Trail Ridge Investment Advisors LLC

ITEM 5   Fees and Compensation
         PORTFOLIO MANAGEMENT FEES
         TRIA is compensated for portfolio management services by a negotiable fee based on total assets under
         management. Fees and billing will be pre-determined in writing in an Investment Advisory Agreement
         executed by the client and TRIA. TRIA has different fee schedules for its different discretionary
         management approaches: with options, without options, and for trusts (excluding life insurance trusts),
         of which TRIA’s affiliate, Trail Ridge Trust Company, LLC, is a trustee.

                         Discretionary Portfolio Management with Options
                         Total Assets Under Management                        Annual Fee
                     $1 - $1,000,000                                1.10%
                     $1,000,001 - $3,000,000                        0.95%
                     $3,000,001 - $5,000,000                        0.70%
                     $5,000,001 - $10,000,000                       0.55%
                     $10,000,001 +                                  0.45%
                         * Minimum annual fee of $5,000 and minimum equity portfolio of $700,000.

                       Discretionary Portfolio Management without Options
                         Total Assets Under Management                        Annual Fee
                     $1 - $1,000,000                                1.00%
                     $1,000,001 - $3,000,000                        0.80%
                     $3,000,001 - $5,000,000                        0.60%
                     $5,000,001 - $10,000,000                       0.50%
                     $10,000,001 +                                  0.40%
                           * Minimum annual fee of $2,000 and minimum account size of $200,000.

                     Discretionary Portfolio Management for Trusts of which
                          Trail Ridge Trust Company, LLC is a Trustee
                         Total Assets Under Management                        Annual Fee
                     $1 - $1,000,000                                0.80%
                     $1,000,001 - $3,000,000                        0.70%
                     $3,000,001 - $5,000,000                        0.45%
                     $5,000,001 - $10,000,000                       0.30%
                     $10,000,001 +                                  0.20%

6                                                              Trail Ridge Investment Advisors, LLC

                                  Discretionary Portfolio Management for
                                   Trailhead Financial Advisory Service™
                       Total Assets Under Management                             Annual Fee
                      Up to $120,000                               Included
                      Over $120,000                                1.00%
                         * Minimum account size of $5,000. For additional information, see the Trailhead
                       Financial Advisory Service™ information in the Financial Planning Fees section below.

          All fee and account minimums described above may be waived at TRIA’s discretion.
          In its discretion, TRIA may combine the balances of related accounts for fee calculation purposes. In
          such cases, one minimum annual fee will be charged across the group of related accounts.
          Fees are paid either monthly or quarterly in arrears. TRIA uses the average daily balance of the client’s
          accounts for the billing period, after taking into account deposits and withdrawals, for purposes of
          determining the market value of the assets upon which the advisory fee is based.
          Asset-based portfolio management fees are either withdrawn directly from the client's accounts or
          invoiced and billed directly to the client; clients may select the method in which they are billed. With
          respect to managed accounts held with a custodian with which TRIA does not have a custodial
          arrangement (typcally defined contribution plan participant accounts), fees are withdrawn directly
          from the client’s taxable account(s) as directed by the client. If the client does not have a taxable
          account, fees will be invoiced and billed directly to the client.
          For fees deducted directly from client accounts, in states that require it, TRIA will:
              (A) Possess written authorization from the client to deduct advisory fees from an account held by
                  a qualified custodian.
              (B) Utilize a custodian that sends at least monthly statements reflecting all additions and deduc-
                  tions, including the amount of advisory fees.
              (C) Send the qualified custodian written notice of the amount of the fee to be deducted and send
                  the client a written invoice upon or prior to fee deduction itemizing the fee, including the
                  formula used to calculate the fee, the time period covered by the fee, and the amount of assets
                  under management on which the fee was based.
          For contracts terminated mid-billing period, clients will be responsible for paying the prorated advisory
          fee (earned but unpaid), using the average daily balance of the client’s accounts for the billing period
          through the date of termination.
          These fees are generally negotiable, and the final fee schedule is attached as Exhibit II of the Investment
          Advisory Contract. Clients may terminate the agreement without penalty for a full refund of TRIA's
          fees within five business days of signing the Investment Advisory Contract. Thereafter, clients may
          terminate the Investment Advisory Contract generally with 30 days written notice.
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ITEM 7     Types of Clients
            We provide our investment advisory services to:
                    • Individuals                       • Charitable Organizations          • Trusts
                    • High Net Worth Individuals        • Insurance Companies               • Retirement Plans
            Please refer to Item 5 for information regarding account minimums.