Advisory Fees

Advisory Fees for Separately Managed Accounts

Kalmar's annual fees to manage assets are calculated as a percentage of assets under management in accordance with the following fee schedule.

First $10,000,000	=	1.00%
For amounts $10,000,001 to $20,000,000	=	0.875%
For amounts $20,000,001 and above	=	0.75%

Kalmar's fees are payable quarterly in advance based upon the market value of a client's assets under management on the last trading day of the prior quarter.