Nobscot Investment Management LLC

Item 5: Fees and Compensation

A. Description
Nobscot’s fees are calculated as a percentage of assets under management based on the market value
of the portfolio at the end of the quarter and paid in arrears according to the fee agreed to in the client’s
investment advisory agreement. The following schedule is used to set the fees, but in certain
circumstances such fees are negotiable or may be waived at Nobscot’s sole discretion:

        Total Assets Under Management                            Annual Fee
        $0 - $5,000,000                                             0.90%
        Next $5,000,000                                             0.75%
        Next $10,000,000                                            0.50%
        Over $20,000,000                                            0.30%

B. Fee Billing
Advisory fees will be directly deducted from the client account on a quarterly basis, in arrears, by the
qualified custodian. Nobscot will receive written authorization from each client to authorize the
client’s custodian to debit the account for the amount of Nobscot’s investment advisory fee and to
directly remit that management fee to Nobscot. The custodian will send a statement at least quarterly
to the client detailing any advisory fees that have been withdrawn from the account. Clients may
request to have Nobscot bill them directly for advisory fees due.

C. Other Fees and Expenses
All custodian fees, brokerage commissions, stock transfer fees and other similar charges incurred in
connection with transactions for client accounts, including, without limitation, any wire transfer fees,
fees associated with a client’s special-service requests and other fees that may be charged by a client’s
custodian or broker-dealer, are payable by Nobscot’s clients and are in addition to the fees paid by
clients to Nobscot. Furthermore, to the extent that Nobscot invests in certain securities including
mutual funds or ETFs, a client will bear additional expenses incurred by such securities, such as
mutual fund management fees, organizational expenses, brokerage commissions and other fees and
expenses.

D. Fees in Advance
Nobscot’s clients do not pay advisory fees in advance.

E. Securities Compensation
Nobscot and its supervised persons do not accept compensation for the sale of securities or other
investment products.

Item 7: Types of Clients

Description
Nobscot provides investment management services primarily to individuals, IRAs, trusts, and
charitable organizations. Nobscot has been qualified as an investment advisor for the Fidelity
Charitable Investment Advisor Program. This program allows an eligible donor to the Fidelity
Charitable Gift Fund to nominate Nobscot to manage the investment assets of the donor’s account.

Account Minimums
Nobscot requests a minimum relationship balance of $3,000,000 for Investment Advisory Services.
Nobscot, in its sole discretion, may waive this minimum in certain circumstances.