Fund Asset Managers LLC

Item 5 - Fees and Compensation

  A.​ How is FAM compensated?

Management Fee

Pursuant to the Investment Management Agreement, the Portfolio Manager is paid a management fee, payable in advance
of each quarterly period, as compensation for the services to be performed by the Portfolio Manager (the “Management
Fee”). ​
​
The Management Fee for the FAM SPVs is equal to the annual percentage of fees (listed below) of the Capital Account
balances of each Limited Partner with respect to the applicable Class of Interests, determined as of the beginning of each
quarterly period. The Management Fee for the FAM SPVs is calculated based on each Limited Partner’s pro rata share of
the then-current net asset value of the respective SPV, determined at the beginning of each quarterly period.

 FAM SPVs                                Annual Management Fee

 Chileno Bay Bertram SPV, LLC            0.00%

 Chileno Bay Bertram SPV V, LLC          0.005%

Subadvisory Fee

The Fee for the Subadvised Funds (“Subadvisory Fee”) is equal to the annual percentage of fees (listed below) of the
Capital Account balances of each Limited Partner with respect to the applicable Class of Interests, determined as of the
beginning of each quarterly period. This Subadvisory Fee is in addition to the management fees charged by the Portfolio
Manager to the Fund or SPV, which makes the investment more expensive to the investor than if it was purchased
elsewhere.

The Subadvisory Fee is calculated based on each Limited Partner’s pro rata share of the then-current net asset value of the
respective investment, whose subadvisory fee is calculated on the protection amount purchased through the Capital
Account of each investor.

 Subadvised Funds                        Annual Subadvisory Fee

 Belpointe Triatomic I SPV, LLC          0.0085% - reduced proportionately as the overall fund management fee is
                                         reduced

 Belpointe Tail Risk Series              0.0026% - calculated on protection amount purchased rather than capital
                                         invested

Adjustments to the Management Fee

If a new Limited Partner is admitted at any time other than the first day of a quarterly period, or an existing Limited
Partner makes an additional capital contribution at any time other than the first day of a quarterly period, the portion of the
Management Fee payable with respect to such new Limited Partner, or with respect to such existing Limited Partner with
respect to its additional capital contribution, for the partial quarterly period will be prorated based on the number of days
then-remaining in such quarterly period. For the avoidance of doubt, there will be no adjustment to the Management Fee
paid with respect to any other Limited Partner to reflect such additional contribution until the start of the following
quarterly period.

With respect to any Limited Partner (including any affiliates of the Portfolio Manager), the Portfolio Manager has the right
to reduce, waive, assign, grant participation in or otherwise share the Management Fee, without the consent of, or notice to,
any other Limited Partner. No Management Fee is paid with respect to Interests held (directly or indirectly) by or for the
benefit of the Principal, employees of the Portfolio Manager or its affiliates, immediate family members of such parties or
special purpose vehicles.

Incentive Allocation ​
​
For the FAM SPVs subject to the High Watermark (defined below), the General Partner is entitled to an annual incentive
allocation equal to the Incentive Allocation Percentage (defined below) of realized and unrealized income and gains and
other net income (the “Incentive Allocation”) during each fiscal year. ​
​
The “High Watermark” equals the value of the applicable Capital Account immediately after the last Incentive Allocation
is allocated with respect to such Capital Account; provided, that with respect to any Capital Account with respect to which
no Incentive Allocation has been previously allocated, the High Watermark will be equal to the original amount of the
capital contribution to such Capital Account. The High Watermark will be reduced proportionately by any withdrawals or
distributions from such Capital Account.
​
For the FAM SPVs, distributions of Distributable Proceeds (defined below) shall be made at the times, in the amounts and
in the form determined by the General Partner, in its sole and absolute discretion. The General Partner shall tentatively
apportion Distributable Proceeds pro rata among all Partners (including the General Partner, to the extent of its investment
in the SPV) based on the Partners’ relative ownership percentages. Such amounts tentatively apportioned to the General
Partner shall be distributed to it. The amounts tentatively apportioned to the Limited Partners shall be distributed on a
Limited-Partner by Limited-Partner basis as follows: First, one hundred percent (100%) of such Distributable Proceeds
shall be distributed to such Limited Partner to the extent necessary so that such Limited Partner receives cumulative
aggregate distributions equal to the amount of the capital contributions made by such Limited Partner; and, second,
thereafter, such remaining tentatively-apportioned amounts shall be distributed to such Limited Partner after the percentage
listed below (the “Incentive Allocation Percentage”) of such remaining tentatively-apportioned amounts is distributed to
the General Partner. ​
​
The “Distributable Proceeds” means all cash received by the SPV that is attributable to any SPV’s investment (including
payments in cash of interest, dividends, and principal, and proceeds from the sale of any SPV investment) and all other
income of the SPV, in each that has not previously been distributed to the limited partners, net of all expenses and
liabilities, reserves, and any cash being retained on hand, all as determined by the General Partner in its sole discretion. In
...

Item 7 - Types of Clients

    A.​ What type of clients do you service?

 FAM provides discretionary investment management and advisory services to Special Purpose Vehicles (“SPVs”) directly,
 subject to the direction and control of the General Partner of each SPV, and not individually to the shareholders. The
 Partnership offers one class of limited partnership interest: Standard Interests. ​

    B.​ Do you have requirements for becoming a client?

The minimum initial subscription is as follows:

  Offering                                 Minimal Initial Subscription

  Chileno Bay Bertram SPV, LLC             No minimum

  Chileno Bay Bertram SPV V, LLC           No minimum

  Belpointe Triatomic I SPV, LLC           No minimum

  Belpointe Tail Risk Series               $75,000 per limited partner

The General Partner, in its sole and absolute discretion, may accept subscriptions in lesser amounts and/or may increase or
decrease such minimum subscription amounts, with respect to all, or fewer than all, Limited Partners without notice to or
consent from any Limited Partner. ​
​