Asset Risk Consultants UK Limited

Item 5 – Fees and Compensation

A. ADVISORY FEES

   ARCUK's usual fee is based on a percentage of assets under review. In some
   circumstances there is a fixed minimum fee or a fee-cap in place. Some types of work are
   undertaken for a hourly fee but that tends to be related to project work such as ‘expert
   witness’ engagements.

Fees for services are negotiated prior to the signing of a Consulting Agreement. The
Consulting Agreement language includes the negotiated fee, which may be charged as a
percentage of the total assets based on the market value of the client’s assets on the last
business day of the calendar quarter and/or as a flat annual fee. Fees may vary depending
upon the advisory services agreed on, but are generally calculated based on the following
(subject to conversion to US Dollars):

Pure Consulting Fee: There are two options, a fixed fee plus basis point charge and
basis point only charging basis.

Minimum fee: £25,000 per annum

Tiered AuA Option 1 (+£10,000 p.a. for each contracting entity)

Option 2 (Basis points only)

< £10m 0.100% 0.150%

< £50m 0.100% 0.125%

< £100m 0.100% 0.100&

< £250m 0.080% 0.080%

> £250m 0.060% 0.060%

Minimum Term 2 years

Notice period 6 months

       Minimum fee:             £25,000
       Travel:                  charged outside of UK and Channel Islands
       Time spent:              £650 per hour for Managing Directors, Graham Harrison &
                                Sanna-Liisa Valtanen;
                                £550 for Directors;
                                £450 for Investment Consultants;
                                £350 for Senior Investment Analysts; and
                                £200 for Investment Analysts and support staff
       Initial Investment
            Audit:              £10,000 per contracting entity and 10 basis points.

B. BILLING

   Fees charged for investment consulting services are payable quarterly in arrears. Fees
   are not deducted from client accounts. An invoice is prepared for each client to make
   payment from. Fees for ad hoc services are quoted on a case by case basis.
C. OTHER FEES AND EXPENSES

   Each client is responsible for all other expenses related to investments made by the client
   according to ARCUK recommendations, including brokerage commissions, transaction
   fees, and other related costs and expenses which shall be incurred by clients. Clients may
   incur certain charges imposed by custodians, brokers, third party investment and other
   third parties such as fees charged by managers, custodial fees, deferred sales charges,
   odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees
   and taxes on brokerage accounts and securities transactions. Mutual funds and exchange
   traded funds also charge internal management fees, which are disclosed in a fund’s
   prospectus.

D. REFUND POLICY

   Because ARCUK’s fees are charged based on time spent or assessed in arrears, no fees or
   expenses are subject to refund in the event of a termination of services.
E. OTHER COMPENSATION

   None of ARCUK or any of its supervised persons accepts compensation for the sale of
   securities or other investment products, including asset-based sales charges or service
   fees from the sale of mutual funds, All such products and services are acquired through
   unaffiliated third parties with no related compensation to ARCUK or its supervised
   persons.

Item 7 – Types of Clients

   ARCUK provides investment advisory services to the following types of clients:

      •   Individuals, including high net worth individuals

      •   Pension and Profit Sharing Plans

      •   Charitable Organizations

      •   Corporations, Partnerships and other businesses not listed above

   The Firm does require a minimum value of assets under advisement, subject to meeting
   a minimum fee requirement of £25,000 or the equivalent. ARCUK reserves the right to
   reduce the minimum fee.