Obermeyer Wood Investment Counsel LLLP

Item 5      Fees and Compensation

Obermeyer Wealth’s annual investment management fee is prorated and paid quarterly in arrears, based on the
average daily value of the portfolio and the fee schedule noted below. Unless otherwise directed by the client,
Obermeyer Wealth’s management fee shall be debited from the client’s account on a quarterly basis in accordance
with required SEC procedures. Obermeyer Wealth prefers a $2 million per client minimum for investment
management services. Obermeyer Wealth occasionally charges a lesser management fee or waives the $2 million
client minimum based on certain criteria (e.g., anticipated future earning capacity, anticipated future additional
assets, dollar amount of assets to be managed, historical relationship, related accounts, account composition,
negotiations with client, accounts referred to us by another professional).

The investment management fee will be charged as a percentage of the market value of assets under management,
according to the following schedule:

                          Assets Under Management                           Annual Fee

                          First $10 million                                 1.0%
                          Next $10 million                                  0.75%
                          Additional amounts above $20 million              0.5%

Obermeyer Wealth’s accounting and billing systems use pricing information provided by approved custodians of
Obermeyer Wealth’s client assets, or by an independent third-party pricing service. This information is used to assess
management fees. Obermeyer Wealth will send you a client statement quarterly. Your custodian will send you a
client statement quarterly or monthly. On occasion, the statement from your custodian will reflect slightly different
prices for certain securities than the statement from Obermeyer Wealth. We encourage you to compare your
account statements sent directly to you from your custodian with those that we provide.

Clients will incur brokerage commission charges when certain buy or sell transactions are executed. Some transactions
have no fee. Some of the custodians we work with also charge custodial fees for recordkeeping and safekeeping of
client assets; some do not. For more information on brokerage practices, please see Item 12.

Because Obermeyer Wealth was created as a merger of predecessor firms, certain clients have different fee
schedules or calculation methods than described above.

Please note: Colorado HB 25-1090 statement: The total fee that clients pay Obermeyer Wealth will vary and cannot
be precisely determined at the time of entering an agreement with us. This brochure and our investment
management agreement explain how we calculate our fee, but we cannot calculate or guarantee a total quarterly or
annual cost for services because factors beyond our control will determine the cost on a quarterly basis. Those
factors include the amount of assets you place under our management, market performance, and your fee schedule,
in addition to any trading or custody fees imposed by your custodian or an executing broker and any management
fees charged by a fund manager or sub-advisor.

GENERAL INFORMATION

Termination of the Advisory Relationship: A client can cancel an investment advisory agreement at any time for any
reason by delivering written notice. Obermeyer Wealth can cancel at any time according to the terms specified in the
investment advisory agreement.

Mutual Fund and ETF Fees: Most mutual funds and exchange-traded funds are available directly to the public. Thus, a
client could invest in a mutual fund directly, without engaging Obermeyer Wealth. In that case, the client would not
receive our investment advisory services. In addition to Obermeyer Wealth’s investment management fee described
above, and transaction and custodial fees discussed below in Item 15, clients will also incur, relative to all mutual fund
and ETF purchases, charges imposed at the fund level (e.g., management fees and other fund expenses).

Private Investment Fees: A client who chooses to invest in a private investment vehicle through Obermeyer Wealth
will pay additional fees. Typically, in addition to Obermeyer Wealth’s fee, the client will pay fees to the fund manager
that include administration and management fees, incentive fees or carried interest, and an additional administration
or management fee to the access fund provider. We will provide additional more specific disclosures and engage in
additional discussions before investing any client funds in private investments.

Trade away Fees: Relative to its discretionary management services, when beneficial to the client, individual equity
orfixed-income transactions may be effected through broker-dealers with whom Obermeyer Wealth or the client
have entered into arrangements for prime brokerage clearing services. In this event, the client generally will incur
both thetransaction fee charged by the executing broker-dealer and a “tradeaway” fee charged by the custodian of
the client account. Bank custodians do not charge tradeaway fees.

Additional Fees and Expenses: In addition to our advisory fees, clients are also responsible for the fees and expenses
charged by custodians or broker-dealers, including but not limited to any transaction charges such as trading costs.
Clients will also be responsible for any interest charges or other costs associated with margin loans or other secured
loans.

We have contracted with a service provider to provide securities class-action services to our clients with accounts at
certain custodians. The service provider will conduct research and file claims on behalf of those clients in securities
class actions in which they might be entitled to recovery. The service provider will keep 15% of any recovery as its fee
for services. Clients can opt out of this service. If clients opt out, they will be solely responsible for filing claims in any
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Item 7     Types of Clients

Obermeyer Wealth provides advisory services to the following types of clients:

    •    High-net-worth individuals
    •    Individuals (other than high-net-worth individuals)
    •    Trusts
    •    Pension and profit-sharing plans
    •    Charitable organizations and endowments
    •    Corporations or other businesses
    •    Government entities