Mount Murray Investment Inc

ITEM 5 - FEES AND COMPENSATION

General Fee Information
Clients pay management fees to Mount Murray separately from the brokerage expenses of the
account. Accordingly, client accounts pay a management fee, plus the cost of transactions in
the account. The brokerage expenses are assessed on a per-trade basis. Please see Item 12 -
Brokerage Practices for additional information on how we select the brokers to be used for
transacting in the client's account(s).
The fees noted above are separate and distinct from the internal fees and expenses charged
by mutual funds, ETFs ("exchange traded funds") or other investment pools to their
shareholders (generally including a management fee and fund expenses, as described in each
fund's prospectus, or offering materials). The client should review all fees charged by funds,
brokers, Mount Murray, and others to fully understand the total amount of fees paid by the
client for investment and financial-related services.
Portfolio management fees are typically payable quarterly in arrears based on the
time-weighted daily average account value during the quarter in accordance with the client's
Investment Management Agreement with Mount Murray. If there is no market value available,
the security value is computed at fair value. When management begins after the start of a
quarter, fees are prorated accordingly. With client authorization, and unless other arrangements
are made, fees are normally debited directly from client custodial account(s). If fees cannot be
deducted, Mount Murray will directly invoice the client.

Either Mount Murray or the client may terminate their Investment Management Agreement at
any time, subject to any written notice requirements in the agreement. In the event of
termination, any fees due are pro-rated from the date of termination.

Fee Schedule
Mount Murray's fees for Portfolio Management Services are based upon a percentage of the
client's assets under management. which is determined based on the client-type, account size,
and investment strategy. Please note that the Alternative Emerging Markets Strategy is only
available to Canadian clients.

As outlined below, Mount Murray charges a "Founders Class" management fee on the first $100
million of total firm assets under management with respect to its Emerging Markets Equity
Strategy, Alternative Emerging Markets Strategy, and Ethical Equity Strategy. Thereafter, Mount
Murray charges a "Subsequent" management fee. The fee schedules are as follows:

                                   Non-institutional Clients                    Subsequent
                  Founders
                  Class

      $0.00 - $5,000,000.00        1.00%            $0.00 - $5,000,000.00                1.25%

      $5,000,000.01 and    above   0.90%            $5,000,000.01 and   above            1.15%

                      Institutional Clients
                   Founders Class                                       Subsequent
        $0.00 - $5,000,000.00              0.75%          $0.00 - $15,000,000.00             0.90%
$5,000,000.01 - $15,000,000.00             0,70%    $15,000,000.01 - $25,000,000.00          0.85%

      $15,000,000.01and    above           0.60%        $25,000,000.01and    above           0.75%
    Non-institutional Clients
                   Founders Class                                       Subsequent
        $0.00 - $5,000,000.00              1.00%          $0.00 - $5,000,000.00              1.25%

       $5,000,000.01 and   above           0.90%         $5,000,000.01 and   above           1.15%

*  Please note that the Alternative Emerging Markets Strategy charges an additional
performance-based fee. Please refer to Item 6 of this brochure for more information.

                      Institutional Clients
                   Founders Class                                       Subsequent
        $0.00 - $5,000,000.00           0.75%             $0.00 - $15,000,000.00             0.90%
$5,000,000.01 - $15,000,000.00          0.70%       $15,000,000.01 - $25,000,000.00          0.85%

      $15,000,000.01and    above        0.60%           $25,000,000.01and    above           0.75%
    Non-institutional Clients
                   Founders Class                                       Subsequent
        $0.00 - $5,000,000.00           1.00%             $0.00 - $5,000,000.00              1.25%

       $5,000,000.01 and   above        0.90%            $5,000,000.01 and   above           1.15%

The terms and conditions of the fee structure are mutually agreed upon prior to entering into an
Investment Management Agreement. Mount Murray may, at its discretion, make exceptions to the
foregoing or negotiate special arrangements where Mount Murray deems appropriate under the
circumstances.

Other Compensation
Neither Mount Murray nor any of its supervised persons accepts compensation for the sale of
securities or other investment products.

ITEM 7 - TYPES OF CLIENTS & ACCOUNT REQUIREMENTS

Client Types
Mount Murray serves individuals, high-net worth individuals, banking or thrift institutions,
investment companies, business development companies, pooled investment vehicles,
charitable organizations, insurance companies, corporations, and other business types.

Minimum Account Requirements
Since Mount Murray assesses performance-based fees to clients utilizing the Alternative
Emerging Markets Strategy, available in Canada only, clients must be considered Qualified
Clients. Aside from this, Mount Murray does not impose any requirements for clients to open or
maintain accounts with Mount Murray.