Independence Asset Advisors LLC

ITEM 5. FEES AND COMPENSATION
INVESTMENT ADVISORY AND PORTFOLIO MANAGEMENT SERVICES
Our fee is generally calculated based on a percentage of all your assets under management by our Firm
including those invested with separate account managers. Generally, we require a minimum annual fee of
at least $12,000 to be generated by your account. This minimum annual fee is separate and in addition to
the minimum annual fee incurred if you also utilize IAA for financial planning services.
Our annual fee as a percentage of your assets under management by us for Investment Advisory and
Portfolio Management Services is billed as follows:

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 Assets Under Management                      Annual Fee
 On first             $ 50,000,000                 0.50%
 On next              $250,000,000                 0.25%
 On next              $200,000,000                 0.20%
 On next              $100,000,000                 0.15%
 On next              $100,000,000                 0.10%
 On next              $100,000,000                0.075%
 Amount over          $900,000,000                 0.05%

Fees may be negotiable on a client-by-client basis depending on a number of factors, including the type
and nature of services to be provided, the number and complexity of alternative assets managed, the
amount of assets being managed, and/or anticipated future additional assets managed and the complexity
thereof. The specific annual fee schedule for investment management services is identified in the IMA
between us.

FEE CALCULATION

Other than for several existing legacy clients, all clients will be invoiced quarterly in arrears. The actual
calculation of the fee due each quarter may vary from client to client pursuant to the terms of the client’s
IMA.

PRICING OF INVESTMENTS
When we determine the amount of assets under management for the calculation of advisory fees, we utilize
Black Diamond, an Advent product, and rely on the pricing of investments fed directly to our system as
furnished by the custodian, broker-dealer, trust company, or other financial institution that maintains your
account. Where the pricing for your investments is either unavailable from the financial institution or we
deem that pricing for a particular investment is inconsistent with other reliable sources, we may engage
one or more qualified independent pricing services.
Funds invested in public equity or debt generally provide capital account balances and performance data
on a daily, monthly, or quarterly basis. Funds invested in private debt, private equity, or private real assets
may be highly illiquid without a generally public or private market.
For investments without a readily available market and price, we rely on fund/investment managers and
custodians to determine the fair value of the investment. To arrive at the fair value, we may use input from
general partners or managers of the fund and of the underlying investment. We will also review available
financial information including past performance and the manager’s projections for future performance.
In some cases, we may rely on third-party valuation that was obtained by management for other reasons
which we may use as a guideline as opposed to a firm indication of the value of that investment.

CONDITIONS AND OTHER EXPENSES
In the event our IMA with you begins at any time other than the first day of a calendar quarter, the fee for
the initial period will be pro-rated based on the number of days in the quarter that the IMA is effective.
In the event this agreement is terminated for any reason by either of us, the fee shall be pro-rated for any
portion of a quarter that the portfolio is being managed by us. This prorated period would include any

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notice required to be given in accordance with your IMA.
The fee that you are being charged by us for the investment management of your assets is exclusive of,
and in addition to, brokerage commissions, transaction fees, custodial fees, and any other related costs and
expenses. We do not receive any portion of these commissions, fees, other costs, and expenses.
A portion, or all of your assets that we, or a separate account manager manages may be invested in mutual
funds or exchange traded funds. Each fund may charge an annual internal management fee as outlined in
their prospectus. This management fee is deducted directly from the account balance you have invested
in that specific fund. We do not receive any of these fees. These fees represent additional fees that you are
paying above that being charged by us.
Individual separate account or private fund managers that we use may also charge a fee based on the
portion of your assets that they manage. These fees are also in addition to the fee that we charge. Our Firm
is not compensated separately in any manner by either the funds or the separate account managers in any
investment made by you in any fund or any separate account.
In addition, private investments may involve additional fees and expenses, such as management fees,
performance-based compensation, fund expenses, and other costs, as described in the applicable offering
documents. These fees and expenses are separate from and in addition to the fees charged by our Firm and
will reduce the overall return on your investment. We do not receive any of these fees.
Accordingly, you should review both the fees charged by the funds, by separate account managers, and
our fees to fully understand the total amount of fees to be paid by you and to thereby evaluate the advisory
services provided.
When we determine that any part of your assets that we manage will be invested in a third-party mutual
fund, we will always attempt to purchase the lowest cost share class given the size of your investment and
...

ITEM 7. TYPES OF CLIENTS
Our Firm provides advisory services and portfolio management services to the following types of clients:
      Corporations
      Charitable Organizations
      Foundations and Endowments
      Family Offices and High Net-Worth Individuals
      Individuals
      Trusts and Estates
      Other Businesses not listed above
We do not require a minimum account size, however, we do require a minimum quarterly or annual fee.
The minimum annual fee is at least $12,000 for investment management services and $10,000 for financial
planning services (which corresponds to the applicable quarterly minimum when divided by four). We
may choose to increase or decrease the minimum fee requirement at any time at our sole discretion. Any
increase in the minimum fee will not be applied retroactively and will only take effect at the next
anniversary of our IMA and/or FPA with you.
Examples of reasons we may increase or decrease the minimum annual fee would include the value of all
accounts we manage for you which are controlled by you, or which are part of your household, the
anticipation of additional accounts you may open with us, or the level of complexity required to manage
your account(s).
We may also manage assets for employees or family members, and we may not charge investment
management fees or financial planning services fees on those accounts.

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