Aurora Investment Counsel

Item 5 - Fees and Compensation

    Fee schedule*:
           .65 % of assets under management from $ 1,000,000 to $ 9,999,999
           .60 % of assets under management from $ 10,000,000 to $ 24,999,999
           .50 % of assets under management from $ 25,000,000 to $99,999,999
           .40 % of assets under management from $100,000,000 and above

    *Fees are subject to discount based upon various criteria including overall firm assets under management and
    average portfolio size.

The specific manner in which fees are charged by Aurora is established in a client’s written agreement with Aurora.
Aurora will bill its fees on a quarterly basis in advance. Clients may elect to be billed directly for fees or to authorize
Aurora to directly debit fees from client accounts. Clients may cancel investment counseling services with written notice,
and prorated fees will be refunded for the period beginning 30 days after receipt of such notice.

Aurora’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which
may be incurred by the client. Clients may incur certain charges imposed by custodians, brokers, third party investment
and other third parties such as fees charged by manager, 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. While Aurora receives no remuneration from such charges, they should be considered an
added cost of the investment program, which will affect client total returns.

Item 7 - Types of Clients

Aurora provides portfolio management services to high net worth individuals, pension and profit-sharing plans, charitable
organizations, foundations, trust programs, clients of referring registered investment advisers and clients of family
offices.