Woodmont Investment Counsel LLC

ITEM 5           FEES AND COMPENSATION

We are compensated for investment advisory services by charging a management fee based on
the market value of assets under our management.

Our fee schedule for equity or balanced portfolios in which equities consist primarily of individual
stocks and ETF’s will be equal to an annual management fee up to 1.0% of the market value of the
account. Our fee schedule for fixed-income portfolios consisting of solely fixed income securities
will be equal to an annual management fee ranging from 0.20% to 0.40% of the market value of
the account.

Fees are charged at the inception and then billed quarterly in advance based upon the market
value of the assets at the end of the preceding quarter, except for certain manually priced
securities which may be valued on a more infrequent basis. In which case a valuation earlier than
the last day of the previous billing quarter may be used for fee billing purposes. If your relationship
begins or ends during a calendar quarter, your fee will be prorated for the appropriate number of
days completed or remaining in the quarter and, where applicable, you will be issued a refund for
the portion of your quarterly fee paid in advance which was unearned. You may terminate your
Woodmont relationship at any time upon 30 days’ notice.

We may negotiate fees depending upon circumstances including but not limited to account
composition and complexity as well as family relationships and other expenses we know the client
is incurring (such as trustee fees). This may result in different fees for client accounts similar in
composition and objectives.

You can pay your fee directly upon receipt of our invoice or you may authorize your custodian to
allow Woodmont to directly debit your account. (In either case, we send a quarterly fee statement
as well as an annual fee summary.) If you choose the latter method, your custodian will not
confirm our fee. Your statements from your custodian will include the amount of the fee sent to
us. You should confirm the accuracy of our fee calculation upon receipt of your custodian’s
statement.

The fees you pay Woodmont do not include brokerage commissions or other charges associated
with securities transactions implemented with or through a brokerage firm, mark-ups or mark-

downs in principal transactions, deferred sales charges, odd-lot differentials, stock exchange fees,
wire transfer or related processing fees, transfer taxes or other charges mandated by law or
regulation all of which will be charged to you in addition to our fee. We receive no portion of
these expenses or fees and we have a mutual interest in eliminating or minimizing these charges.
Please refer to Item 12 - Brokerage Practices in our brochure for more information on how we
recommend brokerage firms for your securities transactions and information related to that
process.

ITEM 7          TYPES OF CLIENTS

Woodmont clients include individuals, high net worth individuals, trusts, estates, charitable
organizations, retirement plans, and corporations and similar business organizations. Generally,
our minimum account size for equity, balanced, and fixed-income accounts is $2,000,000 although
this may be waived based on other considerations such as the account’s relationship to
established clients or other factors.