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EXPENSES OF TEXPOOL <br />The Trust Co. seeks to recover only the costs of operating TexPool. The Trust <br />Co. has no "profit motive" in establishing any fees for management or other <br />services. <br />From time to time the Trust Co. will review its actual incurred costs to operate <br />TexPool. From this information the Trust Co. will prepare an analysis of the <br />operating costs anticipated for the coming months. This analysis will be used <br />to establish a management fee for basic services provided to the participants <br />("Basic Services Fee"). <br />The Basic Services Fee includes expenses incurred by TexPool to accomplish <br />deposits and withdrawals made by ACH or wire transfer, investment and <br />collateral management, transaction confirmations, monthly account state- <br />ments, Advisory Board expenses, general office expenses, and personnel <br />payroll and benefit expenses needed to accomplish the goals and objectives <br />of TexPool. Specialized services, research, and reports are also available at <br />their individual costs. There is no charge or fee if research relates to or reveals <br />a Trust Co. error. <br />All fees are directly and automatically charged against the participant's <br />account. The Basic Services Fee is calculated as a reduction in TexPool's total <br />daily income so that only net income is credited to the participant's account. <br />Fees for special services are charged to the account as they are incurred or <br />performed. The participant's monthly statement will itemize all transactions <br />and fees. <br />The calculation of the Basic Services Fee is as follows: <br />Example: Calculation of a Basic Services Fee of .25% (one quarter of one <br />percent) annually <br />-7- <br />