Pelican Investment Advisors LLC

Fees and Compensation

The following types of fees will be assessed:

Asset Management – Fees are charged quarterly in arrears and are based primarily on asset size
and the level of complexity of the services provided. In individual cases, PIA has the sole
discretion to negotiate fees that are lower than the standard fee shown or to waive fees. Fees are
not based on the share of capital gains or capital appreciation of the funds or any portion of the
funds. Comparable services for lower fees may be available from other sources. Fees for the
initial quarter will be prorated based upon the number of calendar days in the calendar quarter
that the advisory agreement is in effect. Fees are based on the market value of the assets on the
last business day of the quarter. Annual fees are a maximum of 2.00%. Consulting services are
included in these fees for asset management services with the exception of unique circumstances
that may require a separate agreement for financial planning services (description and fees are
discussed below). If the situation warrants separate financial planning fees, it will be discussed
upfront and a separate agreement will be negotiated.

As authorized in the client agreement, the account custodian withdraws Pelican Investment
Advisors, LLC’s advisory fees directly from the clients’ accounts according to the custodian’s
policies, practices, and procedures. The custodial statement includes the amount of any fees paid
to PIA for advisory services. You should carefully review the statement from your
custodian/broker-dealer’s statement and verify the calculation of fees. Your custodian/broker-
dealer does not verify the accuracy of fee calculations.

Fees are charged in arrears on a quarterly basis, meaning that advisory fees for a quarter are
charged on the first day of the following quarter. The fee is calculated as follows: The market
value of the assets under management on the last day of the quarter multiplied by 1/4 of the
annual advisor fee. Clients may terminate investment advisory services obtained from PIA,
without penalty, upon written notice within five (5) business days after entering into the advisory
agreement with PIA. The client is responsible for any fees and charges incurred by the client
from third parties as a result of maintaining the account such as transaction fees for any securities

transactions executed and account maintenance or custodial fees. Thereafter, the client may
terminate advisory services upon written notice delivered to and received by PIA. Clients who
terminate investment advisory services during a quarter are charged a prorated advisory fee
based on the date of PIA’s receipt of client’s written notice to terminate. Any earned but unpaid
fees are immediately due and payable, and any prepaid and unearned fees will be immediately
refunded.

Financial Planning – Financial planning services are charged in arrears through a fixed fee or
hourly arrangement as agreed upon between the client and Pelican Investment Advisors, LLC.
There will never be an instance where $1,200 or more in fees is charged six or more months in
advance. Hourly fees are generally charged when the scope of services cannot be determined or
if the services are limited to one meeting. Fixed fees are generally quoted to the client for longer
term consulting projects. Fees are negotiable and vary depending upon the complexity of the
client situation and services to be provided. Hourly fees range from $150 - $350 per hour,
depending on what is negotiated between PIA and the client. Similar financial planning services
may be available elsewhere for a lower cost to the client. Fixed fees for longer-term consulting
projects range from $100 to $20,000 per project. An estimate for total hours and charges is
determined at the start of the advisory relationship.

Subscription Retainer Services – Retainer services are charged in advance through a quarterly
subscription fee, as agreed upon between the client and Pelican Investment Advisors, LLC. The
quarterly subscription fee is between $750 - $1200 per quarter for ongoing retainer services,
depending on the level of service needed by the client. This fee will be agreed upon before the
start of any work. There will never be an instance where $1,200 or more in fees is charged six or
more months in advance. Similar financial planning services may be available elsewhere for a
lower cost to the client.

Typically, clients will be invoiced quarterly for all time spent by PIA as agreed upon by client or
upon completion of the services if less than a month. Clients who wish to terminate the planning
process prior to completion may do so with written notice. The client may obtain a refund of a
pre-paid fee if the advisory contract is terminated before the end of the billing period by
contacting Kathryn Davis at (225) 293-9283. Upon receipt of written notification, any earned
fee will immediately become due and payable, and any prepaid and unearned fees will be
immediately refunded. A client may terminate an advisory agreement without being assessed
any fees or expenses within five (5) days of its signing.

Additional Fees and Expenses

In addition to advisory fees paid to PIA as explained above, clients may pay custodial service,
account maintenance, transaction, and other fees associated with maintaining the account. These
fees vary by broker and/or custodian. Clients should ask PIA for details on transaction fees or
other custodial fees specific to their account, as these fees are not included in the annual advisory
fee. PIA does not share any portion of such fees. Additionally, for any mutual funds purchased,
the client may pay their proportionate share of the funds’ distribution, internal management,

investment advisory and administrative fees. Such fees are not shared with PIA and are
compensation to the fund manager. Clients are urged to read the mutual fund prospectus prior to
investing.
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Types of Clients

PIA offers investment advisory services to individuals, high net worth individuals, retirement
plans and businesses. There is no minimum account size to open and maintain an advisory
account.

