Lowery Asset Consulting LLC

Fees and Compensation
Combined Services:

Investment Policy and Strategy, Investment Manager Search and Ongoing Performance
Evaluation services may be combined for an annual fee ranging from 0.05% to 2.00% of the
client’s advised assets. An exact fee will be determined for each client based on the size, nature
and complexity of the client’s account. Fees will be billed quarterly, in advance or arrears, based
on the market value of the advised assets, or other such stated fee arrangement. New accounts
will be billed on a pro-rata basis.

Investment Policy and Strategy: This service is available for a fee generally ranging from
$15,000 to $30,000. An exact fee will be determined for each client based on the size, nature and
complexity of the client’s account. Fees will be due and payable upon completion of the project.

Investment Manager Search: This service is available for a fee ranging generally from $15,000 to
$30,000 per manager search. An exact fee will be determined for each client based on the size,
nature and complexity of the client’s account. Fees will be due and payable upon completion of
the project.

Ongoing Performance Evaluation: This service is typically available for a flat fee as follows:

First manager evaluation $15,000-$25,000
Second manager evaluation $10,000-$20,000
Third and any additional manager evaluations $5,000-$15,000

An exact fee will be determined for each client based on the size, nature and complexity of the
client’s account and of the manager to be examined. The fee will be billed/quarterly, in advance
or arrears.

Dependent on the individual arrangement selected by each client, fees charged for LAC’s
advisory services may be deducted from the client’s account or paid by the client via check or
wire.

GENERAL INFORMATION ON FEES:

In certain circumstances, all fees and account minimums may be negotiable. The fee charged is
calculated as described above and is not charged on the basis of a share of capital gains upon or
capital appreciation of the funds or any portion of the funds of an advisory client (SEC Rule
205(a)(1)).

In addition to LAC’s consulting fees, clients bear investment manager expenses, trading costs,
fund administration, and custodial fees.

Because third-party managers charge asset-based fees for assets under their management, LAC
clients pay management fees more than once on the same assets if LAC is providing investment
policy and strategy, investment advisory or other services.

A client agreement may be canceled at any time, by either party, for any reason upon receipt of 30
days written notice. Upon termination of any account, any prepaid, unearned fees will be

promptly refunded, and any earned, unpaid fees will be due and payable. The client has the right
to terminate an agreement without penalty within five business days after entering into the
agreement.

Mutual and Investment Fund Fees and Expenses: All fees paid to LAC for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds to their
shareholders and management/performance fees of private investment funds. These fees and
expenses are described in each fund’s prospectus or offering documents. For mutual funds and
ETFs, these fees will generally include management fee, other fund expenses, and occasionally a
marketing/distribution fee. For private funds, these fees will generally include management and
performance fees, and other fund expenses. A client could invest in a fund directly, without the
services of LAC. In that case, the client would not receive the services provided by LAC which
are designed, among other things, to assist the client in determining which fund or funds are most
appropriate to each client’s financial condition and objectives. Accordingly, the client should
review both the fees charged by the funds and the fees charged by LAC to fully understand the
total amount of fees to be paid by the client and to thereby evaluate this aspect of the advisory
services being provided.

Performance Based Fees and Side-by-Side Management
LAC does not charge any performance-based fees to clients.

Types of Clients
LAC primarily provides customized investment advisory services to individuals and associated
trusts, family offices, foundations, endowments, banks or thrift institutions, pension and profit-
sharing plans, and other corporations or business entities.

A minimum account of $5,000,000 and a minimum annual fee of $30,000 are typically required
for investment supervisory services; however, in certain circumstances the minimum sums may be
negotiable.

Methods of Analysis, Investment Strategies and Risk of Loss
The objective of our asset allocation theory and models is to assist clients in achieving superior
returns given their risk tolerance level. The combination of proprietary research, academic theory
and market research helps to guide our asset allocation decisions. LAC may also utilize a variety
of computer-simulated models in proposing asset allocations for clients.

LAC’s manager research efforts often blend periodic quantitative screens with an emphasis on our
senior professionals’ product knowledge and grasp of the dynamic interaction between investment
process and investment cycles.

LAC may use third-party databases such as Morningstar as a primary tool for initial screening,
quantitative, and comparative research of third-party mutual funds, exchange-traded funds, and
managers. LAC regularly reviews the portfolio performance and holdings of recommended
managers in comparison to their peers. LAC may also conduct periodic telephone and/or in-

person interviews with recommended managers. For certain natural person clients, upon request,
LAC may provide financial planning advice as a courtesy gratis service.

Please refer to the Advisory Business section above for additional disclosures addressing Items
8.A of Form ADV Part 2A.

Risk of Loss
All investing involves a risk of loss that clients should be prepared to bear. The identification of
securities and other assets believed to be undervalued is a difficult task, and there are no
assurances that such opportunities will be successfully recognized or acquired by third-party
managers. LAC cannot give any guarantee that it will achieve a client’s investment objectives or
that clients will receive a return of its investment. Below is a summary of potentially material
risks for each significant LAC investment strategy used, the methods of analysis used, and/or the
particular type of security recommended.

   •   Lack of Control - LAC will not have a role in the management of clients’ third-party
       managed accounts and it will likely not have the opportunity to evaluate in advance the
       specific investments made by any third-party managers. As a result, the rates of return to
       clients will primarily depend upon investment and management decisions of third-party
       managers and returns could be adversely affected by the unfavorable performance of such
       managers. LAC depends on third-party managers to develop the appropriate systems and
       procedures to control operational risks. Operational risks arising from mistakes made in
       the confirmation or settlement of transactions, from transactions not being properly
       booked, evaluated or accounted for or other similar disruption in operations may cause the
       client accounts to suffer financial losses. The success of client account investments will be
       affected by general economic and market conditions where LAC and third-party managers
       have a lack of control, such as, but not limited to, interest rates, availability of credit,
       inflation rates, economic uncertainty, changes in laws, trade barrier, currency fluctuations
       and controls, national and international political circumstances and force majeure events
       (i.e., events beyond the control of the party claiming that the event has occurred, including,
       without limitation, acts of God, fire, flood, earthquakes, outbreaks of infectious disease,
       pandemic or any other serious public health concern, war, terrorism, etc.).

   •   Key Man Risk – LAC’s business is dependent on the continued service and investment
       efforts of the CEO, Mr. Bill Lowery.