Stewardship Partners Investment Counsel Inc

FEES AND COMPENSATION

For our services, Stewardship Partners charges fees that are based on the value of the
client assets that we manage. Generally, our fees are payable quarterly in advance, and are
calculated based on the value of an account’s assets on the last business day of each
calendar quarter. For additional contributions or withdrawals greater than $10,000, fees
will be adjusted on a pro rata basis at the end of the quarter in which the contributions or
withdrawals were made. Upon termination of any account, prepaid, unearned fees will be
refunded, and earned, unpaid fees will be due and payable (with the exception of de
minimis amounts of $5.00 or less).

Our standard account management fees are charged at the following annual rates:

       Equities                      1.00%
       Balanced Accounts             1.00%

We usually charge lower fees for accounts managed through wrap-fee programs or
pursuant to other consulting or referral arrangements in which broker-dealers, investment
advisors, trust companies and other providers of financial services, typically provide clients
with services that complement or supplement our services. Our fees for managing these
types of accounts vary depending on the nature of the arrangement and other
circumstances but generally are within the following ranges:

       Equities                      0.50% to 1.00%
       Balanced Accounts             0.50% to 1.00%

We may negotiate higher or lower fees based on the size of an account, or such other
factors as we determine in our sole discretion. These factors may include client hardships
or clients who have donated to an affiliated charity. Fee reductions or waivers are available
to Stewardship Partners personnel and their family members. These fee reductions and
waivers may result in some clients paying higher fees than others.

We normally submit our fee invoices to the custodian, and the custodian pays our fee from
account assets, unless our contract with the client provides for bills to be sent to and paid
by the client or another party. In the case of certain wrap fee and other arrangements,
however, the sponsor of the arrangement pays us a certain portion of the fee paid by the
client to the sponsor and we do not submit invoices to either the sponsor or the client.

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Client account assets may be invested in certain pooled investment vehicles (“funds”)
including money market and other mutual funds and closed-end investment companies.
Assets invested in funds normally are subject to investment management and other fees
and expenses that are paid by the fund but ultimately borne by fund investors. Such fund-
level fees and expenses are in addition to the management fees clients pay Stewardship
Partners on the same assets.

Certain investment strategies used by Stewardship Partners in managing client accounts
may result in account assets being held in cash or cash equivalents for varying periods of
time, which may be substantial particularly under certain market conditions. Stewardship
Partners includes cash balances in determining the total value of account assets for
purposes of calculating our management fees. There is no guarantee that Stewardship
Partners’ services will be profitable, meet client goals or objectives or protect client assets
against losses. Clients may be able to obtain similar services at a lower cost from other
investment advisors.

              PERFORMANCE BASED FEES AND SIDE-BY-SIDE MANAGEMENT

Stewardship Partners does not charge any performance-based fees (fees based on a share
of capital gains on or capital appreciation of the assets of a client).

TYPES OF CLIENTS

Stewardship Partners provides portfolio management services to individuals, high net
worth individuals, corporate pension and profit-sharing plans, charitable institutions,
foundations, endowments, and other institutional clients.

Generally, Stewardship Partners’ account minimum is $50,000. Exceptions may be made
under certain circumstances. In addition, each client must establish an account with a
broker-dealer or other custodian, not affiliated with Stewardship Partners and provide
authorization for Stewardship Partners to exercise investment discretion over the account.

        METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

Study after study has highlighted the difficulty confronting most investment managers in
outperforming benchmarks after subtracting costs associated with the investment process.
Stewardship Partners believes its investment philosophy is structured to best overcome

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the hurdles which have undermined so many investment managers over the longer term.
Knowing all too well our own shortcomings as well as the inherent difficulty of producing
favorable investment results, we attempt at every level of the investment process to skew
the odds in our clients’ favor. The principal tenets of this philosophy are ranked below in
order of importance:

       Long-term investment horizon – Longer-term earnings estimates are a more
       accurate indicator of true corporate worth.

       Focus on leaders and emerging leaders – The highest quality companies tend to
       have the best stock market performance over time. We focus on evaluating those
       industries that are leading the economy forward and those companies that are
       leaders in their respective industries. We also pay close attention to those industries
       or companies poised to become leaders and are alert for signs that a current leader
       may be losing its grasp on the top position.

       Superior forecasts of long-term earnings and valuation – We go to great lengths
       to utilize rigorous research methods that avoid common analytical mistakes and
       focus our research staff’s attention on the key variables affecting future earnings
       potential.

       Balance discipline and flexibility – Properly balancing the two is more art than
       science and only years of experience allows any investment manager to come close
       to achieving the proper balance at any given time.

       Search globally - Searching the world for the best companies will ultimately
       provide more profitable opportunities than relegating one’s portfolio to a single
       country or region.

Stock Selection Process

Identifying Leaders and Emerging Leaders

Quality information is the foundation of a successful investment research effort. The
analyst with the highest quality information has substantially increased odds of investment
success. The quality of information is determined by its accuracy, relevance, and timeliness.
Security analysts are typically overwhelmed with too much information and must quickly

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identify that which offers the greatest incremental value. Our research process is organized
to efficiently gather the quality information we need to make the best forecasts possible.

Stewardship Partners’ investment research first seeks to identify those companies that
have attained and can maintain their position as a wealth creation leader in their
respective industries. Wealth creation industry leaders are not necessarily the largest
companies, but rather those having the following characteristics:

   1.   Adheres to Stewardship Partners’ BRI screens
   2.   Consistently high and stable profit margins
   3.   Consistently high and stable profitability
   4.   Strong balance sheets
   5.   Ability to generate free cash flow
   6.   Defendable and superior market positions
   7.   Above-average growth prospects
   8.   Sensible corporate strategy
   9.   Character, integrity and overall capability of management

After identifying wealth creating leaders, we screen these companies using data provided
by The Biblically Responsible Investing Institute, as a guide for stocks that we may want to
eliminate from consideration in our portfolios. Because of the nature of the data and
relevant screening issues, considerable judgment is utilized before removing a stock from
consideration. Not all clients may fully agree with our assessments of which stocks to
include and exclude.

Identifying wealth creation leaders is not difficult as such companies usually stand out
from competitors and most of the analysis required is based on easily attainable historical
and projected information. Somewhat more difficult is locating those companies that may
be emerging wealth creation leaders and tracking changes in the prospects for a current
leader to maintain its position within its industry. This analysis is necessarily based on our
judgment regarding how future trends will impact these companies.

Derive Superior Estimates of Long-Term Earnings and Valuation Levels

Having identified companies that have strong and sustainable competitive positions,
Stewardship Partners’ research analysts turn their attention to the intensive analysis
required to formulate superior estimates of long-term earnings power and valuation levels.
This research encompasses a long-term strategic review of a company’s industry,

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competitors, product offerings, technology, finances, costs, and management, and is aimed
at determining the earnings power which the company should be able to reasonably
achieve under normal economic circumstances five and even ten years in the future. At the
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