Ullman John & Associates Inc

Item 5 – Fees and Compensation

The specific manner in which fees are charged by JGUA is established in a client’s written
agreement with JGUA. The management fee structure is as follows:

       First   $1,000,000                   2% of Net Assets under management (with a $5,000
                                            minimum)

                                            Plus 1 3/4% of the second million of Net Assets
                                            under management

                                            Plus 1 1/2% of the third million of Net Assets under
                                            management

                                            Plus 1 1/4% of the fourth million of Net Assets
                                            under management

                                            Plus 1 1/8% of the fifth million of Net Assets under
                                            management

                                            Plus 1% of Net Assets between five million and
                                            twelve million under management with a maximum
                                            annual fee, for the first twelve million of Net Assets
                                            under management, of one hundred twenty
                                            thousand dollars in any contract year

For assets managed by John G. Ullman & Associates, Inc. in excess of twelve million, the
following fee schedule shall apply:

                                            0.76% of the next three million of Net Assets under
                                            management

                                            Plus 0.68% of the next five million of Net Assets
                                            under management

                                            Plus 0.60% of the next five million of Net Assets
                                            under management

                                            Plus 0.55% of Net Assets over twenty-five million

The minimum fee and rate may be reduced for nonprofit organizations or other special situations.
Fees are not negotiable. There are additional disclosures for ERISA Bonded accounts. The
management fee is payable at the commencement of the contract year. Fees from capital

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additions in excess of the $250,000 minimum account size are billed on deposit at a prorated fee
for the remainder of the contract year.

The appointment of Ullman as investment manager is automatically renewed upon the contract
date for subsequent one-year periods. The investment management contract may be canceled by
clients upon providing at least sixty days written notice. The unearned portion of the
management fee is reimbursed to clients; however, the initial year management fees shall in no
event be less than $5,000 which is meant to compensate Ullman for start-up expenses and
analysis of client's financial situation. John G. Ullman & Associates, Inc. generally charges its
fee for service on an annual basis in advance. Clients shall receive prior notification of the
anticipated fee. Clients may elect to be billed directly for fees or to authorize JGUA to directly
debit fees from client accounts.

JGUA’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which shall be incurred by the client. Clients may incur certain charges imposed by
custodians, brokers, third-party investment and other third parties such as fees charged by
managers, custodial fees, 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. Mutual funds and exchange traded funds also charge internal management fees,
which are disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive of
and in addition to JGUA’s fee, and JGUA shall not receive any portion of these commissions,
fees, and costs.

Item 12 further describes the factors that JGUA considers in selecting or recommending broker-
dealers for client transactions and determining the reasonableness of their compensation (e.g.,
commissions).

Item 7 – Types of Clients

JGUA provides portfolio management services to individuals, high net worth individuals,
charitable institutions, foundations, endowments, trusts and U.S. corporations.

John G. Ullman & Associates, Inc. generally seeks clients with net assets for management in
excess of $250,000.

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