Rodgers & Associates LLC

Fees and Compensation
Investment Management Services

Fees generally are based on a percentage of assets under management, and in no case will fees
exceed 3% of assets under management. Additionally, fees are not collected for services to be
performed more than six (6) months in advance.

Payments of fees may be made directly by the Client, or debited from the Client’s account by the
custodian holding the Client’s funds and securities. However, two criteria must be met when the
Client account is debited by the custodian: (1) the Client provides written authorization permitting
the fees to be paid directly from the Client’s account held by the independent custodian; and (2)
the custodian agrees to send to the Client a statement, at least quarterly, indicating all amounts
disbursed from the account including the amount of advisory fees paid directly to RAFS.
Additionally, RAFS does not have physical custody of Clients’ funds or securities.

RAFS’ standard fee schedule is as follows:

Clients will be charged 1.00% annually of the market value of the account.

Note: The above-referenced fee schedule reflects the standard fees charged by RAFS, however,
fees are negotiable.

Further, fees will be paid quarterly in advance based on prior end-of-period market values. For

purposes of determining fees due to Rodgers, “market value” includes the value of all investments
and any cash and cash equivalents.

Pro-rated fees will be applied to additions to the Client’s custody account in the amount of
$25,000 or more in any single day. Pro-rated fees will be rebated for withdrawals from the

Client’s custody account in the amount of $25,000 or more in any single day. This policy, however,
does not apply to the establishment of a new account or the termination of an account, which
results in pro-rated billing or rebating regardless of the amount contributed or withdrawn.

All fees paid to RAFS for investment management services are separate and distinct from the fees
and expenses charged by ETFs and mutual funds to their shareholders. These fees and expenses
are described in each fund’s prospectus. These fees will generally include a management and/or
administrative fee, other fund expenses, and a possible distribution fee. If the fund also imposes
sales charges, a Client may also pay an initial or deferred sales charge. A Client could invest in a
mutual fund or ETF directly, without the services of RAFS. In that case, the Client would not pay
an investment advisory fee to RAFS. However, the Client also would not receive the services
provided by RAFS which are designed, among other things, to assist the Client in determining
which mutual funds or ETFs are most appropriate to each Client’s financial condition and
objectives. Accordingly, the Client should review both the fees charged by the funds, and the fees
charged by RAFS, to fully understand the total amount of fees to be paid by the Client in order to
evaluate the advisory services being received.

Clients will also incur brokerage and other transaction costs, as further described in Brokerage
Practices below.

Financial Planning and Consultation Services

In consideration of financial planning and consultation services provided by RAFS, the Client will
pay RAFS an hourly fee of $400/hour. These hourly fees generally may be negotiable at the
discretion of RAFS.

As described in Review of Accounts below, face-to-face client interaction with RAFS personnel
will be limited to an initial in person review and one annual review. Discussions at these in person
reviews will generally cover investment goals and strategy, tax projections, performance results,
and financial planning matters. Additional in person reviews will be provided at a fee of
$250/hour, including preparation time.

Fees for financial planning and consultation services that are charged on an hourly basis may
require fifty percent (50%) of total fee due in advance based on an estimated number of hours of
services to be provided. The Client agrees that the remainder of the fee is due upon completion of
the services. If it appears that the quoted fees will exceed the estimated amount of time as stated
above, RAFS will contact the Client to obtain approval prior to continuing such services.

Termination

A Client’s Investment Advisory Agreement may be cancelled at any time, by either party, for any
reason upon receipt of written notice to the other party. Upon termination of any account, any
prepaid, pro-rata unearned fees will be promptly refunded, and any unpaid pro-rata fees will be due
and payable.

Performance-Based Fees and Side-by-Side Management
RAFS does not charge any performance fees. Some investment advisers experience conflicts of
interest in connection with the side-by-side management of accounts with different fee structures.
However, these conflicts of interest are not applicable to RAFS.

Types of Clients
RAFS offers its investment management, financial planning, and consultation services to
individuals, pension and profit sharing plans, trusts, corporations, and estates.

The minimum assets under management for a Client receiving RAFS’s investment management
services is generally $250,000. Accounts below this minimum may be negotiable and accepted on
an individual basis at the firm’s discretion.

