Seminole Advisory Services LLC

Item 5 -- Fees and Compensation

We charge fees based upon assets under management. Fees based on assets under management
are billed monthly, based on the net asset value of a client’s account under management as of the
first day of the month or, in one case, if greater, the amount invested by the client, less
redemption distributions made to the client. Our client authorizes us to deduct these fees directly
from our clients’ accounts, in compliance with applicable rules that permit this type of
arrangement. Our asset under management fee is negotiated individually for each client.

Additionally, we have arrangements with one client under which we are entitled to receive a
portion of fees related to investments, such as origination, extension, break and exit fees. Any
such fees are paid or funded by third-parties and are not paid or funded by our client.

All fees have been negotiated on a client-by-client basis. We do not impose a minimum annual
fee requirement or a minimum account size.

Item 7 -- Types of Clients

We provide discretionary portfolio management services to investment trusts or other similar
entities. All of the investors in such trusts or entities are pension funds.