Gebhardt Group Inc

Item 5 - FEES AND COMPENSATION

FEES FOR INVESTMENT ADVISORY SERVICES
For its investment management clients, Gebhardt Group charges a fee based on a percentage
of the market value of each client’s account. Assets in the account are included in the fee
assessment unless specifically identified in writing for exclusion. The fee is billed quarterly, in
advance, and prorated for accounts established or terminated at times other than the start of
the quarter. Unless otherwise agreed to by Gebhardt Group, advisory fees for new clients with
managed accounts held at Charles Schwab & Co. are billed at:

                                                1.5%

Gebhardt Group has a minimum account size requirement of $1 million. A minimum annual fee
of $ 15,000.00 (billed quarterly at $ 3,750.00) will be charged for all client accounts that fall below
that minimum account level.

The management fee for certain client relationships established prior to 2011 may be billed
according to the following schedule:

  Value of Account Assets                                          Annual Fee Rate (Averaged
                                                                   and retro to Dollar One)
  On the first $1,000,000                                          1.25% plus
  On the next $1,000,000                                           0.75% plus
  On amounts between $2,000,001 and $10,000,000*                   0.50%
  *For accounts above $10,000,000                                  0.50% on entire account

Under certain circumstances, based upon the nature of the Account and the services
requested, Gebhardt Group in its discretion may agree to assess a different management fee
for either new or existing clients. The investment assets of employee family members and family
friends may be managed by Gebhardt Group for a different fee or no fee at the discretion of
the Firm.

Investment management clients authorize Gebhardt Group to deduct its quarterly investment
advisory fee directly from their custodial account. This authorization is granted under the terms
of the client’s signed investment management agreement and the client’s instructions to the
custodian. It is the client’s responsibility to verify the accuracy of the fee calculation, as the
custodian will not determine whether the fee is properly calculated.

To the extent that a client authorizes the use of margin, and margin is thereafter employed by
the client in the management of the client’s portfolio, the market value of the client’s account
and corresponding fee payable by the client to Gebhardt Group may be increased. As a result,
in addition to understanding and assuming the additional principal risks associated with the use
of margin, clients authorizing margin are advised of the potential conflict of interest whereby
the client’s decision to employ margin may correspondingly increase the management fee
payable to the Firm. Accordingly, the decision to employ margin is left to the sole discretion of
client.

FEES FOR MANAGEMENT OF HELD-AWAY ASSETS (RETIREMENT PLAN PARTICIPANT ACCOUNTS)
As it is impossible to directly debit the fees from held-away accounts managed via the Pontera
platform, management fees for these accounts will be assigned to the client’s taxable accounts
on a pro-rata basis and debited directly from the assigned account. If a client does not have a
taxable account, those fees will be billed directly to the client. Accounts initiated or terminated
during a calendar quarter will be charged a pro-rated fee based on the amount of time
remaining in the billing period. The fee for managing a held-away account will be the same as
the client’s management fee.

FEES FOR FINANCIAL PLANNING/FINANCIAL CONSULTATION SERVICES
For its financial planning services, Gebhardt Group charges a minimum hourly fee of $500 or
provides services on the basis of a fixed fee ranging from $1,500 to $150,000, depending upon
the complexity of a Client’s requirements or objectives and the extent to which outside
professionals are consulted for estate planning, accounting and other professional services.
Fees for the financial planning process are payable 50% at the signing of the proposal, and the
balance due upon completion of the process.

Under certain circumstances, Gebhardt Group also accepts sales fees or commissions from the
issuers of specified securities and insurance products when Gebhardt Group financial planning
clients, who are not also investment management clients, purchase those products.

GENERAL FEE DISCLOSURES
We believe our investment management fees are competitive with the fees charged by other
investment advisors in the San Francisco Bay area for comparable services. However,
comparable services may be available from other sources for lower fees than those charged
by Gebhardt Group. Any discrepancy in fees should be brought to the Firm’s attention within
30-days of the billing date.

Gebhardt Group’s fees are exclusive of and in addition to applicable brokerage commissions,
custodial charges and asset specific fees such as those charged by funds for management and
administration. We do not provide clients advice as to the tax deductibility of its advisory fees.
Clients are directed to consult a tax professional to determine the potential tax deductibility of
advisory fees.

CUSTODIAN AND BROKERAGE FEES
Please see Item 12 below for an explanation of our brokerage practices. Clients incur certain
charges imposed by their custodians and other third parties such as 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. Additionally, clients

will incur charges by the executing broker-dealer in the form of brokerage commissions and
transaction fees on the investment transactions entered into for their account(s). All of these
...

Item 7 - TYPES OF CLIENTS

Our clients include individuals, trusts, estates, charitable organizations, and pension and profit-
sharing plans. We generally require advisory clients to maintain a minimum portfolio of

$1,000,000; multiple investment accounts for the same client are aggregated to meet this
minimum. The Firm has discretion to waive minimums when warranted. We charge a minimum
annual fee of $15,000 on all accounts that fall below our minimum portfolio size. As a result,
Gebhardt Group’s services may not be appropriate for everyone. For smaller accounts, other
investment advisors may provide somewhat similar services for lower compensation, although
still others may charge more for similar services. The minimum account size and minimum annual
fee may be waived for employee family members/friends at the discretion of the Firm.