Arbor Investment Management LLC

Fees and Compensation
   Description
      Arbor Investment Management bases its fees on a percentage of assets
      under direct management. The firm does not charge additional fees for the
      extensive financial forecasting or other advice we provide on financial matters
      as advocates for our clients’ goals. The portfolio managers at Arbor
      Investment Management believe these activities are an integral part of
      building successful long-term relationships with our clients and provide them
      as part of the entire service offering to our asset management clients.
       The fee rate is dependent upon the total size of the relationship and the types
       of assets managed for the client. We do not charge or receive any form of
       commission based fees.

       The firm’s standard management fee schedule is as follows:
                                               Cumulative Fee Schedule
                      Equities                        Mutual Funds            Fixed Income/Cash
            Amount           Annual Fee       Amount           Annual Fee   Amount       Annual Fee

         First $500,000          1.50%          All              1.00%       All            0.50%
        Next $1,500,000          1.25%
          Remainder              1.00%

                                  Arbor Investment Management, LLC

    Arbor Investment Management, in its sole discretion, may waive a portion of
    fees or charge a lesser investment advisory fee based upon certain criteria
    (e.g., historical relationship, type of assets, anticipated future additional
    assets, dollar amounts of assets to be managed, related accounts, account
    composition, negotiations with clients).

Fee Billing
    Investment management fees are billed quarterly, in advance, meaning that
    we invoice you at the beginning of each calendar quarter for services to be
    provided during that period.
    Calculation of the fee shall be based upon the combined fair market value of
    Client’s accounts under management (including cash or its equivalents) as
    determined by Advisor as of the date of this Agreement for the first quarterly
    payment of fees, and thereafter as of the last business day of the calendar
    quarter immediately preceding the calendar quarter for which the fee is
    payable. The fee payable for any portion of a calendar quarter shall be
    prorated. Valuations on listed securities shall be the last sale price or, if no
    sale occurred, then the mean between the bid and asked price. Each Portfolio
    is billed based on the asset class percentages in the Portfolio according to the
    cumulative fee schedule for each asset class as detailed in the table above.
    For Portfolios with multiple accounts the fee is divided pro rata across the
    accounts constituting the Portfolio. Initial and subsequent cash deposits are
    billed at an annual fee rate of 1%, prorated for the remainder of the calendar
    quarter deposited; thereafter cash balances will be treated as a fixed income
    investment subject to an annual fee rate of 1/2% as noted in the fee schedule.
    The quarterly fee is deducted directly from the managed client account(s) by
    the account custodian to facilitate billing. Prior to any direct billing, client
    provides written authorization for direct debiting of their investment account
    via signed directions to the account custodian and signing of the Arbor
    Investment Management advisory agreement. When performing direct
    electronic billing, in all instances, Advisor will concurrently send the qualified
    custodian notice of the amount of the fee to be deducted from a client’s
    account; and send the client an invoice itemizing the fee. The invoice will
    detail the fee, the formula used to calculate the fee, the amount of assets
    under management the fee is based on, and the period covered by the fee, in
    accordance with applicable regulations. The invoice will also include the
    name of the Custodian firm where the account(s) are held. Custodian will also
    send client regular account statements, at least quarterly, that will display the
    amount of the management fee deducted from client’s account and we
    recommend and encourage Client to compare the Advisor invoice with the
    fees listed in the Custodian account statements.

                       Arbor Investment Management, LLC

   Other Fees
       Custodians may charge transaction fees on purchases or sales of certain
       mutual funds and exchange-traded funds. These transaction charges are
       usually small and incidental relative to the purchase or sale of a security.
       Stocks and bonds are purchased or sold through a brokerage account when
       appropriate. The custodian or any broker-dealer executing trades for the
       client’s account charges a commission for stock and bond trades. Mutual
       Fund companies charge each fund shareholder an investment management
       fee that is disclosed in the fund prospectus.
       Arbor Investment Management does not receive any compensation, in any
       form, from fees charged by account custodians, brokerage firms or mutual
       fund companies. The firm’s interests are aligned with protecting and growing
       clients’ assets; thus Arbor Investment Management portfolio managers are
       motivated to efficiently minimize such fees. Please refer to the “Brokerage
       Practices” section of this document for additional information.

