Acansa Investment Management Group LLC

Item 5 – Fees and Compensation
5. A. Adviser Compensation
Fee Structure for Accounts
Acansa’s fees for Managed Account advisory services (the “Account Fees”) typically consist of
two components: (i) an asset‐based fee (the “Management Fee”); and (ii) incentive compensation
(the “Incentive Allocation” or “Incentive Fee”). For a description of the Incentive Fee
arrangement, please see Item 6 – Performance‐Based Fees and Side‐By‐Side Management. The
current Management Fee schedule for Accounts range up to 0.55% of the Client’s net assets
under management (including amounts invested directly by Acansa). The fees may be subject
to: (a) a fixed dollar minimum, and (b) a schedule with different and/or lower fees
at varying asset levels or based on Client specific circumstances. Account Fee structures are set
forth in an applicable IMA. They are determined on a case-by-case basis by mutual agreement
of Client and Acansa. Different Clients may have different Management Fee and/or Incentive
Fee obligations, based on multiple factors, including, but not limited to, the size of the Managed
Account, complexity of the portfolio, the investment objectives that may be set forth in the
Client’s Investment Policy Statement or elsewhere, and the types and scope of advisory services
delivered to the Client as described in the applicable IMA. Acansa may also charge an

additional fixed monthly fee ranging up to $10,000 per month for additional customized
investment consulting and analysis services.

Management Fees are generally assessed monthly based on Client’s net assets under
management as of the close of the month. Fee schedules may change from time to
time. Acansa is permitted on a case-by-case basis to waive or reduce Management Fees or
Incentive Fees in its sole discretion. Any such changes will be reflected in the IMA. Typically,
all securities held in accounts managed by Acansa will be independently valued by the
Custodian. The Adviser will conduct periodic reviews of the Custodian’s valuation to ensure
accurate billing.

Fees for portfolio analysis and consulting fees are also paid monthly, at the end of each month.

Termination of Managed Account Contracts
Managed Account IMAs generally are terminable by the Client upon not less
than ninety (90) days prior written notice. Except where such termination is “for cause”, as may
be defined by the relevant IMA, the Client generally shall be responsible for payment of (i)
accrued Management Fees as of the date of termination and (ii) Incentive
Fees, and (iii) Reimbursable Expenses assessed as though the date of termination was the end of
the calculation period. Generally, Acansa is permitted to terminate an IMA as of the end of any
calendar month, upon at least ninety (90) days’ prior written notice to the Client. When an IMA
is terminated by Acansa, the Client is responsible for pro‐rata Management Fees, Reimbursable
Expenses, and Incentive Fees, as of the date of termination. If termination of an IMA by a
Client is “for cause”, no Management Fees are due and payable beyond the termination date;
however, Reimbursable Expenses and Incentive Fees are assessed as though the termination date
was the end of the calculation period.

5. B. Payment of Fees
Acansa generally calculates Management Fees on a monthly basis, and the calculation is based
on the Client Account’s month‐end net asset value. With Client authorization, unless other
arrangements are made, fees are normally debited directly from the Client’s account, either
by Acansa or through the applicable investment custodian at Acansa’s direction, as the case may
be.

For a description of the Incentive Fee arrangement, please see Item 6 – Performance‐ Based Fees
and Side‐By‐Side Management.

5. C. Other Fees and Expenses
Clients typically are responsible for the reimbursement or payment of certain costs including, but
not limited to: custodial charges; brokerage fees or commissions and related costs (including
outsourced trading costs); taxes, duties and other governmental charges; transfer and registration
fees or similar expenses; costs and charges associated with foreign exchange transactions; fees
and expenses incurred in connection with third party legal, tax, accounting and background
check fees); interest on borrowed money or other borrowings (and fees relating to such
borrowings); due diligence costs and related administration fees (including travel), as well
as fees for ancillary services and other directly related portfolio expenses, (collectively,

the “Reimbursable Expenses”). The IMA sets forth the detail on the scope and terms of
a Client’s obligation to pay Reimbursable Expenses.

Please see Item 12 below, which discusses Acansa’s brokerage practices.
Because Acansa generally invests an Account’s assets through Managers (generally, either
directly or through a pooled investment vehicle or separately managed account structure
managed by such Manager), Clients indirectly bear all or a pro rata share of any management
and incentive fees charged by such Third‐Party Managers (as well as any other expenses
associated with such investments). Consequently, the portion of an Account’s assets invested
with such a Manager is subject to the Account Fees payable to Acansa in addition to the fees
payable to Managers. The Account Fees are not reduced by the fees paid to the Managers. Such
fees and expenses, as well as any withholding taxes payable and required to be withheld by
issuers, their agents or others will reduce the assets held in (and the income, cash, and/or net
return experienced by) relevant Accounts.

5. D. Advance Payment of Fees
Acansa’s Management Fees for any month (the “current month”) are calculated based on
monthly end account value at the Managed Account level, and typically are invoiced in the
month after the then current month.

Item 7 – Types of Clients
As previously noted, Acansa’s Clients are foundations, endowments, and other non-profit
institutions, as well as select mission-oriented private organizations and family office entities.
Currently, the minimum investment for a Managed Account is approximately $50 million. In
certain cases, in its sole discretion, Acansa will waive and/or reduce such stated investment
minimums.