Deschutes Portfolio Strategy LLC

Item 5.      Fees and Compensation

Matisse offers most of its investment advisory services for a fixed percentage of assets under management
according to a written fee schedule agreed upon at the outset of the advisory relationship. Matisse

occasionally charges hourly for its financial planning services, or charges a fixed fee for one-time special
projects.

Investment Management

The fee structure for investment management is typically no greater than 1% of the assets managed within
your account. However, Matisse may agree to a negotiated rate based on the amount of assets being
managed or in some situations a fixed fee. The fee structure may be amended from time to time by Matisse
upon 30-60 days’ prior written notice (depending on client type) to client.

Fees are typically paid directly to Matisse from the account by the third-party qualified custodian (typically
Charles Schwab & Co., Inc.) upon submission of an invoice to the custodian showing the amount of fees
due. The invoice submitted is based on the value of the client's assets, and is calculated by Matisse using
its portfolio management software system. Alternatively, the client may prefer to remit payment of fees
directly to Matisse by check in response to an invoice sent by Matisse.

Matisse’s fees are typically payable quarterly in advance based on the most recent quarterly asset valuation
but may differ under certain circumstances. Though the majority of clients must pay quarterly in advance, if a
client terminates the investment advisory agreement prior to the end of a quarter, fees will be prorated to the
effective termination date as specified in the advisory contract upon receipt of written notice to Matisse. Any
unearned portion of prepaid fees are refunded to the client.

Mutual funds
Matisse does not collect 12b-1 or other fees as an incentive to place client assets in any particular outside
mutual fund. If client assets are invested in mutual funds, the client may be required to pay, in addition to
the Matisse fee, a proportionate share of each fund's marketing and advertising expenses, management
fees and other mutual fund operating expenses. These fees are deducted prior to a mutual fund stating its
daily NAV and are therefore not directly itemized expenses for the client. Occasionally, mutual funds are
selected that include a load; in cases where there is a load on a mutual fund, neither Matisse, nor any of its
employees, collects any portion of the fee. Clients will also incur brokerage and other transaction costs,
and/or custodial fees; these fees are payable directly to the unrelated broker or custodian. Please refer to

Item 7.     Types of Clients
Matisse provides investment advice to a national clientele of high net worth individuals, trusts, estates,
charitable organizations, corporations, open-end mutual funds, investment partnerships, pension and profit-
sharing plans, foundations and endowments. Matisse generally requires a minimum of $1,000,000 to open
an individually managed account (or group of accounts) but reserves the right to waive this minimum.