Alera Investment Advisors LLC

Item 5 – Fees and Compensation
The following paragraphs detail the fee structure and compensation methodology for services provided by
AIA. Each Client shall enter into one or more agreements that detail the responsibilities of AIA and the
Client.

    A. Fees for Advisory Services
Investment Advisory Services
Internal Investment Management – When a Client chooses this option, investment advisory fees are paid
quarterly, in advance of each calendar quarter, pursuant to the terms of the investment advisory agreement.
Investment advisory fees are based on the market value of assets under management at the end of the
prior quarter. Investment advisory fees range typically from 0.25% to 1.50% annually depending on the
level of assets to be managed, the investment strategy(ies) to be employed, the investment programs
utilized, and/or the complexity of services to be provided.

The investment advisory fee in the first quarter of service is prorated from the inception date of the
account(s) to the end of the first quarter. Fees may be negotiable at the sole discretion of AIA. Certain
Clients may have a fixed annual fee, fixed rate fee, or a fee schedule that differs from above. The Client’s
fees will take into consideration the aggregate assets under management with AIA. Fees are typically
offered through a tiered schedule where the annual rate is reduced as the Client crosses asset thresholds.
All securities held in accounts managed by AIA will be independently valued by the Custodian. AIA will not
have the authority or responsibility to value portfolio securities.

When choosing AIA’s Internal Investment Management, securities brokerage transaction fees charged by
the Custodian are included in the investment advisory fee as outlined in our Form ADV Part 2A Appendix
1 – Wrap Fee Program Brochure.

TAG’s Investment Management Platform – When a Client chooses this option, the annual investment
advisory fees are based on the amount of assets under TAG’s management. The fee is prorated and
charged quarterly in arrears, pursuant to the terms of the investment advisory agreement. Investment
advisory fees are based upon the market value of the average daily account balance during the billing

                                         Alera Investment Advisors, LLC
                              Three Parkway North, Suite 500, Deerfield, IL 60015-2567
                                      Phone: (847) 457-3000 | (847) 457-3100
                                        http://AleraInvestmentAdvisors.com

period as determined by a party independent from TAG and AIA. When using Independent Managers, TAG
will generally follow the Independent Manager’s billing procedures as disclosed to the Client.

Investment advisory fees can be up to 175 basis points, or 1.75%, depending upon the size and composition
of a client’s portfolio, the type and amount of services rendered, and the individual providing the service.
This fee is comprised of an Advisor Fee that is payable to AIA and a Platform Fee that is payable to TAG
for the services rendered by each.

Since the asset-based fee is determined by average daily account balance, if assets are deposited or
withdrawn from an account or the agreement is terminated after the inception of a quarter, the base fee
payable with respect to such assets is adjusted accordingly.

Additional information regarding fees charged by TAG for specific investment programs within the platform
can be found in their Form ADV Part 2A.

AIA and TAG are affiliates under common control of Alera Group, Inc., and certain Supervised Persons of
AIA and TAG are shareholders of Alera Group. AIA does not receive any additional compensation from
TAG when a Client chooses TAG’s investment platform. While this mitigates the conflict, an additional
conflict exists, as the parent and certain Supervised Persons will benefit economically when clients choose
TAG. This may incentivize certain Supervised Persons to recommend this option to Clients. Additional
information can be found in Item 10 – Other Financial Industry Activities and Affiliations.

Use of Margin - A margin account is an account where Clients may borrow funds for the purpose of
purchasing additional securities. Clients may also use a margin account to borrow money to pay for fees
associated with the account or to withdraw funds. If the Client decides to open a margin account,
consideration should be given to the following: (i) if cash is not available in the account and margin is being
used, the Client will be borrowing money to purchase securities, pay for fees associated with the account
or withdraw funds; and (ii) the Client is using securities held in the margin account as collateral. Money
borrowed in a margin account is charged an interest rate determined by the Custodian, which will result in
the Client paying margin interest in addition to other fees associated with the account.

AIA has a conflict of interest when recommending that Clients purchase or sell securities using borrowed
money. This conflict occurs because the advisory fee is based on the total market value of the securities in
the account. If the Client has a margin debit balance (in other words the Client has borrowed and owes
money to the Custodian), the margin debit balance does not reduce the total market value of the Account.
In fact, since the Client has borrowed money to purchase additional shares, the total market value of the
account will be higher, which results in a higher advisory fee. Clients should carefully review the margin
disclosure document for additional risks involved in opening a margin account.

Use of Independent Managers – As noted in Item 4, the Advisor may implement all or a portion of certain
Client’s investment portfolio utilizing one or more Independent Managers. To eliminate any conflict of
interest, the Advisor does not earn any compensation from an Independent Manager. The Advisor will only
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Item 7 – Types of Clients
AIA offers investment advisory services to individuals, high net worth individuals, families, trusts, estates,
businesses, and retirement plans. The amount of each type of Client is available on the Advisor's Form
ADV Part 1A. These amounts will change over time and are updated at least annually by the Advisor. There
is a minimum account size of $5,000 for establishing a relationship with AIA, however services available
will differ from those available to higher net worth clients.