Cardinal Point Capital LLC

Item 5: Fees and Compensation

A.     Advisory Fees and Compensation

The Adviser charges each client an investment management fee based on the value of the client's
assets under management equal to 1.5% per annum.

Investment management fees are charged quarterly in arrears based on the total market value of
the assets in the client account (including net unrealized appreciation or depreciation of investments
and cash, cash equivalents and accrued interest) on the last day of the quarter. If a new client
account is established during a quarter or a client makes an addition to its account during a quarter,
the investment management fee will be prorated for the number of days remaining in the quarter. If
a client's investment management agreement is terminated, or a withdrawal is made from a client
account, during a quarter, the fee payable to the adviser will be calculated based on the value of
the assets on the termination date or withdrawal date and prorated for the number of days during
the quarter in which the investment management arrangement was in effect or such amount was in
the account.

These fees are not negotiable.

The Adviser or one of its affiliates will receive performance-based compensation based on a share of
capital gains on or capital appreciation of the assets of a client (such as a client that is a hedge fund
or other pooled investment vehicle). The current performance-based compensation rate is 20%.

These fees are not negotiable.

The Adviser, in its sole discretion, may, in effect, waive or reduce the investment management fee
and/or performance-based compensation for members, principals, employees or affiliates of the
Adviser, relatives of such persons and certain large or strategic investors.

B.     Payment of Fees:

The Adviser deducts the investment management fee and the performance fee from client
accounts by instructing the client's custodian. The Advisor generally deducts client accounts for
investment management fees quarterly, and annually for performance-based compensation.

C.     Other Fees and Expenses:

In addition to paying investment management fees and performance-based fees, client accounts
will also be subject to other investment expenses such as custodial charges, brokerage fees,
commissions and related costs; interest expenses; taxes, duties and other governmental charges;
transfer and registration fees or similar expenses; costs associated with foreign exchange
transactions; other portfolio expenses; and costs, expenses and fees (including, investment advisory
and other fees charged by investment advisers with, or funds in, which the client's account invests)
associated with products or services that may be necessary or incidental to such investments or
accounts.

Client assets may be invested in pooled investment vehicles. In these cases, clients will bear their pro
rata share of the underlying fund's operating and other expenses including, in addition to those listed
above: sales expenses, legal expenses; internal and external accounting, audit and tax preparation
expenses; and organizational expenses.

Client assets may be invested in a master-feeder structure. The feeder funds bear a pro rota share of
the expenses associated with the related master fund.

D.    Prepayment of Fees

Clients do not prepay fees.

E.     Additional Compensation and Conflicts of Interest

Neither the Adviser nor its supervised persons receive compensation either directly or indirectly in
connection with the sale of securities or other investment products.

Item 7: Types of Clients

The Adviser's clients consist of pooled investment vehicles, individuals, and institutions.

The Adviser generally requires that a client invests a minimum of $5,000,000 to open an account. If
the account size falls below the minimum requirement due to market fluctuations only, a client will
not be required to invest additional funds with the Adviser to meet the minimum account size.

With respect to any client that is a pooled investment vehicle, any initial and additional subscription
minimums are disclosed in the offering memorandum for the pooled investment vehicle.