Portland Global Advisors LLC

Fees and Compensation

Service Fees

Comprehensive Fee. PGA charges a comprehensive fee for the Wealth Management, Family
Office, and Mission & Impact Services it provides to a client (the “Comprehensive Fee”).
Generally, this Comprehensive Fee is equal to 1% per annum of the first $1 million of a client’s
assets subject to Portfolio Management Services (“Assets Under Management”) and 0.50% per
annum of that client’s remaining Assets Under Management.

Under certain circumstances, a different Comprehensive Fee may be negotiated including a
Comprehensive Fee based on a fixed dollar amount in lieu of an asset-based fee. The
Comprehensive Fee is negotiable at the discretion of PGA based on one or a combination of the
following factors: (1) the amount of assets to be managed; (2) the scope and complexity of the
Family and Mission & Impact Services to be provided; (3) the provision of both Discretionary
Management and Consulting Services; (4) a client has multiple Discretionary Accounts and
each such account will be paying its own pro rata portion of an asset-based Comprehensive
Fee; (5) a client is related to a pre-existing client; and/or (6) a client’s future earning capacity
and future anticipated assets. As a result of these factors, certain clients that appear to be
similarly situated pay different fees.

The Comprehensive Fee is billed quarterly in arrears. A client’s asset-based Comprehensive Fee
is based on the net asset value of the client’s Assets Under Management as of the last business
day of each calendar quarter. The net asset value of a client’s Donor Advised Fund is not
included in the client’s Assets Under Management for purposes of calculating the client’s
Comprehensive Fee. Typically, the Comprehensive Fee is deducted from a client-designated
Discretionary Account(s) held at a “qualified custodian” (e.g., a broker-dealer)(a “Custodian”)
pursuant to an invoice prepared and presented to the Custodian by PGA and consistent with
the terms of the client’s investment advisory/services agreement with PGA (an “Agreement”).
A client may, however, request PGA to bill the Comprehensive Fee to the client in lieu of PGA
deducting the fees from a client-designated Discretionary Account(s).

If Consulting Services are rendered to a client, the client is responsible for all fees charged by
a Third-Party Adviser for investment advisory services rendered to the client in addition to
PGA’s Comprehensive Fee.

DAF Fees. For Discretionary Management Services that PGA provides to a Donor Advised Fund,
PGA typically receives a fee equal to 0.50% per annum of that fund’s Assets Under Management
(a “DAF Fee”).

The DAF Fee is billed quarterly in arrears. The DAF Fee is based on the net asset value of a Donor
Advised Fund as of the last business day of each calendar quarter. The DAF Fee is deducted
from a Donor Advised Fund pursuant to an invoice prepared and presented to the fund’s
Custodian by PGA and consistent with the terms of the Agreement with the charitable
organization sponsoring the Donor Advised Fund (a “Sponsor”).

NOTE: Neither PGA nor its employees accept compensation for the sale of securities or other
investment products.

Other Fees

Each client pays any custodial, brokerage and other transaction costs incurred in connection
with PGA’s provision of Discretionary Management Services directly to the applicable
Custodian. For further information regarding brokerage and other transaction costs
associated with PGA’s Discretionary Management Services, see “Brokerage Practices.”

Each Donor Advised Fund also pays an annual administration fee to the Sponsor. The
administration fee compensates the Sponsor for reviewing and issuing client-recommended
grants, maintaining an online account portal through which a client and PGA may view the
client’s Donor Advised Fund account(s) and access to the Sponsor’s support team.

To the extent that a client invests in a pooled investment vehicle such as a mutual fund or an
exchange-traded fund (“ETF”), the client will indirectly bear fees and expenses charged by the
underlying pooled investment (e.g., investment advisory and other service agent fees, trading
expenses).

Neither the Comprehensive nor DAF Fee is reduced to offset these other fees.

Performance-Based Fees and Side-By-Side Management
PGA does not charge performance-based fees.

Types of Clients

Description of Clients

Currently, PGA provides Wealth Management, Family Office, and Mission & Impact Services to
principally high net-worth/other individuals and their trusts, self-directed retirement plans,
IRAs, Donor Advised Funds and private businesses/foundations.

Requirements for the Provision of Services

Each client must enter into an Agreement with PGA prior to the performance of any services.
The Agreement is a written contract between PGA and the client and sets forth the terms of the
services to be rendered to the client.

