Trent Capital Management Inc

Item 5: Fees and Compensation

INVESTMENT SUPERVISORY SERVICES INDIVIDUAL PORTFOLIO
MANAGEMENT FEES

Individually Managed Accounts

Trent’s annual portfolio management fees for Individually Managed Accounts are based on a
sliding scale that fluctuates based on the amount of assets under management. For accounts
opened after April 1, 2007, the management fees are generally as follows:

                                         EQUITIES                    BONDS

            First $3,000,000             1.00%                       .500%
            Next $3,000,000              0.85%                       .425%
            Next $3,000,000              0.75%                       .375%
            Next $3,000,000              0.60%                       .300%
            Next $10,000,000             0.50%                       .250%

The fees will generally be calculated and charged, usually within 7-10 days, following each
calendar quarter based upon the market value and composition of the account as of the end of
the last day of the prior quarter, in arrears. Clients have the option to have our quarterly fees
deducted from their account, or to be invoiced and paid separately. Clients typically inform
Trent Capital of their election at the time the Individually Managed Account Agreement is
signed. Any account holding less than 20% bonds/fixed income securities will be treated as an
Equity account.

Significant deposits and withdrawals during a calendar quarter may cause fees to be prorated,
at Trent’s sole discretion. Depending upon the nature and level of services provided to the
client, fees may be negotiated. Multiple account breakpoints will be applied to
clients/relationships whose combined assets are above the breakpoints listed above. Client fees
will be refunded via a credit against the account for any errors or miscalculations.

Clients may also be charged additional fees for special services rendered. Such services might
include, but not be limited to, engaging a third-party consultant such as a CPA, tax attorney,
estate planning attorney and financial planner. All fees charged by such third-party consultants
are separate from, and in addition to, the fees payable to Trent Capital and are borne solely by
the client.

The schedule for accounts opened prior to April 1, 2007, is as follows:

                                        EQUITIES                          BONDS
           First $1,000,000             1.00%                             .500%
           Next $3,000,000              0.75%                             .375%
           Next $3,000,000              0.60%                             .300%
           Next $3,000,000              0.50%                             .250%
           Next $10,000,000             0.40%                             .200%

Qualified Retirement Plans

The fees charged for investment supervisory services for participant-directed Qualified
Retirement Plans (a “Plan”) are as follows:

For participant-directed plans starting at $1,000,000.00 or less in assets, the fee is:

1% (100 basis points, or 0.01) per annum, to be paid quarterly at the rate of ¼ of 1% (25 basis
points, or 0.0025). When aggregate assets in these plans exceed $1 million, assets in excess of
the first $1 million will be charged at the rate of ½ of 1% (50 basis points, or 0.0050), to be
paid quarterly at the rate of ¼ of ½% (12.5 basis points or 0.00125).

For participant-directed plans starting at more than $1,000,000.00 in assets, the fee is:

   •   From: $1MM to $10MM = 50 basis points (0.0050) per annum paid out
       quarterly at 12.5 basis points (0.001250).

   •   From: $10MM to $20MM = 35 basis points (0.0035) per annum paid out
       quarterly at 8.75 basis points (0.000875).

   •   From; $20MM and above = 25 basis points (0.0025) per annum paid out quarterly at 6.25
       basis points (0.000625).

This fee includes not only the fees for Investment Advisory Services, but also includes fees for
Trent’s written acceptance and obligation to act as Co-Fiduciary alongside the Client/Plan
Sponsor. Trent Capital neither receives nor will take other forms of compensation for services
rendered to retirement plan clients for these services. Trent Capital will cause the Plan's
Custodian to direct all 12-b1 fees, which are a part of each Mutual Fund's Expense Ratio, back
into the Plan's Trust. Plan Sponsors may then use these fees as they see fit. Plan Sponsors have
the option to have the quarterly fee deducted from the plan assets or to be billed separately.
This schedule reflects annual fees to be paid for the investment advice and selection of various
types of investment funds under management held in Retirement Plan Accounts of similar

design. This stated fee will be calculated based upon the market value of the account on the
last day of the prior quarter (i.e., "in arrears"). Additionally, other fees may be charged for
"special services" rendered by Trent Capital as requested by the Client/Plan Sponsor. Such
services might include, but not be limited to, engaging a third-party consultant such as a CPA,
tax attorney, estate planning attorney, financial planner or ERISA expert. All fees charged by
such third-party consultants are separate from, and in addition to, the fees payable to Trent
Capital and are borne solely by the client.

All fees received by Trent Capital are to be fully disclosed within the Plan's Form 5500.
Depending upon the nature and level of services provided to the client, fees may be negotiated.

Pooled Investment Vehicles

Trent’s Fund clients are typically charged two types of fees. These fees are a quarterly
management fee and an annual performance fee. The quarterly management fee is a specified
percentage of the net asset value of the Fund, payable based on the market value of the account
at the end of the prior quarter (i.e., in arrears). The performance fee, if any, is a specified
...

Item 7: Types of Clients

Trent provides advisory services to the following types of clients:

   •   Individuals (other than high net worth individuals);
   •   High net worth individuals;
   •   Pension and profit sharing plans (other than plan participants);
   •   Charitable organizations;
   •   Corporations or other businesses not listed above; and
   •   Other entities such as Limited Partnerships, Limited Liability Companies and Qualified
       Retirement Plans.

Trent generally imposes a minimum account requirement of $250,000 for investment
management accounts, which may be waived in its sole discretion. Trent does not impose any
minimum account requirements on Fund clients, however, the Fund may impose minimum
account requirements on their investors and/or require them to satisfy certain suitability
standards.

As previously disclosed in Item 5, pre-existing advisory clients are subject to the initial mini-
mum account requirements and advisory fees that were in effect at the time we entered into the
advisory relationship with them, which are based on the nature of the service(s) being provided.
For a more detailed understanding of those requirements, please review the disclosures
provided under each applicable service.