Meyer Handelman Company LLC

Fees and Compensation

Meyer Handelman Company LLC fees and compensation are determined with the client before
an account is accepted.

If the account is a trust, the Company and the grantor or beneficiary will also determine whether
the account will be charged trustee commissions and an investment advisory fee or a fixed
annual fee.

With the exception of trustees’ and executors’ commissions, which are subject to statutory rates,
all other fees and compensation are negotiable, with no fee greater than one and one-half percent
(1.5) per annum, depending on the services that are provided. No fees or compensation are billed
in advance.

Variable Annual-Rate Investment Advisory Fees
Variable annual-rate fees charged to Meyer Handelman Company LLC’s clients are arrived at by
agreement with the client before the account is accepted. Fees for new accounts will be generally
based on one percent (1%) per annum, but, in case of substantial accounts, are subject to special
negotiations. Minimum annual fee for new accounts is ten thousand ($10,000) dollars.
Client fees established by management agreement at agreed-upon annual percentage rate are
payable during the last month of each quarter, calculated on client’s account market value on the
last day of each previous quarter.

Fixed Annual-Rate Investment Advisory Fees
Fixed annual-rate fees charged to Meyer Handelman Company may be agreed upon under
special circumstances. Meyer Handelman Company LLC reviews those fees with clients when
there are significant changes in the market value of the account or if significant withdrawals or

additions are made to accounts during the year. New fees may be established during the year, but
not effective until after the date such an event may occur (i.e. not retroactive before that date).
Accounts are billed quarterly, with fractional months being billed on a pro-rata basis in the first
billing.

Trustees’ and Executors’ Commissions
Trustees' and executors’ commissions are taken in accordance with the laws of the states
involved when members and employees of Meyer Handelman Company LLC act individually as
fiduciaries of clients’ trusts and estates.

When more than one member or employee of the Company acts as fiduciary of clients’ trusts and
estates, a single commission is taken and is allocated among the fiduciaries.

All such commissions resulting from business of Meyer Handelman Company LLC are endorsed
over and deposited into the Company’s account. For trusts where an Other Advisor is engaged,
the individual member of Meyer Handelman Company LLC, acting as trustee of the client trust,
will negotiate an advisory fee with the Other Advisor. Such fee is charged to the client trust in
addition to the trustee commissions paid to the Meyer Handelman Company LLC members
and/or employees acting as fiduciaries.

Meyer Handelman Company LLC may charge investment advisory fees as well as trustees’
commissions. This may be in event that clients request significant additional services outside of
those related to trust fiduciary responsibilities and are negotiated on a case-by-case basis in
accordance with fee rates stated above.

Management Fees
Management fees may be charged for LLC’s, charitable foundations, and other organizations.
Rates are set by agreement with members of these organizations. Rates are reviewed when there
are significant changes in the accounts, including changes in management activity by members
and employees of Meyer Handelman Company LLC.

Bank Charges and Custodian Fees
Bank charges and custodian fees are paid by the client, and are not included in the Meyer
Handelman Company LLC investment advisory fees.

Mutual Fund & Exchange Traded Fund (ETF) Fees
Two advisory fees are paid, in effect, by clients whose monies are invested in mutual funds
and/or ETFs at a custodian/broker-dealer. First, the client pays advisory fee based on total assets
under Meyer Handelman Company LLC management, which includes the assets invested in the
mutual and/or ETFs. Then, the client pays another advisory fee to the investment advisor of the
mutual fund and/or ETF based upon the amount of the client’s investment in the mutual fund
and/or ETF.

Special Purpose Vehicle (SPV) Fees
The fees charged by the SPV, including performance fees, are separate from, and in addition to,
Meyer Handelman Company’s advisory fee, and are described in the SPV’s offering documents.

If Meyer Handelman Company acts as the General Partner of an SPV, it will not charge an
AUM-based advisory fee in addition to the management fee. The AUM-based advisory fee will
be waived in lieu of the SPV management fee.

Income Tax Preparation Fees
Income tax preparation fees are charged additionally when the Company prepares income tax
returns.

