Altair Advisers LLC

ITEM 5 – FEES AND COMPENSATION

Fees for Altair’s services are documented in a written engagement contract at the inception of
each engagement. While we generally do not negotiate fees, we will negotiate fees in certain
circumstances based primarily on the size of the account and relationship with Altair.

Fees for Investment Advisory Clients
In the case of investment advisory services clients (i.e., for both Altair assets and outside
assets), Altair will at times charge fees for the first phase of services, which includes developing
a strategic investment plan. These fees are determined based on the complexity of the client's
situation and the scope of the work involved. If there is a fee for this phase it is generally billed
as a one-time project fee.

Fees for the second phase of services, including implementation and ongoing portfolio review,
are generally calculated based on a percentage of client assets under advisement and are
payable quarterly in advance. Assets under advisement include those mutually determined and
agreed upon with the client and Altair.

Our current standard fee schedule is:

 Fees as a Percentage of Assets               Assets Subject to Fee
                0.80% on the first   $5 million
          plus 0.50% on the next     $15 million up to assets of $20 million
          plus 0.35% on the next     $30 million up to assets of $50 million
          plus 0.25% on the next     $50 million up to assets of $100 million
 plus 0.10% on the assets above      $100 million

Altair has had other fee schedules in effect during the time it has been in business that could be
lower or higher than those outlined above. Certain clients continue to pay fees under those prior
arrangements. Altair manages client accounts based on their investment goals, regardless of
their fees. While Altair’s fee schedule creates an incentive to encourage clients to remain
invested and to invest additional assets, Altair follows investment guidelines created with the
client and documented within an investment policy statement in advising that client.

Altair imposes a minimum annual fee of $50,000 which increases by 3% every four quarters.
This minimum will be reduced under certain limited circumstances and/or certain long-time
clients are “grandfathered” under a prior fee arrangement.

Altair deducts fees directly from the client’s account, unless otherwise mutually agreed upon.
Altair generally does not take into consideration cash flows occurring during the subsequent
quarter when calculating fees except in unusual circumstances (such as in connection with a
new client account or a substantial new cash flow as agreed upon with the client). As agreed
upon between Altair and the client, Altair generally consolidates fees for accounts under the
same household for fee billing purposes.

Fees to Altair do not include any fees due to third-party investment managers, mutual funds,
ETFs, private investments and derivatives, any fees due to brokers or to custodians of those
assets or the fees associated with outside assets (e.g., 401(k) fund fees). Such charges, fees
and commissions are exclusive of and in addition to Altair’s fee, and these fees will vary based
on the nature of the investment vehicle. Clients considering an investment in private investment
funds offered by third-parties should consult the applicable offering documents as the
authoritative source for a description of fees to be charged.

Altair strives to recommend that its clients invest in the lowest mutual fund share class available
to the client, though that share class does not always represent the lowest share class available
to other shareholders as determined by the mutual fund’s sponsoring company.

Neither Altair nor any of its supervised persons receive any portion of the commissions or fees
clients pay to any recommended investment manager, mutual fund, ETF, private investment or
derivative broker or custodian. See Item 12 for a discussion of our brokerage practices. Owners
of Altair are eligible to use its services free of charge, and some family members of employees
receive fee discounts.

Clients could obtain access to these same investment managers, mutual funds, ETFs, private
investments and derivatives directly without going through Altair. However, in order to do so, we
believe they would likely have to invest at a higher minimum investment and/or pay higher
management fees associated with such investments.

Other financial planning-related projects are billed in a manner agreed upon by Altair and the
client. Accounts initiated or terminated during a calendar quarter are charged a prorated fee.
Upon termination of any account, any prepaid, unearned fees are refunded to the client.

Fees for Limited Financial Planning Clients
As described in Item 4, Altair also provides financial planning services. When we are retained by
a corporation to provide financial counseling services to key officers and executives of the
corporation (collectively, “executives”), fees are generally charged to the corporation based on a
fixed-fee entitlement arrangement for each executive dependent on the scope and complexity of
the services being performed. Altair's fees generally range from $5,000 to $30,000 per
executive participant. When we are retained by a corporation to provide financial planning
seminars and other educational services to groups of employees, fees for these services are
based on fixed-fee arrangements as negotiated with the corporation.

Fund Fees
Altair does not charge an investment management fee for serving as adviser to the Altair Funds
or to the classes of the proprietary private fund in which clients invest. Altair charges a
management fee to other non-client classes of its proprietary private fund, as described within
the Confidential Private Placement Memorandum. Each Altair Fund’s prospectus and the
proprietary private fund’s Confidential Private Placement Memorandum describe the fee
...

ITEM 7 – TYPES OF CLIENTS

As described in Items 4 and 5, Altair provides portfolio management services to high net worth
individuals, families, foundations and endowments. In a few select cases where there is a direct
client connection, Altair provides investment advisory services for corporate pensions, profit
sharing plans and charitable organizations. Altair also serves as the investment adviser to its
proprietary private fund and the Altair Funds.

Altair has an initial investment minimum of $7 million and a minimum annual fee of $50,000 for
ongoing investment advisory services (which increases by 3% every four quarters). In certain
circumstances, exceptions to these minimums are made; for example, where the owner of the
account has a familial relationship with an existing client or where the prospective client is
expected to meet the initial investment minimum in the near future. In addition, certain long-time
clients are “grandfathered” under a prior fee arrangement. Third-party investment managers,
mutual funds, ETFs, private investments and derivatives impose investment minimums that will

likely impact the client’s investment selection process. Minimum investment requirements for
investment in an Altair Fund are found in that Altair Fund’s prospectus. The proprietary private
fund's Confidential Private Placement Memorandum details the minimum investor account size.

Altair’s investment management agreement with the client determines the protocol the client or
Altair will follow in terminating accounts.

Altair and its personnel maintain separate relationships with certain clients and others, such as:
 Select clients, vendors or other service providers used by firm clients are family members or
    personal friends with firm personnel. As such, these clients maintain separate personal
    relationships with firm personnel. At times, firm personnel will engage in personal business
    dealings with these clients as a natural extension of their personal relationships.
 Some clients are affiliated with entities which have a business relationship with the firm (such
    as firm vendors or other service providers used by firm clients), and certain of these entities
    have engaged us to manage their investment portfolios.
 Subject to advanced clearance, Altair employees are permitted to invest in financial entities
    affiliated with clients, such as venture capital or similar funds.
 As noted within Item 11 below, Altair employees are permitted to accept gifts from certain
    vendors deemed to be lower risk in nature.

To address these potential conflicts of interests, all relationships with vendors are designed to
be arms’ length in nature, and gifts received are determined to not impact Altair’s decision-
making processes. Altair also maintains policies and procedures designed to
promote the fair and consistent treatment of clients as summarized within this disclosure
document. Further, all client relationships are managed following a team approach, with no
single employee responsible for any individual client’s account.

We have an incentive to encourage individual clients to rollover an employer retirement account
into an Altair-managed Individual Retirement Account (“IRA”). The decision of whether to roll
over an employer retirement account rests with the individual account owner, and we are
committed to providing information to help a client make a decision that is in that client’s overall
best interests.