Gross & Hartman Investments LLC

Fees and Compensation

Investment Management Services:
                                                     For Dollar Amount
                                      Fee            Under Management

Fixed Income Portfolios:              0.25%          All Fixed Income Portfolios

Mutual and Private Fund
Portfolios, Options Strategies:       0.50%          All Mutual and Private Funds:
                                                     Equities, Bonds, International,
                                                     Hedge Funds, Private Equity Funds,
                                                     Private Pools; and all options
                                                     strategies

Equity Portfolios:                    0.75%          Between $0 and $250,000
                                      0.60%          Between $250,000 and $1,000,000
                                      0.50%          Accounts over $1,000,000

G&H Investments charges its management fees at the end of each quarter, based on the
following calculation: Assets under management * fee rate * days in quarter/365.

Investment Management Services accounts are billed on a quarterly basis.

Other Costs and Brokerage Fees:

Other fees paid by clients, but not revenues of G&H Investments, include: Mutual Fund
Fees (variable), Exchange Traded Funds – ETFs (variable), and Trade Away Fees.

Investment Consulting Services:

The hourly fee for this service ranges between $116 to $172 per hour (variable for
secretarial work). Fees for services based on an hourly fee are charged at the completion
of the project, or for on-going clients, at the end of each month that work is done. (Any
direct expense, such as travel or postage, is billed at the end of the project or monthly as
outlined above.)

                            FORM ADV: BROCHURE
                     GROSS & HARTMAN INVESTMENTS, LLC

Separately Managed Accounts (Third-Party Managers):

G&H Investments may recommend the use of outside, or third-party managers for certain
clients. These third-party managers may charge additional fees to the clients for account
management services.

Negotiable Fees:

Fees for all types of services are negotiable. G&H Investment has given discounts for
extremely large clients or large projects. G&H Investments offers services on a fixed fee
basis under certain circumstances.

Billing Method:

All clients may elect to have the fee deducted directly from their investment accounts, or
billed by invoice, as indicated on their contract. Invoices will include a statement
detailing the charges. For clients who elect to have the fee deducted from the investment
account, the fee deduction will be reflected in the custodian’s account statements.

Advance Fee Payment:

No fees are requested or accepted in advance.

Other Compensation:

G&H Investments receives no other compensation from its clients beyond the fees
charged (as outlined for investment management fees and consulting fees). Clients will
incur no fees from G&H Investments resulting from compensation of sale of securities or
investments products. G&H Investments does not charge a fee for the sale or purchase of
a mutual fund (only management or hourly fees). All transaction fees charged
(commissions) are revenues to the custodian brokerage firm, and not revenues to G&H
Investments.

                          FORM ADV: BROCHURE
                   GROSS & HARTMAN INVESTMENTS, LLC

                                 Item Number 6
               Performance-Based Fees and Side-By-Side Management

G&H Investments does not charge performance-based fees.

G&H Investments does not participate in Side-By-Side Management.

                           FORM ADV: BROCHURE
                    GROSS & HARTMAN INVESTMENTS, LLC

                                    Item Number 7

Types of Clients

Clients of G&H Investments:

The following are the types of clients that G&H Investments generally provides
investment advice to and their percentage of our business:

       Business Type                        # of Clients                 % of AUM

       Individuals                               81                      8%
       High Net Worth Individuals                30                      53%
       Trusts, estates, or charitable
         organizations                           2                       39%
       Corporations or business entities
         other than those listed above           1                       <1%

Minimum Account Balance:

G&H Investments does not have a stated minimum account balance for opening an
account. Instead, smaller accounts usually select Investment Consulting Services. As
long as an account is large enough to be properly diversified, the client can choose
between Full Discretion Investment Management or our Investment Consulting Services.

                            FORM ADV: BROCHURE
                     GROSS & HARTMAN INVESTMENTS, LLC

                                     Item Number 8
               Methods of Analysis, Investment Strategies and Risk of Loss

Our process begins with establishing the proper asset allocation for our clients that
creates the appropriate risk level and potential returns.

Bonds:

The bond portfolio is managed for safety and as a source of income, while the riskier
asset classes are held for their long-term return potential. The bond portfolio is managed
using a laddered strategy employing high quality fixed income instruments. This will
include US Treasuries, Federal Agencies, insured CD’s, and municipal securities. G&H
Investments will buy corporate bonds from time to time, but most of our purchases fall in
the other categories.

For our higher tax bracket clients, we will focus on high-quality tax-exempt securities.
Individual bonds are selected based on their time to maturity, their yield to maturity, and
several factors identifying their quality. This starts with the securities rating provided by
one or more of the rating agencies. Our minimum rating is a single-A (or equivalent).
We buy a large number of enhanced securities. This includes pre-refunded bonds, but
also includes bonds that carry the State Intercept programs, as well as other
enhancements. We look beyond the rating agencies using several sources of information,
including data on the municipal entities underlying stress index, unemployment rate,
foreclosure rate and other factors. We also monitor the municipal issuer data on the
EMMA website.

We expect bond risk to be lower than other asset classes. We are willing to accept a lower
return from the bonds in return for greater safety.

Equity:

Equity management utilizes a bottom-up (company-selected) approach. The portfolio is
diversified through the use of roughly 25 to 30 companies in various industries.
Economic research and forecasting suggests the industries and types of companies, and
fundamental research helps us select the individual company to purchase. G&H
Investments manages a concentrated portfolio that does not attempt to mimic the S+P
500, but instead attempts to beat the index over the long term.

We will exempt certain industries (we have not held a utility stock in over 20 years), and
will have concentrations in other industries. The fundamental research is based on P/E’s,
past earnings growth, future earnings growth, and the relationship between the P/E and
the potential growth rate (PEG ratio). We also believe in holding companies with lower
debt levels, and companies that pay a higher than Index dividend yield. We utilize the

                            FORM ADV: BROCHURE
                     GROSS & HARTMAN INVESTMENTS, LLC

following types of securities in our Equity Portfolios: Exchange listed equity Securities,
US Traded Foreign Securities, Exchange Traded Funds, Convertible Bonds and
Convertible Preferred shares, and Interests in Real Estate Partnerships.

Mutual and Private Fund Portfolios:

Mutual fund portfolios are managed for our clients for added diversification or for those
clients with a bias against individual equities. Our approved manager list is developed
through in-house research, which utilizes a matrix of attributes. This includes short and
long-term returns, fees, turnover, and manager tenure (among other characteristics). The
manager list also includes index funds in various categories. For active managers, we
have approved funds for large cap value, large cap growth, small cap value, small cap
growth, international, international value, international growth, emerging markets, real
estate and high yield bonds. We also advise some clients to use outside managers
(separately managed accounts).

Private Funds:

We may recommend that certain clients invest in unaffiliated private funds, which are not
publicly offered under the Securities Act of 1933 (“Private Funds”). Such private funds
may be structured as pools of assets for investment into a wide range of securities,
derivatives, portfolio companies (including both private and public companies), and U.S.
or non-U.S. publicly held companies. Such funds are only available to qualified
investors, generally known as “accredited investors”. G&H Investments will evaluate
which clients are suitable for such investments. In considering the suitability of a client
for private fund investments, G&H Investments will consider whether the client is
accredited or not, whether the proposed investment is consistent with the client’s
investment objectives, risk tolerance and liquidity needs, and the costs and anticipated
returns of the particular fund.

All relevant information pertaining to private fund recommendations, including the
compensation received by G&H Investments and the private fund adviser resulting from
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