Raub Brock Capital Management LP

Item 5         FEES AND COMPENSATION

ADVISORY FEES
Management Fees – Individually Managed Accounts
For its individually managed private client accounts, Raub Brock charges a fee based on a
percentage of the market value of the investments held in each client’s account. Assets in
the Account are included in the fee assessment unless specifically identified in writing for
exclusion. The management fee is billed quarterly, in arrears, and prorated for accounts
established or terminated at times other than the start of the quarter.

The management fee is computed on the last day of each quarter of management by
determining the market value of the Account using the following guidelines: (a) for
marketable securities: the current market price provided by custodian and (b) cash or
equivalents, at dollar value. Fees charged are not calculated as a share of capital gains or
capital appreciation of any portion of the assets under management of an advisory client
(SEC Rule 205(a)(1)).

The annual management fee paid to Raub Brock is calculated according to the following
standard fee schedule:

 Value of Account Assets                                                     Annual Fee Rate
 On the market value of Account up to $500,000                               1.25%, plus
 On the market value of Account above $500,000 up to $2,500,000              1.00% plus
 On the market value of Account above $2,500,000 up to $5,000,000            0.80%, plus
 On the market value of Account above $5,000,000                             0.60%

The foregoing describes Raub Brock’s basic fee schedule for individual private clients;
however, fees are negotiable at the discretion of Raub Brock and arrangements with any
particular client may vary. In some cases, the fees may be greater than fees charged by
other investment advisors for similar services; in other cases, fees may be lower.

Fees for multiple accounts of the same client are determined by aggregating the account
holdings to determine the overall assets under management and investment management
fee, then allocating the fee to each account on a pro rata basis.

Clients are invoiced at the beginning of each calendar quarter for management services
performed in the previous quarter. Clients customarily authorize Raub Brock to deduct its
quarterly investment advisory fee directly from their custodial account. This authorization is
granted under the terms of the client’s signed investment management agreement and
the client’s instructions to the custodian. It is the client’s responsibility to verify the accuracy
of the fee calculation, as the custodian will not determine whether the fee is properly
calculated.

Because client investment assets include money market funds, mutual funds, exchange
traded funds, third-party funds or other such securities, the total investment management
expense incurred by clients will consist of fees paid to Raub Brock, plus management fees
charged directly to the fund portfolios by the fund management companies, plus any
transaction fees charge by the custodian of client’s account. (See “Fund Disclosures”
below.)

Management Fees – Institutional Clients with Separately Managed/Unified Managed and
Wrap Accounts
For its institutional clients, the Firm charges an investment management fee that is
calculated as a percentage of the underlying assets under management. The fees
charged by the Firm under these arrangements are generally at a lower percentage of
assets than those otherwise charged by Raub Brock for its non-institutional clients. However,
because its fees are bundled into the overall program fees charged by the institutional
advisor, the underlying clients of such advisors could pay more in management fees than
those paid by non-institutional clients. The asset-based fee schedules for institutional clients
are specific to each client relationship, based upon the type and size of the arrangement,
and range from 50 to 70 basis points on the total assets under management. Fees paid to
Raub Brock under certain UMA arrangements are lower than the standard management
fees charged by the Firm.

Raub Brock’s fees are payable either quarterly or monthly and either in advance or arrears,
depending upon the billing practices of the institutional advisor. Institutional relationships
vary and, in some cases, the institutional advisor retains sole billing authority and pays Raub
Brock directly from the management fees it receives.

For institutional accounts over which Raub Brock has direct trading responsibility and for
which it bills fees directly, fees payable in arrears are calculated on the value of assets in
the account at the end of each billing period. The management fee is computed on the
last day of each period by determining the market value of the Account using the following
guidelines: (a) for marketable securities, the current market price provided by custodian and
(b) cash or equivalents, at dollar value. Fees charged are not calculated as a share of
capital gains or capital appreciation of the funds or any portion of the funds of an advisory
client (SEC Rule 205(a)(1)).

For wrap fee programs, the single wrap fee paid by each wrap program participant is
distributed amongst the wrap sponsor advisor, the wrap program broker-dealer and Raub
Brock as the Model advisor.        Consequently, each wrap fee participant is advised to
consider the level of the single fee charged under the program relative to the services
provided, including the amount of portfolio activity in the account and the value of
custodial and portfolio monitoring services. The single fee may be higher or lower than the
total cost of all services the underlying client is receiving if they were to pay for each service
separately.

Financial Planning and Financial Consulting Services – Individually Managed Accounts
For its financial planning services to its individually managed private clients, Raub Brock
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Item 7         TYPES OF CLIENTS

Our clients include individuals and high net worth individuals, family offices, trusts and
estates, banks and pension and profit-sharing plans and institutional advisors. Raub Brock
also provides investment management services as a sub-advisor through separately
managed, unified managed and wrap accounts. For its individually managed private client
accounts, Raub Brock requires a minimum portfolio of $1,000,000. As a result, Raub Brock’s

services are not appropriate for everyone. Particularly for smaller accounts, other
investment advisors may provide somewhat similar services for lower compensation,
although still others may charge more for similar services.