Stillwater Investment Management LLC

Item 5 – Fees and Compensation

Stillwater is committed to a simple, transparent and straightforward fee structure. We charge a fee
based on a fixed percentage of the assets we manage. We do not sell any financial products or accept
commissions for the sale of securities or other products. Investment Management Fees are negotiated
up front and are billed quarterly and in arrears.

Investment Management Services Fee Schedule:

Assets Under Management              Annual Fee (%)
First $2,000,000                       0.70%
Next $1,000,000                        0.65%
Next $1,000,000                        0.55%
Next $6,000,000                        0.40%
Above $10,000,000                      0.30%

All fees are subject to negotiation. Special considerations may be made for Accounts with an
overweighting in fixed income and/or concentrated stock positions. Stillwater can, at its discretion,
negotiate fees for these Accounts on a case-by-case basis. In certain unique circumstances, Stillwater
can also negotiate a fixed quarterly fee.

The advisory/services fee will be billed in arrears, calculated based on the fair market value of the
portfolio on the last business day of the quarter to which the fee applies, and charged in the first month
of the next calendar quarter. Clients can elect to be billed directly for fees or to authorize Stillwater to
directly debit fees from client Accounts. Fees are not based on a share of capital gains or capital
appreciation [(SEC Rule 205(a)(1)]. For new Accounts, the first quarterly fee may be pro-rated for any
partial quarter. The client can terminate the agreement at any time and in that case all fees will be pro-
rated. In the event of a termination, any unpaid fees will be due and payable.

Additional deposits to Accounts can be made at any time by the client, and the client can make
withdrawals upon notice to Stillwater, subject to the usual and customary settlement procedures. Pro
rata fee adjustments may be made for partial withdrawals or additions to the Account. No fee
adjustments will be made for appreciation or depreciation in the Account within a billing period.
Stillwater will not impose any startup, closing or penalty fees in connection with the Account; however,
custodians can impose termination/transfer fees in connection with the closing of an Account.

Stillwater’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and
expenses which shall be incurred by the client. Clients will incur certain charges imposed by custodians
and other third parties (ie: client bank) such as custodial fees, wire transfer and electronic fund fees,
and other fees and taxes on brokerage accounts and securities transactions. Mutual funds and
exchange traded funds also charge internal management fees, which are disclosed in a fund’s
prospectus. See Item 12 – Brokerage Practices, for more information on Brokerage fees. Such charges,
fees and commissions are exclusive of and in addition to Stillwater’s fee, and Stillwater does not receive
any portion of these commissions, fees, and costs. Stillwater makes every effort to educate their clients
regarding all fees associated with their account.

The investment management contract can be cancelled at any time, by either party, for any reason with
written notice. Upon termination of the contract, any earned, unpaid fees will be due and payable.

Item 7 – Types of Clients

Stillwater provides portfolio management services to individuals, corporate retirement plans,
charitable trusts, foundations, corporations and other trusts. Stillwater requires a minimum account
size of $350,000. However, based on prior relationships and other negotiable circumstances, Stillwater
may accept accounts with a lower value.