Snow Financial Management LLC

Item 5:       Fees and Compensation

      A.      Fees Charged

      Management Fee

      Generally, fees vary from 0.35% to 2.00% per annum of the market value of a client’s assets
      managed by SFM. The fee range stated is a guide. Fees are negotiable, and may be higher or lower
      than this range, based on the nature of the account. Factors affecting fee percentages include the
      size of the account, complexity of asset structures, and other factors.

B.      Fee Payment

Investment management fees may be debited directly from each client’s account, or in limited
circumstances, paid by check or wire transfer. The advisory fee is paid quarterly, in arrears. Snow
calculates its Client fees as follows: Client’s balance is determined as of the last business day of
each month taking into account any additions or withdrawals in the Account that occurred during
the month. That figure is multiplied by the fee rate and then by the actual number of days in the
month, divided by 360 days to determine the Client’s fee amount. The process is then repeated for
the next two months and on a quarterly basis the Firm adds the three-monthly fees’ together to
determine the Client’s quarterly charge. Additionally, assets allocated to cash or a cash proxy, such
as a money market account, will be included in the calculation of assets under management. For
those accounts whose fees are directly debited, once the calculation is made, we will instruct your
account custodian to deduct the fee from your account and remit it to SFM. For all other accounts,
SFM will issue an invoice to the client and fees are payable upon receipt.

Clients whose fees are directly debited will provide written authorization to debit advisory fees
from their accounts held by a qualified custodian chosen by the client. Each quarter, clients will
receive a bill showing the amount of fees to be debited. The invoice will also state that the fee was
not independently calculated by the custodian. The client will also receive a statement from their
account custodian showing all transactions in their account, including the fee.

C.      Other Fees

There are a number of other fees that can be associated with holding and investing in securities.
You will be responsible for fees including transaction fees for the purchase or sale of a mutual fund
or Exchange Traded Fund, or commissions for the purchase or sale of a stock. Expenses of a fund
will not be included in management fees, as they are deducted from the value of the shares by the
mutual fund manager. When selecting mutual funds that have multiple share classes for
recommendation to clients, SFM will take into account the internal fees and expenses associated
with each share class, and it is SFM policy to choose the lowest-cost share class available, absent
circumstances that dictate otherwise. For complete discussion of expenses related to each mutual
fund, you should read a copy of the prospectus issued by that fund. SFM can provide or direct you
to a copy of the prospectus for any fund that we recommend to you.

Please make sure to read Item 12 of this informational brochure, regarding broker-dealer and
custodial issues.

D.      Pro-rata Fees

If a client engages SFM to provide asset management services during a quarter, the client will pay
a management fee for the number of days left in that quarter. If you terminate our relationship
during a quarter, you will only pay management fees for the number of days between the end of
the prior billing period and the date of termination. Once your notice of termination is received,
SFM will assess pro-rated fees for the number of days between the end of the prior billing period
and the date of termination to be paid in whatever way you direct (debited from the account, check,
wire). SFM will cease to perform services, including processing trades and distributions, upon
termination. Assets not transferred from terminated accounts within thirty (30) days of termination
may be “de-linked”, meaning they will no longer be visible to SFM and will become a retail account
with the custodian.

      E.      Compensation for the Sale of Securities.

      This item is not applicable, as neither SFM, nor any employee thereof receives any compensation
      for the sale of securities other than the investment advisory fees described elsewhere in this Item
      5.

Item 7:       Types of Clients

      Clients advised may include individuals, trusts, foundations, endowments and corporations. SFM
      requires clients to have an account minimum of $500,000. This minimum may be waived at the
      discretion of SFM.