Northavenue LLC

Item 5. Fees and Compensation
Inclusive Engagements
NorthAvenue charges a fixed fee for its Inclusive Engagements. The Firm generally charges an annual
fixed fee between $3,600 to $70,000 (“Renewal Fee”). The fee is based upon the scope and complexity
of the services. The fees are charged on a quarterly basis in advance. The fee for the initial quarter of
service pursuant to an Inclusive Engagement is payable upon execution of the Advisory Agreement. In
the event that the agreement’s first renewal term begins on a date other than the start date of a
calendar quarter, NorthAvenue will prorate the first quarter of the client’s renewal term fee to align
the client’s billing with a quarterly calendar billing cycle. In the event the Agreement is terminated,
any unearned fee is refunded to the client based on the effective date of termination.

Direct Fee Debit

Inclusive Engagement clients may provide NorthAvenue with the authority to directly debit their
accounts for payment of the investment management fees. The Financial Institutions that act as
qualified custodians for client accounts, from which the Firm retains the authority to directly deduct
fees, have agreed to send statements to clients not less than quarterly detailing all account
transactions, including any amounts paid to NorthAvenue. Alternatively, Inclusive Engagement clients
may elect to have NorthAvenue send a separate invoice for direct payment.

Independent Manager Fee

Clients do not pay fees to Asset Dedication. The NorthAvenue fee encompasses Asset Dedication’s fee
for the services provided to clients’ accounts. Clients do not pay brokerage commissions or any other
fees to Asset Dedication. The NorthAvenue arrangement with Asset Dedication is that when the amount
of assets that NorthAvenue places with Asset Dedication reaches a certain level, fees charged to
NorthAvenue on every dollar placed with Asset Dedication above that level are reduced. This fee
arrangement gives NorthAvenue an incentive to recommend or require that its clients place their
accounts with Asset Dedication. NorthAvenue will only use Asset Dedication’s services when in the best
interest of the client. You can see additional information regarding our arrangement with Asset
Dedication in Item 10 of this brochure.

Additions and Withdrawals

Inclusive Engagement clients can make additions to and withdrawals from their account at any time,
subject to the NorthAvenue right to terminate services. Clients can withdraw account assets from
accounts for which NorthAvenue provides advice, subject to the usual and customary securities
settlement procedures. However, the Firm designs its portfolios as long-term investments, and the
withdrawal of assets may impair the achievement of a client’s investment objectives. NorthAvenue
may consult with its clients about the options and implications of transferring securities. Clients are
advised that when transferred securities are liquidated, they may be subject to transaction fees, short-
term redemption fees, fees assessed at the mutual fund level (e.g., contingent deferred sales charges)
and/or tax ramifications.

Additional Fees

In addition to the advisory fees paid to NorthAvenue, Inclusive Engagement clients also incur certain
charges imposed by other third parties, such as broker-dealers, custodians, trust companies, banks,

                            Supplement to the Brochure of NorthAvenue LLC

and other financial institutions (collectively “Financial Institutions”). These additional charges to third
parties include securities brokerage commissions, transaction fees, custodial fees, charges imposed
directly by a mutual fund or ETF in a client’s account, as disclosed in the fund’s prospectus (e.g., fund
management fees and other fund expenses), deferred sales charges, odd-lot differentials, transfer
taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and
securities transactions. The Firm’s brokerage practices are described at length in Item 12, below.

Fee Discretion
NorthAvenue may, in its sole discretion, charge a lesser fee than those fees described above based
upon certain criteria, such as anticipated future earning capacity, anticipated future additional assets,
dollar amount of assets to be managed, related accounts, account composition, pre-existing/legacy
client relationship, account retention and pro bono activities.

Prepayment of Fees
The Firm does not take receipt of $1200 or more in prepaid fees in excess of six months in advance of
services rendered.

Item 7. Types of Clients
NorthAvenue offers services to individuals and trusts.

Minimum Account Requirements
NorthAvenue does not impose a stated minimum fee or minimum portfolio value for starting and
maintaining Inclusive Engagements.