Provident Trust Company

Item 5 – Fees and Compensation

Provident provides investment advisory services to clients. We generally provide
investment services on a discretionary basis and make all investment decisions for client
accounts and, when we deem appropriate and without prior consultation with the client,
buy, sell, exchange, convert and otherwise trade in stocks, ETFs, bonds, other securities and
other financial instruments, subject to any written guidelines and/or restrictions as the
client may from time to time provide Provident. In addition, such discretionary authority
allows Provident to exercise whatever powers the client possesses with respect to any of
the assets in the account, as Provident deems necessary and appropriate in the
management of the account.

For these services, Provident’s separate account standard fee schedule is as follows:

Account Size:                                                   Annual Fee:

On the first $3 million                                         0.80%

On the second $3 million                                        0.70%

On amounts over $6 million but less than $10 million            0.60%

Over $10 million                                                0.60%

The minimum individually managed client relationship is $3 million. In our discretion,
accounts may be aggregated for fee purposes and the fee schedule is graduated until the
account relationship size is over $10 million, at which point the annual fee is 0.60% on all
assets in the account relationship. Provident combines related accounts for fee calculation
purposes (unless an individually managed account is below $100,000 in size). We also
combine accounts for clients that are referred by an unaffiliated investment adviser for fee
calculation purposes. All individually managed accounts under $100,000 in size will be
charged an annual fee of 1.00% even if part of a larger account relationship.

Fee rates, account minimums and billing methods are negotiable under certain
circumstances. Provident reserves the right to negotiate fees based on the nature of the
account, the size of the relationship or the potential for growth. In certain instances,
unaffiliated investment advisers recommend Provident as a sub-adviser or third-party
manager. In those instances, Provident negotiates a fee structure that differs from our
standard fee schedule set forth above. In addition, Provident has made adjustments to our
standard fee schedule over time, and some clients have grandfathered fee arrangements
that are no longer available. Fees charged for our investment advisory services will be
reflected in the advisory agreement.

Advisory fees are typically billed monthly in arrears based upon the account value at the
end of the month. Unless clients otherwise direct Provident in writing, Provident will
deduct advisory fees directly from the client’s custodial account. It is the client’s
responsibility to review the advisory fees included in the account statements provided by
the custodian.

Certain accounts of persons affiliated with Provident may be managed without fees.
Advisory agreements may be terminated by the client or by Provident at any time and fees
owed or prepaid at termination will be prorated for the billing period and billed or
refunded to the client.

When Provident decides to invest part or all of a discretionary account in a non-affiliated
open-end or closed-end fund or ETF, the client will pay a direct fee to Provident and the
proportionate share of that fund’s expenses, including the investment advisory fees of that

fund’s adviser. The client should refer to that fund’s prospectus and/or website for more
information about fees in those funds, if applicable.

Provident’s fees are exclusive of brokerage commissions, transaction fees, and other
related costs and expenses which may be incurred by the client. Clients may incur certain
charges imposed by custodians, brokers, third party investment managers and other third
parties such as fees charged by managers, custodial fees, deferred sales charges, odd-lot
differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes
on brokerage accounts and securities transactions. As noted above, unaffiliated mutual
funds and ETFs also charge internal management fees and other expenses, which are
disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive of and
in addition to Provident’s fee, and Provident shall not receive any portion of these
commissions, fees and costs.

Item 12 further describes the factors that Provident considers in selecting or
recommending broker-dealers for client transactions and determining the reasonableness
of their compensation (e.g., commissions).

Provident Trust Strategy Fund Fees: Under the terms of the Advisory Agreement, the Fund
pays Provident an annual investment advisory fee equal to 0.75% on the first $30,000,000
of the daily net assets, 0.65% on the daily net assets in excess of $30,000,000 and less than
$100,000,000 and 0.60% on the daily net assets over $100,000,000. Additional
information regarding the Fund’s advisory fee and expenses can be found in the Prospectus
and Statement of Additional Information available at www.provfunds.com.

From time to time, Provident may purchase and sell shares of the Fund for client accounts.
As with all mutual funds, a client will pay a proportionate share of the Fund fees and
expenses as disclosed in the prospectus, including a portion of our advisory fee. However,
a client will not pay our investment advisory fee for that portion of the client’s assets
invested in the Fund.

Managed Account Fees: The fees Provident charges for services under managed account,
unified managed account and similar programs vary depending on the level of assets and
involvement of the sponsor in providing services to the client.

Item 7 – Types of Clients

Provident provides investment advisory services to a wide variety of clients including but
not limited to individuals, high net worth individuals, trusts, estates, corporations,
corporate pension and profit-sharing plans, Taft-Hartley plans, charitable institutions,
foundations, endowments, municipalities, investment companies and investment advisers.
Provident may also give investment advice with respect to interests in limited
partnerships.

The minimum individually managed client relationship is $3 million.