NFC Investments LLC

Item 5 – Fees and Compensation

As a general rule, NFC Investments' advisory fee is based on a percentage of assets under
management. NFC Investments' standard annual advisory fee is 1.0% of the client's assets
under management. However, that fee is subject to negotiation based on the particular
circumstances of the client and other factors, including, but not necessarily limited to, the
type and size of the account, pre-existing relationship and account complexity.

NFC Investments' fees with respect to the private investment funds that are advised by NFC
Investments, including WBL Partners, LLC, NFC Partners, LLC, Knox Holdings, LLC, NFC
Arizona Renewables, LLC, and NFC Insurance Partners, LLC are disclosed in the applicable
offering documents for those funds.

Certain accounts of NFC Investments may be managed by NFC Investments without an
advisory fee.

NFC Investments' fee is generally paid monthly or quarterly, in arrears, as provided in the
agreement with the client, based on the market value of the account as of the close of the
last trading day of the applicable billing period. NFC Investments' fee does not include any
fees or commissions payable by the client to any broker-dealer or the account custodian for
their respective services. Clients generally authorize direct deduction of NFC Investments'
fee from their accounts custodied with the account custodians.

Item 7 – Types of Clients

NFC Investments provides portfolio management services to individuals, high net worth
individuals, corporate pension and profit-sharing plans, charitable institutions,
foundations, endowments, private investment funds, trust programs, and corporations.

NFC Investments has a stated $1,000,000 minimum value of assets to start/open an
account, but that minimum can be waived at NFC’s discretion for different reasons and
circumstances.