YCG LLC

Item 5 – Fees and Compensation

Compensation for our advisory and investment management services is based on a percentage of assets under
management. The minimum account size for our Separate Account Clients is typically $1,000,000. For accounts that
are less than $1,000,000, please contact us so that we can discuss the options available to you. The minimum account
size for our Institutional Clients is typically $20,000,000. We do not charge performance-based fees and we do not
charge hourly or flat fees. Our fee schedule is progressive. Our standard fee schedule relating to our different account
strategies is as follows:

          Assets under Management                     Annual Fee (% of assets)

                                                           SMA Clients
                                                       Concentrated Strategy
          From $0 to $4,999,999                   1.25%

           Then $5,000,000 to $9,999,999          1.00%

          Then $10,000,000 and above              0.75%

          Assets under Management                     Annual Fee (% of assets)

                                                        Institutional Clients
                                                       Concentrated Strategy
          From $0 to $20,000,000                  0.75%

           Next $10,000,000                       0.65%

          Next $20,000,000                        0.55%

          Over $50,000,000                        0.50%

At our sole discretion, we may negotiate fees with clients on a case-by-case basis. Accordingly, it is important to note
that fees for the same or similar services may vary from client to client. To the extent that fees are negotiable, some
clients may pay more or less than other clients for the same asset management services, depending for example, on
the account inception date, number of related accounts, total assets to be managed, and the investment strategy chosen
by the client. Another example is that many clients are being charged management fees based on older fee schedules
which were available to them when they began their account relationships with YCG®. In many cases, these fees will
be different from the fee schedule that is currently available for the same or similar services.

We typically bill our fees on a calendar quarter basis, three months in arrears. Fees will be based on account asset
values as of the last business day at the end of the calendar quarter (for example: March 31, June 30, September 30,
and December 31). Management fees are generally deducted directly from the client’s account, which is executed by
the client’s third-party custodian under our direction per the terms agreed upon the client advisory contract signed at
the beginning of the relationship. Accounts that begin partway through a quarter will be charged on a prorated basis
from the first day that we have discretion over the account through the end of the last business day of the calendar

quarter end. Certain clients have us send invoices to them, and they effect payment, either directly or through their
custodians.

Important: Clients are hereby put on notice that the custodian will not verify our fee calculation and that it is the
client’s responsibility to review their custodian statements to ensure that fees were calculated accurately. Upon request,
we will also furnish clients with a billing invoice to show exactly how fees were calculated for the quarter.

We and our clients may terminate the investment relationship upon 30-days written notice. In the event of such
termination, the client agrees to pay any fees that have been earned by YCG® prior to the date of our receiving the
termination letter. Such termination shall be without penalty fees however the client’s independent third-party
custodian may impose withdrawal or distribution fees as described in their own policy and disclosure statements.

Clients may make deposits and withdrawals to the account at any time. Management fees are calculated on a prorated
basis where fund withdrawals or deposits that affect the billing invoice by more than $10.00 are taken into
consideration. No fee adjustments will be made for account appreciation or depreciation within a billing period.

Brokerage and custodian fees are not included in our fee schedule. As such, clients will be charged separately by the
custodian or broker. Our fees are exclusive of brokerage commissions, transaction fees, bank fees, margin interest,
national securities exchange fees and other related costs and expenses which shall be incurred by the Client. Clients
may incur certain charges imposed by custodians, brokers, exchange traded funds, or mutual funds. The factors that
we consider in selecting or recommending broker-dealers for client transactions and determining the reasonableness
of their compensation (e.g. commissions) is explained in this Brochure in Item 12 - Brokerage Practices.

None of our Principals or Supervised Persons receives any compensation for the sale of securities or other investment
products, including asset-based sales charges or service fees from the sale of mutual funds.

Our clients do not pay management fees in advance.

Related Conflicts:

Fiduciary Status under ERISA. When we provide investment advice to you regarding your retirement plan account or
individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income
Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way
we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act
in your best interest and not put our interests ahead of yours. Under this special rule's provisions, we must:

       • Meet a professional standard of care when making investment recommendations (give prudent advice);
...

Item 7 – Types of Clients

We offer discretionary investment management services to separately managed accounts for individuals, investment
advisers, trusts, and other institutions and also provide advisory services to open-end investment management
companies (mutual funds). We generally require a minimum account size of $1,000,000 for our Separate Account
Clients, and $20 million for Institutional Clients. However, we have discretion to waive the account minimum. Our
mutual fund clients have investment minimums as set forth in their respective prospectuses.

Termination provisions for advisory contracts for separately managed accounts are subject to negotiation but generally
may be terminated at any time without penalty either by the Client or YCG® upon 30 days written notice to the other
party.