Addenda Capital Inc

Item 5 - Fees and Compensation

A. Compensation for your advisory services.
Addenda is compensated for its discretionary investment management services by
management fees agreed upon in writing between Addenda and its clients.
Addenda’s standard fee schedules for products and services to be offered to U.S. based
clients are as follows:
International and Global Equities
For the Addenda Capital International Equity CIT and the Addenda Capital Global Equity
CIT, Addenda receives a management fee which is included in the Trustee Fee as
described below and in Disclosure Memorandum of the CIT.
Addenda Capital International Equity CIT/Global Equity CIT
                                                  Annual Fees
Class A*                                          0.50 of 1%
Class B                                           0.70 of 1%
*Class A Units are available for any Eligible Plan that makes an initial contribution to the Addenda Capital International
Equity CIT or Addenda Capital Global Equity CIT before such Funds (individually) reach $100 million in aggregate net
assets. To the extent an Eligible Plan’s initial investment is into Addenda Capital International Equity CIT’s Class A Units
or the Addenda Capital Global Equity CIT’s Class A Units, all subsequent investments by such Eligible Plan into the same
Funds shall also be for Class A Units. For the avoidance of doubt, once Addenda Capital International Equity CIT or the
Addenda Capital Global Equity CIT has reached $100 million in aggregate net assets, the Class A Units of such Fund shall
be permanently closed to investment by new Eligible Plans and only Class B Units of such Fund shall be available to new
Eligible Plans.

Addenda Capital International Equity/Global Equity/Fossil Fuel Free Global Equity
Separately Managed Accounts

  First $25 million                                   0.65 of 1%
  Next $50 million                                    0.50 of 1%
  Next $75 million                                    0.40 of 1%
  Thereafter                                          0.30 of 1%

Minimum Account Size: $10,000,000
Minimum Annual Fee: $65,000

Climate Transition International Equities
Separately Managed Accounts
 First $25 million                     0.65 of 1%
 Next $50 million                      0.50 of 1%
 Next $75 million                      0.40 of 1%
 Thereafter                            0.30 of 1%

Minimum Account Size: $10,000,000
Minimum Annual Fee: $65,000

Canadian Equities, Canadian Equities (Resources) and Climate Transition Canadian
Equities
Separately Managed Accounts

 First $25 million                     0.35 of 1%
 Next $50 million                      0.25 of 1%
 Next $75 million                      0.20 of 1%
 Thereafter                            0.15 of 1%

Minimum Account Size: $10,000,000
Minimum Annual Fee: $35,000

B. Payment of fees
Fees are specified in the investment management agreement signed between Addenda
and the client.
Fees are invoiced to the client or their custodian. Addenda cannot deduct its fees from
client accounts. Clients are invoiced on a quarterly basis in arrears. Fees are based upon
the portfolio’s average market value for each month included in the invoicing period.
For the CIT: The Trustee Fee for each Fund will be accrued daily at the annual rate set
forth above and will be paid monthly in arrears from the assets of the applicable Fund.
The Trustee Fee will cover (i) the normal operating fees and expenses of the Fund (ii)
compensation to the Trustee for the fiduciary services provided by the Trustee; and (iii)
compensation to Addenda for the investment advisory and administrative services
provided by the Addenda.

C. Other types of fees or expenses
In addition to the management fees specified in paragraph A above, clients incur
custodial fees. Clients with separately managed accounts must undertake their own
arrangements for hiring a custodian.

Clients may incur brokerage and other transaction costs related to the purchase or sale
of securities. Please refer to Item 12 for further details on the costs involved.

For Canadian investors, Addenda may invest clients’ assets in the Addenda Pooled Funds,
in which case clients will indirectly incur their pro rata portion of the underlying fund
expenses, such as custodial fees, audit fees, fund administration and regulatory fees.

D. Payment, refunds and expenses
Clients are not requested to pay fees in advance.
Typically, an investment management agreement can be terminated by the client upon
written notice. Management fees for a partial month are charged on a pro-rata basis,
using the market value of the portfolio on the last day of the mandate.

E. Compensation to supervised persons
Not applicable.

Item 7 - Types of Clients

Institutional
Addenda manages assets on a discretionary basis for pension funds, insurance
companies, financial institutions, foundations, endowment funds, indigenous and
religious entities, third party mutual funds, labor-sponsored funds and corporations.

High-Net-Worth
Addenda also manages assets for private investor clients. Addenda’s wealth
management services are designed for individuals, families, family offices, holding
companies, platforms and trusts.