Bermuda Investment Advisory Services Limited

Item 5: Fees and Compensation

Description
BIAS Investors is compensated by Clients for services provided in two main ways: by asset-based fees and
transaction-based fees.

Fees
Fees are negotiable and are deducted quarterly in advance directly from the Client’s custodial account
pursuant to a written agreement. Investment management services begin with the effective date of the
Investment Management Agreement (“Agreement”), which is the date the Client signs the Agreement. For
that calendar quarter, fees will be adjusted pro rata based on the number of calendar days in the calendar
quarter that the Agreement was effective.

We reserve the right to adjust the fee schedule for accounts depending on the size and type of account and
the services required. In some cases, negotiation of fees may result in different fees being charged for similar
services and may be less than the stated fee schedule. Clients should be aware of their responsibility to verify
the accuracy of the fee calculation submitted to the custodian as the custodian will not determine whether
the fee has been properly calculated.

The fees charged by us are separate and distinct from fees and expenses charged by the BGP Funds, which
may be recommended to Clients. A description of these fees and expenses is available in each Fund’s
prospectus. Additionally, the fees charged by us are exclusive of all custodial and transaction costs paid to
custodians, brokers, or any other third parties. Clients should review all fees charged by us, custodians, and
brokers to fully understand the total amount of fees incurred. (See Item 12: Brokerage Practices)

Fee Schedule
BIAS Investors Fee schedule is as follows:

    •   MPS
                                              Fixed Income only            Equities only           Balanced Portfolio*
 Portfolio size                                  Annual Fee                 Annual Fee                 Annual Fee
 US$ 0 to US$ 999,999                               0.75%                     1.90%                      1.40%
 US$ 1,000,000 to US$ 4,999,999                     0.60%                     1.65%                      1.20%
 US$ 5,000,000 to US$ 9,999,999                     0.50%                     1.40%                      1.00%
 US$ 10,000,000 to US$ 19,999,999                   0.40%                     1.10%                      0.80%
 US$ 20,000,000 and above                           0.30%                     0.80%                      0.60%

Our fees are generally negotiable, and the final agreed fee schedule is in the Client's MPS contract. The
above fees are subject to a minimum management fee of $2,500 per quarter. Compliance and Custody fees
of 0.10% for individuals and 0.10% to 0.15% for corporations, depending on the complexity of the structure,
are added to the above fees.

*Balanced portfolio weights are based on 60% Equities and 40% Fixed Income
                       Licensed to conduct Investment Business by the Bermuda Monetary Authority.
               Registered Advisor with the U.S. Securities and Exchange Commission. Revised September 2025

    •   BGP Funds

                  Fund                                                  Annual Management Fees
                  BIAS Short Duration Income Fund                       0.45% p.a.
                  BIAS Balanced Fund                                    1.25% p.a.
                  BIAS Equities Fund                                    1.65% p.a.

If the Client wants us to desire asset allocation assistance in addition to their investment in a BGP Fund, that
would result in an additional fee not to exceed 0.50%. Otherwise, clients investing in the BGP Funds are not
paying two levels of advisory fees. We have one management fee which only covers securities selection.
Some Clients do not want to see individual securities and therefore elect to use the pooled vehicle and want
us to take care of the asset allocation. Should an MPS Client hold the BGP Funds in their portfolio, the fee
for the BGP Funds portion will be reduced to 0.25% to 0.50% depending on the size of the portfolio.
Portfolios are broken into segments for pricing purposes. For instance, if an MPS portfolio also holds the BGP
Funds, that portion will only charge between 0.25% and 0.50% (excluding compliance fees of 0.10% to 0.15%)
depending on the overall portfolio size and type of Client.

BIAS Investors' fees are charged quarterly in advance and require a ninety-day notice period for termination
of the agreement so that both the investment manager and the Client benefit from an orderly transfer of
assets to the new investment manager. For that reason, if the portfolio is withdrawn before the ninety days
the Client is responsible for the full ninety days’ fees. BIAS Investors as investment manager, is also required
to give the Client 90 days’ written notice.

BIAS Investors Group (Bermuda and Cayman) provides asset allocation packages in the BGP Funds’ mutual
fund structure so as to allow smaller investors to build up wealth through the BIAS WealthBuilder service.
However, we will allow investors as small as US$10k to invest in the asset allocation packages subject to
them adding a minimum of $1k a month.

Within the asset allocation packages, we will use Exchange Traded Funds (ETFs) but otherwise, we do not
use third-party actively managed mutual funds. Investment advisors will be compensated up to 15% of the
Client’s first year’s asset management fee that the BIAS Investors Group receives on managed portfolio
services.

Other Client Investment Expenses
No BIAS Investors employees participate in execution fees although they get paid as much as 15% of the
asset management fee paid directly to them by BIAS Investors Group – this does not come out of the funds.
The fees we get paid are directly tied to the growth of the portfolio and align the fees of the manager to the
Client. There are no front load fees in the BGP Funds.
...

Item 7: Types of Clients

We primarily provide customised investment management services to individuals, high-net-worth individuals,
and associated trusts, estates, pension, captive insurance companies, profit-sharing plans, and other legal
entities.

Minimum asset requirements exist for all services provided by us and as described below:

      •     Discretionary -- $500,000
      •     BGP Funds -- $10,000
      •     Non-discretionary (Freedom Trading) -- $10,000