Cohalo Advisory LLC

Item 5 Fees and Compensation

ADVISORY FEES

The following information describes how Cohalo is compensated for the advisory services we provide to
our Clients. The specific manner in which fees are charged and the compensation we receive may differ
between Clients depending upon the individual advisory contract with each Client. Cohalo reserves the
right to negotiate our compensation with Clients depending on the size and scope of our advisory
relationship and the risk/return parameters and complexity of related investments and instruments used
(e.g. derivatives), and we may charge higher or lower fees than those available from other firms for
comparable services. Cohalo offers fee arrangements which vary by service and strategy and may involve
fees assessed as fixed (retainer) fees, percentage of assets (management fees), performance fees
(generally a percentage of profits, for Qualified Clients only and only where suitable), or a combination of
these arrangements, as applicable.

Fees for Sub-Advisory Services. These are negotiated with the hiring adviser and described in the sub-
advisory agreement. In all cases, our sub-advisory fees are due from the hiring adviser and not from the
end client, though the hiring adviser in its own agreement with end clients may have the authority to assess
additional fees to cover the fees they pay us. We have no authority to deduct our fees from end client
accounts.

Fees for Investment Management and Advisory Services. In consideration for providing investment
management and advisory services, Cohalo charges a standard annual asset-based fee equal to 1% of the
Client’s assets as valued by the custodian(s). Certain segregated investment management mandates within
these services, such as those strictly for short-term investments, may be offered to Clients at a lower fee.
Sub-advisory engagements may also be offered at a lower asset-based fee level. Strictly non-discretionary
services and other investment advisory-related projects may be structured on a fixed fee or retainer basis.

Fees for Proprietary Alpha / Alternative Risk Premia Strategies. In consideration for providing
proprietary alpha / alternative risk premia strategies, Cohalo charges a standard management fee of up to
2.5%. At the election of Qualified Clients only, a performance fee component of up to 30% of profits (realized
and unrealized) as valued by the custodian(s) may also apply, typically in conjunction with a reduced
management fee. In Cohalo’s capacity as a Commodity Trading Advisor (“CTA”) registered with the
Commodity Futures Trading Commission (“CFTC”), as described in Item 10 of this Brochure, certain future-
based implementations of the proprietary alpha / alternative risk premia strategies are available with similar
fee structures, subject to the specific rules pertaining to CTAs as detailed in our firm’s Disclosure Document
(available upon request). Note that for any related commodity pool that Cohalo manages or may manage
in future in its capacity as a Commodity Pool Operator (“CPO”) registered with the CFTC, only Accredited
Investors may consider investing – see SEC Rule 501(a).

Cohalo will not have the authority or responsibility to value portfolios. Cohalo does not strictly charge fees
on a breakpoint or blended basis (i.e., different fees for different asset levels), though fees may be
negotiated with each Client. Fees charged by Cohalo may be higher than normally charged in the industry
and similar services may be offered by other advisors at a lower fee. Any performance fee would be
assessed on a periodic basis in arrears (subject to a previous high watermark) based on gains less the
losses], and any additions/withdrawals of capital would be taken into account when calculating a
performance-based fee. See Item 6 to follow for additional details and the table below for a summary.

Cohalo Advisory LLC                                                                                         7
Form ADV Part 2A

                       Mandate Type                                  Maximum Annual Fee (negotiable)
        Investment Management and Advisory Services                                 1%

                                                                             2.5% management
     Proprietary Alpha / Alternative Risk Premia Strategies
                                                                         30% performance (Qualified)

Cohalo generally bills fees on a monthly basis in arrears on daily balance accruals. Cohalo reserves the
right to consider alternative billing methods. Clients generally authorize deduction of our fees for
discretionary services directly from accounts held by the qualified custodian(s). Once the fee agreement
signed by the Client is processed, our fees will be processed in accordance with the Client’s instructions to
the custodian(s). Cohalo reserves the right to arrange other payment methods for Clients who do not wish
to deduct fees directly from any investment account(s).

Additional Fees and Expenses. Clients will incur transaction charges and/or brokerage fees when
purchasing or selling securities. These charges and fees are typically imposed by the broker-dealer or
qualified custodian through which account transactions are executed. For more information on our
brokerage practices, please refer to Item 12 (Brokerage Practices) of this Brochure. Fees associated with
our firm’s CTA operations are detailed in our firm’s Disclosure Document (available upon request).

The fees that Clients pay to our firm for investment advisory services are separate and distinct from the
fees and expenses charged by mutual funds or exchanged traded products (described in applicable
products’ disclosure documents) to their shareholders. The fees charged directly by such funds will typically
include a management fee and/or other fund expenses. To fully understand the total costs associated with
...

TYPES OF CLIENTS

Cohalo currently offers investment advisory services primarily to other investment advisers (sub-advisory
services). We also offer services to individuals (including high net worth individuals and related
trusts/estates) and organizations. We also offer non-discretionary investment consulting services to other
institutional investors. Client relationships may vary markedly in scope and length of service and the details
of the relationship are described in their specific advisory or sub-advisory contract.

Cohalo Advisory LLC                                                                                            9
Form ADV Part 2A

ACCOUNT REQUIREMENTS

Cohalo generally does not require a minimum account balance for our investment management services,
though in the case of our DVS product specifically, the minimum initial investment is $100,000. Cohalo
reserves the right to accept smaller investment amounts at its sole discretion.

For performance-based fee arrangements, Clients must meet the definition of a “Qualified Client” under
SEC Rule 205-3. For reference, a “Qualified Client” is generally defined as a natural person who, or a
company that, immediately after entering into the contract, has at least $1,100,000 under the management
of the advisory firm; or is a natural person or company that is reasonably believed to have a net worth of
more than $2,200,000 at the time the contract is entered into (excluding the value of such person’s primary
residence and related debt not exceeding the value of the residence); or is a qualified purchaser as defined
in Section 2(a)(51)(A) of the Investment Company Act of 1940.