Gemmer Asset Management LLC

Item 5 – Fees and Compensation
We charge an asset-based fee to manage investment accounts. We generally group related accounts
together for the purpose of applying a fee schedule. Investment advisory fees vary depending on
various factors including which advisor you work with, the amount of assets you have with us,
anticipated future additional assets, account composition, complexity of the engagement, employees
and family members, courtesy accounts and investments, referrals, and negotiations. Our investment
advisory fee will not exceed 2.00% under any circumstances.

  1. Gemmer Select generally has a minimum account size of $25,000 and utilizes a flat or tiered
     fee schedule.
  2. Gemmer Premier generally has a minimum account size of $250,000 and incorporates a flat or
     tiered fee schedule.
There are exceptions to the account size minimum. Exceptions may be made based on related family
accounts or other extenuating circumstances that have been approved. Each situation is reviewed on
a case-by-case basis.

Administration Fee

For certain accounts, we charge an administration fee of up to $70 annually. The administration fee
is used to reimburse our firm for the cost of using a specific platform to manage the client’s account.
The administration fee is disclosed in the investment advisory agreement the client signs.

We believe that our annual fees are reasonable in relation to the fees charged by other investment
advisors offering similar services/programs. However, our annual investment advisory fees could be
higher than those charged by other investment advisors offering similar services/programs.

Fee Billing Policy

We calculate the market value of security shares held in a client’s account based on the values each
custodian, mutual fund company, variable annuity company, or broker-dealer provides our firm. The
management fee charged is prorated and paid quarterly, in advance, based upon the market value of
the assets in a client’s account(s) at the beginning of each billing quarter or portion thereof, including
any balances held in money market funds and accrued interest from individual bonds managed. A
portion of a client’s account may remain in cash or a money market fund. Cash and/or money market
are included in AUM calculations for billing purposes. For fee calculation purposes, we use the
internal portfolio value which has been reconciled with custodial information. In isolated cases, there
may be a discrepancy between our portfolio value and the custodian’s portfolio value reported to
clients that is due to timing differences or other factors.

The specific manner in which we charge management fees is established in a client’s advisory
agreement. We generally bill fees on a quarterly basis. Clients may elect to be billed directly for fees
or to authorize Gemmer Asset Management LLC to directly debit fees from their investment
account(s). Management fees are prorated for each capital contribution or withdrawal made during
the applicable calendar quarter. No additional fees are charged, or credits made to a client’s account
unless the additional credit or debit amount is at least $50. Any amounts below this threshold will

not be charged or credited. Accounts initiated or terminated during a calendar quarter will be charged
or credited a prorated fee. Upon termination of an account, we will promptly refund prepaid,
unearned fees, and charge for earned, unpaid fees.
Our advisory fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which the client shall incur. Clients may incur the following types of charges imposed
by custodians, brokers, and other third parties on brokerage accounts and securities transactions:

             •   fees charged by other managers;
             •   custodial fees;
             •   deferred sales charges;
             •   transfer taxes;
             •   wire transfer and electronic fund fees; and
             •   other fees and taxes.

Trade costs may vary depending on the size of household assets. 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 our advisory fee. We do not
receive any portion of these commissions, fees, and costs. Clients have the option to purchase
investment products that we recommend through other brokers or agents that are not affiliated with
our firm. For further information regarding our brokerage arrangements with custodians, refer to
Item 12 of this brochure.

For unsupervised assets that are not charged a management fee, we provide a valuation for the asset
based on the best information available. We do not guarantee the accuracy of the value of these
unsupervised assets. As a courtesy, we allow clients to consolidate these assets with other positions
we manage and include them in a client’s quarterly report.

As noted in item 4 under “Sub-Advisory Engagements”, when serving as a sub-advisor, we may
choose to adopt the fee billing calculation and methodology of the client’s primary advisor. This is
done to provide consistency and clarity for the client and is disclosed prior to engagement.

Item 7 – Types of Clients
We provide investment management services for the following clients:

    •   Individuals, including high net            •   Corporations or other business entities;
        worth individuals;                         •   Not for profit entities;
    •   Trusts, estates, and charitable            •   Retirement plans; and
        organizations;                             •   Independent fiduciaries.