Beta Capital Management LLC

Item 5 - Fees and Compensation
         Description
         Creand charges its fees based on one or a combination of the following: as a percentage of assets
         under management, hourly charges, or fixed fees. There may be some fixed fees that are priced
         based on the complexity of work, especially when asset management is not the most significant
         part of the relationship. All fees are negotiable between the client and Adviser.

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         Fee Billing
         All fees are billed either monthly or quarterly in arrears, meaning that we invoice after the three-
         month billing period has ended. Payment in full is expected upon invoice presentation. Creand also
         has the authority to debit fees directly from its client accounts. The client must consent in advance
         to direct debiting of their investment account.

         Hourly and fixed fees are billed in advance, with the balance due upon delivery of the
         specific services rendered or as otherwise agreed upon between the client and the Advisor.

         Other Fees and Expenses
         Creand Securities along with outside unaffiliated custodians typically charge certain fees
         associated with the purchase or sale of certain investment products, including, but not limited to
         equities, fixed income, mutual funds, and exchange-traded funds. These charges are typical and
         incidental to the purchase or sale of the security. The selection of the security and overall strategy
         employed in the account is considered more important than the nominal fee that the custodian may
         charge to buy or sell the security.

         Creand, in its sole discretion, can waive its minimum fee and/or charge a lesser investment
         advisory fee based upon certain criteria, which may include but not limited to the historical nature
         of the relationship, type of assets, anticipated future earning capacity, anticipated future additional
         assets, dollar amounts of assets to be managed, related accounts, account composition, negotiations
         with clients, etc.)

         In addition to investment advisory fees, IARs who are dually registered as registered
         representatives with Creand Securities have the ability to receive compensation in the form of 12b-
         1 fees from the sale of mutual funds. As such, IARs who are dually registered with Creand
         Securities may have an incentive to recommend mutual funds that pay 12b-1 fees. To eliminate
         this potential conflict of interest, the Adviser does not permit the purchase of retail mutual fund
         share classes (e.g., Class A, B or C) in advisory accounts.

         Creand requires that its IARs recommend the mutual fund share class most beneficial to the Client
         which is generally the institutional or advisory share class. However, there may be limited instances
         where institutional and advisory share classes are not made available by the mutual fund sponsor. If
         such a situation arises, Creand will seek the most comparable, and similar share class for the client.
         If no similar comparable fund to the advisory or institutional share classes are available, the Adviser
         will recommend that the client purchase retail share classes. Clients need to be aware that purchasing
         retail mutual fund share classes will subject them to higher fees and expenses which generally
         include, but not limited to the following: 12b-1 fees, administrative and marketing fees, and other
         related fees (depending on the type of retail share class (e.g. Class A, B or C) they choose from). In
         addition, in certain circumstances, the Adviser may retain management fees associated with certain
         mutual funds.

         Alternative and Private Fund Investments
         Clients who wish to invest in certain alternative and private fund investments are required to
         complete private placement and related documents to establish these investments. Clients are not
         assessed any additional upfront or commission charges for these investments but, the Adviser does
         include these assets as part of its calculation and billing of overall assets under management. With
         regards to these investments, valuations are provided by either the issuer or the custodian of record,

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         however, valuations on these investments may be delayed. In such instances, the Adviser will
         calculate the advisory fee based on the most recent NAV (Net Asset Value) available.

         Further, certain alternative investment offerings and private funds may pay selling concession fees
         and/or other forms of retrocessions for the distribution of their offering. Therefore, IARs who are
         dually registered with Creand Securities can receive this additional compensation and therefore,
         may have an incentive to recommend these investments over other asset classes. Therefore, clients
         are urged to consider the potential conflict of interests inherent with the recommendation of these
         types of investments. Clients are also urged to review the prospectus, and all offering memoranda
         related to these offerings to ensure that they understand the risks associated with these investments,
         including potential loss of principal, as well as all costs and fees associated with these investments.

         Mutual Funds and Expense Ratios
         As outlined above, mutual funds in general charge a management fee for their services as
         investment and portfolio managers. The management fee is called an expense ratio. For example,
...

Item 7 - Types of Clients

         Description
         Creand provides portfolio management services to high-net worth individuals, corporations, and
         banking/thrift institutions. Client relationships vary in scope and length of service.

         Creand does not require a minimum relationship size but please note third party investment
         managers selected by Creand may impose certain account requirements and minimums.

         Account Minimums
         The minimum account size is typically $100,000 of assets under management, yet depending upon
         circumstances, Creand has the discretion to waive the account minimum. For instance, accounts
         with less than $100,000 can be set up when the client and the Adviser anticipate that the client will
         bring additional funds to their accounts within a reasonable period of time, bringing their overall
         assets under management to over the $100,000 threshold. Other exceptions will apply to
         employees of Creand and their relatives, or relatives of existing clients.

         Clients with assets below the minimum account size can be subjected to pay a higher percentage
         on their annual fees than the fees paid by clients with greater assets under management.