Penobscot Investment Management Company Inc

Item 5 – Fees and Compensation

Penobscot’s fees are charged quarterly based on the market value of the assets under
management at the close of the quarter. Fees are charged in arrears.

               Standard Fee
                 Annual Management Fee             Assets Under Management
                             1.00%                 $0 - $1,000,000.00
                                                   $1,000,000.01 -
                              .80%                 $1,999,999.99
                              .60%                 $2,000,000.00 and above

               When Penobscot Serves as Trustee
                Annual Management Fee      Assets Under Management
                             1.25%                 $0 - $1,000,000.00
                                                   $1,000,000.01 -
                             1.05%                 $1,999,999.99
                              .85%                 $2,000,000.00 and above

Negotiability of Fees
In certain circumstances, Penobscot’s fees are negotiable.

Payment of Fees
Clients may elect to have fees deducted from their accounts or to have Penobscot bill them
directly. Penobscot does not require clients to pay fees in advance.

Other Fees
All fees paid to Penobscot for investment advisory services are separate and distinct from the
fees and expenses charged by mutual funds and exchange traded funds (“ETFs”) to their
shareholders. These fees and expenses are described in each fund’s prospectus and will
generally include a management fee, other fund expenses, and a possible distribution fee for
mutual funds.

Additionally, clients have the option to purchase investment products that Penobscot
recommends through other brokers or agents that are not affiliated with Penobscot. If clients
choose this option, it is possible that the client will incur an additional fee. Currently most
custodians don’t charge brokerage fees, but that could change at any time.

Penobscot does not accept compensation for the sale of securities or other investment products,
including asset-based sales charges or service fees from the sale of mutual funds.

Item 7 – Types of Clients

Penobscot provides investment management services to individuals, trusts, pension and profit-
sharing plans, estates, charitable organizations and corporations. Penobscot does not impose a
minimum dollar amount or other conditions for opening or maintaining an account.