Rosedale Asset Management LLC

Item 5 – Fees and Compensation

RAM offers two fee structures, a flat fee or asset based fee. RAM flat fees typically
range from $10,000 to $20,000 per year, billed monthly in advance. The fee is
considered based on the scope of services, the complexity of your holdings, your net
worth, financial situation and objectives and the nature and extent of the services
contracted for.

RAM charges fee based upon the amount of assets under management, ranging from
0.50% to 1.50%. Some clients may be charged a higher fee (up to 2%), based on
extenuating circumstances as determined by RAM and a lower fee for money
market/cash accounts. All fees are set forth in the advisory agreement with each Client.

RAM generally charges fees quarterly in arrears based on the market value of assets
under management at the end of each quarter. Fees are prorated for the first quarter,
based on the number of days under management.

The client authorizes automatic fee deduction in the Investment Advisory Agreement
and in the new account form provided by the Custodians. Fees charged to the clients’
accounts are clearly noted on each client’s custodial statement. A copy of the invoice
is provided to the client.

Additional fees may be imposed by any Sub-Advisor or manager selected by a Sub-
Advisor. These fees will be disclosed in the written disclosure statement of such
managers which are provided to the Client at the beginning of the account relationship
with such Sub-Advisor. In lieu of a management fee, RAM may charge a fixed fee, which
is negotiated at the time of engagement. All management fees incurred in connection
with the management of the Assets will be debited directly from the Client's account
by the custodian(s) which hold such assets and paid to RAM and Sub-Advisor. RAM
will send to the custodian written notice of the percentage to be applied in computing
the management fee to be deducted from the client's account. Upon deducting such fee
directly from the account, the custodian will deliver an account statement to each
Client which itemizes the fee, the manner in which the fee is determined, the time
period covered by the fee, and the amount of Assets on which the fee is based.
Management fees charged in respect of Other Assets will be paid directly by the Client
or deducted from designated Client bank accounts upon the express authorization of
the Client. All fees are negotiable at the discretion of RAM.

The management fee does not include and is in addition to: (i) any brokerage
commissions and/or transaction and contract fees charged by broker-dealers and
custodians used by RAM or the Sub-Advisors, (ii) any service fees received by a Sub-
Advisor for custodial support services, such as administrative, clerical and accounting
services, provided by the Sub-Advisor to a custodian. Pursuant to the Client
Agreement, the management fee may be changed by RAM upon 30 days' prior written
notice. See Item 12 on page 12 of this brochure for a discussion of brokerage practices.

Assets invested in mutual funds are subject to fees and/or expenses charged directly
by the mutual funds to their shareholders; these fees and expenses are separate from
the management fees payable to the RAM. Such fees and expenses are disclosed in the
related prospectus of each mutual fund which is provided to each client prior to
investment in such mutual fund.

Item 7 – Types of Clients
We generally provide our services to the following types of clients:

   •   Individuals, including high net worth individuals and professional athletes
   •   Trusts, estates and charitable organizations
   •   Pension and profit sharing plans

The minimum account size is $100,000.00 which is subject to negotiation.