Kensington Investment Counsel LLC

Item 5: Fees and Compensation

Clients compensate KIC based on the assets which KIC manages.

Equity, Balanced and Fixed Income fee schedule is as follows:

EQUITY AND BALANCED FIXED INCOME PORTFOLIOS

1.25% of the first $1 million
1.00% of the next $4 million
0.75% of the next $10 million

Fees are negotiated for new Equity, Balanced and Fixed Income accounts above $15 million. Minimum
fees charged, minimum account size and fees charged for existing accounts may differ from the above
rates. From time to time, certain accounts may be managed for lower fees. Fees are billed quarterly
in arrears and are deducted directly from client accounts, unless other arrangements have been made.

Clients will pay all brokerage commissions and related fees to facilitate trades in each account. KIC
does not accept other compensation from any source other than its clients.

Lower fees for comparable services may be available from other sources.

Item 7: Types of Clients

KIC either provides, or has provided in the past, investment advice to individuals, personal trusts,
personal retirement accounts, corporate trustees, corporate retirement accounts, pension plans,
businesses and nonprofits. KIC does not have a minimum account size but will consult with prospective
clients to make sure KIC’s service makes sense for them.