Management fees are not charged to the funds but are paid directly by the client pursuant to an investment management agreement between the client and Montrusco Bolton Investments.

The Quantitative Canadian Equity Fund is also subject to performance fees. The performance fees of the Quantitative Canadian Equity Fund are equal to 20% of the surplus of the Fund’s performance compared to the S&P/TSX Composite Index. In the event of a monthly performance lower that the S&P/TSX Composite Index, no monthly performance based management fee is payable, and that situation will stand until the cumulative performance of the portfolio, starting with the last month where the performance based management fees were paid, is higher than that of the S&P/TSX Composite Index.