Pursell Management Co LLC

Item 5   Fees and Compensation

   A. Fee Schedules

   Our asset-based advisory fees are negotiated with clients on a case-by-case basis and will

   depend on the characteristics of the account, the relationship with the client, and other variable
   factors. The following may be used as a guide:

           ETFs - Fees are governed by the advisory agreement between us and the Trust. The fee
           is calculated daily and paid monthly, based on the fund’s average daily net assets.
           Potential investors should review the funds’ prospectus and Statement of Additional
           Information (“SAI”) for additional information on our compensation.

           Separate Accounts - 0.90% of all assets under management.

   B. Fee Deduction

   For Separate Accounts, our management fee is typically charged in arrears on a monthly basis,
   unless otherwise requested by a particular client. The fee schedule, manner in which the fee is
   calculated, billing method and when fees are due will be detailed in our agreement with the
   client. In any event, fees of more than $500 will not be charged more than six months in
   advance.

   Fees for partial periods, either upon opening an account or terminating services, will be
   prorated based on the number of days that services will be or were provided.

   C. Other Expenses

   Brokerage commissions or mark-ups/mark-downs charged by the executing broker-dealers are
   built into the net cost (or proceeds) of each trade. We will not receive any portion of those
   commissions or fees. In addition, you may incur charges imposed by third parties other than us
   in connection with investments made through the account including, but not limited to,
   custodial fees, mutual fund fees, and ETF management fees.

   D. Advance Payment of Fees

   Any management fees collected in advance will be promptly refunded to you (on a pro rata
   basis) upon termination of our relationship.

   E. Outside Compensation

   Neither we nor our employees receive compensation in connection with the sale of securities.

Item 7   Types of Clients

We provide investment advice to ETFs and to Separate Accounts on a sub-advisory basis for other
registered investment advisers. We generally require a minimum of $150,000 to open a Separate
Account but may, at our sole discretion, waive this minimum account size.