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DISCLOSURE INFORMATION: Uniform Application for Investment Adviser Registration, Meyer Capital Management, Inc. – 3/26/09. 1. (A) Meyer Capital Management, Inc. (“MCM”) provides investment supervisory services as well as administrative and analytical services related to investment supervisory services and derives 100% of total billing from those services. (B) MCM does not call any of its services financial planning or some similar term. (C) MCM offers investment advisory services for a percentage of assets under management and fixed fees. (D) MCM provides investment supervisory services consistent with the definition of investment adviser set forth in Section 202: (a) (11) of the Investment Advisers Act of 1940. This includes for compensation, engaging in the business of providing advice, making recommendations, issuing reports, or furnishing analyses on securities, either directly or through publications. MCM does not issue any reports or publications on a subscription basis or for a fee. Compensation is not payable before services are provided on behalf of the client. Fee Schedule: 1.00% on the market value of all assets under management up to $1,000,000; 0.75% on assets from $1,000,001 to $2,500,000; 0.50% on assets from $2,500,001 to $5,000,000; and 0.35% on amounts in excess of $5,000,000. A minimum fee of $2,500.00 applies to aggregate accounts within the same household. Exchange traded funds and mutual funds charge their own separate management fees in addition to MCM’s fee. Fees charged are generally not negotiable; however, MCM retains discretion to negotiate its fee in special limited circumstances. Fees are payable within the 30 day period beginning on the date of invoice. Fees are calculated quarterly as a percent of the average monthly value of the account during the quarter. Clients may terminate the MCM agreement immediately upon written notice to Adviser. Adviser may terminate the MCM agreement upon giving ten (10) days written notice to Client. In the event of such termination, Adviser shall provide a final statement of the Account no later than the end of the quarter in which the termination occurs. All fees due and accrued as of the end of that quarter or interim period (subject to proration) shall be paid to Adviser in accordance with sections 8 and 9 of the agreement. 2. MCM generally provides investment advice to individuals, pension and profit sharing plans, trusts, or estates. 3. MCM offers advice on exchange-listed securities, securities traded over the-counter, corporate debt securities, certificates of deposit, municipal securities, mutual fund shares, and United States government securities. 4. (A) MCM’s security analysis is strictly fundamental in nature. (B) The main sources of information that MCM uses are financial newspapers and magazines, research materials prepared by others, annual reports, prospectuses, filings with the SEC, and company press releases. (C) The investment strategies used to implement any investment advice given to clients include long term and short term purchases. 5. MCM has a minimum standard of education for those professionals directly involved in the investment process which requires a minimum of a four-year undergraduate degree. 6. The education and business background of Timothy R. Meyer (11/8/57) the President of MCM and an individual responsible for giving investment advise to clients, is as follows: Bachelor of Science - Finance, University of Illinois, 19821986; MBA- Management, Miami University, 1986-1987; Proctor & Gamble Co. 1987-1996; President, Meyer Capital Management, Inc. 1996-present. The education and business background of Melissa L. Donovan (7/27/72) Managing Director and Chief Compliance Officer of MCM and an individual responsible for providing administrative services to clients is as follows: Bachelor of Science Psychology; Xavier University, 1990-1994; Pacholder Assoc. Inc., 1994-1998; Johnson Investment Counsel, 1998-2001; Managing Director, Meyer Capital Management, Inc., 2001 - present. 7. MCM is not actively engaged in any business activities other than providing investment supervisory services. 8. MCM has no arrangements or affiliations with (A) any registered brokerdealers, (B) commodity merchants or traders, (C) accounting, law or insurance firms. (D) Neither MCM nor any related persons serve as a general partner in any partnership in which clients are solicited to invest. 9. MCM purchases and sells for itself securities that are also recommended to clients. MCM employees are not permitted to purchase individual securities for their personal accounts until purchases are completed for all customers in that particular equity position. A disclosure document is available that outlines positions held by those employees that

are active investors. In addition, a trading ledger is maintained that records all portfolio transactions, including the activity of participants involved in the management of investment portfolios. 10. MCM provides investment supervisory services and may impose conditions on starting and maintaining an account. There is no minimum asset value for accounts. MCM reserves the right to make exceptions to these guidelines. 11. (A) Timothy R. Meyer, President of MCM, is ultimately responsible for the investment policy decisions for all accounts under management. As a consequence of that role, he is primary reviewer of all portfolios. All securities held within our portfolio universe are reviewed on a daily basis for dividend increases, decreases or omissions. Earnings releases, fundamental news stories and macroeconomic factors are closely monitored for their effect on the valuation of each position. MCM is not an active trading firm and immediate buy and sell orders are seldom initiated in response to the above mentioned fundamental data. However, a series of positive or negative developments might result in portfolio adjustments. Our portfolio management system supplies extensive information relating to position and sector weightings, portfolio yields, unrealized and realized gains/(loss) information and time weighted portfolio performance. (B) The client is supplied with (1) confirmation of all transactions, provided by the client’s chosen broker dealer; (2) complete monthly statements and annual tax information provided by their custodian (Broker Dealer or Bank Trust Department); (3) per the request of the client: (a) quarterly holdings reports reconciled to the custodian statement outlining position and sector weighting and market valuation information; (b) detailed quarterly performance reports providing quarterly and inception-to-date weighted total rate of return calculations. 12. (A) MCM has the authority, without obtaining specific client consent, to determine the securities to be bought or sold. All MCM clients are required to sign the MCM Investment Management Agreement. An integral part of that agreement is an investment policy statement that lists all approved and prohibited investments. MCM may purchase on behalf of the client only those securities listed as approved investments. MCM is limited only by its fiduciary duties with respect to the amount of securities bought and sold on behalf of the client. MCM is required to conduct itself under the prudent man rules. (B) The applicant does not determine the broker dealer to be used. MCM suggests broker dealers to clients; however, any such recommendation is based solely on reducing portfolio cost for the managed account. MCM will use any broker dealer that a client requests. Broker dealers who supply investment research used in serving accounts do not receive preferential treatment from MCM and must provide competitive commission schedules. MCM negotiates commission rates with each client’s chosen custodian, seeking to obtain the lowest possible rate. Absolute commission rates will vary from client-to-client based on the chosen custodian and account size. When MCM determines that a security is appropriate for more than one account, trade orders may be aggregated for clients sharing the same custodian. Prior to placing a “block” trade, a trade allocation report is prepared which specifies the participating client accounts and how the shares are to be allocated upon execution of the order. Since trade commissions are predetermined for each individual account, block trade commissions are not allocated pro rata on a trade-by-trade basis. In the case of partially filled block trades (i.e., insufficient shares available at the limit price to fill the entire order), transacted shares will be allocated equally, rounded to the nearest 100 shares, across all participating accounts, with preference given to accounts that can be filled in total, until each account has received its original target allocation. 13. (A) Neither MCM, nor any related person has any arrangement, oral or in writing, pursuant to which it is paid cash by or receives some economic benefit from non-clients in connection with giving advice to clients. (B) Neither MCM, nor any related person directly or indirectly compensates any person for client referrals. 14. 14. MCM is not required to provide a schedule G balance sheet, as MCM does not require prepayment of more than $500.00 per client and six or more months in advance.

Meyer Capital Management 7655 Five Mile Road, Suite 209 Cincinnati, Ohio 45230 513-772-3600 www.meyercapital.com


http://www.meyercapital.com/pdf/MCMDisclosures