Polaris Capital Management LLC

Item 5 Fees and Compensation
     A. Describe how you are compensated for your advisory services. Provide your fee
     schedule. Disclose whether the fees are negotiable.

     Fees are billed monthly or quarterly in arrears, based on the market value of the portfolio.

     0.75% on all assets

     Separate account minimum $100 million

     Fees and minimum account sizes may be negotiated. The minimum may be waived based on factors such
     as the number of related accounts controlled by the same persons or entity, the expected growth of the
     accounts, the scope of services provided to the customer (client service, marketing or distribution) and the
     investment objectives.

     Typically, the advisory agreement may be terminable upon 60 days written notice by either party or as
     specified in the client agreement. In the event that the client relationship is terminated, fees are typically
     prorated for the current quarter or similarly prorated as specified in the client agreement.

     Note: Fee schedule listed above does not include custody fees.

     B. Describe whether you deduct fees from clients’ assets or bill clients for fees
     incurred. If clients may select either method, disclose this fact. Explain how often
     you bill clients or deduct your fees.

     Fees are either billed monthly or quarterly in arrears, based on the market value of the portfolio. Clients
     may choose to compute the fee themselves and pay directly or instruct the custodian to pay the Advisor
     directly from their custody account. Clients may choose to pay monthly or quarterly. The Advisor will
     reconcile all invoices and payments made from the account with the custodian statements. Limited
     Partnerships fees are computed into the NAV which is applied automatically to clients’ assets.

     C. Describe any other types of fees or expenses clients may pay in connection with
     firm’s advisory services, such as custodian fees or mutual fund expenses. Disclose
     that clients will incur brokerage and other transaction costs, and direct clients to the
     section(s) of your brochure that discuss brokerage.
     Clients will incur brokerage and other transaction costs as part of trade execution costs. Please refer to

Item 7 Types of Clients
     Description

     Describe the types of clients to whom you generally provide investment advice, such
     as individuals, trusts, investment companies or pension plans. If you have any
     requirements for opening or maintaining an account, such as a minimum account
     size, disclose the requirements.

     PCM serves as an investment adviser to institutional client types including but not limited to corporations,
     pension funds, retirement plans, charitable organizations, high-net-worth individuals and trusts.

     Account Minimums
     The minimum size for new separately managed accounts is $100 million. Fees and minimum account sizes
     may be negotiated.