Mercer Alternatives Limited

Item 5 – Fees and Compensation
Mercer Alternatives negotiates individual fee arrangements for each client based on the
scope of services provided, the complexity of a client’s investment objectives, and the degree
of discretion the client has given the Firm, therefore Mercer Alternatives does not maintain a
standard fee schedule.

Fees may be charged as a percentage of client assets, as a fixed fee or an hourly basis. In
general, fee and payment options are negotiable. Under certain limited circumstances, clients
may be charged for travel and related expenses incurred in providing investment advisory
services pursuant to the terms of the client agreement.

Fees charged as a percentage of assets, hourly fees or flat fee may be billed quarterly in
advance or arrears through an invoice to the client. For fees charged as a percentage of
assets under advisement, the fee is calculated based on a percentage of the total market
value of investments under advisement as of the last business day of the end of the quarter.

Investment advisory client agreements may be canceled, by either Mercer Alternatives or the
client, for any reason upon receipt of prior written notice subject to negotiated contract terms.
Upon termination of any account, any prepaid, unearned fees will be prorated and promptly
refunded, and any earned, unpaid fees will be due and payable.

The Firm’s fees do not include trustee fees, custody fees, sub-advisory fees, brokerage
commissions or other transaction costs and mutual fund fees and expenses.

Please refer to Appendix B – Mercer Investments Conflicts of Interest Statement for more
information regarding potential fee and compensation conflicts.

                                                                                 ADV Part 2A
                                                                               March 27, 2020