Pinetree Advisors Corp

Item 5 Fees and Compensation
Portfolio Management Services
Our annual fee for portfolio management services is negotiable and, except as otherwise noted below
for certain small accounts, varies from 0.30% to 2.0% depending upon the market value of your assets
under our management, the type and complexity of the asset management services provided, as well
as the level of administration requested either directly or assumed by the client. Assets in each of your
account(s) are included in the fee assessment unless specifically identified in writing for exclusion.

For certain small non discretionary and discretionary accounts, Pinetree may impose a minimum fee
threshold of $500.00 per quarter (or a minimum fee threshold of $2,000 per year) and may negotiate a
flat fee. Flat fees are paid quarterly in arrears. For accounts valued at or below $66,666, we may
reduce our minimum fee to ensure it would not be considered excessive.

We charge our fees quarterly in arrears in most cases unless your account is held with LPL Financial,
in which case it will be charged quarterly in advance. Our fee is based on the value of your portfolio as
of the last day of the quarter (or in the case of accounts held with LPL Financial, the fee is based on
the value of the account as of the last day of the prior quarter).

If the portfolio management agreement is executed at any time other than the first day of a calendar
quarter, our fees will apply on a pro rata basis, which means that the advisory fee is payable in
proportion to the number of days in the quarter for which you are a client.

We will deduct our fee directly from your account through the qualified custodian holding your funds
and securities. We will deduct our advisory fee only when the following requirements are met:

    • You provide our firm with written authorization permitting the fees to be paid directly from your
      account held by the qualified custodian.
    • The qualified custodian agrees to send you a statement, at least quarterly, indicating all
      amounts disbursed from your account including the amount of the advisory fee paid directly to
      our firm.

We encourage you to reconcile the statement(s) you receive from the qualified custodian. If you find
any inconsistent information from the qualified custodian call our main office number located on the
cover page of this brochure.

You may terminate the portfolio management agreement upon 30 days written notice. You will incur a
pro rata charge for services rendered prior to the termination of the portfolio management agreement,
which means you will incur advisory fees only in proportion to the number of days in the quarter for
which you are a client. If you have pre-paid advisory fees that we have not yet earned, you will receive
a prorated refund of those fees.

Adviser to Private Fund
As previously noted, the Pinetree Alternative Credit Fund (the "Fund"), is currently in the process of
liquidation and no Pinetree clients are currently being solicited to invest in it, although previously
certain clients were solicited to, and did in fact, invest in the Fund. If you are an investor in the Fund
and would like more information regarding our fees and other costs associated with the Fund, please
contact us at the address and phone number listed on the cover page.

Sub-Advisory Services for Registered Investment Advisers
Fees and payment arrangements are negotiable and will vary on a case-by-case basis.

Financial Consulting
Where we have referred you to an unaffiliated third-party to assist you with establishment of a business
trust, corporate formation, business tax and succession planning, preparation of corporate financial
statements/balance sheets and similar services, we will charge you an annual flat fee of $500. This fee
will be included with the third party's invoice so you, as our client, only receive one bill. The third party
will then forward our fee to us after receiving your payment. We will not receive a share of the third
party's fee that they charge for their services.

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in
mutual funds and exchange traded funds. The fees that you pay to our firm for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds or exchange
traded funds (described in each fund's prospectus) to their shareholders. These fees will generally
include a management fee and other fund expenses. You will also incur transaction charges and/or
brokerage fees when purchasing or selling securities. These charges and fees are typically imposed by
the broker-dealer or custodian through whom your account transactions are executed. We do not
share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or
custodian. To fully understand the total cost you will incur, you should review all the fees charged by
mutual funds, exchange traded funds, our firm, and others. For information on our brokerage practices,
refer to the Brokerage Practices section of this brochure.

Compensation for the Sale of Securities or Other Investment Products
Persons providing investment advice on behalf of our firm are licensed as independent insurance
agents. These persons will earn commission-based compensation for selling insurance products,
including insurance products they sell to you. Insurance commissions earned by these persons are
separate and in addition to our advisory fees. This practice presents a conflict of interest because
persons providing investment advice on behalf of our firm who are insurance agents have an incentive
to recommend insurance products to you for the purpose of generating commissions rather than solely
based on your needs. You are under no obligation, contractually or otherwise, to purchase insurance
products through any person affiliated with our firm.
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Item 7 Types of Clients
We offer investment advisory services to individuals and high net worth individuals.

In general, we do not require a minimum dollar amount to open and maintain an advisory account;
however, we have the right to terminate your account if it falls below a minimum size which, in our sole
opinion, is too small to manage effectively.