Saturna Capital Corporation

Fees and Compensation

All Investment Management Account clients complete the Saturna Investment Management Agreement, which
details the terms of our relationship.

As part of our Core Values, Saturna provides high-value services at low cost. The annual advisory fee for private
Investment Management Accounts is $2,500 plus 0.5% of the first $5 million and 0.4% on amounts over $5
million, with a minimum quarterly fee of $1,250 (minimum $5,000 annually). Accounts with less than $1 million

are limited to holding only equities and mutual funds. We believe this fee structure is reasonable in light of the
services provided and, as such, Saturna does not generally negotiate fees. Extra fees or other arrangements may
be mutually agreed depending upon the complexity of the services rendered. The following table illustrates the
effective rate for accounts of varying value.

 Account Value      Effective Annual Rate

 $500,000           1.00%

 $1,000,000         0.75%

 $2,500,000         0.60%

 $10,000,000        0.475%

Clients have the option of purchasing investment products Saturna recommends through other brokers or
agents not affiliated with Saturna. There are no brokerage commissions when securities are traded through
Saturna's affiliated registered broker dealer, Saturna Brokerage Services, Inc. (“SBS”). When clients select SBS as
their broker, the single asset-based advisory fee includes investment management, trading, and custody (“wrap
fee”). For more information regarding SBS, refer to the Other Financial Industries and Affiliations section in this
document.

In addition to offering private Investment Management Accounts directly to its advisory clients, Saturna may
be selected by a financial institution sponsor (“Sponsor”) of a separately managed account program (“SMA
Program”) to serve as a discretionary investment adviser. An SMA Program Sponsor provides its SMA Program
participants with a bundle of services for a single fee. Typically, these services include research of investment
managers, such as Saturna, ongoing monitoring of performance, execution of client portfolio transactions, and
custody of the participant’s assets. Under a “dual-contract” SMA Program arrangement, the client enters into
an agreement with the Sponsor firm and enters into an investment management agreement with Saturna. In a
dual-contract SMA Program, the investment management fee may not be included in the Sponsor’s bundled
fee and, in those cases, the client pays the advisory fee directly to Saturna.

Fees are computed and deducted from accounts in arrears after the end of each quarter, based on account
value at the end of the quarter. There is no fee for the initial (partial) quarter. Either party may cancel contracts
at any time without penalty. Saturna may change fees only after 60 days written notice. The investment
management agreement authorizes Saturna to deduct advisory fees directly from your account. When the
agreement covers more than one related account, assets are combined when calculating annual advisory fee
reductions.

When we act as your investment adviser, we have to act in your best interest and not put our interests ahead

of yours. At the same time, the way we make money creates some conflicts with your interests. Almost all
Saturna’s revenue and thus potential profitability is driven by the amount of assets under management, the
great majority of which comes from the mutual funds for which Saturna is the investment adviser. Our Core
Values require us to always do what is best for the client. To minimize potential conflicts of interest, Saturna
excludes client assets invested in mutual funds that Saturna manages or for which Saturna or SBS receives a
distribution fee or other payment from the amount on which advisory fees are computed. This can
substantially reduce the net fee an advisory client pays. When Saturna elects to allocate a portion of a client’s
assets to a mutual fund, we select a class without a distribution or 12b-1 fee whenever possible.

The financial planning fee is $500 and is waived for certain clients, including those with cash and securities of
$125,000 or more. Any follow-up review or update of a client’s plan will be at the client’s request and can involve
a separate fee.

Fees for advisory services to pooled investment vehicles including the Funds, exchange traded funds, and
private funds vary by contract and are negotiated, as are fees for unified managed account and dual-
contract SMA programs.

Performance Based Fees and Side-By-Side Management

Saturna manages a variety of pooled investment funds, including private funds, an exchange traded fund, and
eight affiliated mutual funds. In connection with the management of some of these accounts, Saturna receives
a performance-based fee; that is, a fee based on a share of capital gains or capital appreciation of account
assets. Portfolio managers are eligible for performance-based compensation. As such, Saturna and its portfolio
managers have incentive to favor accounts for which they receive a performance-based fee over accounts
(perhaps with similar objectives) without performance-based fees. A similar conflict exists from managing
accounts in a similar investment style, but some of which pay a higher advisory fee. Other conflicts can arise
from managing accounts owned by Saturna, its owners or its employees. Saturna has adopted “bunch” order
policies to mitigate these conflicts of interest and ensure that one client is not advantaged over another.