Performance-Based Fees and Side-by-Side Management
       Arbor Investment Management does not use performance-based fee
       structure because of the heightened conflict of interest and therefore does not
       engage in side-by-side management.

Types of Clients
   Description
      Arbor Investment Management provides investment advice to mid to high-net-
      worth individuals, trusts, and corporations. Our firm can also provide
      management services for pension and profit-sharing plans and charitable
      organizations.
       Client relationships vary in scope and length of service.

   Account Minimums
      Due to the high level of service and effort we commit to each of our client
      relationships, Arbor Investment Management requires a minimum household
      portfolio value of $500,000. However, the firm has the discretion to waive the
      account minimum under certain circumstances, including for clients nearing
      retirement, younger clients, or relatives of and referrals from existing clients.
      In each case the intent to grow the total assets under management to above
      the minimum portfolio value will be taken into consideration.

                           Arbor Investment Management, LLC

Methods of Analysis, Investment Strategies and Risk of Loss
   Methods of Analysis and Information Sources
       Arbor Investment Management primarily employs fundamental analysis
       techniques in the selection of investments, and when appropriate in certain
       sectors or types of investments the firm may also utilize technical analysis
       and/or cyclical analysis.
       The main sources of information include financial newspapers and
       magazines, inspections of corporate activities, research materials prepared
       by others, corporate rating services, timing services, annual reports,
       prospectuses, filings with the Securities and Exchange Commission, and
       company press releases.
       Other sources of information that Arbor Investment Management may use
       include Charles Schwab & Company's "SchwabLink" service and the Value
       Line Investment Survey.

   Investment Strategies
       Arbor Investment Management employs a valuation-based approach to
       investment selection in its efforts to strike the best balance of risk and reward
       over longer time periods. The firm’s portfolio managers view an intensive
       focus on valuation and fundamental analysis of each investment as critical to
       avoiding short-term market fads and asset bubbles that can damage long-
       term results. Using investments that meet the firm’s valuation and return
       potential standards, Arbor Investment Management portfolio managers
       structure a diversified portfolio of individual investments matched to the
       specific financial goals and investment time horizons of the client. Portfolios
       are diversified across major asset classes in line with client objectives and are
       diversified globally in order to mitigate the risk exposure to any single market.
       The investment strategy for a specific client is based upon the objectives
       stated by the client during consultations and the financial information provided
       by client on the firm’s Client Information Worksheet. The client may change
       these objectives at any time.
       As needed or desired for certain client accounts, the firm can employ option
       writing, limited to covered options, hedging or spreading strategies.

   Risk of Loss
       All investment programs have certain risks that are borne by the investor.
       Our investment approach constantly keeps the risk of loss in mind. Investors
       face the following investment risks:
           •   Interest-rate Risk: Fluctuations in interest rates may cause investment
               prices to fluctuate. For example, when interest rates rise, yields on

                           Arbor Investment Management, LLC

               existing bonds become less attractive, causing their market values to
               decline.
           •   Market Risk: The price of a security, bond, or mutual fund may drop in
               reaction to tangible and intangible events and conditions. This type of
               risk is caused by external factors independent of a security’s particular
               underlying circumstances. For example, political, economic and social
               conditions may trigger market events.
           •   Inflation Risk: When any type of inflation is present, a dollar today will
               not buy as much as a dollar next year, because purchasing power is
               eroding at the rate of inflation.
           •   Currency Risk: Overseas investments are subject to fluctuations in the
               value of the dollar against the currency of the investment’s originating
               country. This is also referred to as exchange rate risk.
           •   Reinvestment Risk: This is the risk that future proceeds from
               investments may have to be reinvested at a potentially lower rate of
               return (i.e., interest rate). This primarily relates to fixed income
               securities.
           •   Business Risk: These risks are associated with a particular industry or
               a particular company within an industry. For example, oil-drilling
               companies depend on finding oil and then refining it, a lengthy
               process, before they can generate a profit. They carry a higher risk of
               profitability than an electric company, which generates its income from
               a steady stream of customers who buy electricity no matter what the
               economic environment is like.
           •   Liquidity Risk: Liquidity is the ability to readily convert an investment
               into cash. Generally, assets are more liquid if many traders are
               interested in a standardized product. For example, Treasury Bills are
               highly liquid, while real estate properties are not.
           •   Financial Risk: Excessive borrowing to finance a business’ operations
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