Neumeier Poma Investment Counsel LLC

Item 5 – Fees and Compensation

NPIC provides advisory services for compensation based on a percentage of assets under
management. Fees are negotiable.

As of the date of this brochure, NPIC receives compensation only based on a percentage of
assets under management.

Each client selects whether to have NPIC deduct NPIC’s fees from the client’s assets or to have
NPIC bill the client for fees incurred. Fees are an annual percentage of assets calculated
quarterly and generally in advance.

General. NPIC provides discretionary investment advice and management to individually
managed accounts. NPIC holds a limited power of attorney to act on a discretionary basis with
client funds.

Client’s funds and securities are maintained with a “qualified custodian” as required under
Rule 206(4)-2 of the Investment Advisers Act of 1940 (the “Advisers Act”). NPIC does not take
physical possession of any client’s funds or securities (except checks payable to third parties).

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However, due to its ability to deduct fees directly from client accounts, NPIC is considered to
have custody of client funds and securities under Rule 206(4)-2. NPIC follows the requirements
of this rule for all client assets for which it has custody.

With client consent, NPIC causes fees to be paid out of individually managed accounts by the
client’s custodian. When it does so, NPIC sends the client an invoice, concurrently with billing
the custodian, showing the amount of the fees, the value of the assets on which they are
based, and the computation.

Fees. Portfolio compensation is determined based on each client’s needs and any applicable
portfolio restrictions. A client’s needs are determined through an interview conducted either
in person or over the telephone. All fees and account minimums are negotiable. However, a
minimum of $20 million of assets under management is typically required for services.

Compensation provided to NPIC is negotiable and varies, but typically consists of an annual fee
of 1% of assets under management, which amount is payable in advance in quarterly
installments at the beginning of each quarter based on the market value of the client’s
account as of the close of the last business day of the preceding quarter.

Exchange Traded Funds, Mutual Funds, and American Depository Receipts. NPIC sometimes
invests client assets in shares issued by ETFs, mutual funds, and ADRs. All fees paid to NPIC for
investment advisory services are separate and distinct from the fees and expenses charged by
ETFs, mutual funds, and ADRs to their shareholders. Therefore each investment of client
assets in these assets results in fees and expenses charged at multiple levels of the investment
of client assets. A client could invest in ETFs, mutual funds, and ADRs directly, without the
services of NPIC.

Neither NPIC nor its supervised persons accept compensation for the sale of securities or
other investment products including asset-based charges or service fees.

The specific manner in which fees are charged by NPIC is established in a client’s written
advisory agreement with NPIC. Generally, accounts initiated or terminated during a billing
period are charged a prorated fee based on the number of days during that billing period that
NPIC provides service to that account. In most instances, a client may terminate a separate
account agreement without penalty and NPIC will refund any prepaid but unearned fees to
that client after the account termination. Fees and termination terms for the NIC Fund are
stated in that fund’s disclosure document.

NPIC’s fees do not include custodial fees and other related costs and expenses incurred by the
client. Please see “Item 12 – Brokerage” for more information on NPIC’s brokerage practices.

Item 7 – Types of Clients

NPIC provides portfolio management services to many different types of clients including
institutional and high net worth clients. Institutional clients include corporate pension and
profit-sharing plans, Taft-Hartley plans, charitable institutions, foundations, endowments,
municipalities, private investment funds, and trust programs. Separate account opening
minimums are established at account opening. NPIC usually requires a new client to place
$20 million of assets under management with NPIC.

NPIC currently provides portfolio management services to one comingled investment vehicle,
the NIC Fund. The NIC Fund is not generally open to new investors other than affiliates of NPIC
and of existing investors in the NIC Fund.