Liberty Capital Management Inc

Item 5 – Fees and Compensation

Investment Management Services

Liberty Capital Management charges a quarterly fee in arrears for services rendered and
the fee is based on the average daily market value of the applicable account. Fee rates
vary under our current fee structure, typically ranging from 0.25% up to 0.75% of a
client’s assets and may be charged as a tiered or flat fee.

Liberty Capital Management’s fees for investment management services are generally
charged as a percentage of the assets under management. Rates are negotiable based on
unusual circumstances, pre-existing relationships, the amount and nature of assets to be

managed, required services, complexities, and other factors, at Liberty Capital
Management’s discretion.

All annual fee rates are prorated to a quarterly fee and charged quarterly after completion
of the calendar quarter. There is a minimum annual fee of $2,500 on diversified
portfolios. The minimum annual fee may be waived when the combined value of related
accounts exceeds the amount necessary to avoid the minimum fee or other special
circumstances.

Fee rates referenced above are negotiable. The actual fee rate and method of calculation
which applies will be detailed in the client agreement.

Clients may also elect to be billed directly for fees or to authorize LCM to directly debit
fees from client accounts. Upon termination of any account, any earned, unpaid fees will
be due and payable.

LCM’s fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by the client. Clients may incur certain
charges imposed by custodians, brokers, third party investment and other third parties
such as fees charged by managers, custodial fees, deferred sales charges, odd-lot
differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and
taxes on brokerage accounts and securities transactions. 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 LCM’s fee, and
LCM shall not receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that LCM considers in selecting or recommending
broker-dealers for client transactions and determining the reasonableness of their
compensation (e.g., commissions).

Non-Management Investment Advisory Services
Fees for non-management advisory services are negotiated in advance and can be fixed or
hourly depending on the level of complexity of the engagement. Fees may be charged in
advance or in arrears depending on the service provided. Fees are generally billed
directly to the client.

Services may be terminated at any time by either party and fees will be prorated
accordingly. Any payments made in advance will be prorated and any unearned fees will
be refunded to the client.

All advisory fees paid to LCM are separate and unrelated to any fees or expenses
assessed by any broker, custodian, or other outside party.

Financial Planning Services
Fees for financial planning services are negotiated in advance and can be fixed or hourly
depending on the level of complexity of the engagement. Fees are generally charged in
arrears although a portion of which may be billed in advance. Fees are generally billed
directly to the client.

Services may be terminated at any time by either party and fees will be prorated
accordingly. Any payments made in advance will be prorated and any unearned fees will
be refunded to the client.

All financial planning fees paid to LCM are separate and unrelated to any fees or
expenses assessed by any broker, custodian, or other outside party.

Item 7 – Types of Clients

Liberty Capital Management offers portfolio management services to individuals, high
net worth individuals, corporate pension and profit-sharing plans, Taft-Hartley plans,
charitable institutions, foundations, endowments, corporations, and municipalities.