Banyan Global Investment Advisors LLC

Item 5: Fees and Compensation
We do not have a standard fee schedule but generally charge each Client Account a management
fee, payable in arrears on the first business day of the month, at an annual rate ranging from
generally 30 to 120 basis points of the net asset value of the Client Account on last business day
of the month. Notwithstanding the foregoing, our management fees are negotiable and can vary,
within or outside of that basis point range, based upon the investment products utilized by a
particular Client Account. Most Clients authorize us in their Client Service Agreements (CSA)

to calculate our investment management fee and to require the custodian for their Account to pay
our fee to us. We offer the option of a negotiated fee payable monthly, quarterly, or annually by
check.
As noted under Item 4, “Advisory Business,” we will advise a Client on specifying the
characteristics of certain municipal portfolios but may engage a third-party manager. In that case
the Client will pay a separate investment management fee to the manager of the bond portfolio in
addition to the management fee the Client pays to us. If the third-party manager pays us as part
of his fee, we will not charge the client an additional fee on top of the fee shared with BGIA by
the third-party manager.
Clients pay for their organizational expenses (if any), as well as custodial, accounting, auditing,
tax preparation, legal and trading expenses (including brokerage commissions) incurred in
connection with entry into and the operation of their Accounts. With respect to brokerage and
other transaction costs, please see the discussion below under Item 12, “Brokerage Practices.” If
a portion of an Account is invested in a mutual fund, a closed-end investment fund or an
exchange-traded fund, the Account will bear its pro rata portion of the investment management
and other fees paid by that fund in connection with its management. BGIA receives no
compensation from any fund company but may receive compensation from a Separate Account
Manager we engage, and that fee will be disclosed in writing to the client, prior to the funds
being invested.
Sub-Advisory Arrangements
We will pay a portion of the advisory fee that you pay to us to the sub-advisor until the Sub-
Advisory Agreement remains in effect. Fees will be calculated and collected at the end of each
month based on the average daily balance of the managed assets. If the Sub-Advisory Agreement
is terminated prior to the end of the quarter, the sub-advisory fee shall be prorated up to the date
of termination for the period in which investment advisory services were provided by the sub-
advisor. Either party may terminate the Sub-Advisory Agreement upon 30 days’ notice to the
other.
In addition, certain sub-advisory arrangements require that you engage the sub-advisor directly
and we will help facilitate that arrangement. Under this scenario you will directly engage and pay
the sub-advisor per their advisory agreement. Your IAR can assist you with this process, but the
ultimate terms are agreed to between you and the sub-adviser.
Separately Managed Account Platform Fee
The Separately Managed Account Platform Fee is based on AUM level of Client Accounts in a
household, at the same address. The thresholds set forth below shall include all Client Accounts
on the Platform, measured each billing period. The Separately Managed Account Platform Fee is
subject to a minimum charge of $100.00 per annum, per custodian account. The Separately
Managed Account Platform Fee schedule is as follows:

Client Household Managed Assets:             *Separately Managed Account Platform Fees
$0 - $500,000                                        0.200%
$500,001 - $1,000,000                                0.190%
$1,000,000+                                          0.175%

* AUM for purposes of calculating the Separately Managed Account Platform Fee excludes
Client Accounts that are Reporting Only Accounts, which allows us to monitor Client Accounts
not being managed by nor allocated to sub-advisor. We will be able to examine Client holdings,
allocation of assets and portfolio performance across the Client Accounts. AUM will be based on
values at the end of each billing period.
** The Separately Managed Account Platform Fees provided here are annual rates assessed
against calculated asset balances per Client Household. Sub-advisor reserves the right to broaden
the definition of client household on a case-by-case basis.
See Item 10, “Other Financial Industry Activities and Affiliations,”
Please see Item 11, “Code of Ethics, Participation or Interest in Client Transactions and Personal
Trading”.

Item 7: Types of Clients
We provide investment management services to individuals, trusts, retirement accounts, and
partnerships. In the future, we may offer our services to other kinds of clients.