Latash Investments LLC

ITEM 5 Fees and Compensation

The following is the firm’s standard fee schedule for Investment Advisory
Services. All fees are negotiable. In some cases, clients have negotiated fixed
fees. To date, all clients have negotiated fees.

Assets Under Management:               Annual Fee:
$0 to $5 million                          1.00%
$5 to 10 million                          0.75%
$10 million or more                       0.50%
For asset value-based accounts, fees are typically payable monthly, in arrears.
The firm or asset holding custodian calculates asset value as of the last business
day of the calendar month. Fees are calculated by multiplying month-end assets
under management by the stated rate and dividing by 12. Clients may elect
whether the firm shall deduct fees from client’s assets or be separately billed.
The firm may also charge fixed fees or undertake special projects. Fees for these
services will vary widely depending on the complexity of the project. The terms
and fees for these arrangements will be specified in the Agreement. Brokerage
practice is further discussed in Item 12.
Other Fees and Charges
All fees described above are advisory fees only (charged by Latash) and do not
include custodial charges, transaction fees, commissions or
markups/markdowns, underlying mutual fund expenses, or applicable sub-
adviser fees (all charged by third parties).
Clients who receive advice from sub-advisers effectively pay two, or more,
separate management fees on the same assets: one fee is paid for services
provided by Latash and described above. The other fees are paid in the form of
additional fees charged directly by the sub-adviser, which may include
performance fees or other fees.
Latash may choose to execute security trades with firms other than the
custodian/broker-dealer holding the client’s account. This generally occurs when
the other firm may have a more extensive inventory than the custodian or offer a
more favorable transaction to clients. Custodians typically charge an extra fee for
settling trades executed in this manner. Latash may consider the effect of extra
charges on the client’s return when deciding where to execute transactions.
Additional General Information
Termination of Advisory relationship: A client agreement may be canceled at
any time by either party, for any reason, upon receipt of 10 days written notice.
Upon termination of any account, any prepaid, unearned fees will be promptly
refunded. New relationships may cancel within five days with no fees charged by
Latash Investments, LLC.
Mutual Fund Fees: All fees paid to Latash for investment advisory services are
separate and distinct from the fees and expenses shared by mutual funds and/or
ETFs to their shareholders. These fees and expenses are described in each
fund's prospectus. These fees will generally include a management fee, other
fund expenses, and a possible distribution fee. If the fund also imposes sales
charges, a client may pay an initial or deferred sales charge, although generally

we tend to avoid funds that impose sales charges. A client could invest in a
mutual fund directly, without our services. In that case, the client would not
receive the services provided by our firm which are designed, among other
things, to assist the client in determining which mutual fund or funds are most
appropriate to each client's financial condition and objectives. Accordingly, the
client should review both the fees charged by the funds and our fees to fully
understand the total amount of fees to be paid by the client and to thereby
evaluate the advisory services being provided.
Separately Managed Account Fees: Clients participating in separately
managed account programs may be charged various program fees in addition to
the advisory fee charged by our firm. Such fees may include the investment
advisory fees of the independent advisers.
Additional Fees and Expenses: In addition to our advisory fees, clients are
also responsible for the fees and expenses charged by custodians and imposed
by broker dealers, including, but not limited to, any transaction charges imposed
by a broker dealer with which an independent investment manager effects
transactions for the client's account(s). Please refer to the "Brokerage Practices"
section (Item 12) of this Form ADV for additional information.
Advisory Fees in General: Clients should note that similar advisory services
may (or may not) be available from other registered (or unregistered) investment
advisers for similar or lower fees.
Limited Prepayment of Fees: Under no circumstances do we require or solicit
payment of fees in excess of $1,200 more than six months in advance of
services rendered.
Please note: Latash and its supervised persons do not receive commission
compensation for the sale of securities or service fees (12b-1) from the sale
of mutual funds.

Item 7      Types of Clients

Latash provides advisory services to the following types of clients:
 High net worth individuals and their trusts
 Charitable organizations
 A financial institution and its holding company (on a non-discretionary basis)
 “Family and Friends” LLCs, where a pooled investment vehicle has been

   formed for one or more high net worth individuals, who typically are members
   of one family. These pooled investment vehicles are not open to additional
   investors.
Since inception of Latash, our clients, to date, have generally met at least one of
the criteria of being “accredited, qualified or institutional” investors. This means
they may be eligible to invest in partnership or other alternative investments that
may not be suitable for many investors. While Latash has no stated minimum
account, Latash may not be a suitable advisor for investors who could not
participate in these types of investments. Historically, such investments have
been an important part of portfolio strategy for a majority of our clients. Much of
the work Latash does for clients involves using third party investment managers
as sub-advisers to implement various strategies.