Opal Capital LLC

Item 5: Fees and Compensation

 Model Provider Services
Depending on the terms of the agreement, Opal Capital may be paid in advance for its services.
Agreements have an initial one-year term; thereafter they may be canceled by either party upon
60 days’ prior written notice. Upon termination of any account, any unearned, prepaid fees will
be promptly refunded, and any earned, unpaid fees will be immediately due and payable.

 Fund Portfolio Management Services
Fees are computed on the average daily net balance and distributed by the Funds’
administrator.

C. Additional Client Fees Charged
The fees charged by Opal Capital do not include fees charged by third-party investment
advisers, exchange-traded funds, or any broker-dealer or custodian selected by the client. In the
case of an exchange-traded fund, fees and charges are disclosed in the respective Fund’s
prospectus. Clients are advised to read these materials carefully before investing. Please refer to
the Brokerage Practices section (Item 12) for additional information regarding the firm’s

Item 7: Types of Clients

Opal Capital primarily provides investment management, model portfolio, sub-advisory, and
Outsourced Chief Investment Officer ("OCIO") services to registered investment advisers, broker-
dealers, institutional investors, investment companies, and other financial intermediaries. These
services are generally provided through sub-advisory, model portfolio, consulting, or other
institutional advisory arrangements.

In limited circumstances, Opal Capital may also provide investment advisory services to
individuals, high net worth individuals, trusts, estates, corporate retirement plans, charitable
organizations, limited liability companies, corporations, businesses, and other institutional or
qualified investors.

For sub-advisory and model portfolio management services, Opal Capital generally requires a
minimum relationship size of $100,000. The minimum relationship size may be waived by the
firm in its sole discretion where appropriate. Minimum account sizes and relationship
requirements for other investment strategies and advisory services are described in Item 5 –
Fees and Compensation of this Brochure.

                          Part 2A of Form ADV: Opal Capital LLC Brochure