Delta Capital Management LLC

Item 5 - Fees and Compensation

DCM will generally bill its fees on a quarterly basis, per written agreement with each client. Clients
may elect to be billed in advance or arrears each calendar quarter. Clients may also elect to be billed
directly for fees or to authorize DCM to directly debit fees from client accounts. Management fees shall
be prorated for each capital contribution and withdrawal made during the applicable calendar quarter
(with the exception of de minimis contributions and withdrawals). Accounts initiated or terminated
during a calendar quarter will be charged a prorated fee. Upon termination of any account, any
prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due and
payable.

DCM's fees are exclusive of brokerage commissions [discussed in Item 12 of this brochure], transaction
fees, and other related costs and expenses. 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, 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 DCM's fee, and
DCM shall not receive any portion of these commissions, fees, and costs.

DCM generally charges fees on a quarterly basis in an amount equal to a specified percentage of the
value of the assets in a client's account at the beginning of each calendar quarter. Either party on written
notice may terminate all agreements with clients. Fees are negotiable in certain circumstances. DCM
basic fee schedule is as follows:

Value of Account / Quarterly Rate:

First $5,000,000 1/4 of 1%
Next $15,000,000 3/16 of 1%
Over $20,000,000 1/8 of 1%

Special fee arrangements may also be negotiated with DCM by unaffiliated investment advisory firms
(each a "sponsor") on behalf of their customers who have entered into "wrap fee" arrangements with
those sponsors to cover brokerage, custody, money Management and other services. The sponsors are
in most cases affiliated with, or dually registered as, broker-dealers and also provide execution services
to wrap fee program participants directly or through their affiliates. Pursuant to such arrangements,
the sponsor offers its clients discretionary investment supervisory services through independent
investment managers selected by the sponsor. The client enters into an investment advisory agreement
with the sponsor, which has a separate master agreement with DCM. The client pays a single all-
inclusive fee to the sponsor which covers investment advisory services rendered by DCM and
custodial, execution, and other client-related services performed by the sponsor, exclusive of exchange
fees and transfer taxes mandated by law. DCM is compensated directly by the sponsor from the single
all-inclusive fee paid to the sponsor. The amount paid to the DCM is based on total assets under
management by DCM for all wrap fee clients for each respective sponsor. DCM may affect securities
transactions through the sponsor or other broker-dealers. However, it is expected that most brokerage
transactions will be effected through the sponsor because the all-inclusive fee covers brokerage
commissions only when transactions are executed through the sponsor.

The services offered to clients under these programs generally do not differ from those offered to other
clients of the firm. Accounts accepted under each of these programs must be at least $100,000, which is
smaller than accounts, which would generally be acceptable to DCM outside of these programs.
Arrangements with "wrap fee" program clients may be terminated at the written request of either the
client or the sponsor, in which case a pro-rated refund will be made to the client.

Item 7 - Types of Clients

DCM provides portfolio management services to individuals, high net worth individuals, corporate
pension and profit-sharing plans, Taft-Hartley plans, charitable institutions, foundations,
endowments, trusts, and municipalities.

Separate accounts require a $1,000,000 minimum initial investment [which may be waived].

Third party sponsored "wrap fee” accounts typically have a $100,000 minimum account requirement.