Meadowbrook Investment Advisors LLC

Fees and Compensation
     Description
     MeadowBrook utilizes an asset based fee structure. Fees are prepaid for the
     next quarter and are based on the designated assets under management
     established on the last day of the middle month of each calendar quarter
     (February, May, August and November). Invoices will generally be mailed by
     the 15th of the following month and fees will be collected by the custodian
     from the designated account(s) during the first business week of each new
     quarter.
     Invoices are based on the following fee schedule:
     Balanced & Equity Fee Schedule:
     1.25% on the first $500,000
     0.70% on the next $2,500,000
     0.50% on the next $7,000,000
     Over $10,000,000 Negotiated
     In selected cases, the asset based fee structure may be negotiable.
     No client will have prepaid fees of more than one calendar quarter.

                           MeadowBrook Investment Advisors

      Other Fees
      Each time we transact in a client’s account, the broker may charge a
      commission to the investor. At Schwab, where the majority of our trades
      occur, the current commission rate is zero if not a mutual fund. Trading costs
      have continually declined and now typically represent virtually zero expense
      for our clients. The cost of trades done with brokers other than Schwab is
      typically 5-6 cents per share. Furthermore, there is an additional cost to settle
      the trades at Schwab. In addition to commissions, a small SEC fee is
      charged to all sales. All trading costs are disclosed on the client’s trade
      confirmation that is provided by the Custodian. See the Brokerage Practices
      section for additional information.

      Expense Ratios
      The majority of our assets under management are in individual securities
      however when we use mutual funds or exchange-traded funds (ETFs), the
      investor is paying an imbedded fee in addition to our management fee. The
      most common use is money market funds, used for cash reserves and as
      sweep vehicles for dividends, interest payments, sales and purchases and
      disbursements. When choosing a mutual fund or ETF we consider internal
      management fee levels as part of our overall evaluation, although it may not
      be the deciding factor. Purchases and sells of ETFs also incur transaction
      costs similar to individual securities transactions.

      Termination of Agreement
      If a client terminates their agreement with MeadowBrook, prepaid fees will be
      refunded to the client on a pro rata basis subject to the 30 day written notice.

Types of Clients
      Description
      MeadowBrook offers investment advice to individuals, trusts, foundations and
      charitable organizations.
      The minimum relationship is generally $250,000 of assets under
      management. Exceptions to this minimum relationship amount are
      considered on a selected basis.

                          MeadowBrook Investment Advisors

Methods of Analysis, Investment Strategies and Risk
of Loss