Benson Investment Management Company Inc

Item 5 – Fees and Compensation

All fees are subject to negotiation.

The specific manner in which fees are charged by Benson Investment Management
Company, Inc. is established in a client’s written agreement with BIMCO.

Management fees are payable quarterly in arrears based on the value of the account as of
the last business day of the quarter. Fees are generally deducted directly from the client’s
account. In the case of termination, the fee is pro-rated to the date of termination. All fees
charged are incorporated into the investment advisory agreement, and are fully explained
to the client prior to, or in conjunction with, the execution of the agreement. While a fee
may be reduced, the fee shall not exceed the established schedule. Examples of situations
where fees may be reduced include, but are not limited to:

BIMCO may, under some circumstances, calculate the fee(s) of related accounts (i.e.,
different accounts of various family members, etc.) on an aggregate/combined market-
value basis in order to achieve a lower fee than could be otherwise achieved.

In accounts where there are securities which are not actively managed by BIMCO (e.g.,
holdings of low-cost securities, etc.) such securities may be specifically excluded from the
base of assets upon which fees are computed or a reduced fee may be negotiated.

In accounts comprised primarily of cash and/or fixed-income securities which are not
managed on a relatively “active” basis (i.e., such as a laddered bond portfolio intended to be
held until maturity, with some degree of monitoring of credit quality, reinvestment of
interest and/or maturing bonds, etc.), a fee may be negotiated between BIMCO and the
client commensurate with the degree of such responsibility.

                      Current annual fees are:

                      1% on the first $5 million,

                      .75% on the next $5 million,

                      .50% on amounts over $10 million

Fees are charged quarterly in arrears and are pro-rated in the event an account is opened
or closed during the quarter. Management fees shall not be prorated for each capital
contribution and withdrawal made during the applicable calendar quarter.

Cash invested in pooled investment funds (mutual funds) and exchange-traded funds
(ETFs) may be subject to a fee by the manager of the fund in addition to the fee charged by
BIMCO. Fees are generally deducted directly from client accounts.

BIMCO’s fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by the client. Clients may incur certain charges
imposed by custodians, brokers, third party investment managers 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.
Such charges, fees and commissions are exclusive of and in addition to BIMCO’s fee, and
BIMCO shall not receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that Benson Investment Management Company, Inc.
considers in selecting or recommending broker-dealers for client transactions and
determining the reasonableness of their compensation (e.g., commissions).

While some clients may open margin accounts with their custodians, BIMCO does not
utilize the margin feature. But if margin were used to purchase securities, clients would
pay additional fees for securities bought on margin due to the way BIMCO calculates fees.
BIMCO charges fees based on the value of assets under management, so the liability for the
margin loan would not reduce the value of the account for fee computation purposes.
When clients pay an asset management fee based on assets under management rather than
the net value of an account, (1) they will pay additional fees for securities bought on margin
and (2) BIMCO has a conflict of interest when securities are bought on margin because this
will increase advisory fees. Unless your custodian has authorized a margin account for you,
this margin discussion is not an issue for you.

Item 7 – Types of Clients

Benson Investment Management Company, Inc. provides portfolio management services to
individuals, high net worth individuals, individual retirement accounts, and trusts. The
minimum account size accepted for management is $500,000 but this minimum may be
waived at BIMCO’s discretion.