WestEnd Advisors LLC

Item 5 – Fees and Compensation

In exchange for the portfolio management services provided, clients will pay WestEnd an advisory
fee (the “Fee”) on a quarterly basis, in advance, based on the value of the assets in the account on
the last day of the previous quarter. For new accounts, the initial Fee is charged in arrears and pro-
rated for the number of days in the quarter. At the same time the initial Fee is charged, WestEnd
will also charge the applicable Fee for the next quarter, in advance, as described. WestEnd’s
standard fee schedule is as follows:

        Value of Account Assets                                                                     Annual Fee Rate
        $100,000 to $4,999,999                                                                          1.00%
        Next $5,000,000 to $9,999,999                                                                   0.90%
        Next $10,000,000 to $24,999,999                                                                 0.75%
        Next $25,000,000 to $49,999,999                                                                 0.65%
        Amounts over $50,000,000                                                                        0.50%

With respect to wrap-fee programs, the program sponsor charges the client a fee based
on assets under management. The fee generally includes execution, custodial, and other
services provided by the sponsor. Depending on the particular program, the wrap fee
may also include WestEnd’s advisory fee, which would be payable by the sponsor to
WestEnd. Other programs may require WestEnd to enter into a separate agreement with
the client, in which case the client would pay WestEnd directly. WestEnd receives fees
ranging from 0.30% to 0.50% per year of the value of accounts participating in a wrap-
fee program. Wrap-fee clients should review the sponsor’s ADV Part 2A Appendix 1
for details regarding any specific wrap program.

WestEnd negotiates fees for Model Portfolio recommendations with the respective
sponsor. WestEnd does not maintain a standard fee schedule for such services.

The Fee and any applicable terms and conditions are negotiable depending on certain
factors, including, but not limited to, the type and size of the account and the range of
services provided. The Fee covers only the portfolio management and advisory services
provided by WestEnd and does not include brokerage commissions, mark-up and mark-
downs, dealer spreads or other costs associated with the purchase and sale of securities,
custodian fees, interest, taxes, or other account expenses. All fees paid to WestEnd for
investment advisory services are separate and distinct from the fees and expenses
charged by mutual funds or in conjunction with internal expenses associated with
exchange-traded funds. The client will be solely responsible, directly or indirectly, for
these additional expenses. Refer to Item 12 for a detailed discussion of brokerage
practices.

Clients may, but are not required to, grant WestEnd the authority to debit advisory fees
directly from the clients’ accounts. If the client authorizes WestEnd to debit fees,
WestEnd is deemed to have custody of the client’s funds. Clients will receive a
statement, usually monthly but no less than quarterly, directly from their account
custodian. WestEnd urges clients to review the information on the statement for accuracy
and compare the information to any reports received directly from WestEnd. Clients may
contact WestEnd with any questions at 888-500-9025 or info@westendadvisors.com.
Please refer to Item 15 of this document for additional disclosures relating to Custody.
Clients may terminate their portfolio management agreements at any time upon prior
written notice. A pro rata portion of the Fee paid in advance will be remitted to the client
based on the number of days left in the quarter. Any Fee due at this time will be invoiced.
Such termination will not affect the liabilities or obligations arising from transactions
initiated prior to termination.

Item 7 – Types of Clients

WestEnd provides discretionary investment management services to clients, including:
individuals (including high net worth individuals); pension and profit-sharing plans;
trusts or estates; charitable organizations; government entities; and, corporations or
other businesses. The minimum value of new accounts managed directly by WestEnd is
$100,000 for the Large-Cap Core Equity strategy and $50,000 for ETF strategies.

The minimum value of new accounts managed through broker-sponsored wrap-fee
programs is $100,000 for the Large-Cap Core Equity strategy and $50,000 for ETF
strategies. In some circumstances, minimum account values may be negotiable. If
WestEnd accepts an account below its stated minimum, WestEnd reserves the right, in
its sole discretion, to charge a Fee higher than its standard fee schedule. In such cases,
the Fee paid by the client will be fully disclosed in the advisory agreement.