J Safra Asset Management Corporation

Item 5 – Fees and Compensation

Advisory Services Fees

JSAM receives from its clients advisory fees calculated as a percentage of the assets under management. The fees vary
according to the amount of assets under management, strategy and risk tolerance of each client and are subject to
negotiation between JSAM and each
client. JSAM’s fees vary up to 1.50% of assets under management for advisory services other than fund investment
management services. For fund investment management services, JSAM's management fees vary up to 1.75% of assets
under management.

Advisory fees are typically payable quarterly in arrears. For Non-Discretionary Services, the advisory fees are based on
the market value of the assets under management as of the last day of each month in the quarter as per the custodian’s
statement and typically payable quarterly in arrears. Advisory fees for Discretionary Services are based on the percentage
of the average daily closing market value of the assets under management and typically payable quarterly in arrears.

Discretionary clients and JSAM may typically terminate the relationship upon receipt of written notice from the other party.
Non- discretionary clients and JSAM may typically terminate the relationship upon receipt of 60 days written notice. Investors
in the various funds are requested to refer to the offering documents of the specific fund for information on redemptions.

Institutional Investment Consulting Services

JSAM receives a fixed fee for this service, and the firm does not have a fee schedule for this type of service. Fees are subject
to negotiation with each client. Fixed fees are due and payable monthly in arrears. Institutional Investment Consulting
Service clients and JSAM may typically terminate the advisory agreement upon receipt of 30 days written notice.

Fund Fees and Expenses

To the extent a client invests in mutual funds, exchange traded funds, separately managed accounts "SMAs" managed by
third-party, model providers or private funds, all fees paid to JSAM for investment advisory services are separate and
distinct from the fees and expenses charged by such funds to their shareholders. These fees and expenses are described
herein or in each fund’s prospectus or offering documents. These fees will generally include a management fee, a possible
distribution fee, other fund expenses and, in the case of private funds, a performance-based fee as described in Item 6
below (“Performance-Based Fees and Side-By-Side Management”).

Other Fees

Clients generally bear all expenses related to the investment program, including, but not limited to: third party managers
and model providers; brokerage commissions; expenses related to buying and selling securities; custodian fees and interest,
other borrowing expenses. Please refer to Item 12 (“Brokerage Practices”) for additional information on how JSAM selects
brokers.

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Third-party managers and model providers:

  Manager                                      Strategy                                                   Fee
 Hilton                      JSAM SMA Dividend & Yield                                                   0.30%
 Alliance Bernstein          JSAM SMA US Concentrated Growth                                             0.30%
 Fidelity                    JSAM SMA Growth Opportunities                                               0.28%
 Fidelity                    JSAM SMA HealthCare                                                         0.35%
 Fidelity                    JSAM SMA Small Caps                                                         0.35%
 Fidelity                    JSAM SMA International Capital Appreciation                                 0.35%
 Seelaus                     SMA Seelaus Municipal                                                       0.19%
 Parametric                  Custom Core (select Target Index/Benchmark)                                 0.18%

Additional Compensation and Conflicts of Interest

JSAM does not receive compensation for the sale of securities or other investment products. If we or you invest in collective
investment vehicles and similar products managed by an affiliate of JSAM, that affiliate may be economically benefited
through the receipt of a management/performance fees for such products, and any such benefit(s) will not be shared with
JSAM clients.

No Other Compensation

We do not accept any compensation for any sale of any financial instruments, referral of prospective clients or have any
other type of revenue-sharing arrangement with another party unless disclosed otherwise.

Item 7 – Types of Clients

JSAM provides portfolio management services to individuals, high net worth individuals, corporations and other business
entities, private pooled investment vehicles (e.g., hedge funds) and other U.S. and international institutions.

Discretionary and Non-Discretionary Advisory Services

JSAM typically targets clients who seek a professional investment advisor to recommend suitable investments based on
that client’s investment objectives and risk constraints. These potential clients have at least $10,000,000 in investable
assets, including cash. An advisory relationship can be established with less than the minimum amount subject to senior
management approval.

Managed Account Services

Typically, JSAM targets client accounts with minimum investable assets of $500,000 for UMA Asset Allocation and $250,000
for UMA Single Strategy and SMAs. A managed account can be established with less than the minimum amount subject to
senior management approval.
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Funds Investment Management Services

JSAM can serve as either the investment manager or the sub-adviser for private pooled investment vehicles. JSAM targets
includes, but is not limited to, ultra-high net worth individuals with private fund-of-one structures for which JSAM can serve
as the investment manager.

Institutional Investment Consulting Services

Typically, JSAM targets affiliated institutions seeking information regarding different asset classes, including, but not limited
to, private investments, hedge-funds and mutual funds.