True North Advisors LLC

Item 5 Fees and Compensation
Advisory Fee

For its investment management services, True North charges a fee ranging from 0.25% to 1.50% of
assets under management. The advisory fee may vary from client to client.

Clients authorize the deduction of fees from an account maintained by the custodian unless alternative
arrangements are approved. At the relationship onset, the fee is calculated proportionately with respect
to the number of days remaining in the quarter and based on the market value of the portfolio as of the
effective date of the Investment Management Agreement. The initial advisory fee is payable when the
portfolio is established, prorated for the first partial quarter, if any. Thereafter, the advisory fee will be
billed quarterly in advance or arrears, on the first day of each calendar quarter based on the market
value of the portfolio on the last business day of the preceding calendar quarter. True North also
maintains a system to track individual client cash flows in excess of $50,000.

Each quarter, client accounts are billed or credited an advisory fee based on the capital flow in or out
of their account. Agreements may be terminated by giving thirty (30) days' written notice to True North,
and clients will receive a pro-rata portion of the prepaid fee based on the days remaining in the
applicable quarter.

Under certain circumstances, such as for clients who have multiple family members' portfolios under
True North's management, True North may collectively apply the family members' assets to its fee
schedule, resulting in a reduced assets-under-management fee. Therefore, the advisory fee may vary
from client to client.

Additional fees or expenses clients may pay include:

Manager Fee

True North clients with a separately managed account ("SMA") enter a manager fee arrangement with
the SMA administrator. Under this arrangement, one fee is collected to cover the platform fee and the
manager fee. This fee is in addition to the True North advisory fee. Before entering this program,
clients should consult the administrator's Form ADV Part 2, including Schedule H Brochure, for
disclosure concerning the program and fee.

Clearing Fee

A clearing fee is typically debited from the client's account directly by the custodian to facilitate trading
and provide administrative reporting to the IRS. True North's advisory fee does not include any bank
fees, margin interest, national securities exchange fees, wire transfer fees or other costs or fees
associated with securities transactions.

Fund Expenses

Clients' funds awaiting investment may be placed in a money market fund; True North's fee does not
include any internal fee or expense of any money market fund. Portfolios with funds invested in mutual
funds will bear a proportionate share of the fund's fee and expenses. True North does not share in any
portion of the transaction charges imposed by the custodian holding the client funds or securities.

Private Pooled Investment Vehicles Fee

Fees and expenses charged to or by the Funds are set forth in each Fund's private placement
memorandum or limited partnership agreement.

Consulting Fee

If the True North and the client agree that True North is to provide more detailed consulting services to
the client beyond the scope of services included in the Investment Management Agreement, True
North may charge an additional consulting fee for the consulting service. The type and amount of any
fee charged for consulting services is negotiable and is generally based on the complexity of the work
involved. Any agreement for a separate fee will be contained in an additional agreement between the
client and True North.

Additional information regarding consulting fees is contained in the Proposal, Investment Management
Agreement and any supplemental consulting agreement between the client and True North. True North
believes its fees are fair and justified, and that they are competitive with other providers of comparable
services.

Item 7 Types of Clients
True North provides services to very high net worth and ultra high net worth individuals; corporate
pension and profit-sharing plans; trusts, estates and charitable organizations including foundations and
endowments, corporations and other business entities.

While True North does not impose a minimum account size, we prefer to accept only portfolios
containing at least $5,000,000 at the time of initial investment. Under certain circumstances, including,
but not limited to, portfolios of existing clients' family members, True North may accept portfolios below
its preferred minimum portfolio size.