Form ADV, Part 2A, Item 8

       Methods of Analysis, Investment Strategies, and Risk of Loss

PIA’s methods of analysis and investment strategies incorporate the client’s needs and
investment objectives, time horizon, and risk tolerance. PIA is not bound to a specific
investment strategy for the management of investment portfolios, but rather consider the risk
tolerance levels pre-determined gathered at the account opening, as well as on an on-going basis.
Examples of methodologies that our investment strategies may incorporate include:

Asset Allocation – Asset Allocation is a broad term used to define the process of selecting a mix
of asset classes and the efficient allocation of capital to those assets by matching rates of return
to a specified and quantifiable tolerance for risk.

Dollar-Cost Averaging – Dollar-cost averaging is the technique of buying a fixed dollar amount
of securities at regularly scheduled intervals, regardless of the price per share. This will
gradually, over time, decrease the average share price of the security. Dollar-cost averaging
lessens the risk of investing a large amount in a single investment at the wrong time.

Technical Analysis – involves studying past price patterns and trends in the financial markets to
predict the direction of both the overall market and specific stocks.

Long-Term Purchases – securities purchased with the expectation that the value of those
securities will grow over a relatively long period of time, generally greater than one year.

Short-Term Purchases – securities purchased with the expectation that they will be sold within a
relatively short period of time, generally less than one year, to take advantage of the securities’
short term price fluctuations.

Our strategies and investments may have unique and significant tax implications. Regardless of
your account size or other factors, we strongly recommend that you continuously consult with a
tax professional prior to and throughout the investing of your assets.

Investing in securities involves risk of loss that clients should be prepared to bear. Although we
manage your portfolio with strategies and in a manner consistent with your risk tolerances, there
can be no guarantee that our efforts will be successful. You should be prepared to bear the risk

of loss.

All investments involve the risk of loss, including (among other things) loss of principal, a
reduction in earnings (including interest, dividends, and other distributions), and the loss of
future earnings. These risks include market risk, interest rate risk, issuer risk, and general
economic risk. Regardless of the methods of analysis or strategies suggested for your particular
investment goals, you should carefully consider these risks, as they all bear risks.

PIA’s primary goal for investing is to help the client maintain purchasing power over the long
term. This may result in short term variability and loss of principal. Time horizon and risk
tolerance are key determinates of the proper asset allocation. PIA’s approach focuses on taking
appropriate risks for which clients are compensated (i.e. market risk) and seeking to limit or
eliminate risks that do not provide compensation over the long term (i.e. individual stock risk or
lack of portfolio risk).

Below are some more specific risks of investing:

Market Risk. The prices of securities in which clients invest may decline in response to certain
events taking place around the world, including those directly involving the companies whose
securities are owned by the client or an underlying fund; conditions affecting the general
economy; overall market changes; local, regional or global political, social or economic
instability; and currency, interest rate and commodity price fluctuations. Investors should have a
long-term perspective and be able to tolerate potentially sharp declines in market value.

Management Risk. PIA’s investment approach may fail to produce the intended results. If our
perception of the performance of a specific asset class or underlying fund is not realized in the
expected time frame, the overall performance of client’s portfolio may suffer.

Equity Risk. Equity securities tend to be more volatile than other investment choices. The value
of an individual mutual fund or ETF can be more volatile than the market as a whole. This
volatility affects the value of the client’s overall portfolio. Small- and mid-cap companies are
subject to additional risks. Smaller companies may experience greater volatility, higher failure
rates, more limited markets, product lines, financial resources, and less management experience
than larger companies. Smaller companies may also have a lower trading volume, which may
disproportionately affect their market price, tending to make them fall more in response to
selling pressure than is the case with larger companies.

Fixed Income Risk. The issuer of a fixed income security may not be able to make interest and
principal payments when due. Generally, the lower the credit rating of a security, the greater the
risk that the issuer will default on its obligation. If a rating agency gives a debt security a lower
rating, the value of the debt security will decline because investors will demand a higher rate of
return. As nominal interest rates rise, the value of fixed income securities is likely to decrease. A
nominal interest rate is the sum of a real interest rate and an expected inflation rate.

Municipal Securities Risk. The value of municipal obligations can fluctuate over time, and may
be affected by adverse political, legislative and tax changes, as well as by financial developments
that affect the municipal issuers. Because many municipal obligations are issued to finance
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