Cavalcade Capital LLC

Item 5 Fees and Compensation
Portfolio Management Services
Our annual fee for portfolio management services is equal to annual rate set forth in the portfolio
advisory agreement of the market value of your assets under our management. Assets in each of your
account(s) are included in the fee assessment unless specifically identified in writing for exclusion.

Our annual portfolio management fee is billed and payable, monthly in arrears, based on the balance
at end of billing period.

If the portfolio management agreement is executed at any time other than the first day of a calendar
quarter, our fees will apply on a pro rata basis, which means that the advisory fee is payable in
proportion to the number of days in the quarter for which you are a client.

We encourage you to reconcile our invoices with the statement(s) you receive from the qualified
custodian. If you find any inconsistent information between our invoice and the statement(s) you
receive from the qualified custodian call our main office number located on the cover page of this
brochure.

You may terminate the portfolio management agreement upon Other. You will incur a pro rata charge
for services rendered prior to the termination of the portfolio management agreement, which means
you will incur advisory fees only in proportion to the number of days in the quarter for which you are a
client. If you have pre-paid advisory fees that we have not yet earned, you will receive a prorated
refund of those fees.

Selection of Other Advisers
Advisory fees charged by TPMMs are separate and apart from our advisory fees. Assets managed by
TPMMs will be included in calculating our advisory fee, which is based on the fee schedule set forth in
the Portfolio Management Services section in this brochure. Advisory fees that you pay to the TPMM
are established and payable in accordance with the brochure provided by each TPMM to whom you

are referred. These fees may or may not be negotiable. You should review the recommended TPMM's
brochure and take into consideration the TPMM's fees along with our fees to determine the total
amount of fees associated with this program.

Our recommendations to use third party money managers are included in our portfolio management
fee. We do not charge you a separate fee for the selection of other advisers nor will we share in the
advisory fee you pay directly to the TPMM. Advisory fees that you pay to the TPMM are established
and payable in accordance with the Form ADV Part 2 or other equivalent disclosure document
provided by each TPMM to whom you are referred. These fees may or may not be negotiable. You
should review the recommended TPMM's brochure for information on its fees and services.

You may be required to sign an agreement directly with the recommended TPMM(s). You may
terminate your advisory relationship with the TPMM according to the terms of your agreement with the
TPMM. You should review each TPMM's brochure for specific information on how you may terminate
your advisory relationship with the TPMM and how you may receive a refund, if applicable. You should
contact the TPMM directly for questions regarding your advisory agreement with the TPMM.

Private Pooled Investment Vehicle Offerings
To qualify for an investment in a private fund an investor to the private fund must be a qualified
investor, either as an accredited investor or qualified purchaser as applicable to the corresponding
private fund offering documents. For a full description of the applicable fees, including performance-
based fees, and expenses charged to the Fund, investors should review the associated offering
documents. Typically the management fee will be between 1% and 2% of assets under management,
depending on the size of the fund.

Performance-Based Compensation: Refer to the Private Pooled Investment Vehicle Performance-
Based Fee Section in Item 6 of this brochure.

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in
mutual funds and exchange traded funds. The fees that you pay to our firm for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds or exchange
traded funds (described in each fund's prospectus) to their shareholders. These fees will generally
include a management fee and other fund expenses. You will also incur transaction charges and/or
brokerage fees when purchasing or selling securities. These charges and fees are typically imposed by
the broker-dealer or custodian through whom your account transactions are executed. We do not
share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or
custodian. To fully understand the total cost you will incur, you should review all the fees charged by
mutual funds, exchange traded funds, our firm, and others. For information on our brokerage practices,
refer to the Brokerage Practices section of this brochure.

Item 7 Types of Clients
We offer investment advisory services to high net worth individuals and pooled investment vehicles.

In general, we do not require a minimum dollar amount to open and maintain an advisory account;
however, we have the right to terminate your Account if it falls below a minimum size which, in our sole
opinion, is too small to manage effectively.