Argus Investors' Counsel Inc

Item 5 - Fees and Compensation

Fees for the Core Equity product are calculated based on total assets under management at the end of
each quarter or month, depending on client preferences. Fees are billed quarterly in arrears of the quarter
that services are rendered. Clients may elect to be billed directly for fees or to authorize AIC to directly debit
fees from a designated client account to facilitate billing. Clients must consent in advance to direct debiting
of their accounts.

                             Argus Investors’ Counsel Annual Fee Schedule:

AIC advisory fees are based on the fee schedule below and total assets under management. We reserve
the right to negotiate fees. Some clients pay more or less than others depending on factors such as the
type and size of the account, the range of additional services provided to the client, or the total amount of
assets managed for a group of related clients. Your fee is specified in your agreement with us.

        •    For accounts of $3 million or less, we charge an annual fee of:

                          0.75% - 1.000% up to $3 million of assets managed

        •    For accounts larger than $3 million, we charge an annual fee at the following rates:

                          0.50%-0.750% on the first $10 million of assets managed
                          0.40%-0.625% on the next $20 million of assets managed
                          0.30%-0.500% on the next $20 million of assets managed
                          0.20%-0.250% on assets in excess of $50 million managed

AIC’s investment management fee shall be prorated through the date of termination.

In addition to the standard advisory fees shown above, clients will incur discounted brokerage commissions
and other transaction costs. AIC does not receive any compensation from brokerage commissions or
custodial fees, nor does it sell other outside products. See Item 12 below for information about the selection
of brokers by clients.

                                            Argus Investors’ Counsel, Inc.

As noted in Item 4 above, Argus provides portfolio development and consulting services for UITs. For these
services, we receive quarterly fees based on a percentage of the asset value of each UIT. We also receive
a fee following the end of each UIT’s initial offering period based on a percentage of the UIT’s asset value.
The fees ARC charges and receives for its model portfolio management services are generally asset-based
fees that are paid quarterly by, or through, the trust company or advisor (which, in the case of managed
account programs, may be the managed account program sponsor or platform provider). The fees generally
equal a percentage of the total assets invested by the trust company or advisor clients in the model-portfolio-
based investment strategy.

For model portfolio management services, the percentage fee charged is typically reduced at specific
"breakpoints" based on the level of assets under management. The application of these breakpoints is
generally based on the aggregate AUM managed by the trust company or advisor using our model
portfolio(s), rather than on the AUM of any specific client account. Fees may typically be negotiated only
between ARC and the trust company or advisor.

ARC’s fee for model portfolio management services may be payable either in arrears at or after the end of
each quarter for services rendered during the quarter, or in advance of the quarter in which such services
are rendered. If paid in advance, the trust company or advisor would receive a prorated refund in the event
that ARC’s services are terminated. The trust company or advisor also may prorate fees if a certain level
of assets is contributed to, or withdrawn from, a client’s account during an applicable period. Any refunding
would take place as specified in the agreement between the trust company or advisor and ARC.

Item 7 - Types of Clients

AIC generally provides investment advice to the following types of clients: individuals, high-net-worth
individuals, investment companies, pension and profit sharing plans and charitable organizations.

AIC’s minimum requirement to open or maintain a separate account is $100,000 for individuals and $3
million for institutions.

AIC has discretion to waive the account size minimum when circumstances require. Exceptions may apply
to AIC employees and their relatives, or to relatives of existing clients. Each such minimum is negotiable.