First National Advisers LLC

Item 5: Fees and Compensation
Investment Advisory Services to FNBO and FNN Trust
FNA provides FNNI, FNBO and FNN Trust, with investment management support and
supervisory services. FNA receives an intercompany payment for the services it
provides to its affiliates. FNNI and FNBO provide FNA with services such as investment
research and support, information technology, compliance, accounting, and human
resources.

First Investments and Planning/Managed Mutual Funds, ETFs and Individual Equities
Portfolios
Our annual fee for providing investment management services for the mutual fund, ETF
and individual equities models offered through the RJFSA Advisors are paid in advance
at the beginning of each calendar quarter based on the market value of the client’s
assets under management at the end of the previous quarter. Our fees are not
negotiable and are paid according to the FNA Discretionary Investment Management
Agreement (“Agreement”). Our fee is deducted from client accounts by the qualified
custodian. The standard management fee schedules is as follows:

                 Managed Mutual Fund, ETF & Individual Equities
                                  Portfolios
             Strategy                                    Fee
             Mutual Fund / ETF                               0.20%
             Core & Satellite                                0.35%
             Equity Income & Satellite                       0.35%
             Multi Cap Total                                 0.40%
             Individual Equity Only                          0.50%

Private Wealth Reserve
Investment management fees are paid monthly based on the market value of the client’s
assets under management at the end of the previous month. The fees are paid according
to the Private Wealth Reserve Discretionary Investment Management Agreement
(“Agreement”) and are deducted from the client accounts by the qualified custodian, RJA.
In some instances, investment management fees may be negotiated based on a case-by-

case basis; therefore, fees may differ between accounts.
The standard investment management fee schedule for Private Wealth Reserve is as
follows:

              Assets Under Management                                Fee
              First $2,500,000                                      1.15%
              $2,500,000 - $5 million                               1.00%
              On the next $5 ($5 - 10 million)                      0.85%
              On the next $5 million ($10 - 15 million)             0.70%
              On the next $5 million ($15 - 20 million)             0.60%
              On the next $5 million ($20 - 25 million)             0.50%
              Greater than $25 million                            Negotiated

Termination of Services
The Agreement between FNA and the client will continue in effect until terminated by
FNA in writing, or by the client by providing FNA or their Advisor with verbal or written
notice. If termination occurs before the end of the billing period, the client will receive a
refund of any prepaid management fees.

Clients who have their assets custodied at RJA will be charged a termination fee by RJA.
This fee is retained by RJA and not passed onto FNA.

Other Fees and Expenses
In addition to FNA’s management fee described above, clients are subject to other fees
and expenses.

All fees paid to FNA for investment management services are separate and distinct
from the additional customary fees and expenses charged by mutual funds or
exchange-traded funds (“ETFs”) to their shareholders. These fees and expenses,
generally including registration, legal and administration fees, and other costs, are
deducted from fund assets and therefore reduce the net asset value of the fund. In
addition, certain mutual funds may also impose redemption fees if shares of the
mutual fund are held for only a short time (typically anywhere from 30 days to 12
months).

Investment Advisory Services to FNBO and FNN Trust
FNA can choose to invest client account assets in Bank-affiliated or proprietary mutual
funds, including the Tributary Family of Funds (“Proprietary Funds”), or in other unaffiliated
and non-proprietary mutual funds (the “Fund Companies”). When FNA provides services
to Proprietary Funds or Fund Companies, it receives compensation from such funds in
exchange for providing the services. When FNA receives compensation from Proprietary
Funds, FNA offsets its Investment Management Fees in retirement accounts (as described
in Section 5, above) so that clients do not pay more to invest in Proprietary Funds than in a

non-proprietary or unaffiliated mutual fund. This offset against fees occurs for the
immediately following fee period or for the fee period immediately following
thereafter. When FNA receives compensation from unaffiliated Fund Companies, FNA
retains such compensation without offset. This compensation arrangement does not
impact the investment decision making process for client portfolios.

First Investments and Planning/Managed Mutual Funds, ETFs and Individual Equities
Portfolios

In certain proprietary mutual funds for taxable investors, FNA may receive more
compensation when it invests client accounts in certain proprietary mutual funds,
including the Tributary Funds, and other mutual funds chosen by FNA (collectively
hereinafter referred to as the “Fund Companies”). FNA serves as a sub-advisor to
certain Tributary Mutual Funds, which are advised by affiliate Tributary Capital
Management. As a result, FNA and its affiliates receive more compensation than would
otherwise be received if non-proprietary and non-affiliated services or products were
used.

FNA’s mutual fund and ETF models and individual equity strategies are available to
individuals in conjunction with the RJFSA Outside Manager (“OSM”) Program, and FNA’s
fees are in addition to those assessed for the OSM Program. Clients are responsible for
...

Item 7: Types of Clients
We provide investment management services to individuals, and institutional
clients, including trusts, foundations, financial institutions, corporations, and a
registered investment company.