Putterman Dean Eliot

Fees and Compensation (Item 5)
  Description
    Crimson Management bases its fees strictly on a percentage of assets under
    management. There are no fixed fees, subscription fees, or commissions.

     Fees are negotiable.

     Each client signs a written Investment Management Agreement with Crimson
     Management that details the services to be provided and the fees to be charged.
     For investment management accounts, Crimson Management’s annual fees are
     based on a percentage of assets in the client’s account. Fees are charged
     quarterly in arrears based on the total market value of the account, including cash
     and outside investments, as of the last trading day of the preceding calendar
     quarter. Crimson Management’s typical annual fee for managing equity accounts
     is 0.9%, and its usual annual fee for managing fixed income assets is 0.7%.
     Under certain circumstances, Crimson Management negotiates fees for any of its
     services, and therefore fees will vary from client to client. Fees can be adjusted
     upon thirty days’ written notice to the client.

     Crimson Management, in its sole discretion, can waive its minimum fee and/or
     charge a lesser investment advisory fee based upon certain criteria.

  Fee Billing
     Investment management fees are billed quarterly, in arrears, meaning that clients
     are invoiced after the three-month billing period has ended. Payment in full is
     expected upon invoice presentation. Fees are usually deducted from a designated
     client account to facilitate billing. The client must consent in advance to direct
     debiting of their investment account.

  Other Fees
     Crimson Management’s fees do not include any brokerage commissions, custodial
     fees, bank fees, margin interest, national securities exchange fees, wire transfer
     fees or other costs or fees charged by the client’s broker or custodian.

     Additionally, money market funds, exchange traded funds, and mutual funds will
     charge the client for the funds’ internal fees and expenses. These fees and
     expenses are described in each fund’s prospectus. Crimson Management does
     not share in any of these internal fees and expenses. Please see Item 12 for
     additional information about brokerage.

  Past Due Accounts and Termination of Agreement
     Crimson Management does not charge fees for past due accounts but reserves
     the right to terminate any agreement at its discretion in the event of past due
     accounts.

Performance-Based Fees and Side-by-Side Management

Types of Clients (Item 7)
  Description
    Crimson Management generally provides investment advice to high net worth
    individuals and families. Client relationships vary in scope and length of service.

  Account Minimums
    The minimum account size is $2 million of assets under management and
    advisory.

     Crimson Management has the discretion to waive the account minimum.

Methods of Analysis, Investment Strategies and Risk of Loss