Collega Capital Management SRL

Fees and Compensation

Collega Capital Management offers its services on a fee only basis, which may include hourly and/or fixed
fees, as well as fees based upon assets under management.

For a comprehensive and continuous wealth management service package for high-net-worth individuals
and families, the firm charges 0.30% p.a. of the market value of managed financial assets, with an annual
minimum fee of US$15,000 per client. For clients with over US$10,000,000 assets under management,
this fee may be negotiable. For non-high-net-worth individuals, a trimmed down package is offered for a
fixed fee that is negotiated on a case by case basis.

For a non-comprehensive and/or non-continuous service package, fixed compensation is agreed upon
depending on the scope of services to be provided. This fixed compensation is to be consistent with the
firm's hourly rate basis which normally ranges from US$150/hr to US$250/hr. On some instances, some
clients may be offered a rate as low as US$100/hr, or as high as $300/hr, depending on a series of factors.
All fees are always negotiated in advance.

Clients are billed on a monthly basis, although they may request to submit payment on a quarterly basis,
which is subject to approval by Collega Capital Management.

Clients may incur on brokerage fees, transaction costs and additional charges which are imposed by other
service providers such as financial institutions, custodians, brokers, fund managers, attorneys,
accountants and other advisors (please see the "Brokerage Practices" section of this brochure for more
details). Such third-party service providers may have a pre-existing relationship with the client, or they
may have been recommended by Collega Capital Management. The firm does not receive monetary
compensation in connection with any such recommendations, therefore the relationship is free from the
conflicts of interest inherent to commission-based business arrangements.

The service agreement between the firm and the client will continue in effect until terminated by either
party pursuant to the terms of the agreement. Collega's fees are prorated through the date of termination
and any remaining balance is charged or refunded to the client, as appropriate.

Performance-Based Fees and Side-By-Side Management
Collega Capital Management, S.R.L does not charge any performance-based fees. As a result, there is no
side-by-side account management.

Types of Clients
Collega Capital Management, S.R.L. provides its services to individuals, families, estates, corporations and
business entities.

There is no minimum account size, however, for a comprehensive and continuous wealth management
package, there is a minimum annual fee of $15,000 which is imposed regardless of the amount of assets
under management. This minimum does not apply to non-comprehensive service packages, which are
offered on an hourly fee basis or via a customized fee structure which is agreed-upon in advance.

Collega Capital Management, S.R.L.

Methods of Analysis, Investment Strategies and Risk of Loss

Collega Capital Management implements a highly disciplined, multi-step approach that seeks to go
beyond the bounds of traditional asset allocation decisions. The investment process begins with the
development of the client relationship. The firm believes that knowing the client and defining specific
objectives, provide a disciplined framework to swiftly execute portfolio adjustments in response to
changing market conditions, stated objectives, and the performance of individual securities, investment
funds, derivatives or underlying assets.

During the initial phase of the relationship, Collega seeks to determine the client's:
     Wealth structure and income sources
     Needs, goals and objectives
     Time horizons
     Risk tolerance
     Liquidity requirements and constraints
     Special legal or regulatory concerns
     Overall risk / reward parameters
     Tax exposure

These initial discovery efforts are used to design an Investment Policy Statement (IPS), which serves as
the future client or family office road map, use to define the path to be taken to achieve the ultimate
goals and objectives of all the parties involved.

Collega's risk management efforts begin with the construction and implementation of a strategic asset
allocation model which allows for tactical/cyclical deviations that reflect short-term assessment on
current market conditions. The firm seeks to develop core positions in those traditional asset classes –
i.e., global equities and fixed income – with active satellite tactical positions which are designed to seek
alpha in those markets in which the firm believes there are inefficiencies to be captured. Collega Capital
Management quantifies risk at the aggregate portfolio level, taking into account cross-correlations of
assets within the portfolio, while stress testing the portfolio for unforeseen tail events when the firm
detects correlation breakdowns and the corresponding reduction of Modern Portfolio Theory
diversification benefits.

Once portfolios are constructed and capital is deployed, Collega monitors the portfolio and the underlying
investments on a continuous basis, rebalances when and as needed to assure the portfolio is within the
risk parameters mandated by the client, and periodically reports results to client in the frequency the
client wishes using customized reports that suit each client’s needs. These rebalancing practices are based
on market valuations, tactical exploitation of short term market conditions, and deviations to client needs
or circumstances.

The profitability of a significant portion of Collega's recommendations depend to a great extent upon
correctly assessing the long-term course of price movements of stocks and bonds. There can be no
assurance that the firm will be able to predict those price movements accurately. Investing in securities
involves the risk of loss. Investors should both be willing and capable to accept such risk.

Collega Capital Management, S.R.L.