Sardis Group LLC

Item 5: Fees and Compensation
Separately Managed Accounts

Sardis charges a management fee to SMA Clients at an annual rate ranging from 0.08% to 1.25% of the
account’s assets under management, depending on the strategy and the size of the Client’s account. Fees
are typically payable on a monthly or quarterly basis, in arrears. The management fee rate, payment
schedule, and method of payment are negotiable and will therefore vary between accounts. Clients can
choose to be billed or can direct Sardis to deduct management fees directly from the Client’s assets in
compliance with regulatory requirements for custody of Client assets. Additionally, Sardis has the potential
to perform special projects for Clients, with fees for these services negotiated separately based on the
project scope and invoiced independently.

Registered Funds

The Registered Funds managed by Sardis incur management fees at an annual rate ranging from 0.45%
to 1.25% of average daily net assets, as specified in each Fund's respective prospectus. These fees accrue
daily and are paid monthly, and they are not negotiable with investors. Rather, the fees are reviewed and
approved by the Fund's Board of Trustees in compliance with Section 15(c) of the Investment Company
Act of 1940. Fees are paid on behalf of the Registered Fund by the Fund Administrator and Sardis does
not have authority to deduct fees directly.

At times, Sardis may enter into expense limitation and reimbursement agreements (the “Expense Limitation
Agreements”) under which the Adviser agrees to temporarily waive its fees and to pay or absorb the ordinary
operating expenses of a Registered Fund. Details pertaining to the amounts and durations of such Expense
Limitation Agreements vary per Fund and are detailed in each Fund’s respective prospectus or offering
materials, as appropriate.

Other Fees and Expenses

Sardis does not charge any other types of fees or expenses in connection with its advisory services. In
addition to the management fees paid to Sardis, Clients are responsible for fees and expenses imposed by
third parties, such as custodians, administrators, and broker-dealers including brokerage and other
transactional costs related to portfolio transactions. For more information about brokerage and other
transaction costs, see Item 12 – Brokerage Practices.

Clients typically pay third-party service providers directly. If Sardis makes payment to such third-parties on
behalf of the Client, subject to applicable law and other arrangements, the Client will reimburse Sardis for
such expenses attributable to the Client’s assets under management, which include legal, accounting,
custodial, valuation, auditing and other professional fees, brokerage commissions, mark-ups or mark-
downs, issue and transfer taxes, wire transfer and electronic fund fees, other transactional costs, and taxes,
if any. Each Registered Fund’s prospectus includes information about the fees and expenses paid by the
Registered Fund. Sardis does not receive any portion of the commissions, fees, and costs charged by third
parties.

                                                                                            Sardis Group, LLC
                                                                                     Form ADV Part 2A Brochure

Fees for Partial Billing Periods

Sardis does not charge fees in advance. Fees for partial billing periods at the beginning or end of the advisory
relationship are prorated based on the number of days the account was serviced during the period.

Sardis and its employees do not receive compensation for the sale of securities or other investment
products.

Types of Clients

Sardis provides investment advice to Registered Funds and SMAs for endowments, foundations, retirement
plans, insurance companies, financial institutions, corporations and other business entities, other registered
investment advisers and pooled investment vehicles.

Minimum Investment Requirements

The minimum account size for SMA clients is generally $50,000,000. Sardis has discretion to waive or
reduce the minimum account size on a case-by-case basis.