Sugar Maple Asset Management LLC

Item 5 Fees and Compensation

Listed below is the Adviser’s current fee schedule.

Discretionary Investment Management Fees.
All fully managed discretionary accounts shall be subject to a base fee of $50 per account in addition to a
market value fee.

The market value fee portion will follow the fee schedule below based upon the market value of assets in
the account.
                                  Account Market Value Market Value Fee
                                            $0 to $500,000 1.00%
                                      next $500,001 - $1,000,000 0.80%
                                     next $1,000,001 - $3,000,000 0.70%
                                    next $3,000,001 - $10,000,000 0.65%
                                        Over $10,000,000 negotiable

Additionally, if the client’s assets are held in an irrevocable trust, the Adviser, in its sole discretion, can
charge an additional investment management fee of up to 0.40% (annualized) of the market value of the
account.

Sugar Maple Asset Management stock portfolio includes an additional 0.25% fee for that account only.

Investment management fees paid to the Adviser are for the Adviser’s advisory services only. The fees do
not include, for example, the fees charged by third parties such as Sub-Advisors. Commissions on brokerage
transactions and other account fees, if any, will also be charged by brokerage firms/Custodians in
accordance with the firm’s normal commission schedule. In addition, each mutual fund, ETF or other
collective investment vehicle in which a client’s assets are invested also pays its own advisory fees and
other internal expenses which already have been deducted from the fund’s reported performance.
Depending on the fund, a client can invest directly in the shares issued by the fund with or without incurring
any sales or third-party management fees. The Adviser also can pass along fees related to overnighting
checks to clients.

The Adviser’s investment management fees are payable quarterly in arrears. The annual rate listed above is
applied to quarter-end account balances then divided by 4. Each quarterly fee will be deducted directly from
your account unless other arrangements are made in advance. The Adviser will combine the market value of
related accounts for fee calculation purposes, except in situations where accounts within a household are
charged a different fee rate.

Sugar Maple Asset Management Individual Stock Portfolio From time-to-time, some clients seek active
individual stock portfolio management. To address this need, the adviser manages an individual stock
portfolio of between, generally 15-25 holdings. If this type of account is established for a client, a separate
account will be opened with the custodian and an additional 0.25% will be charged, per year, on a quarterly
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basis, to help cover expenses associated with management of this portfolio.

Retirement Plan Services Fees. Our fees for non-discretionary Retirement Plan Services are 0.50% of the
market value of the assets in each Plan, payable quarterly in arrears. Each quarterly fee will be billed to the
Plan directly (such fees will not be automatically deducted from Plan assets).

Financial Planning and Consulting Fees. The Adviser’s fee for financial planning and consulting services
with respect to non-managed portfolios is based on either an hourly rate (ranging from $50 to $250 per
hour, depending upon staff involvement) or a flat fee which varies depending on the complexity of the
requested services. An estimate of the fee for these services will be provided upon request.

Relationship Management Fees. The Adviser will charge a fee of $4,000, annually in order to maintain and
manage relationships with its customers. This fee may be waived at the firm’s discretion.

Other Fees and Expenses for the Private Fund. In addition to the fees stated above, there are additional
fees borne by clients as investors in the Fund such as auditor fees, regulatory and legal expenses (including
brokerage fees), and government filing fees. The Fund also bears the cost of certain organizational,
administrative, offering, and other expenses as set forth in the offering documents.

Item 7 Types of Clients

The Adviser provides investment advice to individuals, high net worth individuals, pension and defined
contribution plans, private funds, trusts, estates, charitable/non-profit entities, corporations and other
business entities. Because we receive a performance allocation based on the capital appreciation of capital
accounts, we comply with the requirements of SEC Rule 205-3(17 Code of Federal Regulations & 275.205-
3), which prohibits the use of such fees unless the client is a “qualified client”. In general, a qualified client
may include:

   1. A natural person or company who at the time of entering into such agreement has at least $1,100,000
   under the management of the investment adviser;

   2. A natural person or company who the adviser reasonably believes at the time of entering into the
   contract:

        a. has a net worth of jointly with his or her spouse of more than $2,200,000 or

        b. is a qualified purchaser as defined in the Investment Company Act of 1940, 2(a)(51)(A)(15U.S.C.
        80a-2(51)(A)); or

   3. A natural person who at the time of entering into the contract is:

        a. An executive officer, director, trustee, general partner, or person serving in the similar capacity of
        the investment adviser;

        b. An employee of the investment adviser (other than an employee performing solely clerical,
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        secretarial, or administrative functions with regard to the investment adviser), who in connection
        with his or her regular functions or duties, participates in the investment activities of such
        investment adviser, provided that such employee has been performing such functions and duties for
        or on behalf of the investment adviser, or substantially similar functions or duties for or on behalf of
        another company for at least 12 months.

Although the Adviser does not generally impose a minimum relationship size for providing its services, the
Adviser’s Investment Managers may negotiate a minimum fee for all services, as described in Item 5.