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Operating Charges of the Firm

It’s me Shaoli .The Client agrees to pay and the Firm agrees to receive investment management fees, applicable taxes, and reimbursement of reasonable expenses, in accordance with the following terms:

a) Base Fee: The base fee is a fixed percentage rate applied to the Client Account assets under management. The base fee is set at an annualized 1%, applied on a monthly basis based upon the Client Account net liquidation value at the end of each period. It is payable in arrears within 10 days of the month end.

The net liquidation value is computed as follows at the end of each period:

b) Performance Fee: In addition to the base fee above, the Client will also pay the Firm a performance fee. The performance fee is a fixed percentage applied
to the investment performance of the Client Account. The performance fee is set at an annualized 20%, applied on a quarterly basis based upon the Client Account
mark-to-market P&L (Profit and Loss), positive or negative, at the end of each period. (Note that for the purpose of calculating performance fees, P&L on FX
(foreign exchange) trades is included solely on the dates at which the position is either opened or closed and excludes the effect of any exchange rate fluctuations
between those dates. On the open and close dates, P&L is calculated based upon the difference between the trade price and the end of day conversion rate.)
The performance fee is payable in arrears 10 days after the quarter end. If at the end of the billing period the accumulated fee calculation is negative,
no performance fee will be charged.

High Water Marking will apply with a look-back period of 24 quarters. High Water Marking keeps track of cumulative losses per billing period within the specified look-back period.
A loss in any period will be added to the look-back period’s cumulative losses. A gain in any period will decrease the cumulative loss recorded to date. For calculation purposes,
withdrawals will be prorated, such that withdrawals in the current period reduce any cumulative losses that are carried over from previous periods. The losses are reduced in
proportion to the percentage of equity that was withdrawn. (Note that current period losses are not adjusted by current period withdrawals, gains are not prorated and deposits are not used to prorate losses.)

c) In the event that the Agreement is terminated prior to a month or quarter end, the Client agrees to pay the Firm any fees owing in that period prorated to the effective date of termination. It is payable in arrears within 10 days of the effective date of termination;

d) Taxes: Fees are subject to Goods and Services/Harmonized Sales Tax (GST/HST) and any other taxes including Provincial Sales Tax (PST) which are or may become applicable; and

e) Reimbursement of Reasonable Expenses: In the event that additional expenses (such as out-of-pocket expenses or unique possible expenses, none of which are currently expected)
are incurred by the Firm in providing the Services, the Firm shall notify the Client and, upon receiving an express consent from the Client, the Client will be required to reimburse the Firm for all such expenses.
The Client consent will be in writing, with the reimbursement payable within 10 days.

For the purpose of calculating the operating charges, the value of all foreign assets will be converted to Canadian dollars.

Deduction of Operating Charges of the Firm from the Client Account

The Custodian is authorized by the Client to compute and automatically debit the specified operating charges from the Client Account to pay the Firm, unless otherwise specified by the Client.
If the Custodian is unable to make the debits, then the Client further agrees to being billed directly by the Firm. In the event that the Client consents to reimburse additional expenses to the Firm,
this will be specified in writing and the Client may further authorize the Custodian to debit the Client Account accordingly.

Amendments to the Operating Charges Schedule

The Firm may amend this operating charges schedule upon providing written notice of the revised fees or new or increased operating charges at least 60 days before the date on which the imposition or increase becomes effective.

Again Shaoli I (the “Client”) have appointed Authentic Asset Management Inc. (the “Firm”) as the discretionary portfolio manager of the assets held in the custodial account (“Client Account”) that I have established with you, Interactive Brokers Canada Inc.
(the “Custodian”).

The Client agrees to pay the Firm operating charges according to the Operating Charges Schedule.

This Custodian Direction authorizes the Custodian to compute and automatically debit the specified operating charges from the Client Account to pay the Firm, unless otherwise specified by the Client. If the Custodian is unable to make the debits,
then the Client further agrees to being billed directly by the Firm. In the event that the Client consents to reimburse additional expenses to the Firm,
this will be specified in writing and the Client may further authorize the Custodian to debit the Client Account accordingly.

I acknowledge that the Custodian will debit the Client Account for this purpose typically within 10 days of the end of each billing period.

I (the “Client”) have appointed Authentic Asset Management Inc. (the “Firm”) as the discretionary portfolio manager of the assets held in the custodial account (“Client Account”) that I have established with you, Interactive Brokers Canada Inc.
(the “Custodian”).

The Client agrees to pay the Firm operating charges according to the Operating Charges Schedule.

This Custodian Direction authorizes the Custodian to compute and automatically debit the specified operating charges from the Client Account to pay the Firm, unless otherwise specified by the Client. If the Custodian is unable to make the debits,
then the Client further agrees to being billed directly by the Firm. In the event that the Client consents to reimburse additional expenses to the Firm,
this will be specified in writing and the Client may further authorize the Custodian to debit the Client Account accordingly.

I acknowledge that the Custodian will debit the Client Account for this purpose typically within 10 days of the end of each billing period.

The client:
Per:
Name:
Title:
Date:
Signature: