Vision Capital Management Inc

ITEM 5 – FEES AND COMPENSATION

AMOUNT OF OUR FEES

Your custodian does not calculate our quarterly fee amount. We calculate our fees as a
percentage of the assets we manage on your behalf and, when appropriate, we aggregate
family accounts (householding) for the purpose of calculating fees. We reserve the right to
negotiate your fees, including the minimum fee. Your fees may vary depending on certain
factors, including the type and size of the account, the range of additional services provided,
and the total amount of assets managed for a group of related clients. Your fee is specified in
your agreement with us.

If you are subject to the minimum fee, your annual fee percentage may be higher than what is
stated on the fee schedule.

If you have a margin position, we will bill on the long market value of the securities and the
absolute value of the margin balance.

PAYMENT OF OUR FEES

We deduct our fees directly from your account at the beginning of each quarter unless we both
agree otherwise. If your agreement begins during a quarter, we will prorate the fee you pay for
the initial partial quarter, based on the number of days from the beginning of your agreement
until the end of the initial quarter.

On your request, we will deduct our entire fee from one or more related accounts rather than
proportionally from all of your related accounts. If you do not have enough cash in your
account to pay our fee, we may sell some of your account assets to pay the fee.

Clients typically pay our fees in advance. Whether you pay in advance or arrears, your payment
terms will be specified in your agreement with us. Our client agreement may be terminated
with 15 days' written notice by either you or us. If you pay fees in advance and your agreement
with us terminates during a quarter, we will refund a pro-rata portion of the fee you paid for
that quarter, based on the number of days between the end of the 15-day notice period and
the end of the quarter.

Other than at the beginning and termination of a client relationship, we do not make
adjustments to your quarterly fee due to assets you add or withdraw during a quarter.

EQUITY AND BALANCED SEPARATELY MANAGED PORTFOLIOS FEE SCHEDULE

Our standard fee schedule for client accounts invested in our equity growth and balanced
strategies on an annual basis is as follows:

   •   1.00% on the first $1 million

   •   0.75% on the next $4 million

   •   0.60% on the next $5 million

   •   0.50% on amounts over $10 million

Minimum Fee: For our equity and balanced separately managed accounts, we reserve the right
to charge a minimum fee of $5,000 per year.

FIXED-INCOME FEE SCHEDULE

Our fixed-income fee schedule applies only to clients with all accounts and all assets invested in
fixed-income vehicles, including standard fixed-income securities, fixed-income mutual funds,
and fixed-income ETFs. The fee schedule for fixed-income accounts on an annual basis is as
follows:

   •   0.50% on the first $1 million

   •   0.375% on the next $4 million

   •   0.30% on the next $5 million

   •   0.25% on amounts over $10 million

Minimum Fee: For our fixed-income separately managed accounts, we reserve the right to
charge a minimum fee of $2,500 per year.

VISION VAXA DYNAMIC PORTFOLIOS FEE SCHEDULE

Our Vision Vaxa Dynamic Portfolios fee schedule for client accounts invested solely in the Vision
Vaxa Dynamic Portfolios program is as follows:

    •   0.50% on the first $1 million

    •   0.20% on amounts over $1 million

Minimum Fee: There is no minimum fee for this service level.

IMPORTANT VISION VAXA DYNAMIC PORTFOLIOS DISCLOSURE

Clients do not pay brokerage commissions to Charles Schwab as part of the Vision Vaxa
Dynamic Portfolios program.

ELEEMOSYNARY FEE SCHEDULE

For charitable organizations that exceed $1,000,000 in assets, the fee schedule for
eleemosynary accounts on an annual basis is as follows:

    •   0.90% on the first $1 million

    •   0.65% on the next $4 million

    •   0.50% on the next $5 million

    •   0.40% on amounts over $10 million

Minimum Fee: For our eleemosynary separately managed accounts, we reserve the right to
negotiate a minimum fee.

OTHER FEES

If you have mutual funds or ETFs in your portfolio, you will incur fees in addition to our fees. For
example, you may incur a commission or transaction fee when the mutual fund or ETF is
purchased, and you will incur an annual management fee payable to the manager of the fund,
neither of which is shared with us. If a fund also imposes sales charges, you may pay an initial or
deferred charge. These fees and expenses are described in each fund’s prospectus. When
considering an investment in a mutual fund or ETF, we use a no-load, open-end fund when
appropriate. We evaluate the relative annual costs as a part of our decision process.

Though you may invest in a mutual fund or ETF directly, it is one of our services to determine
which, if any, mutual funds and ETFs are best suited for your financial condition and objectives.
You should review the fees charged by the mutual fund and/or ETFs in combination with our

fees to fully understand the total amount of fees you will pay and to evaluate the advisory
services we provide.

All clients (whether or not they have mutual funds or ETFs in their portfolio) will also incur
brokerage and other transaction costs, as discussed below in Item 12 – Brokerage Practices.

NO COMPENSATION FROM SALES OF SECURITIES

Vision and its employees do not accept compensation for the sale of securities or other
investment products, including asset-based sales charges or service fees from the sale of
mutual funds.

ITEM 7 – TYPES OF CLIENTS

We provide advice to the following types of clients:

   •   individuals, including their trusts, estates, individual retirement accounts (IRAs), and self-
       directed 401(k) accounts

   •   corporate pension and profit-sharing plans

   •   foundations, endowments, and other charitable organizations

   •   corporations and other businesses

   •   municipalities

Please note that clients that are organizations (such as corporations and partnerships) or
government entities, and those that are subject to the Employee Retirement Income Security
Act of 1974, are not eligible for the Vision Vaxa Dynamic Portfolios Investment Option.

MINIUM ACCOUNT SIZE

The minimum asset level for full-service clients is $500,000, and $100,000 for clients invested in
our Vision Vaxa Dynamic Portfolios option.