Walter & Keenan Wealth Management LLC

Item 5 – Fees and Compensation

All fees are subject to negotiation with each client.

In general, the total fee that is negotiated for such services is based on the assets subject to our
management, including cash and cash equivalents. A current representative fee schedule for individual
clients as well as for partnerships, corporations, and trusts is as follows:
.75% of the first $2 million in assets in the account
.50% of the balance of the assets in the account.

A current representative fee schedule for foundation clients is as follows:
1% of the assets under management in the accounts.

We will also manage assets on a retainer basis where an annual or monthly fee arrangement will be
agreed to between the client and the company. Also, we will charge at the rate of $350 per hour for
clients who do not want to have us manage their portfolios but would rather have us consult with them
from time to time about their holdings and the current state of the financial markets.

In addition, clients may be charged an additional fee per year for significant additional non-investment
related services performed for the client. These may include estate planning consultations, financial
planning, tax planning or other services. The fee will vary based on the services rendered but will be
disclosed and agreed upon at the beginning of the additional services, including when payment is due.
Walter & Keenan’s private foundation clients may be charged an administrative fee for grant
administration and other ancillary services. This fee is negotiable and based on the extent of services
required. The firm also offers non-discretionary management to clients on a fixed fee basis. The fee is
set at the outset of the engagement and is payable monthly in arrears.

In addition to Walter & Keenan’s fees, clients are responsible for the fees and expenses associated with
the investment of their assets. Clients are additionally responsible for the fees and expenses of
externally managed investments, such as third-party managers, investment advisers and/or private
investment funds, and of mutual funds and exchange traded funds (“ETFs”). A client will also incur
expenses and charges imposed by broker-dealers and custodians who service client accounts, such as
brokerage costs (including commissions), transaction fees and expenses, and other expenses and
charges (including but not limited to any custodian fees and account maintenance fees). It is also
standard practice for bank trust departments to charge a separate custodian fee. These costs are more
fully disclosed in Item 12 under Brokerage Practices.

The specific manner in which fees are charged by Walter & Keenan is established in a client’s written
agreement with the company. Generally, we will bill our fees on a monthly basis in arrears. The fee will
be based on the current month end closing market value. Clients may elect to be billed directly for fees
or to authorize Walter and Keenan to directly debit fees from client accounts. Management fees are
prorated during any month in which an account is initiated or terminated. All fees are negotiable and
some client fees may differ from those referenced above.

Neither the Company nor any of its supervised persons accepts compensation for the sale of securities
or investment products.

Item 7 – Types of Clients

Walter & Keenan provides portfolio management services to individuals, high net worth individuals
(including trusts held for individuals), corporations, IRA accounts, and charitable institutions (including
foundations and endowments).