Violich Capital Management

Item 5 – Fees and Compensation

                                 Fee Schedule
                Incremental Annual Fee as a Percentage of Assets

                     Balanced and Equity Accounts            Fee

                    First $2 million                       1.00%
                    Next $8 million                        0.75%
                    Next $10 million                       0.50%
                    All over $20 million                   0.40%

                     Fixed Income Accounts                   Fee

                    First $25 million                      0.20%
                    All over $25 million                   0.15%

Fees are calculated and billed quarterly in arrears based on the market value of
the assets under management on the last business day of each quarter. Clients
may elect to be billed directly for fees in writing or may authorize VCM to debit fees
directly from client accounts. Upon termination of any account, any earned, unpaid
fees will be due and payable. VCM’s investment management agreement includes
a thirty-day written termination notification clause, and any final fee will consist of
a pro-rata charge for terminating an account with less than thirty days' notice.

The foregoing describes VCM’s basic fee schedules. In certain circumstances, fee
schedules may be negotiated, and arrangements with any particular client may
vary from the above schedules. Such variations may affect the above fee
schedules.

VCM’s fees do not include brokerage commissions, transaction fees, and other
related costs and expenses that may be incurred by the client. Clients are
responsible for charges imposed by custodians and brokers, 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 VCM’s fees,
and VCM does not receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that VCM 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

VCM provides portfolio management services to individuals, high-net-worth
individuals, corporate pension and profit-sharing plans, charitable foundations, and
endowments. The firm evaluates account minimums on a case-by-case basis. In
most cases, the firm does not accept separate accounts or establish subaccounts
with assets of less than one million dollars.

Related accounts using the same strategy are exempt from this rule, assuming at
least one of the accounts meets the asset minimum requirement. For this purpose,
“related” shall be defined as kinship or marriage.

Any other exceptions must be reviewed and approved by the management
committee.

POLICY AND PROCEDURES