Summit Asset Management LLC

Item 5 - Fees and Compensation

General Fee Information
We are a fee-only advisor, which means we are only compensated by management fees paid by
our clients. We earn no sales loads or commissions on any investment products. Fees paid to us
are exclusive of all custodial and transaction costs paid to your custodian, broker-dealers or
other third parties. Please see Item 12 - Brokerage Practices for additional information. Fees
paid to us are also separate and distinct from the fees and expenses charged by mutual funds,
ETFs (exchange traded funds) or other investment pools (generally including a management fee
and fund expenses, as described in each fund’s prospectus or offering materials). You should
review all fees charged by funds, broker-dealers, Summit and others to fully understand the total
amount of fees paid by you for investment and financial-related services.

Portfolio Management Fees
Our annual rate schedule, based on assets under management, is as follows. For illustrative
purposes, we have included examples of the resulting blended rate. The actual effective rate will
vary slightly based on the exact amount of managed assets.

      Summit Annual Fee Schedule                              Blended Rate Examples

      Equity or Balanced           Annual                    If assets under         Blended
          Portfolios:               Rate                management in equity or        Rate
                                                        balanced portfolios total:
      First $500,000               1.00%                        $1,000,000             0.90%
      Next $500,000                0.80%                        $3,000,000             0.63%
      Next $2,000,000              0.50%                        $5,000,000             0.48%
    Balance over $3,000,000        0.25%                        $8,000,000             0.39%

The minimum portfolio value is generally set at $500,000. We may, at our discretion, make
exceptions to the foregoing or negotiate special fee arrangements where we deem it appropriate
under the circumstances.

Portfolio management fees are payable quarterly, in arrears. If we are engaged by you after the
start of a quarter, or you terminate the relationship with us after the start of a quarter, fees will
be prorated accordingly. With your authorization, unless other arrangements are made, fees will
be debited directly from your account(s).

Either you or Summit may terminate your Investment Advisory Agreement (“IAA”) at any time,
subject to any written notice requirements in the IAA.

Special Services and Fees
From time to time, we may provide special services, outside the scope of investment
management, to clients. Such services are generally provided on a project basis with the fees
negotiated prior to the time of the engagement.

Item 7 - Types of Clients

We serve individuals, families, trusts, retirement plans for businesses, charitable endowments,
and corporations. Our stated minimum portfolio value for the combined accounts of each client
is $500,000; however, we may adjust that minimum for specific client circumstances.