Oxbow Advisors LLC

Fees and Compensation
We offer services on a menu basis. Our fees are negotiable at the discretion of our advisory
representatives. In making a final decision on the fee negotiated, a number of factors are taken
into consideration, including other related or affiliated accounts, the securities held in the
investment portfolio, investment objectives, the total assets under management on an aggregate
basis, and other factors that are deemed at the time to be relevant. These factors may result in
lower fees being charged for accounts similar in makeup and objectives. Although fees are
individually negotiated, our standard fee schedule is provided below:

                                           Fee Schedule
                           *See also Fee Payment Options section below

    Fee Type       Fee Cost                                                                       When
                                                                                                  Charged

 Advisory Fees     Computed as a percentage of the closing end value of investments in            Quarterly, in
                   clients’ custodial accounts for the previous quarter including cash and        arrears
                   cash equivalents. For accounts with a margin balance, we will use the long
                   market value of the account. Calculated by multiplying the value of the
                   assets in each client account by the appropriate annual fee rate and
                   dividing such product by four. Fees will take into consideration the
                   aggregate assets under management across all accounts, unless otherwise
                   agreed in writing. Advisory fees are negotiable and may not exceed
                   1.00% annually. Below is our standard fee schedule. However, the Firm
                   may choose to not to use this standard fee schedule based on several
                   factors, including, but not limited to: the scope and complexity of the
                   services to be provided; the level of assets to be managed; the investment
                   advisor representative assigned to the account; and the overall relationship
                   with the Firm.
                     TOTAL ASSETS UNDER MANAGEMENT                        ANNUAL FEE
                                  $0 – $10,000,000                           0.60%
                              $10,000,001 – $20,000,000                      0.50%
                              $20,000,001 – $30,000,000                      0.40%
                              $30,000,001 – $40,000,000                      0.30%
                              $40,000,001 – $50,000,000                      0.20%
                                  $50,000,001 – UP                           0.10%

 Corporate         Payment for services are either paid by: an hourly rate, an agreed flat fee,   As agreed
 Retirement        or a fee based on the value of assets in the retirement plan. The terms of
 Planning          payment usually depend on the scope of services provided.

 Individual        Fees for such services are offered on an hourly basis. Fees may also be        Hourly or
 Consultation      offered at a fixed rate.                                                       Fixed,
                                                                                                  Quarterly, in
                                                                                                  arrears

        Wrap Program Fees
The Firm also participates in certain wrap fee programs sponsored by unaffiliated brokerage
firms through which they offer the Firm’s discretionary investment-management services (and
those of other investment advisers) to the brokerage firms’ clients. When a client selects the
Firm, the client enters into an investment-advisory agreement with the brokerage firm, and the
brokerage firm maintains a master, separate agreement with the Firm. The client pays a single
“wrap fee” to the brokerage firm based on the net value of the assets under management.
Oxbow receives a portion of the total wrap fee paid to the wrap program sponsor for its

portfolio management services. The agreement can be terminated at the written request of the
Firm, the client, or the brokerage firm. Upon termination, the Firm will refund all pre-paid,
unearned fees to the brokerage firm for those wrap programs that pay one quarter in advance.
Please review the materials provided by the wrap fee sponsor for information with respect to a
wrap fee program.

       Sub-Adviser Fees

The Firm offers sub-advised model strategies to its clients. For each client portfolio advised by
Oxbow using the sub-adviser’s model strategy, Oxbow will take their portion of the management
fee from the custodian and the sub-adviser will take their portion of the management fee from the
custodian.

        Investment Company Fees
Investment companies (mutual funds, exchange-traded funds, private funds, etc.), including
those recommended by Oxbow, charge their own management fees and other operating
expenses, as described in the investment company’s offering documents. These fees and
expenses are in addition to any management fees charged by Oxbow.

        Additional Fee Information
The initial advisory fee for new accounts funded in the middle of a quarter will be prorated based
on the number of days for which we provided our investment advisory services during the
quarter.

In addition to Oxbow’s advisory fees, clients are also responsible for the fees and expenses
charged by custodians and broker-dealers. Please refer to Item 12 of this Brochure for additional
information. Oxbow is not compensated through these charges.

Pre-existing advisory clients are subject to Oxbow’s advisory fees in effect at the time the client
entered into the advisory relationship, amended Investment Advisory Agreement with Oxbow or
...

Item 7 – Types of Clients

Overview
The clients of our Firm and its affiliates, who entrust us with their assets, share the similar
investment objectives of achieving consistent investment returns with minimal portfolio risk. We
offer portfolio management investment advice to the following types of clients:

       •       Individuals
       •       Families
       •       High net worth individuals
       •       High net worth families
       •       Pension and Profit Sharing plans (other than participants)
       •       Charitable organizations
       •       Trusts
       •       Estates
       •       Private foundations
       •       Corporations
       •       Retirement plans
       •       Employee Benefit Plans
       •       Other investment advisers

ERISA Clients
With regard to retirement plans that are subject to the Employee Retirement Income Security Act
of 1974 (“ERISA”), the Firm generally assumes the role of a fiduciary with respect to such
ERISA plans. The responsible Plan Fiduciary for ERISA plans will be provided with an ERISA
Fee and Services Disclosure pursuant to Section 408(b)(2) of ERISA, prior to the ERISA Plan
engaging the Firm for advisory services.