Saturna serves as an adviser for an Irish domiciled exchange traded fund that is not offered to US investors.
Transactions for this exchange traded fund are executed by a non-affiliated service provider, and as such, are
not included under Saturna’s “bunch” order policies. When Saturna believes it can do so and achieve best
execution, orders placed at the same time and with the same instructions for Saturna’s US clients will be
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Types of Clients

Saturna advises a variety of clients divided between (1) Investment Management Accounts (including in
connection with dual contract Separately Managed Account programs offered by third-party sponsor firms)
for individuals, trusts, estates, corporations, and retirement plans, (2) Financial Planning limited to Muslim
Investors and Individually Managed Account clients, (3) Pooled Investment Funds (mutual funds, an exchange
traded fund, and private funds), (4) Unified Managed Account programs, and (5) users of the Amana Fund
Selector.

Investment management accounts are accepted and retained at the discretion of management. Saturna
imposes a $1,000,000 managed account minimum (other than accounts in dual contract SMA programs offered
by third-party sponsor firms) that may be waived.

Methods of Analysis, Investment Strategies, and Risk of Loss
 We are primarily long-term investors, seeking to preserve and grow clients’ capital over time. We believe that
 for the long-term investor equity securities are the investment of choice, but we recognize that fixed income or
 cash equivalents may be better suited in certain circumstances. Therefore, we also offer advice on most
 securities commonly held in U.S. investment accounts: domestic and foreign common and preferred stocks;
 government, corporate and municipal bonds; mutual funds; convertible securities; warrants; and exchange-
 traded option contracts.

We believe in long-term investing; not short-term speculation. The annual portfolio turnover in the accounts we
manage rarely exceeds 20% (often less) and we favor holding securities that we have selected over one or more
full market cycles. While we do selectively add positions to client portfolios, we do not normally engage in short-
term trading, short sales, or margin transactions.

In selecting investments, we are value-oriented; we are reluctant to pay a premium for a stock and endeavor to
buy stocks that we believe to be reasonably valued. One of our Core Values is to make investments only when
the expected returns outweigh the risks. Once a position is held, we monitor market conditions, industry
developments, and other factors that may affect the rationale for holding the investment. Although we
consider valuation when monitoring a client’s investments, we may not necessarily liquidate a position solely
because of a relatively high valuation.

We advocate ethical investing, believing that companies with effective corporate responsibility policies are
better positioned to avoid crises that could lead to reputation damage, higher costs, lost production, and
fraudulent operations. We favor companies with stable earnings and strong balance sheets free of excessive
debt. Because we are moderately risk-averse, our performance may trail the averages in rising markets, as we
seek to minimize losses during falling markets.

We look for investment opportunities globally. Analytical responsibility is divided among our investment staff
by sectors, industries and countries. Portfolio managers select equity issues from our recommended list.

When a client’s objective is income, we generally allocate a portion of the client’s account to one or more mutual
funds that invest in fixed-income securities, including Sukuk.

Saturna gathers investment information from many sources. We maintain our own research files on hundreds of
actively followed companies. We maintain our own database for stock screening and evaluations. Our analysts
regularly read numerous financial and market publications, and also review securities and markets with
independent analytical services. Our analysts travel domestically and internationally to investigate economic
conditions, participate in investment conferences, and meet with company managements.

Investing involves risk, including the risk of loss. An Investment Management client of Saturna must be prepared
to accept this risk and only consider investing in a strategy if they are willing to accept the risk that they may lose
money. Principal value, yields, and total returns will change with the fluctuations in the securities markets as well
as the fortunes of the industries and companies in which a strategy invests.

Although we will recommend prudent and diversified investment strategies, please remember that all
investments, including mutual funds, involve risk, including loss of principal. There is no guarantee that any
recommended strategy or allocation will meet a client’s investment objectives, provide a given level of
income, or protect against loss. Please consult a fund’s prospectus for more information about fund-specific
risks. As always, you should carefully consider all of your options before relying on any advice you receive,
including from us.

Investment Strategies

Halal Growth Equity

The Halal Growth Equity Strategy includes discretionary, fee-paying institutional and pooled accounts with a
mandate to invest in a diversified portfolio of Islamic-compliant, high quality, medium to large capitalization,
growth equity issues. The security universe is determined by screening lines of business that include
Defense/Weapons as well as Saturna Capital Corporation’s proprietary Islamic grading system which screens
equities for Islamic compliance. Excluded are companies that represent the following lines of business: alcohol,
gambling, tobacco, pork-related products, financial services, and pornography. In addition, stocks are also
subjected to a series of financial ratio screens to remove companies based on debt and interest income levels.

Halal Client Growth Equity

The Halal Client Growth Equity Strategy includes discretionary, fee-paying accounts with a mandate to invest in a
diversified portfolio of Islamic-compliant, high quality, medium to large capitalization, growth equity issues. The
security universe is determined by screening lines of business that include Defense/Weapons as well as Saturna
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