Mount Kendal Limited

Item	5	–	Fees	and	Compensation

    Advisory	Services	Compensation

        SEC file number: 801-74090.

        One of these co-owners is a trust controlled by a Mount Kendal principal.
                                                                  ‐1‐

Pursuant to an advisory agreement (the “Advisory	Agreement”), the MK Clients pay fixed fees to
Mount Kendal, quarterly, in advance, as well as an acquisition fee tied to the value of an
investment’s purchase prices.

Mount Kendal invoices its fees directly to the MK Client.

Termination	and	Fees

The events under which the Advisory Agreement could be terminated by the MK Clients or Mount
Kendal are addressed within the Advisory Agreement. In the event of a mid-quarter termination
of the Advisory Agreement, a pro	rata portion of the pre-paid fee (calculated based on the number
of days remaining in that quarter) will be returned to the MK Clients.

Brokerage	Fees	or	Costs

Item 12 of this Brochure provides a detailed discussion of Mount Kendal’s anticipated brokerage
practices and related costs and fees.

Indemnification

The MK Clients are obligated to indemnify Mount Kendal under the circumstances specified in the
Advisory Agreement.

Other	Fees	and	Expenses

The MK Clients are responsible for the expenses set forth in the Advisory Agreement.

Item	7	–	Types	of	Clients

As noted in Item 4 above, Mount Kendal currently provides advice in respect of a property located
in the United Kingdom to the co-owners of the property (which are trusts owned by family offices)
and an investment manager that provides wealth advisory, portfolio aggregation and other
advisory services to family offices. There is no minimum amount required to open an account
with Mount Kendal.