West Oak Capital LLC

Item 5 – Fees and Compensation

West Oak Capital is a fee-only advisory firm that charges a percentage of the assets in
our care. We do not require prepayment of fees. Fees are calculated as a percentage of
the assets under management and are taken quarterly, in arrears, based upon the market
value of the assets at the end of each calendar quarter. The fee is adjusted for deposits
and withdrawals during the billing period on a calendar day basis. West Oak Capital uses
portfolio management software and third-party vendors to provide the market value of
accounts for billing purposes. Billable value is based on the market value as reported in
the portfolio management software on the last day of the quarter, adjusted for deposits
and withdrawals during the billing period. Based upon specific circumstances, such as
accrued interest and dividends, there may be minor differences between the market value
reported on the last day of the quarter between the custodial statement and our portfolio
management software.

The use of margin in an account reduces the net market value of the account. In instances
where margin is utilized in a client’s portfolio, the margin balance will be included in the
total market value of the account for billing purposes. This results in a higher billable
value and resulting fee than if margin were not utilized in the account.

Fees sometimes vary from the standard fee schedule due to particular client
circumstances or as otherwise negotiated with particular clients. Our standard
management fees are based upon the following annual rates:

      1.00 percent on the first $5,000,000
      0.80 percent on the next $5,000,000
      0.60 percent on amounts over $10,000,000

These are annual rates, with one-quarter of these amounts taken each calendar quarter.
Multiple accounts for any single client relationship can be combined for the purpose of
determining fee breaks. Assets under management for less than a quarter are charged on
a pro-rata basis.

Our fees are set forth in the advisory agreement with each client. West Oak Capital does
not impose a minimum annual fee, and we do not charge any fees to establish an account
or terminate an account. West Oak Capital does not receive any brokerage commissions,
dealer spreads or other transaction fees for trading in a client’s account. We do not have
any hourly charges. Our asset-based fees are the sole source of compensation we receive
from our clients.

Clients frequently authorize West Oak Capital to collect our management fees by
deducting the fee directly from the client’s account. If a client prefers, we can also
collect our management fees by sending the client an invoice. While we do our best to
accurately calculate our fees, the custodian will not separately determine whether fees
have been properly calculated. Clients receive a statement from the custodian that shows

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the deduction of our quarterly fees, and each client should be aware of their responsibility
to verify the accuracy of the fee calculations.

Advisory fees charged by West Oak Capital are separate and distinct from fees charged
by mutual funds, exchange traded funds (ETFs) or separate account managers which are
part of their investment program, as either discretionary or non-discretionary assets
reviewed and/or recommended by West Oak Capital. A description of these fees and
expenses are available in each firm’s prospectus or disclosure document. In some cases,
the client could invest in the same mutual fund, ETF or alternative investment without
paying an advisory fee to West Oak Capital, but the client would not have the benefit of
our advice, review and monitoring.

West Oak Capital’s fees do not include brokerage commissions, dealer spreads or other
costs associated with the purchase or sale of securities, custodian fees, interest, taxes, and
other account expenses. These are not fees earned by West Oak Capital, but they
contribute to the overall cost of an investment program. Separate account managers, who
are part of a client’s investment program, also charge an advisory fee. Part of our job is
to help clients reduce the outside fees, transaction costs and tax consequences that could
otherwise erode their account performance over time. Please refer to the Brokerage
Practices section of this brochure, which discusses the factors we consider in selecting
brokers.

Item 7 – Types of Clients

West Oak Capital offers investment management services to individuals, trusts, estates,
charitable organizations, pension and profit sharing plans, retirement accounts,
corporations and other business entities. Our primary focus is serving affluent families
and charitable foundations.

The minimum amount required for a managed portfolio is $1 million. However, at our
discretion, we may waive that minimum. For example, exceptions may be made if a
smaller amount is part of a relationship that exceeds the minimum or if there is a
reasonable expectation that funds will be added in the near future that will bring the total
amount over $1 million. Other exceptions may apply to our employees and their
relatives, or relatives of existing clients.

West Oak Capital, LLC                                                                  Page 6