CAIS Advisors LLC

Fees and Compensation
CAIS Advisors provides, or anticipates providing, advisory services to private funds and anticipates
receiving a management fee in the range of 0.15%-1.5%, as further described below for each fund.

For the CAISCRED Private Credit Fund, LP, limited partners will bear a management fee
accrued monthly and payable quarterly in arrears equal to 1/12 of 0.70% (0.70% per annum)
on such limited partner’s invested capital.

Each private fund is, or will be, governed by a limited partnership agreement and other offering
documents that will provide, in detail, the fee structure relevant to each such fund. The terms of the
subject compensation arrangement will be established at the time of the formation of each such
fund. In addition to CAIS Adviser’s investment management fees, the Private Funds and, therefore
the investors therein, bear any customary costs associated with fund operations, including, but not
limited to, audit, transaction costs, administration, taxes, registration, legal and custodial fees. The
Adviser may enter into side letter arrangements with certain investors in the Private Funds, in which
it grants such investors preferential terms, such as reduced management fees and/or certain other
favorable terms.

CAIS Advisors provides, or is anticipated to provide, advisory services to registered investment
companies and will receive, or is anticipated to receive, a management fee in the range of 0.15%-
1.5% for providing discretionary investment management services based upon a percentage of the
net asset value of assets under management, in accordance with the terms of the subject registered
investment company prospectus. These fees will generally be charged monthly or quarterly in
arrears, or in advance. Each registered investment company will be governed by a prospectus and
other offering documents that will set forth in detail the fee structure relevant to each registered
investment company, as well as include important disclosures with respect to investment-related
risks, macroeconomic considerations, and other potential conflict of interest issues, and other key
disclosures.

With respect to the CAIS Sports, Media and Entertainment Fund, CAIS Advisors receives a
management fee at an annual rate of 0.95%, payable quarterly in arrears based upon the fund’s net
assets, calculated as of the close of business on the last day of business of each calendar quarter
(including any assets in respect of shares that will be repurchased as of the end of the quarter). More
information about fees and expenses, including, but not limited to certain expense limitation and
reimbursement agreements between the Adviser and the CAIS Sports, Media and Entertainment
Fund, can be found in the CAIS Sports, Media and Entertainment Fund’s prospectus.

In addition to CAIS Advisors’ investment management fees for the private and registered funds it
will, or is anticipated to advise, the funds will bear operating costs such as, but not limited to,
trading, legal, tax, audit and custodial fees. When the private and registered funds invest in other
funds, the funds will pay a separate layer of management, operating, and trading expenses. More
information relating to fund expenses is set forth in the applicable fund offering documents.
Investor redemption requests will be subject to the specific terms set forth in the governing or
offering documents of the respective fund.

CAIS Advisors charges a $1,000 per annum flat fee for non-discretionary advisory services for
model portfolios.

There is no fee for accessing the “CAIS Advisors Model Portfolios” on the CAIS Platform.

Performance Based Fees and Side-by-Side Management
CAIS Advisors does not currently charge any performance fees, but may do so in the future. CAIS
Advisors may allocate to certain funds that do have performance-based fees.

Types of Clients
CAIS Advisors provides, or is anticipated to provide, discretionary advisory services to private
funds, and to registered investment companies. Each private fund will be governed by a limited
partnership agreement and other offering documents that will provide, in detail, the investment and
commitment minimums required to invest. Each registered investment company will be governed
by a prospectus and other offering documents that will set forth in detail the investment minimum
for each registered investment company.

CAIS Advisors provides non-discretionary advisory services to institutional clients for the
development of alternative investment model portfolios.

CAIS Advisors provides investment advisory services for certain assets held by its parent
company, Capital Integration Systems LLC.

Methods of Analysis, Investment Strategies and Risk of Loss
Description of Methods of Analysis and Investment Strategies

The Investment Committee of CAIS Advisors conducts a comprehensive analysis of all investments
recommended for both private funds and registered investment companies. The committee is led by
Neil Blundell, the Chief Investment Officer. The methods of analysis and investment strategies are
tailored to the specific type of fund or model portfolio.

1. Research, Due Diligence & Investment Selection is based on:

Management Team Review: The committee assesses the experience, track record, and stability of
the underlying fund’s management team.

Historical Performance: The committee evaluates the underlying fund’s historical risk and return
characteristics to understand past performance and potential future outcomes.

Sector and Concentration Risks: The committee analyzes an underlying fund’s exposure to various
sectors and identifies concentration risks that could affect performance.

Fee and Liquidity Structure: The committee reviews an underlying fund’s fee arrangements and
liquidity provisions to ensure alignment with client goals and risk tolerance.

Quantitative Analysis: The committee utilizes quantitative methods to analyze historical
performance data, volatility measures, and correlation with other assets and strategies. The
committee makes asset allocation and portfolio construction decisions based on statistical
techniques such as mean-variance optimization. Other qualitative inputs are also utilized to aid in
the decision-making process.

Risk Metrics: The committee employs metrics such as the Sharpe ratio, loss ratio, maximum
drawdown, and stress testing to gauge the risk profile of an investment. In addition, the committee
employs additional metrics such as internal rate of return, multiple on invested capital, and
distributions to paid in capital when evaluating private fund investments.

Scenario Analysis: The committee conducts scenario and sensitivity analysis to understand how
different market conditions might impact performance.

Third-party Research: The committee uses third-party research and ratings to supplement its
analysis and provide an additional layer of scrutiny.

Other Relevant Factors: The committee considers additional elements such as fund strategy, market
conditions, regulatory environment, and macroeconomic factors.

II. Ongoing Monitoring is conducted by:

Performance Tracking: The committee continuously monitors the performance of investments
against benchmarks and objectives.

Periodic Reviews: The committee conducts regular reviews of the investment portfolio to ensure it
remains aligned with objectives and risk tolerance.

Market Developments: The committee stays informed about market developments and adjusts
investment strategies as necessary to respond to changing conditions.

The Investment Committee generally meets on an ad hoc basis to discuss existing and prospective
investments. Investments may be evaluated independently by a sub-adviser. The committee
primarily invests for relatively long-time horizons, but market developments could cause
investments to be sold more quickly.

Description of Material Risks Associated with the Method of Analysis/Investment Strategy

While our methods of analysis and investment strategies are designed to maximize returns and
manage risks, it is important to acknowledge and understand the material risks associated with these
approaches:

Market Risk: The risk that changes in market conditions, such as economic events, political
developments, or natural disasters, will negatively impact the value of investments.

Management Risk: The risk that the fund’s management team may make poor decisions, fail to
execute strategies effectively, or be unable to adapt to changing market conditions.

Liquidity Risk: The risk that an investment cannot be sold quickly enough in the market to prevent
or minimize a loss, particularly in periods of high volatility or low trading volumes.

Concentration Risk: The risk that the fund’s performance will be significantly affected by a single
investment, sector, or geographic area due to lack of diversification.

Credit Risk: The risk that an issuer or counterparty will default on its payment obligations, leading
to a loss of investment.

Operational Risk: The risk of loss due to failures in internal processes, systems, or controls,
including risks related to cybersecurity and data breaches.

Regulatory Risk: The risk of changes in laws, regulations, or tax policies that could adversely affect
the investment’s performance or the ability to execute certain strategies.

Strategy Risk: The risk that the chosen investment strategy may not perform as expected under
certain market conditions, resulting in lower than anticipated returns or higher losses.

Leverage Risk: The use of borrowed funds to amplify investment returns, which can also amplify
losses if the investment does not perform as expected.

Valuation Risk: The risk that the value of an investment, particularly in illiquid or alternative assets,
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