White Pine Capital LLC

Item 5: Fees and Compensation

WPC’s advisory fees are billed quarterly in advance based upon a percentage of assets under management
as established in a client’s written agreement with WPC. Account market values are calculated using
independent sources where possible, including custodians and third-party pricing services. Clients choose

to either have fees billed to them or authorize WPC to deduct the fees directly from their account or from
another account, where possible.

WPC's standard annual fees are as follows:
  Wealth Management Services Accounts:
  1.00% on the first $1 million, 0.75% on the next $9 million, 0.50% on the next $15 million, negotiable
  over $25 million

    Small Cap Equity Institutional Accounts:
    1.00% on the first $10 million, 0.85% on the next $15 million, negotiable over $25 million

    Small Cap Equity Non-Institutional Accounts:
    1.25% from $500,000 to $1 million, 1.00% on the next $9 million, 0.85% on the next $15 million,
    negotiable over $25 million

Some client fees vary from the standard schedule for reasons such as historical fee schedules, amount of
assets, level of service, and the circumstances of a client relationship, among other things. Under certain
circumstances clients pay a fixed annual fee, or, in the sole discretion of WPC, fees are discounted or
waived for an account as agreed upon with each client and based upon the nature and level of the services
provided. Lower fees for comparable services may be available from other sources. Some clients pay
their advisory fee in arrears.

Management fees shall be prorated for each contribution and withdrawal made during the applicable
calendar quarter except for de minimis contributions and withdrawals less than 10%. Accounts initiated
or terminated during a calendar quarter will be charged a pro-rata fee. Upon termination of any account,
any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due and
payable.

Some clients pay separate and distinct fees to other parties in connection with WPC’s advisory services,
including custodial fees, mutual fund expenses (as described in each fund’s prospectus), brokerage
commissions, exchange fees and other transaction charges. Item 12 contains additional information on
WPC brokerage practices.

WPC and its investment professionals do not accept compensation in the form of 12b-1 mutual fund
fees or mutual fund sales commissions related to client accounts.

Item 7: Types of Clients

WPC provides investment advice to a variety of clients including high net worth individuals, trusts,
endowments, foundations, corporations, family offices, pension and profit-sharing plans and Taft-Hartley
(union) plans.

WPC generally requires a minimum account size of $1,000,000. WPC has sole discretion to waive this
requirement under various circumstances, such as client’s location, the client's ability to increase his or
her investment over time or the client's relationship with WPC.