Turtle Creek Management LLC

ITEM 5: FEES AND COMPENSATION

Description of Compensation and Fee Schedule

In consideration of our advisory services, we generally receive management fees from our clients. The
fees applicable to each client are described in detail in the applicable account document. A brief
summary of our basic fee schedule is set forth below.

Separately Managed Accounts

With respect to the Accounts, the management fee, payable quarterly in arrears, is based on the
market value of client assets under our management based upon the fee schedule set forth below:

1% on the first $1 million
0.8% on the next $2 million
0.7% on the next $2 million
0.6% on the next $5 million
0.5 % on amounts over $10 million

For certain clients, we negotiate the management fee depending upon circumstances of each client
including, but not limited to, Account composition and complexity. Our employees and their family-
related Accounts are charged a reduced management fee for our services.

Trust Company

In consideration for investment advisory services we provide to the Trust Company, we receive a fee,
which is based upon a percentage of the fees that is received by the Trust Company, for services we
provide to the Trust Company clients.

Payment of Fees

With respect to the Accounts, fees are billed quarterly in arrears, based upon the market value of the
assets at the end of the preceding quarter as reported by the Account custodian. Certain manually
priced securities may be valued on a more infrequent basis in which case a valuation earlier than the
end of the prior month may be used for fee billing purposes. A client may pay fees to us directly upon
receipt of an invoice or instruct their custodian to debit our fee directly from the Account or Accounts.
If a client chooses the latter method, the custodian is under no obligation to verify our fees and may
simply pay the amount based on the fee amount communicated to the custodian by us and send it
directly to us. Clients receive periodic statements from their custodian showing the amount of fees
charged and are encouraged to confirm the accuracy of the charges.

If a client’s relationship with us begins or ends on any date other than the last day of a calendar quarter,
such client’s fees are generally prorated for the appropriate number of days completed or remaining in
the quarter.

With respect to the Trust Company, we calculate and issue a quarterly invoice to the Trust Company for
the fee assessed.

Other Fees and Expenses

In addition to management fees, clients are responsible for all brokerage commissions or other fees or
charges associated with securities transactions implemented with or through a brokerage firm, stock
exchange fees and other charges mandated by law or regulation. We do not receive any portion of any
of the foregoing expenses or fees. Clients should refer to “Brokerage Practices” below for more
information on how we select or recommend brokerage firms for securities transactions and
information related to that process.

Clients should understand that mutual funds, including exchange traded funds, in which client assets
may be invested by us or by others, impose separate investment management fees and other operating
expenses, described in such fund’s prospectus, for which the client will be charged separately from the
fee paid to us.

Clients should be aware that similar or comparable services may be available from other firms,
including other investment management firms, at a cost higher or lower that that available through us.

Certain portfolio managers may receive discretionary compensation based in part on the growth of
assets in their book of business, which may include both market appreciation and new client referrals.
See Item 14 for additional information about this compensation arrangement and related conflicts of
interest.

ITEM 7: TYPES OF CLIENTS

Description

Our clients include individuals, the Trust Company, pension and profit-sharing plans, trusts, estates,
charitable organizations and corporations or similar business entities.

Account Requirements

In general, the minimum size for an Account is $1 million, although this may be waived based on
considerations such as the Account’s relationship to established clients and other factors.