Griffin Asset Management LLC

Fees & Compensation
Discretionary investment advisory services incur a quarterly charge, billed in advance or in arrears,
based on market value at an annual rate as follows:

Investment Management Fee Schedule

Private Clients: 1.25% on first $2 million, 1.0% on next $3 million and .75% on balance.
Institutional Clients: 1.0% on accounts under $5 million, .75% on the portion for accounts between

$5 million and $10 million, .50% on the portion for accounts over $10 million.

All fees are negotiable.

The fees charged for accounts not involving discretionary investment supervisory services are
negotiated based on services rendered.

Clients should note that when assets are invested in mutual funds, including money market funds
and Exchange Traded Funds (ETF's), they are, in effect, paying two investment advisory fees in
that they are paying a management fee to the fund advisor on the portion of their assets that are
invested in the mutual fund in addition to the quarterly fee on the market value of assets under
Griffin's management which includes the portion invested in such funds.

The Firm does not provide custodial or brokerage services, however, we will recommend qualified
custodians or brokers with whom we have relationships. These services, which can carry a
custodial or brokerage fee, are the clients' responsibility and related expenses are borne directly by
the client. Please refer to page 14 for more detail on the Firm’s brokerage practices.

Clients may pay fees quarterly in arrears or in advance. Client fees are either directly debited from
their custodial accounts or billed directly, and this decision is based on client preference. If a client
pays in advance, they have the right to obtain a refund if the advisory contract is terminated before
the end of the billing cycle. This refund can be obtained by speaking directly with an advisor of
the firm. Griffin does not provide any publications or reports on a subscription basis or for a fee.
Investment advisory contracts may be terminated by either party at any time without penalty and
prepaid fees are generally refunded on a pro-rata basis in the event of termination.

Griffin Asset Management provides investment advice regarding all forms of investments that may
be currently owned or which it believes might be suitable for the client. However, in some areas
clients are advised to seek additional expertise including legal and tax advice.

Performance Based-Fees & Side-By-Side Management
Griffin Asset Management, Inc. has one client with a performance-based fee agreement and no
side-by- side management accounts.

Types of Clients
Griffin Asset Management provides customized wealth management solutions for high net worth
individuals, families, and trusts, as well as charities, pension and profit sharing plans, and
institutions. Griffin Asset Management also manages money for individuals, institutions, and
investment advisors in various investment strategies. The minimum account size varies by
relationship, investment strategy and level of service.

Our customized investment strategy provides wealth management solutions for individuals and

institutions that demand a specialized investment experience, combined with superior service. Our
expertise includes building diversified portfolios combining our core and alternative investment
strategies with fixed income, preferred stocks, exchange traded funds and cash alternatives. Since
one size does not fit all, we work with many of our clients on a customized investment approach
to meet their specific investment objectives.

Methods of Analysis, Investment Strategies & Risk of Loss
Covered Call Strategy
The investment objective is long-term total return, enhanced income, and reduced volatility.
   • Invests primarily in high quality dividend paying large cap global equities and sell calls
       against 50%-100% of the stock position.
   • Deploy bottom-up research with a strict stock selection process to protect the portfolio on
       the downside.
   • Use proprietary valuation models with atypical metrics like Free Cash Flow Yield,
       EV/EBITDA, and Price-to-Book to determine prices to pay for quality investments.
   • Focus on dividend yields & growing dividends.

The Strategy will invest in stocks that meet strict criteria for quality and valuation. It also seeks to
buy stocks which have liquid calls and pay a dividend.

Dividend Growth Strategy
The investment objective is capital appreciation and income.
   • Invest in large and mid-capitalization dividend paying stocks with a market capitalization
       starting at $1 Billion and trade at a discount to the companies’ intrinsic value.
   • Focus on companies with global sales to add diversification and increase exposure to faster
       growing markets while limiting risk.
   • Identify companies with long-term competitive advantages using non-traditional valuation
       metrics such as Free Cash Flow Yield and Dividend Growth.

Dividend Growth Strategy-Low Volatility
The investment objective is capital appreciation, income, and reduced volatility versus equity
indices.
    • Invest in the stocks of dividend-paying companies with the expectation that dividends will
        be raised over time on a consistent basis.
    • Build an income stream with a goal to grow at least as fast as the rate of inflation, while
        limiting the downside volatility to principal.
    • The strategy utilizes a bottom-up, value-oriented approach to dividend growth equity
        investing. We seek to invest in companies that demonstrate:
            • Culture Committed to Growing Dividends
            • Sustainable Competitive Advantages
            • Simple and Durable Business Models
            • Strong Free Cash Flow Generation
            • Consistently High Returns on Equity
            • Discounted to Fair Valuations

Enhanced Equity Income Strategy
The investment objective is capital appreciation and enhanced income from selective covered call
writing.
    • Invests primarily in high quality dividend paying large cap U.S. equities and sells calls
       against 0- 50% of the stock position.
    • Seeks to maximize the dividend income stream on a high-quality equity portfolio in a risk-
       averse manner.
    • Selectively use covered call option writing to generate additional income.
    • Seeks to participate in long-term equity returns, with an emphasis on current income.

Strategy utilizes in-depth research to identify under-valued businesses with solid balance sheets
that are run by strong management teams. The portfolio seeks to invest in companies with above
market yield, long-term earnings growth and dividend growth.

European Dividend Growth Strategy
The investment objective is capital appreciation and income.
   • Invest in large and mid-capitalization dividend paying stocks with a market capitalization
       starting at $1 Billion and trade at a discount to the companies’ intrinsic value.
   • Focuses on companies with global sales to add diversification and increase exposure to
       faster growing markets while limiting risk.
   • Identifies companies with what we believe are long-term competitive advantages using
       non- traditional valuation metrics like Free Cash Flow Yield and Dividend Growth.

Growth at a Reasonable Price Strategy
The investment objective is long term capital growth.
   • Strategy invests primarily in large and mid-capitalization companies with some exposure
       to small cap companies.
   • Focus on earnings growth at moderate valuations.
   • Look for companies with rising future expectations.

Strategy utilizes both quantitative and qualitive research to select companies to include in the
portfolio. The strategy selects stocks that have a combination of both growth and value
characteristics and are trading at an advantageous price.

Sustainable Growth Strategy
The investment objective is capital appreciation.
   • Invests in large, mid, and small capitalization companies with above-average growth driven
       by differentiated products and services, superior management, or opportunities created by
       economic, political, or corporate change.
   • Large-Cap focus is on companies with proprietary products, strong positions in dynamic
       economies and the management expertise to lever these strengths into sustainable
       advantages and rapid profit growth.
   • Emerging growth focus is on innovative companies that develop unique products offerings,
       improved features, lower costs, or other advantages that generate significant growth.
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