Corbyn Investment Management Inc

ITEM 5 – FEES AND COMPENSATION

Fee Schedule

Our management fees are payable quarterly in arrears based on the market value of securities
and cash (or equivalents) under management on the last day of the quarter. Accrued interest,
accrued dividends, and any investment in the Funds are excluded and will not be used in our
calculations. Accounts initiated or terminated during a calendar quarter will be charged a prorated
fee. You have the right to terminate your agreement without penalty within five business days
after entering into the agreement.

                                                 Annual Rate              Quarterly Rate
First $1,000,000 or fraction thereof               1.0%                      0.250%
Next $2,000,000 or fraction thereof                0.7%                      0.175%
Amounts greater than $3,000,000                    0.5%                      0.125%

For charitable accounts, we offer a 20% discount. Also, we offer a family fee structure where
assets under management of related accounts are aggregated for fee calculation purposes. The
family fee structure does not apply to charitable accounts.

If you are referred to us by another investment adviser or part of a sub-advisory arrangement
with an investment adviser, the following fee schedule applies:

                Annual Rate                           Quarterly Rate
                 0.70%                                  0.175%

Neither the family fee structure nor the 20% charitable discount applies to this adviser fee
schedule.

On a limited basis, fees may be negotiated. To the extent that fees are negotiable, they will differ
from client to client based upon a number of factors, including, but not limited to, the amount of
the assets under management. We may charge clients receiving similar services different fees.
We also reserve the right to waive or adjust all or a portion of the management fee at any time at
our discretion.

Billing Method

You are billed quarterly in arrears and can either pay your fee directly or have it withdrawn from
your account. You provide authorization, either in the Investment Management Agreement, in a
letter, or in your sub-adviser disclosure letter, permitting Corbyn’s management fee to be
deducted from your account by your custodian and paid to us. However, the custodian does not
verify the accuracy of Corbyn’s fee calculation. All custodians will send you an account statement,
at least quarterly, indicating all amounts disbursed from your account, including the amount of
management fees paid directly to Corbyn. We urge you to review the account statements you
receive from your custodian with those you receive from us. Please refer to Item 15 – Custody for
more information.

Other Fees and Charges

In addition to the investment management fees described above, you will pay fees to your
custodian that could include brokerage commissions, custodial fees, transaction fees, or any other
fees your custodian may impose. Corbyn does not share in any of these fees, expenses or
commissions charged to you by your custodian. Please refer to Item 12 – Brokerage for more
information.

Clients referred to us by other investment advisers may pay a fee to the referring adviser for
services that they render. Corbyn does not share in any of these fees, expenses or commissions
charged to you by the referring investment adviser. We do not compensate other investment
advisers for referrals.

If we purchase shares of a mutual fund for your account, please be aware that all fees described
above are separate and distinct from any fees and expenses charged by any mutual fund to its
shareholders. All mutual funds have their own inherent fee structure, and you will pay a
proportionate share of these fees, which are reflected in the net asset value of each fund. A fund’s
fees and expenses are described in the fund’s prospectus. Corbyn receives no fees from any
unaffiliated mutual funds. However, see below for an explanation of fees collected by us from the
Funds.

Other Compensation

Corbyn acts as the investment sub-adviser to Cromwell Greenspring Mid Cap Fund (“Cromwell
Greenspring”) and investment adviser to Greenspring Income Opportunities Fund (the “Fund” or
the “Funds”), both of which are registered investment companies.

Cromwell Greenspring is a no-load investment company. Cromwell Investment Advisors, LLC, is
the Cromwell Greenspring’s investment adviser. Corbyn is the sub-adviser to Cromwell
Greenspring and is engaged by the adviser for the day-to-day management of the Cromwell
Greenspring Fund. Cromwell Investment Advisors, LLC, pays Corbyn a management fee for their
engagement as the sub-adviser, which is a portion of the total management fee as described in
the prospectus. The portion of the management fee paid to Corbyn is based on the average daily
net assets under management and may vary over time.

The Cromwell Greenspring Fund pays the investment adviser a total management fee payable
monthly in arrears, based on its average daily net assets as follows:

Daily Net Assets                                            0.75%

Greenspring Income Opportunities Fund is a no-load investment company. As the investment
adviser, Corbyn receives a management fee of 0.60% of its average daily net assets payable in
arrears each month.

When appropriate, we will purchase shares of the Funds for clients. We seek to address this
potential conflict of interest by totally excluding your investment in the Funds when calculating
your Corbyn management fee. You can purchase shares of the Funds directly or through a broker
or agent that is not affiliated with us.

We have an incentive program whereby certain employees who develop and maintain separate
account business for Corbyn are compensated quarterly with cash payments based on the billable
assets of an account. The terms and payments vary and will not affect, in any way, the amount
of fees paid by you to us.

ITEM 7 – TYPES OF CLIENTS
We provide investment advice to individuals, corporate pension and profit-sharing plans,
charitable organizations, foundations, individual retirement plans, trusts, corporations, and
investment companies. We prefer that new accounts begin with a minimum balance of $500,000.
Corbyn has the right to waive or modify minimums as deemed appropriate with respect to each
individual account, client, and situation.