Schwarz Investment Partners

Item 5          Fees & Compensation

A. ADVISORY FEE SCHEDULE

   PORTFOLIO MANAGEMENT:

  The annual fee for portfolio management services will be charged as a percentage of assets under
  management, according to the schedule below:

                      Assets Under Management             Annual Fee (%)

                         All Assets                           0.70%

  Clients will be charged at the beginning of each quarter based upon the value (market value or fair
  market value in the absence of market value plus any credit balance or minus any debit
  balance), of the client’s account at the end of the previous quarter. Schwarz Investment Partners’
  portfolio management fees are negotiable.

  GENERAL INFORMATION OF FEES AND SERVICES

  The fee charged is calculated as described above and is not charged based on a share of capital
  gains upon or capital appreciation of the investments or any portion of the investments of an
  advisory client (SEC Rule 205(a)(1)).

B. Advisory fees may be directly debited from a client account, or the client may choose to pay the
   fee directly to Schwarz Investment Partners (without Schwarz Investment Partners being deemed to
   have ‘custody’) if the following conditions are met:

  1. Schwarz Investment Partners discloses to the client that it is the client’s responsibility to verify
     the accuracy of the fee calculation and that the custodian will not determine whether the
     fee is properly calculated.

  2. Schwarz Investment Partners sends a bill to the custodian indicating only the amount of the
     fee to be paid by the custodian.

     3. The client authorizes Schwarz Investment Partners in writing to receive fee payments directly
        from the client’s account being held by an independent custodian.

     4. The independent custodian agrees to send the client, at least quarterly, a statement
        indicating all amounts disbursed from the account.

C. All fees paid to Schwarz Investment Partners for investment advisory services are separate and
     distinct from the fees and expenses charged by investment companies to their shareholders.
     These fees and expenses are described in each investment company’s prospectus. These fees
     will generally include a management fee, other investment company expenses, and a possible
     distribution fee. A client could invest in an investment company product directly, without the
     services of Schwarz Investment Partners. In that case, the client would not receive the services
     provided by Schwarz Investment Partners. The services provided by Schwarz Investment Partners
     are designed, among other things, to assist the client in determining which investment
     company product or products are most appropriate to the client’s financial condition and
     objectives. Accordingly, the client should review both the fees charged by the investment
     companies and the fees charged by Schwarz Investment Partners to fully understand the total
     amount of fees to be paid by the client and to thereby evaluate the advisory services provided.
     Refer to Item 12 for a discussion of brokerage.

D.   Schwarz Investment Partners’ clients pay fees in arrears of services performed for clients. Either
     party can cancel a client agreement at any time for any reason upon receipt of written notice.
     Upon termination of any account, any unpaid fees will be due and payable. The client has the
     right to terminate an agreement without penalty within five business days after entering into
     the agreement.

E.   Schwarz Investment Partners and its individual investment advisers do not receive commission for
     the sale of securities or other products on advisory accounts at Charles Schwab & Co., Inc.

     If a Schwarz Investment Partners advisory client executes recommended securities transactions
     through Robert Schwarz of Schwarz Investment Partners in his separate capacity as a registered
     representative of OFG Financial Services, Inc. (“OFG”), Robert will earn commissions on those
     transactions. These are separate and distinct from, and in addition to, any fees charged for
     advisory services.

     A conflict of interest could occur in client accounts when Robert Schwarz of Schwarz Investment
     Partners, in his separate capacity as a registered representative of his broker-dealer, executes
     transactions through OFG. While Robert always endeavors to act in the best interests
     of the clients in accordance with Schwarz Investment Partners’ fiduciary duty, clients should be
     aware that the receipt of additional compensation creates a conflict of interest and may
     influence Robert’s judgment when making recommendations.

F.   Schwarz Investment Partners will notify clients if a transaction will be executed by Robert in his
     separate capacity as a registered representative of OFG, which would generate a potential
     conflict of interest. Schwarz Investment Partners recommends investments in variety of
     securities. When mutual funds are used, Schwarz Investment Partners recommends only no-
     load funds.

     1. When Schwarz Investment Partners recommends investment products, clients may purchase
        those investments through other brokers or agents not affiliated with Schwarz Investment
        Partners.

     2. Schwarz Investment Partners does not receive revenue from advisory clients through
        commission other than explained above in Item 5, E.

     3. Schwarz Investment Partners does not charge advisory fees in addition to commissions
        or markups, and commissions would only be received as explained above in Item 5, E.

Item 6            Performance-Based Fee & Side-By-Side Management

Schwarz Investment Partners does not charge performance-based fees.

Item 7            Types of Clients
Schwarz Investment Partners provides investment advice for individuals, trusts, estates, charitable
organizations, and corporations. Schwarz Investment Partners does not have a required minimum
account size to open an account.

Item 8            Method of Analysis, Investment Strategies and Risk of Loss
A. Fundamental analysis is used to determine the investments for each client. Long-term
   investments and short-term investments are recommended depending on the needs of the
   client. Each client is informed that investments in securities involve risk of loss. Clients should
   be prepared to bear a loss.

B. Fundamental analysis is used after obtaining detailed information from the client. Client
   investment objectives determine the anticipated length of time an investment is held. Market
   conditions and client circumstances may change. This could require an investment to be sold
   before the original plan. Schwarz Investment Partners does not recommend frequent trading in
   client accounts. Frequent trading can affect investment performance, particularly through
   increased brokerage and other costs and taxes.

C. Schwarz Investment Partners offers advice on exchange-listed securities, over the counter
   securities, foreign issuers, corporate debt securities, commercial paper, certificates of
   deposit, municipal securities, variable annuities, mutual fund shares, and United States
   government securities. Unforeseen circumstances could change investments and thus change the
   level of risk.