Kindred Spirits Investment Management LLC

Item 5: Fees and Compensation
   Advisory Fees
   A client’s investment management agreement will set forth the actual compensation the client
   will pay to the Adviser. In most instances, a client pays the Adviser an ongoing fee based upon
   the value of assets in the client’s account (an “asset-based fee”). The typical asset-based fee
   varies depending upon the total value of the client’s assets in the account, as shown in the
   following fee schedule:
   DISCRETIONARY – Public Funds
    Value of Assets                                                           Annual Fee Rate
    On the first $15,000,000                                                  0.20%
    On the next $15,000,000                                                   0.15%
    Over $30,000,000                                                          0.10%
    DISCRETIONARY – Institutional

    Value of Assets                                                           Annual Fee Rate
    On the first $15,000,000                                                  0.25%

   RedTree Investment Group                                                Form ADV Part 2A

On the next $15,000,000                                                      0.20%
Over $30,000,000                                                             0.15%

NON-DISCRETIONARY & CONSULTING
Investment management fees for non-discretionary accounts are typically asset based and are
negotiable. Fees for investment consulting are typically on a fixed or flat fee and are also
negotiable.

Billing of Fees
Clients generally pay the Adviser its fees on a monthly basis, although the Adviser may agree
to other payment periods in certain circumstances. The Adviser typically assesses its fees at
the rate set forth above against the client’s account in arrears following the end of each billing
period based on the market value of the assets in the account (including accrued interest),
including cash or its equivalent held for investment, on the last business day of the applicable
billing period. However, if assets are added to or withdrawn from the client’s account during
the billing period and the cumulative net addition to or withdrawal from the account during
the billing period is 10% or more of the market value of the assets in the account at the
beginning of the billing period, then the fee will be determined by the average of the beginning
and ending market value of the assets in the account for the billing period by the fee set forth
above.
If a client’s investment management agreement is in effect for only a portion of a month, the
fee is pro-rated for such portion based on the number of days the agreement was in effect in
relation to the number of days in the month. In the event termination occurs other than at the
end of the billing period, the fee is based upon the value of the assets on the date of termination.

Valuation of Assets
The value of assets in a client’s account is generally determined by the Adviser. The Adviser
determines the value of the assets in the client’s account and obtains prices from third party
quotation sources for that purpose. If the third-party pricing source does not provide a price
for an account asset, the Adviser relies upon the value for the asset reported by the client’s
custodian. The Adviser does not conduct an in-depth review of valuation information provided
by third party quotation services or custodians, and they do not verify or guarantee the
accuracy of such information. The prices obtained by the Adviser from the third-party
quotations services it uses may differ from prices that could be obtained from other sources.

Deduction of Fees and Direct Billing
Clients typically instruct the Adviser to deduct the advisory fees incurred from their accounts,
but if the Adviser agrees, a client may elect to receive an invoice (“direct billing”). Direct
billing may not be available for all retirement plan accounts or other accounts subject to the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or an individual
retirement account (“IRA”) subject to the Internal Revenue Code (collectively, “Retirement
Accounts”). If a client’s account is subject to direct billing, the client is generally required to
pay each bill within 15 calendar days after receipt of such bill.

RedTree Investment Group                                                  Form ADV Part 2A

Minimum Account Value
The minimum asset value to open an account with the Adviser is typically $1,000,000. At
times account balances may fall below this minimum due to liquidity needs. The Adviser
reviews with the client the ongoing needs of the account to determine if its investment services
remain a suitable investment option. Adviser may require a minimum monthly investment
management fee. Fees are negotiable and the minimum fee or requirements may be waived
at Adviser’s discretion.
The advisory fee and minimum account value applicable to a client are negotiable in certain
instances and may vary based upon a number of factors, including but not limited to the size
and nature of the assets in the client’s account, the client’s particular investment style or
objective, and any particular services requested by the client. The fees paid by a client may
differ from the fees paid by other clients based on a number of factors, including but not
limited to the factors identified above. The Adviser may enter into other fee arrangements
with clients.

Other Fees and Expenses
In addition to the Adviser’s fee described above, a client of the Adviser may incur other fees
and expenses. The asset-based fee only covers portfolio management and investment advice
provided by the Adviser, and a client may pay for other services, such as custody and trade
execution, separately in addition to the Adviser’s fee. Please see Item 12: Brokerage Practices
for more information about the Adviser’s trading practices.
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Item 7: Types of Clients
   Description
   The Adviser predominantly offers its services to public entity clients, such as counties, cities,
   school districts and other state political subdivisions, but may offer its services to other types
   of clients, such as: individuals, high net worth individuals, banks or thrift institutions, pension
   and profit-sharing plans, trusts, estates, charitable organizations, corporations, or other
   business entities.
   Account Minimums
   Applicable requirements for opening or maintaining an account with the Adviser, such as
   minimum account size, are discussed above in Item 5: Fees and Compensation – Minimum
   Account Value.