PGA does not maintain physical custody of securities or any other assets of its clients. The
Agreement requires a client to hold each Discretionary Account with a Custodian. A client with
a Discretionary Account (each a “Discretionary Client”) must also grant PGA investment
discretion over that account in documentation between the client and the Custodian.

The Agreement requires a separate investment advisory agreement between a client and a
Third-Party Adviser outlining the terms and conditions of the services the Third-Party Adviser
provides to the client. A client that subscribes to Consulting Services must provide, or arrange
for each Third-Party Adviser to provide, portfolio data for their Sub-Advised Assets.

A client that subsidizes a Donor Advised Fund is the fund’s “Donor” and must authorize PGA,
in writing, to provide Discretionary Management Services to that fund. Under its Agreement
with the applicable Sponsor of a Donor Advised Fund, PGA acknowledges that the Sponsor is
the legal owner of the assets of the fund and that the Sponsor is PGA’s Discretionary Client for
purposes of any Discretionary Management Services rendered to that fund. The Agreement also
requires PGA to invest the assets of a Donor Advised Fund solely for the benefit of Sponsor’s
philanthropic mission. A Donor must approve the DAF Fee to be assessed to their Donor Advised
Fund prior to the commencement of any Discretionary Management Services.

Currently, PGA only provides Discretionary Management Services to Donor Advised Funds for
which Fidelity Charitable serves as Sponsor.

Account Minimums

PGA does not impose account minimums.

PGA may only provide Discretionary Management Services to a Donor Advised Fund that
satisfies the asset threshold established by the fund’s Sponsor.

Methods of Analysis, Investment Strategies and Risk of Loss

Methods of Analysis and Investment Strategies

PGA stresses the importance of asset allocation and diversification in determining an
appropriate investment strategy. During meetings with a client, PGA attempts to determine the
client’s Investment Goals. Based on these criteria, PGA recommends a customized asset
allocation target for the client’s investment portfolio.

PGA utilizes the asset allocation target to create an investment portfolio consisting of equity
securities and/or fixed income securities that complement a client’s specific Investment
Goals. In the future, PGA may invest a client’s assets in other investment vehicles if consistent
with PGA’s then-current economic and market outlook, the client’s Investment Goals and any
investment restrictions acknowledged by both PGA and the client.

Discretionary Management Services – Equity Investment Strategy . PGA considers broad
economic and business trends as well as geo-political developments to diversify investments
across business sectors (e.g., financials, technology and utilities) and markets (e.g.,
foreign/emerging markets, small/large capitalization companies) that are benefiting/will

benefit from the identified trends/developments or anticipated changes to those
trends/developments.

PGA uses ETFs to establish broad market exposure and/or to access certain business sectors
and/or markets that it believes are benefiting/will benefit from the identified
trends/developments or anticipated changes to those trends/developments. While PGA does
not typically invest a Discretionary Client’s assets in mutual funds, it may do so for the same
reasons it purchases ETFs. Mutual funds transferred into a Discretionary Account may be
retained if consistent with applicable Investment Goals.

Smaller Discretionary Accounts may be limited to ETF holdings, and to a more limited extent,
mutual funds, to achieve investment cost efficiencies. Larger Discretionary Accounts also
typically include attractively priced equity securities of quality companies that PGA believes
are benefiting/will benefit from the identified trends/developments or anticipated changes to
those trends/developments and that have prospects for sustainable growth in the future.
Subject to a Discretionary Client’s Investment Goals, potential equity securities of domestic
and foreign companies of all sizes include, but are not limited to, U.S. exchange-traded
common stocks and American Depositary Receipts (“ADRs”) (negotiable certificates traded on
a U.S. exchange and issued by a U.S. bank representing a specified number of shares in a
foreign stock).

Generally, PGA uses in-house research to identify quality companies operating within the
identified business sectors/markets that have the potential for sustainable growth in the
future. Quality companies include businesses that PGA believes, among other things, have
sustainable competitive advantages (e.g., they are leaders or potential leaders in their
respective markets, have effective and innovative management teams and/or relatively strong
balance sheets).

PGA uses a variety of valuation techniques including analyses of various ratios (e.g.,
price/earnings and price/cash flows) to identify quality companies whose equity securities are
attractively priced.

Discretionary Management Services – Fixed Income Investment Strategy. PGA considers
interest rate outlooks, the shape of the yield curve, other broad economic and business trends
and geo-political developments along with a Discretionary Client’s Investment Goals to
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