Norland Capital LP

Item 5: Fees and Compensation

Norland provides investment advisory services to each Private Vehicle pursuant to the applicable
Governing Documents. The applicable Governing Documents set forth in detail the fees and, as applicable,
carried interest structure, relevant to each Private Vehicle. All prospective Investors should review the
Governing Documents in conjunction with this Brochure for complete information on the fees and
compensation payable with respect to the advisory relationship with Norland.

Norland and/or the General Partner, as applicable, may reduce, waive, or modify any fees for any Client
or Investor in the Firm’s sole discretion. Any such modification in respect of a certain Client or Investor
will not entitle any other Client or Investor to the same or similar treatment.

Management Fees
As investment adviser to the Private Vehicles, as further described in each Private Vehicle’s Governing
Documents, Norland receives a management fee (the “Management Fee”) generally equal to an annual
rate of 2.0% of Commitments, charged annually in advance (and pro-rated for any period that is less than
a full fiscal year) and paid directly from the applicable Private Vehicle’s assets, current income and
disposition proceeds received by each Private Vehicle and, to the extent necessary, from drawdowns
from Investors.

Norland may reduce, waive or calculate differently the Management Fee for certain Investors, including
but not limited to, the Principal, the General Partner and Norland and any other director or officer of
Norland or the General Partner; any member of the immediate family of any such person; and any trust
or other entity established for the benefit of any such person that invests directly or indirectly in the
Private Vehicles (collectively, the “Affiliated Partners”).

Other Fees and Expenses

Each Private Vehicle bears its own expenses, including investment expenses (e.g., expenses that, in the
General Partner's or Norland’s, discretion, are related to the investment of the Private Vehicle’s assets,
whether or not such investments of the Private Vehicle’s assets are consummated, such expenses relating
to acquiring, financing, holding, monitoring and disposing of Investments, due diligence costs, broken deal
expenses, brokerage commissions, expenses relating to short sales, clearing and settlement charges,
custodial fees, bank service fees and interest expenses); Management Fee; third-party professional fees
(including expenses of consultants, investment bankers, attorneys, accountants and other experts) relating
to investments of the Private Vehicle; research expenses; administrative expenses (including fees and
expenses of an administrator); external legal expenses; external accounting and valuation expenses
(including the cost of accounting software packages); third-party audit and tax preparation expenses; costs
related to errors and omissions insurance for the General Partner and Norland; costs of printing and
mailing reports and notices; any taxes; corporate licensing; regulatory expenses (including filing fees);
organizational expenses; expenses incurred in connection with the offering and sale of the interests in the
Private Vehicle and other similar expenses related to the Private Vehicle; indemnification expenses; and
extraordinary expenses.

Each Private Vehicle’s actual annual operating expenses will be disclosed in each Private Vehicle’s year-
end audited financial statements, which are provided to each Investor in the Private Vehicles upon request.

 Norland Capital LP                                                           Form ADV Part 2A

Portfolio Investment Fees

As more fully described in the applicable Governing Documents for each Private Vehicle, Norland, the
General Partner and/or the partners, members, officers, directors or employees of any of them may
receive fees in connection with a Portfolio Investment including break-up fees, directors' fees, consulting
fees, advisory fees (other than the Management Fee), investment banking fees, closing and transaction fees
and other similar fees (“Portfolio Investment Fees”).

The types of fees that constitute Portfolio Investment Fees may vary amongst the Private Vehicles and
from investment to investment. Portfolio Investment Fees may be accelerated and payable upon partial
or complete disposition, exit or initial public offering of an asset. A portion of certain of these Portfolio
Investment Fees may be applied to reduce all or a portion of the Management Fees payable by a Private
Vehicle, in each case, in accordance with the applicable Governing Documents.

Norland Expenses

Norland will be responsible for all ordinary administrative and overhead expenses incurred in connection
with maintaining and operating its investment advisory business, including employee and consultant
salaries, rent, utilities and equipment expenses.

Item 7: Types of Clients

Norland’s clients are the Private Vehicles described in Item 4 above