Guardian Partners Inc

ITEM 5: FEES AND COMPENSATION

GP Division

The following fees, as applicable, shall be charged to a Client’s overall portfolio of securities
and/or cash under its management and advisement (collectively, the “Account”) in accordance
with the terms of the Fee Schedule included in the Investment Services Agreement (“Agreement”).
The terms of the Fee Schedule may be amended by GP upon sixty (60) days’ prior written notice
to the Client.

The total fees charged to the Client’s Account, as applicable, will be calculated according to the
following formula:

                                Total Fees = BF + TF + RF + PF

BF = Base Service Fees, as described below in (1)
TF = Third-Party Fees, as described below in (2)
RF = Related and Connected Issuer Fees, as described below in (3)
PF = Performance Reporting Fees, as described below in (4)

(1) Base Service Fees

                               Portfolio Value                Fee as % of Portfolio Assets (*)

               First           $ 25 Million                   0.40% per annum
               Next            $ 25 Million                   0.25% per annum
               Thereafter                                     0.10% per annum

 (*) The minimum annual fee for Discretionary Management Services and Investment Advisory
     Services, in aggregate, is $40,000 Canadian.

The Base Service Fee will be calculated beginning on the Commencement Date, which is the date
of the initial discovery and insight meeting (first meeting after signing this Agreement) between
the client and GP. The Commencement Date is listed in the Letter of Engagement (LOE), and may

be added to the LOE after the Agreement has been signed as the initial discovery and insight
meeting date may not be known at the time of signing the Agreement.

The Base Service Fee will be based on the total expected portfolio value, which is also listed in
the LOE; this value will also serve to develop the IPS. The first quarterly fee will be payable by
the client after the first calendar quarter following the Commencement Date. An invoice will be
provided to the client.

To the extent that the implemented portfolio value is less than the expected portfolio value (perhaps
due to staging of investments), the Base Service Fee will be calculated based on the combined
portfolio value; that is, the implemented portfolio value plus the expected value of those assets that
are still yet to be implemented, at the first calendar quarter end following the Commencement
Date.

Once the portfolio is fully implemented, GP will bill the client its Base Service Fee each quarter
in arrears by direct charge to the custodial account(s) and will be based on the market value of
investments under advisement and/or management in the applicable quarter.

(2) Third-Party Fees

Where GP has invested assets in the Account, or recommended the investment of assets in the
Account, as applicable, in unitized pools, mutual funds or other investment products managed by
a third-party, additional Third-Party Fees may apply. Third-Party Fees include any fees: (i) charged
by each sub-adviser to GP selected for the Client in its provision of Discretionary Management
Services, or recommends in its provision of Investment Advisory Services, or (ii) fees payable to
third party pooled funds, mutual funds or other investment products listed in the IPS, where such
funds are not those of a sub-adviser, based on that portion of the Account invested with each sub-
adviser and that sub-adviser’s applicable fee schedule and/or the fee charged by that third party
investment.

Once the Agreement is signed and the client’s IPS is developed we will provide the Client with a
revised Schedule showing any applicable Third-Party Fees, which will be calculated according to
the following formula:

                          Third-Party Fees = (SA * SA%) + (TP * TP%)

SA = Amount invested with sub-advisers
SA% = Applicable sub-adviser fee for services
TP = Amount invested with third-party pools, mutual funds or other investment products
TP% = Third-party pooled funds mutual funds or other investment product fees

Once the portfolio is fully implemented, any Third-Party Fees (in addition to the Base Service Fee)
will be charged directly to the Client’s Account, and will be based on the market value of the
applicable investments under discretionary management and/or advisement.

(3) Related and Connected Issuer Fees

Where GP has invested assets in the Account, or recommend the investment of assets in the
Account, as applicable, in unitized pools, mutual funds, or other investment products managed or
advised by GP or its affiliated entities (Guardian Strategies and each a Guardian Strategy), an
additional fee may apply. All such fees are further described in the offering memorandum of the
applicable Guardian Strategy and all capitalized terms not defined below are defined therein. All
Account assets invested in Guardian Strategies are included in aggregate for the purpose of
calculating the Base Service Fee, however, a Base Service Fee will not be charged for any portion
of Account assets invested in Class A Units of the I3 Pooled Funds or units of the I3 Alternative
Strategy Fund (as described below).

Fees Associated with I3 Pooled Funds

Class A Units – Where the Client’s Account assets are invested in Class A Units of the GP pooled
funds (the “I3 Pooled Funds”), a Base Service Fee will not be charged for that portion of Account
assets. Class A Units of the I3 Pooled Funds have a fee which is paid directly to GP.

I3 Alternative Strategy Fund – Where the Client’s Account assets are invested in units of the I3
Alternative Strategy Fund, a Base Service Fee will not be charged for that portion of Account
assets. Units of the I3 Alternative Strategy Fund have a fee which is paid directly to GP.

In the event our engagement is terminated by the Client prior to investing in the I3 Pooled Funds,
...

ITEM 7:        TYPES OF CLIENTS

GP Division

GP offers its services to the following types of clients: individuals, families, investment funds,
pension and profit-sharing plans, trusts, estates, endowments, foundations, and corporations or
other business entities.

GP’s minimum account size requirement for opening and maintaining an account is generally
$10,000,000 Canadian. However, GP may, at its sole discretion, accept accounts with a lower
value depending on the circumstances.

GCA Division

GCA offers its services to the following types of clients: individuals, investment funds, pension
and profit-sharing plans, trusts, estates, or charitable organizations, and corporations or other
business entities.

GCA’s minimum account size requirement for opening and maintaining an account is generally
$1,000,000 Canadian. However, GCA may, at its sole discretion, accept accounts with a lower
value depending on the circumstances.