Nollenberger McCullough Investment Advisors LLC

Item 5 – Fees and Compensation
NOLLMAC is compensated based on a percentage of assets under management according to the
following annual fee schedule:

                            Assets Under Management Annual Fee
                            Up to $2,500,000         2.75%
                            $2,500,001 – $4,000,000  2.20%
                            $4,000,001 – $10,000,000 1.10%
                            Over $10,000,000         0.825%

Sample Fee Calculation:
A client with $3,000,000 in assets under management would pay an annual advisory fee of
$79,750, which equals a quarterly fee of $19,937.50. Fees are billed quarterly in advance.

                                                                                       IARD/CRD No. 165451
                                                                                                12/31/2025

Fees are calculated and billed quarterly in advance based on the market value of assets as of the
last business day of the prior calendar quarter and are not adjusted for intra-quarter market
fluctuations. Fees are calculated on a tiered basis, meaning each asset tier is billed at its
corresponding rate. In limited circumstances, and only when specifically agreed to in writing
with the client, typically as part of the advisory agreement or an amendment thereto, fees may be
calculated on a blended basis, applying a single effective rate across the entire account. Lower
fees for comparable services may be available from other sources.

Advisory fees are generally deducted directly from client accounts held at a qualified custodian
pursuant to written client authorization.

The Adviser may, in its discretion, either (i) instruct the qualified custodian to debit the Client’s
account for any amount due under the advisory agreement or (ii) bill the Client directly, in which
case the Client shall remit payment within ten (10) days of receipt of the invoice.

If the Adviser bills the custodian directly, the Adviser will simultaneously provide the Client
with a written invoice showing the amount of the advisory fee, the value of assets on which the
fee is based, and the way the fee was calculated. Clients are responsible for verifying the
accuracy of fee calculations. The qualified custodian does not determine whether advisory fees
are properly calculated.

Any invoice sent directly to the Client may be included as part of the account statement provided
by the Adviser for the applicable billing period.

NOLLMAC’s minimum annual advisory fee is $5,000. This minimum may apply per household
or advisory agreement as disclosed to the client.

Fees may be negotiable at the firm’s discretion, and similarly situated clients may pay different
advisory fees for comparable services.

Clients may terminate the advisory agreement upon 30 days’ written notice. Upon termination,
any prepaid advisory fee will be refunded on a pro-rata basis based on the number of unused
days in the billing quarter. The refund is calculated using the daily fee rate for the quarter and
returned promptly to the client after the effective date of termination following the 30-day notice
period.

Clients may incur brokerage commissions, transaction fees, and other custodial or third-party
expenses in addition to advisory fees.

Because advisory fees are based on assets under management, the firm has an incentive to
encourage the retention and growth of assets, which creates a potential conflict of interest.

NOLLMAC and its supervised persons do not receive commissions, sales loads, 12b-1 fees, or
any other compensation in connection with the sale of securities or investment products.

                                                                                       IARD/CRD No. 165451
                                                                                                12/31/2025

The firm is compensated through (i) asset-based advisory fees for investment management
services and (ii) fixed fees for standalone advisory or consulting services that do not
include ongoing portfolio management. Fixed fees are agreed upon in advance and are not
contingent upon the purchase or sale of specific securities or investment products.

Accordingly, Items 5.E.1 through 5.E.4 are not applicable with respect to product-based
compensation.

Item 7 – Types of Clients
Clients include individuals, high-net-worth individuals, trusts, estates, pension and profit-sharing
plans, associations, corporations, and other business entities.

The firm generally requires a minimum account size of $1,000,000, although this minimum may
be waived at the firm’s discretion.