Arbor Capital Management LLC

Item 5 - Fees and Compensation

Separate Account Fees. Arbor’s standard fee schedule for its separately managed accounts is as
follows:

       Strategy                                      Annual Fee
       Small Cap Growth Strategy                     1.00%

Arbor’s fees are based on a percentage of assets under management. The advisory fee, which is
payable quarterly in arrears, is determined by multiplying the fair market value, as reasonably
determined by Arbor, of the client’s assets under management at the end of the quarter by the
applicable annual rate disclosed above and dividing the resulting amount by four. If a client
makes a contribution and/or withdrawal from the client’s account during the quarter which
amounts to in excess of 10% of the market value of the client’s account prior to such transaction,
the advisory fee charged to the client will be pro-rated to take any such large contribution or
withdrawal into account. So, for example, if a client makes a $1 million contribution to its
account on the last day of the quarter, and the market value of the client account prior to such
contribution was less than $10 million, the advisory fee applicable to the extra $1 million in
assets in the client account would be calculated over a period of one day only.

Arbor Capital Management, LLC
Form ADV, Part 2A

Arbor’s fees are not generally negotiable. However, depending on a number of factors including
the size of the account and the relationship between the client and Arbor, the actual advisory fee
may be more or less than the annual rate disclosed above. Arbor generally bills clients directly
for advisory fees (Arbor generally does not deduct advisory fees directly from the client’s
custodial account, but may do so at a client’s request). It is the client’s responsibility to review
the advisory fees included in the account statements provided by the custodian. Investment
advisory agreements may be terminated by either Arbor or the client on 30 days’ prior written
notice. Upon termination of an investment advisory agreement, the termination date will be used
as the basis for determining the final charge for investment services rendered. Fees will be
prorated on a daily basis to the termination date and any earned but unpaid fees will be promptly
billed to the client.

Arbor’s fees exclude brokerage charges, commissions, custodial costs, taxes and other costs
incidental to the purchase and sale of securities. For more information on these types of fees, see

Item 7 - Types of Clients

Arbor provides investment advisory services primarily to institutional clients, including
corporations, pension plans, profit sharing plans, savings-investment and 401(k) plans,
foundations and endowments. Advisory services may also be offered to individuals, trusts,
estates and family offices. Arbor’s separately managed accounts generally require a minimum
account size of $10,000,000, although accounts that do not meet this threshold may still be
accepted under certain circumstances to be determined by Arbor on a case-by-case basis.

Arbor Capital Management, LLC
Form ADV, Part 2A