Methods of Analysis, Investment Strategies and Risk of Loss
Investment Strategy

RAFS employs a quantitative security selection strategy for Investment Management Services
Clients. In furtherance of this strategy, RAFS combines its research and valuation analyses with a
disciplined quantitative methodology to manage Client accounts. RAFS therefore does not take
into account any qualitative factors during its research and security selection processes with
respect to mutual funds and ETFs.

Clients receiving the alternative form of RAFS’s investment management services, as discussed in
the Review of Accounts section below, will generally be invested exclusively in ETFs or a balanced
fund.

Risk of Loss – General

All investing involves a risk of loss and the investment strategy offered by RAFS could lose money
over short or even long periods. Performance could be negatively impacted by a number of
different market risks including, but not limited to, that portfolio management techniques used by

RAFS may not produce the desired results. This could cause accounts to decline in value. In
addition, RAFS may rely on information that turns out to be wrong. RAFS selects investments
based, in part, on information provided by issuers to regulators or made directly available to RAFS
by the issuers or other sources. RAFS is not always able to confirm the completeness or accuracy
of such information, and in some cases, complete and accurate information is not available.
Incorrect or incomplete information increases risk and could result in losses.

Potential Risks of Investing with Mutual Funds and ETFs that RAFS recommends:

Stock Market Risk - The mutual funds and ETFs that invest in equity securities are subject to stock
market risk. Stock market risk is the possibility that stock prices overall will decline over short or
extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling
prices.

Investing in small- and medium-sized companies involves greater risk than is customarily
associated with more established companies. Stocks of such companies may be subject to more
volatility in price than larger company securities.

Foreign Securities Risk - Foreign securities are subject to the same market risks as U.S. securities,
such as general economic conditions and company and industry prospects. However, foreign
securities involve the additional risk of loss due to political, economic, legal, regulatory, and
operational uncertainties including, but not limited to, the impact of social or political unrest, war,
economic sanctions, and trade-related policies; differing accounting and financial reporting
standards; limited availability of information; currency conversion; and pricing factors affecting
investment in the securities of foreign businesses or governments.

Emerging Market Securities Risk – Securities markets in emerging market countries may be
smaller than those in more developed countries, making it more difficult to sell securities in order
to take profits or avoid losses. Companies in these markets may have limited product lines, markets
or resources, making it difficult to measure the value of the company. Potential political instability
and corruption, as well as lower standards of regulation for business practices, increase the
possibility of fraud and other legal problems. Public information may be limited with respect to
emerging markets issuers and emerging markets issuers may not be subject to uniform accounting,
auditing and financial standards and requirements comparable to those applicable to U.S.
companies. Therefore, the value of strategies that invest in emerging markets may rise and fall
substantially.

REIT Securities Risk - A Real Estate Investment Trust (“REIT”) is an entity, typically a trust or
corporation that accepts investments from a number of investors, pools the money, and then uses
that money to invest in real estate through either actual property purchases or mortgage loans. While
there are some benefits to owning REITs, which include potential tax benefits, income and the
relatively low barrier to invest in real estate as compared to directly investing in real estate, REITs
also have some increased risks as compared to more traditional investments such as stocks, bonds,
and mutual funds. First, real estate investing can be highly volatile. Second, the specific REIT
chosen may have a focus such as commercial real estate or real estate in a given location. Such

investment focus can be beneficial if the properties are successful, but lose significant principal if
the properties are not successful. REITs may also employ significant leverage for the purpose of
purchasing more investments with fewer investment dollars, which can enhance returns but also
enhances the risk of loss. The success of a REIT is highly dependent upon the manager of the REIT.

Interest Rate Risk - Bonds also experience market risk as a result of changes in interest rates. The
general rule is that if interest rates rise, bond prices will fall and so will the mutual fund’s and
ETF’s share price. The reverse is also true: if interest rates fall, bond prices will generally rise.

A bond with a longer maturity (or a bond fund with a longer average maturity) will typically
fluctuate more in price than a shorter term bond. Because of their very short-term nature, money
market instruments carry less interest rate risk.

 Credit Risk - Bond mutual funds and ETFs are also exposed to credit risk, which is the possibility
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