Williams Capital Management Company

Item 5: Fees and Compensation

Management fees are based on the market value of the portfolio and are paid quarterly in advance by
deduction from the client’s account, unless otherwise arranged by the client and the Adviser. The
minimum account size is generally $500,000. From time to time, under certain circumstances, the
Adviser may reduce the minimum requirement. A client may terminate its relationship with the
Adviser without penalty within five (5) business days of entering into an Investment Advisory
Agreement with the Adviser; clients have the privilege of terminating the Adviser’s services upon
written notice at any time. Unearned fees are fully reimbursable to the client and will be
automatically calculated, pro rata on a daily basis, and refunded upon the termination of the advisory
relationship without the client being required to make a special request.

Management fees are based on the size of the account:

DM_US 600663778-1.T00742.0010

Equity and balanced (stock and bond)                  1.00% on the first $5,000,000
Portfolios:                                            .75% on amounts in excess of $5,000,000

Other billing rates and methods can be negotiated in specific circumstances. The charges do not
include brokerage commissions, custodian fees, mutual fund expenses and transaction costs. See

Item 7: Types of Clients

The Adviser generally provides investment advice to individuals, trusts, estates, charitable
organizations, corporations and business entities.