The Turlington Group Inc

Item 5 – Fees and Compensation

5.A. Adviser Compensation
White Oak offers wealth management services for an annual fee based upon assets under the
Firm’s management or advisement. The Firm also receives compensation based on assets
under management for certain client account assets that are allocated to an Independent
Manager. The amount received by White Oak is a portion of the advisory fee collected by the
other investment adviser and does not increase the fee paid by the client.

Wealth Management Fees

White Oak offers wealth management services for an annual fee based upon a percentage of
assets under management. Wealth management clients are charged an annual fee and billed
quarterly in advance based on the total assets under management for each calendar quarter,
pro-rated for any cash inflows during the quarter unless otherwise specified. This
management fee varies depending upon the size and the type of services rendered.

The Wealth Management Fee Schedule is as follows:

Annual fee of 1.25%         on the first $ 2,500,000 of assets under management (“assets”)
Annual fee of 1.10%         on assets greater than $2,500,000 and up to $7,500,000
Annual fee of 0.90%         on assets greater than $7,500,000 and up to $10,000,000
Annual fee of 0.75%         on assets over $10,000,000

Fees charged by the Independent Managers selected by White Oak may be included in the
Firm’s fee or may be charged by the Independent Manager separately. The Independent
Manager fee will be included in the Advisory Agreement with the client.
Financial Planning and Consulting
The Firm provides financial planning or consulting services, with respect to certain client
holdings that are not managed on a regular basis (e.g., held-away assets, concentrated
positions, accommodation accounts, alternative investments, etc.), There is no additional fee
for these types of financial planning or consulting services which are only provided to
current advisory clients.

Fee Discretion
White Oak may, in its sole discretion, negotiate to charge a lesser fee 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.

5.B. Direct Billing of Advisory Fees
Clients provide White Oak and/or certain Independent Managers with the authority to
directly debit their accounts for payment of the investment advisory fees. The Financial
Institutions that act as the qualified custodian for client accounts, from which the Firm
retains the authority to directly deduct fees, have agreed to send statements to clients no less
than quarterly detailing all account transactions, including any amounts paid to White Oak.
Alternatively, clients may elect to have White Oak send a separate invoice for direct payment.

Account Additions and Withdrawals
Clients can make additions to and withdrawals from their account at any time, subject to
White Oak’s right to terminate an account. Additions can be in cash or securities provided
that the Firm reserves the right to liquidate any transferred securities or declines to accept
particular securities into a client’s account. Clients can withdraw account assets on notice to
White Oak, 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.
White Oak 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.

5.C. Other Non-Advisory Fees
In addition to the advisory fees paid to White Oak, clients also incur certain charges imposed
by other 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, fees attributable to
alternative assets, margin costs, 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.

Clients qualifying as accredited investors under SEC guidelines, may have the opportunity to
participate as limited partners in certain alternative investments. Detailed information
regarding the fees charged to the alternative investments is provided in each Fund’s offering
documents. Generally, the investors in alternative investments pay fees quarterly until the
termination of the respective Fund.

The Firm’s brokerage practices are described at length in Item 12, below.

5.D.   Advance Payment of Fees

White Oak’s annual fee is prorated and charged quarterly, in advance, based upon the market
value of the last day during that quarter. 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 either charged or refunded, on a pro rata basis
to the client. Clients billed in advance will receive a refund.
5.E. Compensation for Sale of Securities or Other Investment Products

Certain of our associated persons are also licensed insurance agents. In this capacity, the
IARs can recommend insurance, advisory, or other products and receive normal insurance
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Item 7 – Types of Clients

White Oak offers services to individuals, high net worth individuals, trusts, estates,
charitable organizations, corporations, and business entities. White Oak does not have a
minimum account size requirement.