Stifel Capital Management LLC

Item 5 - Fees and Compensation

Portfolio Management Services

SCM has standard fee schedules based on the type of account, the services provided and the
particular investment strategy involved. SCM may charge different clients receiving the same
services different fees.

Wrap Sponsor account fees are based on a percentage of the net market value of assets
managed for the applicable strategy based on market close prices as of the last business day of
the preceding quarter. SCM charges an annual fee for investment services as a percentage of
assets under management that generally ranges from 5 to 30 basis points annually. SCM’s
current maximum advisory fee for each of its strategies available via Wrap Sponsors is 30 basis
points annually. Our Wrap Sponsor account advisory fee is negotiable, on a case-by-case
basis. In circumstances where we manage multiple accounts for a single client (or group of
affiliated clients), we have, in some cases, agreed to aggregate the client’s assets across
related accounts to enable the client (or group of affiliated clients) to benefit from a lower fee tier
or to consider such total assets in determining the fee schedule for each such account.

Our advisory fee is generally billed and payable, quarterly in advance, based on the closing
value of the account on the last market day of the previous calendar quarter. If the portfolio
management agreement is executed on a day other than the first day of a calendar quarter, our
fees will be prorated, which means that the advisory fee is payable in proportion to the number
of days in the quarter for which you are a client. In the event of the early termination of the
investment management agreement, fees paid in advance will be refunded on a pro rata basis.
Any refunding would take place as and when provided in the client’s investment management
agreement with us. A client agreement with SCM may be canceled immediately upon receipt of
written notice, or any other period mutually agreed upon between SCM and the client and
specified in an advisory agreement.

Directed Brokerage clients are charged an annual flat fee by SCM.

Clients are generally billed directly for fees. The specific manner in which fees are charged by
and paid to SCM is established in the client’s written agreement with SCM.

Clients may invest in other pooled vehicles managed by third-party investment managers that
also charge management fees, other fund expenses, and a possible distribution fee as
disclosed in the pooled vehicles’ prospectuses or offering memoranda. All fees paid to SCM for
investment advisory services are separate and distinct from the fees and expenses charged to
shareholders by mutual funds or other collective investment vehicles, including money market
funds in which SCM client assets may be held or swept. Accordingly, the client should review
both the fees charged by the funds and the fees charged by SCM to fully understand the total
amount of fees to be paid by the client and to thereby evaluate the advisory services being
provided.

Additional Fees and Expenses

As part of our investment advisory services, we may invest, or recommend that you invest, in
money market funds. The fees that you pay to our firm for investment advisory services are
separate and distinct from the fees and expenses charged by such money market funds to their
shareholders (which are described in each such fund’s prospectus and generally include a

management fee and other fund expenses).

Clients, other than accounts managed through Wrap Programs (as described below), will also
incur transaction charges and/or brokerage fees (including broker mark ups) when purchasing
or selling securities. These charges and fees are typically imposed by the broker-dealer or
custodian through whom your account transactions are executed. We do not share in any
portion of the brokerage fees/transaction charges imposed by the broker-dealer or custodian. To
fully understand the total cost you will incur, you should review all the fees charged by mutual
funds, exchange traded funds, our firm, brokerage firms, custodians, and others. For information
on our brokerage practices, refer to “Brokerage Practices” in Item 12 of this brochure.

As described more fully in Wrap Program agreements, for accounts managed through Wrap
Programs, fees and costs related to transactions effected through our affiliates are included in
the Fee that you pay the Wrap Sponsor in connection with the Account; however you may incur
transaction charges for transactions effected through other broker-dealers.

Item 7 - Types of Clients

We offer investment advisory services to institutional and high-net-worth clients including trusts,
public institutions, municipalities, private institutions, corporations, universities, and foundations.

In general, we require a minimum of $1,000,000 to open and maintain a separately managed
advisory account or manage a Directed Brokerage client account.

Accounts managed in Wrap Programs are subject to account minimums that vary depending on
the particular program, with amounts typically ranging from $250,000 to $500,000.

At our discretion, we may waive any minimum account size on a case-by-case basis.