on the value of the Portfolio
Minimum Account Size             $500,000

Balanced Large Cap Core
Annual Rate                      1.00% on the value of the Portfolio
Minimum Account Size             $500,000

Fees are normally calculated at the end of each calendar quarter based on total portfolio market value as
of the last day of the calendar quarter. Fees are generally billed quarterly in advance. Any unearned
portion of the advisory fee over $50 which has been paid to us is refundable to the client on a prorated
basis from the date written notification of account termination is received.

Wrap Programs

The wrap fees and other terms, including when a client may terminate an advisory contract, differ for
each wrap program and are set forth in the applicable agreement. In these wrap programs, clients pay an
annual “wrap fee” that covers advisory, execution, custody and sometimes other services, to the
sponsoring organization which then remits to us a portion of the annual wrap fee - generally less than ½
of 1% (0.5%) of assets under management for advisory services provided by us to the clients.

Additional Expenses

Our fees are exclusive of brokerage commissions, transaction fees, custodial fees, and other related costs
and expenses, all of which are incurred by the Client. Please refer to Item 12 for additional information
regarding the factors we consider in selecting broker-dealers for Client transactions and in determining
the reasonableness of their compensation.

Related Conflicts:

Fiduciary Status under ERISA. When we provide investment advice to you regarding your retirement
plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the
Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are
laws governing retirement accounts. The way we make money creates some conflicts with your interests,
so we operate under a special rule that requires us to act in your best interest and not put our interests
ahead of yours.

Affiliated and Unaffiliated Mutual Funds. From time to time, clients may have supervised assets that are
invested in non-affiliated mutual funds (including money market funds). Compensation (including,
without limitation, management and other fees, carried interest, profit participation and reimbursement of
operating and other expenses) to mutual funds that are not affiliated with us will be borne by Clients, and
we will not offset, or pay such fees from, our management fees.

Item 7 – Types of Clients

As noted in Item 4 above, we advise individually managed accounts for individuals, trusts, corporations,
charitable organizations, and pension plans. The minimum dollar value for establishing an advisory
account is generally $500,000, although we may accept lesser amounts at our discretion. We are also a
portfolio manager in various wrap programs sponsored by non-affiliated organizations. The minimum
account size requirement is typically set by the wrap program at $75,000.

Termination provisions for advisory contracts for individually managed accounts are subject to
negotiation but generally may be terminated at any time without penalty either by the client or Estabrook,
upon written notice to the other party.