Northland Securities Inc

ITEM 5 – FEES AND COMPENSATION

Fee Schedule and Billing

We provide Advisory Research Services for a fee. Research Advisory Services has no set fee schedule. Fees for
such services are determined on a negotiated basis and invoiced in arrears. Fees are due upon receipt. Neither
Northland nor any institutional investor, incur any obligation to any broker-dealer to pay for research by
generating trading commissions. All Research Advisory Services fees paid are exclusively for those services.

Types of Clients

Research Advisory Services are provided to institutional clients only.
Institutional investors as defined by FINRA 4512(c), "institutional account" shall mean the account of:
        1. a bank, savings and loan association, insurance company or registered investment company.

        2. an investment adviser registered either with the SEC under Section 203 of the Investment Advisers
           Act or with a state securities commission); or

        3. any other person (whether a natural person, corporation, partnership, trust or otherwise) with total
           assets of at least $50 million.