Tributary Capital Management LLC

Item 5: Fees and Compensation

Description
Client billing is handled on a client-by-client basis based on the details of the advisory agreements. We use
a percentage of assets under management based on the period-end market value of the account when
calculating fees for our clients. Tributary’s preferred method is to bill clients quarterly in arrears. We charge
a prorated fee for accounts initiated or terminated during a month or quarter. In some instances, advisory
fees may be negotiated based on specific account characteristics such as account size, investment strategy
and relationship type; therefore, fees may differ between accounts. In addition to Tributary’s fees, clients
may incur brokerage (please refer to the Brokerage Practices section), custody, transaction and other
administrative fees. Our standard fee schedule is as follows:

                                            Large Cap, Multi Cap &           Small, Small/Mid, All Cap

                                                 Equity Income                 & Individually Managed

           First $10 million                        0.65%                              0.80%

           Next $15 million                         0.55%                              0.75%

           Next $25 million                         0.45%                              0.70%

           Above $50 million                        0.40%                              0.65%

Other Fees
Some of our accounts may hold mutual funds or exchange-traded funds (ETFs) as part of their overall asset
allocation. All fees paid to Tributary are separate and distinct from the fees and expenses charged by mutual
funds and/or ETFs to their shareholders. These fees and expenses are described in the fund’s prospectus
and will generally include a management fee, shareholder servicing fee and other expenses that are
deducted from fund assets and therefore reduce the net asset value of the fund.

Tributary uses its discretionary authority to invest certain clients in Tributary Funds, which are advised by
our firm. A conflict of interest exists as we are incentivized to recommend the Tributary Funds to increase
assets for which we earn additional mutual fund fees separate from a client’s investment management fees.
To mitigate the potential conflict, we exclude the portion of the account attributed to the Tributary Funds in
the calculation of the client’s investment management fee.

Item 7: Types of Clients
Description
We offer investment management services to institutional and individual clients and registered investment
companies. Our institutional clients include banking and thrift institutions, pension and profit-sharing plans,
charitable organizations, other investment advisers, corporations and other businesses. We also participate
in wrap-fee programs and provide model-based offerings.

Account Minimums
Our minimum account size varies depending on account type and investment strategy and ranges from
$100,000 to $5 million. We have sole discretion to waive minimum account balances.