van Den Berg Management I Inc

Item 5 – Fees and Compensation

5.A.    Adviser Compensation

The Advisor is a fee-based wealth manager. A description of the fees generally charged for each of our advisory
services is outlined below. However, at the sole discretion of the Advisor, our fees and fee minimums may be
negotiable on a case-by-case basis. As such, fees for the same or similar services may vary from client to
client. To the extent that fees are negotiable, some clients may pay more or less than other clients for the same
services, depending, for example, on the account inception date, number of related accounts, total assets to
be managed, investment strategy chosen by the client, or any other factor deemed relevant by the Advisor. In
many cases, these fees will be different from the fee schedule that is currently available for the same or similar
services.

Discretionary Investment Management Services

Our annual fee for discretionary investment management services (other than services for 401(k) Clients) is
subject to a $2,500 minimum and is calculated as follows:

           Market Value of Portfolio                              Annual Fee                    Presented Quarterly

                   First $5 million                                  1.00%                              0.2500%

                  Over $5 million                                    0.85%                              0.2125%

 The entire family is aggregated to determine asset size and, therefore, fees (there is no formal definition of family, but
 generally it is defined as parents and children).

  Accounts that are exclusively fixed income will
 be carved out of the schedule above and charged                     0.50%                              0.125%
            the following annual rate:

The fee structure is tiered. For example, if a client had $8,000,000 of household assets: $7,000,000 allocated
to various investment strategies and $1,000,000 was allocated to an exclusive bond account, the annual fee
would be determined as follows:

    •    $5,000,000 at 1.00% = $50,000
    •    $2,000,000 at 0.85% = $17,000
    •    Sub-total annual fee allocated to various strategies = $67,000 +
    •    $1,000,000 (exclusive bond account) at 0.50% = $5,000
    •    Total annual household fee = $72,000

In certain cases, as stated above, the Advisor may invest, or recommend that the client invest, assets in the
client’s portfolio in the CM Fund or in unaffiliated mutual funds, exchange-traded funds, or other investment
funds. Clients should note that fees paid to the Advisor for investment management services are separate and
distinct from the fees and expenses charged by unaffiliated funds (described in each fund’s prospectus).
These fees will generally include a management fee and other expenses.

The Advisor does not charge a separate management fee on client assets invested in the CM Fund, and such
assets do not count towards the “Market Value of Portfolio” in the table above. However, the client will be
charged a fee by the CM Fund on the assets invested in the CM Fund as outlined below and in the CM Fund’s
prospectus. The client will also be responsible for any transaction fees charged by the broker, custodian, bank,
or trust company to buy or sell the CM Fund.

Investment Management of 401(k) Plans

Our annual fee for services to 401(k) Clients (both discretionary and non-discretionary) is subject to a $2,500
minimum. Each client receiving retirement plan services is charged a set fee based on the client’s total assets
under management, as outlined below:

           Market Value of Portfolio                              Annual Fee                    Presented Quarterly

             Less than $1,000,000.00                                 0.55%                              0.1375%

          $1,000,000.00 to $2,499,999.99                             0.45%                              0.1125%

          $2,500,000.00 to $4,999,999.99                             0.35%                              0.0875%

          $5,000,000.00 to $9,999,999.99                             0.25%                              0.0625%

         $10,000,000.00 to $24,999,99.99                             0.20%                               0.05%

            More than $25,000,000.00                                   Negotiated on a case-by-case basis

This fee schedule is not tiered. For example, if a client had $10,000,000 assets under management, then the
annual fee would be 0.20%.

Comprehensive Financial Plan

    •   Fees typically range between $4,000 and $10,000 for a Comprehensive Financial Plan.
    •   Minimum Comprehensive Financial Plan fee is $4,000.
    •   Should a client want to engage the Advisor to update the Comprehensive Financial Plan, the client will
        sign a new Financial Planning Agreement. The fee for an update to a Financial Plan will be negotiated
        between the client and the Advisor. An update is available only after the initial Financial Plan period
        ends and Advisor performed the original Financial Plan.
    •   The fees of tax, estate, and insurance advisors who we refer you to are separate from our own fees.

Other Financial Planning Services

    •   The fee for Other Financial Planning Services will be charged at either an hourly rate of $250 or a flat
        fee for the project.
    •   Should a client want to engage the Advisor to update a Financial Planning Service, the client will sign
        a new Financial Planning Agreement. The fee for an update to a Financial Planning Service will be
        negotiated between the client and the Advisor. An update is available only after the initial Financial
        Planning Service period ends and Advisor performed the original Financial Planning Service.

These fees are negotiable and may vary from client to client.

Mutual Fund Advisory Services

The CM Fund pays the Advisor fees for its investment advisory services. The Advisor charges the CM Fund an
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Item 7 – Types of Clients

The Advisor provides portfolio management services to a diverse group of clients, including individuals, trusts,
limited partnerships, corporations, investment companies (including mutual funds), retirement plans
(including, without limitation, defined benefit pension plans (such as cash balance pension plans), profit
sharing plans, and 401(k) Clients), estates, and charitable organizations. Accounts are managed on a
discretionary or non-discretionary basis. The Advisor primarily provides these clients with discretionary
advisory services, but the Advisor also provides non-discretionary advisory services to 401(k) Clients and may
provide non-discretionary services to other types of clients in the future.

Sub-Advisory and Dual Contract Accounts

Clients who obtain the Advisor’s services on a dual contract basis, through an intermediary, generally must
complete account documentation with both the Advisor and the intermediary. Clients who obtain the
Advisor’s services on a sub-advisory basis may only complete account documentation with the intermediary.
The terms and conditions of these arrangements may vary and contact between the Advisor and such clients
will typically take place through the relevant intermediary. Clients who obtain the Advisor’s services on a sub-
advisory or dual contract basis will retain individual ownership of the funds and securities held in their
accounts as well as the right to impose reasonable restrictions upon the Advisor’s management of the
account. The Advisor’s dual contract and sub-advisory relationships are also typically terminable upon written
notice to the Advisor.