Zevenbergen Capital Investments LLC

Item 5 – Fees and Compensation

Separately Managed Accounts Fee Schedule

ZCI’s standard fee schedule below applies to separately managed accounts, which ZCI
separates into two categories:
    “Wealth Management” which typically includes individuals, trusts, small
       businesses and small 401(k) plans.
    “Institutional” which typically includes pension and profit-sharing plans, state or
       municipal government entities and large corporations or charitable organizations.

                                                                       Annual
                Client Account Type               Asset Level
                                                                      Fee Rate

               Wealth Management                First $25 Million       1.00%
                                               Remaining Assets
                 (Minimum: $5 Million)                               Negotiable
                                                Over $25 Million

                    Institutional               First $50 Million       1.00%
                                               Remaining Assets
                (Minimum: $25 Million)                               Negotiable
                                               Over $50 Million

Description of Fees
ZCI reserves the right to manage accounts that are less than the stated minimums
above. Accounts below the minimum will likely pay higher fees than those stated in the
above schedule. ZCI also reserves the right to negotiate fees depending on client
circumstances, to charge a minimum fee or charge a predetermined amount of
compensation (fixed fees).

As described in the Types of Advisory Services section in Item 4, ZCI may recommend
investment in the Zevenbergen Funds as part of its advisory services for clients.
Depending on client circumstances, fees charged by the Funds may be higher than
those assessed for individually managed portfolios in a similar strategy. ZCI will not
charge an additional investment advisory fee on client assets invested in the Funds
because ZCI already receives payment directly from the Funds for investment advisory
services. A complete description of fees and expenses of each Zevenbergen Fund is
contained in their prospectus.

ZCI may provide holdings and transaction information for model portfolio(s) to other
financial institutions via their portfolio management platforms. ZCI receives a fee for
providing such advice based upon the assets under management modeled to the
strategy at the respective financial institutions. ZCI’s fee rates for such services vary and
are based on the level of modeled assets, operational complexities of the account as
well as the service level required by ZCI. While not included in the calculation of assets
under management, ZCI lists these assets under the Assets Under Management section
in Item 4. Should ZCI elect to provide advisory services other than those described
above, advisory fees are negotiated on a case-by-case basis.

Fee Billing
If directed in the Agreement or similar document, ZCI may debit advisory fees directly
from the client’s account. Please refer to the Direct Debit of Fees section in Item 15 for
stated policies.

The calculation of ZCI’s advisory fees is determined by the Agreement. Unless directed
otherwise in the Agreement, similar document or by the client, ZCI’s investment
advisory fee is based on the value of a client’s assets under management on the last
day of the calendar quarter. The value of such assets is determined by an independent,
third-party pricing service (“pricing service”) or based on prices provided by the
client’s custodian for securities where prices are not available from the pricing service.
Advisory fees are typically charged in arrears on a quarterly basis. Generally, the
quarterly fee is prorated for accounts opened or closed during the calendar quarter.
Unless directed otherwise in the Agreement or similar document, ZCI shall have sole
discretion to determine whether fees are prorated to reflect contributions or
withdrawals (including but not limited to addition, liquidation or transfer of securities,
cash withdrawals or deposits) within the accounting quarter.

Each client account will typically have a single advisory fee rate defined in the
Agreement, or similar document. In limited instances where an Agreement has different
advisory fee rates for asset classes (and/or specific securities) held in a client account
and a rate is not identified for a specific security or asset class, ZCI in its discretion may
determine the rate(s) applied based on the client’s situation.

Other Fees
ZCI receives compensation through advisory fees, but clients may incur fees in addition
to the management fee paid to ZCI. These fees can include brokerage commissions,
custodian fees or other fees. Please refer to Item 12 herein for additional information on
the brokers selected by ZCI.

On behalf of clients, ZCI may make investments in mutual funds and similar securities
(e.g. exchange traded funds, money market mutual funds, American Depository
Receipts, etc.) which have additional fees imbedded in the price of the respective
security.

Item 7 – Types of Clients

Description
ZCI primarily manages accounts for individuals, high net worth individuals, investment
companies, trusts, pension and profit-sharing plans, state or municipal government
entities, corporations and charitable organizations.

Minimum Account Size
As outlined in Item 5, ZCI has stated minimum account sizes for separately managed
accounts. ZCI reserves the right to accept accounts below the stated minimum.