Central Pine Capital LLC

Item 5.        Fees and Compensation

The amount and types of fees paid to Central Pine by Clients are negotiable and may vary.
Fees will be set forth in Central Pine’s investment management agreement with each Client
and determined based on the Client’s needs, the amount of assets advised by Central Pine,
the complexity of the Client’s investment objectives and the number of portfolio
restrictions.

Under Central Pine’s investment management agreement with each Client, Central Pine
generally will charge a periodic management fee to each Client Account (the
“Management Fee).

Generally, the Management Fee is based upon a Client’s committed capital, the net asset
value of the assets in the Client Account, or the non-discretionary assets under management
agreed to between Central Pine and the Client. The Management Fee will be billed at a rate
and frequency as stated in the investment management agreement between Central Pine
and the Client.

The Management Fee will generally be 1.00% annually. Management Fees may be billed
either in advance or in arrears, at the frequency described in a Client’s investment
management agreement with Central Pine.

If agreed upon with a Client, Central Pine may also negotiate a Management Fee
arrangement with a Client based on a fixed dollar amount.

In certain circumstances, Central Pine may charge certain Clients a fee based on the
performance of their investments (the “Performance-Based Fee”) in lieu of, or in addition
to, the Management Fee.

In other circumstances, Central Pine may charge individuals, for whom it does not manage
assets, a fixed fee for access to the CIO’s thought leadership.

The total fees charged to a Client may be more or less than fees charged by other firms for
similar services.

Central Pine is permitted at any time and in its sole and absolute discretion, to waive,
amend, rebate, or reduce all or part of the Management Fee or Performance-Based Fee with
respect to investments made by certain Clients without waiving, amending, rebating, or
reducing the Management Fee or Performance-Based Fee charged to other Clients.

Neither Central Pine nor any of its supervised persons accept compensation for the sale of
securities or other investment products.

Investment-Related Fees

Fees paid to Central Pine by the Clients are separate and distinct from the fees and expenses
charged by the unaffiliated Portfolio Managers or their private investment funds. A
description of the fees and expenses of each Portfolio Manager and its private investment
fund is available in each Portfolio Manager’s disclosure brochure (i.e., their Form ADV
Part 2A) or the offering documents of the private fund advised by the Portfolio Manager.

Custodied Accounts may also bear fees and expenses charged by the investments in which
they hold.

Central Pine Expenses

Central Pine will be responsible for all ordinary administrative and overhead expenses
incurred in connection with maintaining and operating its office, including employees’

salaries, rent, utilities, and equipment expenses, as provided in the investment management
agreement with each Client.
Termination of Advisory Contract

Central Pine’s investment management agreements generally provide that investment
management services are terminable upon 90 days prior written notice (such 90 days, the
“Termination Period”). Once a contract is terminated, Central Pine no longer has the
responsibility of a fiduciary. If a Client is still invested, Central Pine may assist the Client
in the liquidation of the account. Should the end of the Termination Period fall on a date
other than the end of a billing period, the Client will generally pay Central Pine its standard
Management Fee, prorated for the partial billing period. To the extent that Management
Fees are billed in advance, any unearned portion of pre-paid fees will be refunded by
Central Pine to the Client. However, as disclosed in the relevant investment management
agreements, certain Clients may continue to pay Central Pine a Management Fee after the
end of the Termination Period, until all the Client’s investments have been liquidated.

Upon termination, Central Pine will not be under any obligation to provide additional
services or information to a Client. Termination of the investment management agreement
will not affect the liabilities or obligations of the parties under the agreement arising prior
to termination, including the provisions regarding arbitration, which shall survive any
termination of the investment management agreement.

Payment Methods

Central Pine will invoice Clients on a periodic basis (i.e., monthly, quarterly, annually,
etc.) as outlined in the applicable investment management agreement. Clients may pay
Central Pine by check, wire, bank transfer, or allow Central Pine to directly debit the
Client’s account.

Item 7.        Types of Clients

Central Pine provides both discretionary and non-discretionary investment advisory
services to high-net-worth individuals and family offices. The Firm’s services include: i)
advising on the selection of unaffiliated Portfolio Managers that will manage Central Pine’s
Clients’ assets on a discretionary basis in a private fund advised by the Portfolio Manager;
ii) advising on investments in securities such as treasury bills, money market funds,
registered funds, and, in limited circumstances, individual securities, that are held in the
Custodied Accounts; iii) asset allocation services; and iv) customized, consolidated
portfolio performance reporting. Central Pine bases its investment advice on the particular
needs, investment objectives, and investment guidelines of each Client.

Central Pine typically requires a minimum initial and ongoing account size for portfolio
management services. However, the Firm may, at its discretion, waive the asset minimums.