Alternative Investment Advisors LLC

ITEM 5: FEES & COMPENSATION

Advisory Services Fees & Compensation
AIA’s advisory clients agree to pay an asset-based Advisory Fee calculated according to the schedules indicated herein.

Fee Negotiation Availability
Under certain circumstances, all Advisory Fees are negotiable up to the maximum annual rates listed herein, subject to
limitations and AIA approval. The Adviser, in its sole discretion, can charge lesser fees or choose to reduce or waive minimum
fees for services based upon specific criteria such as pre-existing client relationships, the number of related investment
accounts, inception date, total account assets under management, expected additional assets, anticipated future earning
capacity, account composition, referrals of other prospective clients, and client negotiations, among others. The Adviser may,
at its discretion, aggregate related client accounts to meet minimum account size requirements and determine fees.

At AIA’s discretion, certain employee accounts or those of members of a client's family or otherwise can be assessed fees based
on the total balance of all accounts. Waivers, discounts, or more favorable terms not generally available to other clients may
be offered to family members and friends of employees and affiliates.

While AIA seeks to facilitate advantageous agreements for clients, to the extent that advisory fees are negotiable, some clients
can pay higher (more) or lower (less) fees than other clients for services if they had contracted directly with another provider.
According to the selected advisory services, the final fee structures will be reflected in each client's written Agreement. Lower
fees for comparable services can sometimes be available from other sources.

In all cases, clients are responsible for any tax liabilities arising from transactions.

       Regardless of fee negotiation availability, a client will not be required to prepay an AIA Advisory Fee in excess of
                                           $1,200 more than six months in advance.

Fee Schedule
The following section describes the fees AIA charges for its advisory services, fee calculation methodology, and billing
practices. It also provides other important considerations for clients regarding our fees and compensation.

Separately Managed Account Program Services Fees
Fee Calculation
Under its Separate Managed Account Program Services, AIA charges each Traditional Program client an annual asset-based
Advisory Fee generally ranging from .25% to 2.50% of the account value, including any portion of such account(s) managed by
a referred third-party adviser, as may be agreed on a case-by-case basis, billed quarterly, in advance, at the beginning of each
calendar quarter based upon the value (market value - or fair market value in the absence of market value), of the client's
account(s) at the end of the previous quarter excluding the amount of any outstanding margin balances, pro-rated for partial
calendar quarters.

Valuation
If the last trading day of a calendar quarter or other period for which we calculate the Advisory Fees differs from the last day of
a custodian's reporting or statement period, AIA may value the account maintained by such custodian as of the close of the
custodian's reporting or statement period, as we shall select consistently for each custodian.

Assets under management include all U.S. securities, non-U.S. securities, cash, and other instruments in a client's account, as
AIA advises. AIA considers cash to be an asset class. Investment advisory strategies often involve moving to cash positions
for varying periods depending on market conditions. As a result, cash balances are included in the value of the assets under
our management that are the basis for charging our Advisory Fee unless otherwise noted in the client’s Agreement (i.e.,
outstanding margin balances).

Clients should understand that advisory fees apply to cash balances, which may exceed the yield earned on those balances
during certain interest‑rate environments.

To calculate an account's net asset balance, we deduct the amount of any outstanding margin balances from the account's total
gross asset balance, but do not deduct the amount of any outstanding non-purpose loan balances. Fees are calculated on a
per-account basis unless accounts are designated as part of a household, as AIA determines in its sole discretion. Advisory
Fees may be calculated based on the actual number of days in a calendar quarter or four even calendar quarters, as we elect
to apply consistently. (See Account Additions, Withdrawals & Terminations for additional information.)

If a custodian does not value the account or any asset, or if we determine a custodian's valuation of the account or an asset is
materially inaccurate, AIA will value the account or such asset in good faith to reflect its fair value. Money market accounts and
bank accounts, if any, shall be valued as of the valuation date. Unsettled transactions may be included in either the current or
the following period, as determined for the account maintained with each custodian consistently.

For alternative investment client account assets, the alternative investment managers and underlying vehicles are responsible
for providing the custodian with the assets' valuation in accordance with applicable laws.

For clients with assets maintained with more than one custodian (or in more than one of our Programs), we will typically calculate
the value of accounts and the Advisory Fees separately for each account and custodian, as we determine in our discretion;
however, in our sole discretion, we may also aggregate the values for purposes of achieving any discounts which may be
available. The valuation method and periods used to value the account and calculate the Advisory Fees will be applied
consistently for each custodian. Still, they may differ from the valuation method and periods used to value the account or
...

Types of Clients
AIA provides investment advisory services to the following types of clients:

    •    Individuals, including high-net-worth individuals.
    •    Institutional clients, including pension & profit-sharing plans.
    •    Trusts, estates & charitable organizations.
    •    Partnerships, corporations & other business entities.

Minimum Investment
The minimum account size for Separately Managed Account Program Services (the “Traditional Program”) and ERISA,
Retirement & Employee Benefit Plan Services clients is $25,000. At their sole discretion, IARs may negotiate to waive stated
account minimums or charge a lesser management fee based on specific criteria. (See Item 5 - Fees & Compensation, Fee
Negotiation Availability for additional details.)

The minimum account size for Third-Party Management Referral Services clients will vary according to each referred
manager’s separate disclosure brochures and Investment Management agreement. (Note: In selecting a referred manager, the
client is responsible for understanding the account minimums, requirements, and fee agreement they are executing with the
referred manager.)

Clients do not need to establish an account or meet minimums to participate in Financial Planning & Consulting Services.

Educational Seminars & Workshop Services are provided free of charge.

Certain investment products can require annual minimum fees or asset levels for participation. There are no ongoing
contribution requirements for client accounts, although this practice is highly recommended for continuing savings, asset
allocation, and tax efficiency.

Before investing in such products, clients should thoroughly review disclosure materials or brochures and consult with their IAR
about the implications of such minimum requirements.