DISTRIBUTION & TAX INFORMATION

Queens Road Small Cap Value Fund

YEAR INCOME1 LONG TERM
CAP GAINS
SHORT TERM
CAP GAINS
RECORD
DATE
EX DATE PAYABLE
DATE
2019 $0.0121 $0.9473 $0.0000 TBD TBD TBD

Values are estimates and subject to change.

Queens Road Value Fund

YEAR INCOME1 LONG TERM
CAP GAINS
SHORT TERM
CAP GAINS
RECORD
DATE
EX DATE PAYABLE
DATE
2019 $0.3742 $0.4813 $0.00 TBD TBD TBD

Values are estimates and subject to change.

1 The portion of the Income distribution considered a Qualified Dividend distribution will be reported in conjunction with Form 1099-DIV.

HISTORICAL DISTRIBUTION & TAX INFORMATION

Queens Road Small Cap Value Fund

YEAR INCOME1 LONG TERM
CAP GAINS
SHORT TERM
CAP GAINS
RECORD
DATE
EX DATE PAYABLE
DATE
2018 $0.0296 $2.0604 $0.3876 12/19/2018 12/20/2019 12/20/2018
2017 $0.0000 $0.5652 $0.0000 12/20/2017 12/21/2017 12/21/2017
2016 $0.0000 $1.1887 $0.1523 12/14/2016 12/15/2016 12/15/2016
2015 $0.0000 $0.0816 $0.0000 12/16/2015 12/17/2015 12/17/2015
2014 $0.0000 $0.6617 $0.0000 12/17/2014 12/18/2014 12/18/2014
2013 $0.0000 $0.7525 $0.0000 12/26/2013 12/27/2013 12/27/2013
2012 $0.0499 $0.0000 $0.2528 12/26/2012 12/27/2012 12/27/2012

Queens Road Value Fund

YEAR INCOME1 LONG TERM
CAP GAINS
SHORT TERM
CAP GAINS
RECORD
DATE
EX DATE PAYABLE
DATE
2018 $0.3395 $1.0749 $0.0000 12/19/2018 12/20/2018 12/20/2018
2017 $0.2867 $0.6429 $0.0000 12/20/2017 12/21/2017 12/21/2017
2016 $0.3308 $0.7710 $0.0001 12/14/2016 12/15/2016 12/15/2016
2015 $0.2231 $0.3572 $0.0011 12/16/2015 12/17/2015 12/17/2015
2014 $0.2227 $0.7284 $0.0000 12/17/2014 12/18/2014 12/18/2014
2013 $0.1850 $0.0000 $0.0000 12/26/2013 12/27/2013 12/27/2013
2012 $0.2197 $0.0000 $0.0000 12/26/2012 12/27/2012 12/27/2012

1 The portion of the Income distribution considered a Qualified Dividend distribution will be reported in conjunction with Form 1099-DIV.