Types of Clients

Meyer Handelman Company LLC generally provides investment advice to individuals, trusts,
estates, charitable organizations, LLCs, LLPs and other business entities.

Meyer Handelman Company LLC generally takes on as accounts trusts, estates, charitable
organizations, LLCs, LLPs and other business entities only if they are for the benefit of or are
controlled by individual clients of Meyer Handelman Company LLC.

Meyer Handelman Company LLC generally will not take new accounts of less than $10,000,000
other than as an accommodation to existing clients.

Methods of Analysis, Investment Strategies and Risk of Loss

Investment Strategy

Meyer Handelman Company LLC’s overall procedure in formulating investment strategy begins
with a review of current macroeconomic data to determine basic general policy toward equity
and fixed-income investments. The Investment Committee, consisting of the portfolio managers,
advisors, and members, then discuss the various positive and negative aspects of a specific
company and its respective industry, outlook and projections. The Investment Committee studies
research reports on industries or individual companies that are prepared internally by those
industries or companies, or by other institutions. They determine whether to consider an issue to
be a purchase, hold or sale candidate. Suggested purchase or sales programs based on current
recommendations are then prepared for accounts where applicable.

The Company invests for clients mostly in exchange-listed equities, municipal bonds and U.S.
government bills, notes and bonds. On occasion the Company also invests in equity securities
traded over-the-counter, ETFs, foreign issues, corporate debt securities, CDs and commercial
paper, as well as private equity, venture capital, SPVs, or other alternative investments.

Investment Analysis
Meyer Handelman Company LLC’s investment approach is “quantamental”, which combines
quantitative and fundamental analysis. The Investment Committee generally reviews earnings
releases, financial statements and company presentations for various qualitative and quantitative
information. This includes reviewing historical financials to monitor changes in key operating

ratios, sales trends and depreciation/capital reinvestment. The Investment Committee compares
company statistics with the performance of other companies in the same industry. This
encompasses a review market price history, related P/E and EV/EBITDA ratios, yields, free cash
flow and their return on invested capital, all while considering the current market environment.
The Investment Committee reviews current conditions in the industry with emphasis on new
developments and projections, as well as reviewing the general business, economic and political
environment, both domestic and international.

Reviews of a specific security, class of security, or industry may be initiated due to various
factors. This includes news of significant changes in dividend policy, mergers or acquisitions of
companies, spinoffs or distributions of stock from companies, corporate reorganizations, legal
issues, significant rapid price changes and other unusual and/or unannounced events.

Principal sources of information for research include official reports from individual companies
(annual reports, quarterly statements, prospectuses, 10-Q and 10-K reports), various daily and
weekly publications, and market data providers. The Investment Committee participate in
seminars and teleconferences arranged by brokerage firms, banks, economists, outside securities
analysts and various professional organizations. They also review incoming material received
daily from various brokerage firms, banks, individual companies, industry associations, and
analysts covering current announcements and research comments as well as special bulletins and
special reports.

When a new stock is to be purchased, as accounts are reviewed, consideration is given as to
which accounts it is most suitable for, placing importance on such factors as industry
diversification, growth versus value stocks, client’s need for income and available cash reserves.
When investment programs involve switching from one stock to another, both the buy and sell
recommendations are tailored to the particular portfolio so that there is never a question of
allocation of securities recommendations. When making sales, in some cases, only partial sales
are made of a particular holding if it represents too large a percentage of particular portfolio,
whereas in other cases, the entire holding is liquidated.

Risk of Loss
While all investing involves risk, there is more risk in investing primarily in equity securities. To
minimize that risk, the Company’s policy is to diversify holdings. By taking a long-term view
that risk is further reduced. Risk is also reduced by not typically investing directly in foreign
securities, unless listed in the form of an ADR on a US-based exchange.

Investing in bonds involves risk of default, of calls and of changing interest rates. To minimize
that risk, the Company believes in staggering maturities as well as diversifying issues. Bonds
purchased are rated at least “A” by two or more services.