Taylor Hoffman Capital Management LLC

Item 5. Fees and Compensation

Wealth Management Fees

THCM offers wealth management services for fees based upon the client’s assets under management. This
management fee varies in accordance with the following fee schedule:

 Assets                                                    Annual Fees

 Up to $25,000,000                                         1.00%

 Over $25,000,000                                          Negotiable

Once client assets under management cross the thresholds above, all assets are billed at the corresponding
rate, not just the incremental assets.

For asset-management services provided with respect to certain client holdings (e.g., held-away assets,
accommodation accounts, alternative investments), or where management of a client’s assets involves more
extensive work than with other clients, the Firm may negotiate a fee rate that differs from the range set forth
above.

Annual fees are prorated and charged quarterly, in advance, based upon the market value of the assets being
managed by THCM on the last day of the previous billing period. If assets are deposited into or withdrawn

from an account after the inception of a billing period, the fee payable with respect to such assets is adjusted
to reflect the interim change in portfolio value. For the initial period of an engagement, the fee is calculated
on a pro-rata basis. In the event the Advisory Agreement is terminated, the fee for the final billing period
is prorated through the effective date of the termination, and the outstanding or unearned portion of the fee
is credited.

Additionally, THCM charges separate fees for financial planning and consulting services, including tax-
preparation services, that are provided on a stand-alone basis. In general, the Firm charges an hourly rate,
ranging from $250–$500 per hour, for financial planning and consulting services. For tax-preparation
services, however, the fee ranges based on the complexity of the tax return(s). Any fees for stand-alone
services will be individually negotiated with each client, clearly delineated in the client’s Advisory
Agreement, and charged by invoice.

For retirement-plan consulting services, the Firm charges a fee based on assets under advisement. These
fees vary, based on the scope of the services to be rendered, and range from 30–100 basis points per annum.
In those situations where THCM has agreed to manage a plan’s assets, the Firm charges an annual asset-
based fee based on its schedule for investment management fees, as described above. Each engagement is
individually negotiated and tailored to accommodate the needs of the individual plan sponsor, as
memorialized in the Agreement with each sponsor.

Certain legacy clients have fee arrangements that are different from those described above.

Fee Discretion

THCM may, in its sole discretion, negotiate to charge lower or higher fees based upon certain criteria, such
as anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be
managed, related accounts, account composition, pre-existing/legacy client relationship, account retention,
and pro bono activities.

Additional Fees and Expenses

In addition to the advisory fees paid to THCM, clients also incur certain charges imposed by third parties,
such as broker-dealers, custodians, trust companies, banks, and other financial institutions (collectively
“Financial Institutions”). These additional charges include securities brokerage commissions; transaction
fees; custodial fees; margin costs; fees related to private fund investments; fees charged by Independent
Managers (including any platform fees, manager fees, etc.); charges imposed directly by a mutual fund or
ETF in a client’s account, as disclosed in the fund’s prospectus (e.g., fund management fees and other fund
expenses); deferred sales charges; odd-lot differentials; transfer taxes; wire transfer and electronic fund
fees; and other fees and taxes on brokerage accounts and securities transactions. The Firm’s brokerage
practices are described at length in Item 12.

Direct Fee Debit

Clients provide THCM and/or certain Independent Managers with the authority to directly debit their
accounts for payment of investment advisory fees. The Financial Institutions that act as the qualified
custodians for client accounts, from which the Firm retains the authority to directly deduct fees, have agreed
to send statements to clients not less than quarterly detailing all account transactions, including any amounts
paid to THCM.

Account Additions and Withdrawals

Clients can make additions to and withdrawals from their accounts at any time, subject to THCM’s right to
terminate accounts. Additions can be in cash or securities, subject to the Firm’s right to liquidate any
transferred securities or decline to accept particular securities into a client’s account. Clients can withdraw
account assets on notice to THCM, subject to the usual and customary securities settlement procedures.
However, the Firm designs its portfolios as long-term investments, and the withdrawal of assets may impair
the achievement of a client’s investment objectives. THCM may consult with its clients about the options
and implications of transferring securities. Clients are advised that when transferred securities are
liquidated, they may be subject to transaction fees, short-term redemption fees, fees assessed at the mutual
fund level (e.g., contingent deferred sales charges), and/or tax ramifications.

Fees and Expenses Associated with an Investment in the Hadleigh Fund

Depending on the class of interest owned by each investor, as the sponsor of the Fund, THCM is entitled
to either a one percent (1.0%) asset-based management fee per annum or a performance allocation
(“Performance Allocation”) equal to 20% of the excess of (i) the aggregate net profits otherwise allocable
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Item 7. Types of Clients
THCM offers advisory services to individuals, trusts, estates, retirement plans, and the Fund. THCM does
not impose a minimum portfolio size or minimum fee for establishing an advisory relationship with the
Firm.

However, participation in the Fund typically requires a minimum investment of $100,000, although such
minimum may be waived or reduced by THCM in its sole discretion.