Carlisle Tax Credits LLC

Item	5	–	Fees	and	Compensation
Fees	for	investment	advisory	services	are	negotiated	between	Carlisle	and	the	client	based
on	assets	under	management	and	are	memorialized	in	a	written	agreement	with	the	client.
Fees	are	billed	directly	to	the	client	on	a	quarterly	basis	in	arrears.

Carlisle	 assists	 clients	 in	 selecting,	 evaluating,	 negotiating,	 closing,	 oversight	 and
monitoring	 investments	 in	 low-income	 housing	 tax	 credits,	 historic	 rehabilitation	 tax
credits,	 new	 markets	 tax	 credits,	 and	 renewable	 energy	 (investment	 and	 production)	 tax
credits.	 	 Fees	 for	 this	 selecting,	 evaluating,	 negotiating	 and	 closing	 are	 charged	 as	 a
percentage	of	the	original	gross	equity	investment	or	commitment	in	the	year	investments
are	made	(a	minimum	floor	may	be	negotiated)	and	are	payable	quarterly	in	arrears.		Fees
for	ongoing	oversight	and	monitoring	are	charged	quarterly	as	a	percentage	of	the	original
gross	 equity	 investment	 or	 commitment	 in	 the	 year	 investments	 are	 made	 (a	 minimum
floor	may	be	negotiated).

Fees	 are	 prorated	 based	 on	 the	 timing	 of	 closing	 of	 underlying	 investments	 made	 by	 the
client	within	each	quarter.	Accounts	initiated	or	terminated	during	a	calendar	quarter	will
be	 charged	 a	 prorated	 fee.	 	 Upon	 termination	 of	 any	 account,	 any	 prepaid,	 unearned	 fees
will	be	promptly	refunded,	and	any	earned,	unpaid	fees	will	be	due	and	payable

Carlisle’s	fees	are	exclusive	of	brokerage	commissions,	syndicator	fees,	attorneys’	fees,	and
other	 related	 costs	 and	 expenses	 incurred	 by	 the	 client.	 	 Such	 charges,	 fees	 and
commissions	are	exclusive	of	and	in	addition	to	Carlisle’s	fee,	and	Carlisle	shall	not	receive
any	 portion	 of	 these	 commissions,	 fees,	 and	 costs.	 	 In	 certain	 cases,	 syndicators	 or	 other
intermediaries	 may	 elect	 to	 reimburse	 clients	 for	 all	 or	 a	 portion	 of	 Carlisle’s	 fees	 at	 the
client’s	initiation	and	discretion.

Out	 of	 pocket	 expenses	 (such	 as	 travel	 costs)	 will	 be	 billed	 to	 clients	 concurrently	 with
service	fees.

Item	7	–	Types	of	Clients
Carlisle	provides	portfolio	management	services	to	institutional	investors	with	U.S.	federal
and/or	state	tax	liability,	publicly-traded	corporations	and	their	affiliates.