Elementum Advisors LLC

Item 5          Fees and Compensation

Fees
We are compensated for our advisory services with both asset-based and performance-based fees,
depending upon the specific terms of the funds we manage and our investment management agreements.
Elementum is compensated based on either the value of a client’s assets under management or the capital
invested. Fees include management fees which generally range from 0.50% to 1.50% annually. Elementum
may also be eligible to receive an incentive allocation or performance-based fee typically ranging from 0%

                                       Elementum Advisors, LLC
                                          Form ADV Part 2A
                                           March 26, 2026

to 15%, and such fees may be subject to a high water mark and/or hurdle rate component. Fee arrangements
are negotiable and are determined based upon a variety of factors, including the time and effort we must
commit for a mandate, how much we charge other clients for similar services, and the size of the account.
Additionally, the frequency and method of payment (i.e., whether we bill a client or deduct our fee from
the client’s custodial account) are subject to the terms of each relationship.

Clients and Investors should refer to the applicable offering memorandum or governing documents for
more detail on fees, how they are calculated, and more information on how fees are paid to Elementum and
its affiliates, as applicable. The information contained herein is a summary only and is qualified in its
entirety by such documents.

Although we prefer not to enter into most-favored nation (“MFN”) agreements, we do have such
agreements in place with certain clients and investors in our funds. When establishing fee arrangements,
senior leadership will determine whether the terms may conflict with any existing MFN agreements and
proceed accordingly. We strive to be transparent and fair when negotiating new agreements so as to not
violate the terms of an existing MFN.

At times we invest in short-term liquid investments for our clients, such as money market mutual funds. In
these instances, clients separately incur mutual fund expenses. Clients also separately incur custody fees,
brokerage and transaction costs, including in instances where a transaction is not consummated. Please see

Types of Clients
We currently provide, and may provide in the future, investment management services to a variety of
clients, including pooled investment vehicles (including the funds and the vehicles formed for the purpose
of facilitating co-investment or supplemental investment opportunities), other investment advisers, banks
and thrift institutions, pension and profit sharing plans (including foreign plans), endowments, foundations,
trusts, estates, charitable organizations, sovereign wealth funds, family offices, government entities, and
corporations.

We do not manage separate accounts for family members or friends of Elementum. However, we allow
our partners and qualified employees to invest in certain funds we manage, which creates an incentive for
us to favor these funds over other clients. We attempt to mitigate such conflicts in several ways. First, our
Code of Ethics requires all associates to put clients’ interests ahead of their own. Our personal trading
policy prohibits our access persons from trading in RLI and requires the pre-clearance and reporting of
certain personal securities transactions and holdings in funds we manage. Further, our Risk Committee,
portfolio management team and firm leadership oversee client portfolios including performance, holdings,
allocations and objectives among other matters. Finally, we maintain trade allocation policies and
procedures designed to address any incentive to favor one client over another.

Account Minimums
We generally impose a minimum commitment of $100 million or more for new separate account clients.
The minimum amount to initially invest in a fund we manage is dependent upon the fund’s requirements as
described in the respective fund’s offering memorandum but will generally range from $100,000 to $1
million. These minimums are subject to waiver by a fund’s board of directors, general partner and/or
investment manager under certain circumstances.

Termination Provisions
Provisions relating to terminations of advisory agreements are outlined within each client agreement.
Termination of an advisory agreement by a client generally will not affect transactions that we have initiated
on that client’s behalf prior to the effective date of such termination.