Northleaf Capital Advisors Ltd

Item 5. Fees and Compensation
When the Adviser is compensated for its services, it is in accordance with the Advisory Services Agreement
or Sub-Advisory Services Agreement with the applicable Northleaf Fund or Northleaf Canada and such
advisory fee is equal to the fair market value of the services provided, as determined by the parties from time
to time.

The Adviser is generally responsible for its own day-to-day ordinary administrative and overhead expenses,
including but not limited to all fees, costs and expenses on account of the compensation of employees
(including salaries, wages, bonuses and other employee benefits), rent, office equipment, computer
equipment and supplies.

Generally, the applicable Northleaf Fund will be responsible for reimbursing the Adviser for any costs and
expenses incurred by the Firm associated with the activities, investments and business of the Fund to the
extent that the Fund is responsible for such fees, costs and expenses pursuant to its Governing Documents.

Northleaf Capital Partners                                                                                   4

Item 7. Types of Clients
The Adviser provides investment advisory services to pooled investment vehicles and custom investment
mandates pursuant to investment advisory or sub-advisory agreements. As described in Item 4, these pooled
investment vehicles and custom investment mandates are typically structured as limited partnerships, with
Northleaf or one of its affiliates serving as manager and/or general partner.

The limited partners in a Northleaf Fund are generally sophisticated institutional investors including
corporate, public and multi-employer employee pension and benefit plans, endowments, foundations,
government agencies, financial institutions, family offices and high net worth individuals. Limited Partnership
interests are only offered to those investors satisfying applicable eligibility and suitability requirements for
private placement transactions in the U.S. or the relevant jurisdiction. Each Northleaf Fund typically has
minimum investment amounts as set forth in the Governing Documents. However, the general partner is
typically able to waive the minimum investment amount on a case-by-case basis.