Sendero Wealth Management LLC

ITEM 5 – FEES AND COMPENSATION

Sendero prefers to bill clients quarterly in advance based on the account market value (which, for some
clients, includes cash and/or accrued interest) of all deployed and committed capital within the clients’
aggregated household portfolio, as of the last day of the preceding calendar quarter. As described below,
some clients, however, have arrangements where they are billed other than quarterly in advance. All
household assets are not automatically aggregated; the Advisory Agreement sets forth which household
assets will be aggregated for fee billing purposes.

As of October 1, 2024, clients with managed assets under $3,000,000 are billed using a fixed schedule,
depending on the level of managed assets along with other considerations. Clients with less than
$1,000,000 of managed assets are billed at 1.50% annually, and clients with between $1,000,000 and
$3,000,000 of managed assets are billed at 1.25% annually. For accounts over $3,000,000, clients continue
to be billed using a tiered schedule with a maximum rate of 1.0% on the first $4,000,000, with lower rates
on higher tiers when a tiered fee schedule is utilized, except in extenuating circumstances, such as having
an especially large and complex portfolio or holding a majority of assets in fixed income or cash. Unless
modified by Sendero, clients have a minimum fee of $30,000 per annum. This minimum fee is waived for

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accounts with managed assets below $3,000,000. We base the management fee on the market value of a
client’s portfolio as determined by the custodian (or outside pricing service) at the end of the last trading
day of the previous calendar quarter.

Sendero believes its fees are reasonable in relation to the fees charged by other investment advisers. The
amount and method by which fees are charged is established in each client’s written agreement with
Sendero. In some instances, for Accommodation Assets, a fixed fee will be negotiated, not based on assets
under management.

Because we serve our clients’ needs individually, some clients have different fee schedules or different fee
structures, some clients are not on a “tiered” schedule and pay the same percentage on all assets,
regardless of the size of their account. Some fee schedules have different breakpoints for tiers and are
billed in arrears, in which case the fee is not adjusted for flows in or out of their accounts. Additionally,
some clients are not charged on cash and/or hold assets not included in the fee calculation, and some
clients have particular asset classes charged at a lower rate than other asset classes. This means some
clients pay more than other clients with the same amount or same type of assets under our management.
If the Account is closed during the quarter, fees will be pro-rated based on the number of days the Account
was opened during the quarter. Any fees billed in advance, but unearned, will be promptly returned to the
client.

Fee adjustments will be made on a quarterly basis for any withdrawals and deposits on the same day whose
values would result in a change of $30 or more in advisory fees (“Advisory Fees”). No fee adjustment will be
made for appreciation or depreciation in the Account’s asset value during the quarter. Sendero uses its
third-party reporting system to generate invoices for fee billing. Total account values for billing at times will
differ slightly from custodial statement values for various reasons, such as when Sendero’s internal
calculations take place within the cycle that the fees are calculated; however, the values in the custodian’s
statement are the official record of the account.

Accommodation Assets will be excluded from the account market value for billing purposes and will be
subject to a separate Advisory Fee, as specifically noted in the client’s Fee Schedule.

Where client accounts are managed by Third-Party Managers, the Third-Party Manager fees are in addition
to Sendero Advisory Fees, are billed at different times based upon the managers’ schedule of invoicing and
may be calculated using a different methodology than is used by Sendero (beginning or end of period,
average assets, market values, etc.). Sendero will debit client accounts held with Pershing and Fidelity and
forward to other custodians the invoice provided by the Third-Party Manager for managed accounts not
held at Pershing or Fidelity. These debited fees are then forwarded to the respective managers. Sendero
reviews Third-Party Manager’s fees to confirm the calculations are correct before fees are debited from
client accounts. Sendero does not receive a portion of Third-Party Manager fees.

For Advisory Fee purposes, alternative investment values are billed using the most recent estimated
statement value received from the fund administrator. Sendero’s advisory fees for alternative investments
held away from Sendero will be debited from the client’s Sendero account on a quarterly basis. Clients
understand that Sendero does not conduct an independent valuation of the alternative investments held
in client accounts but instead relies on the estimated valuations provided by the fund administrators. Assets
held with Pershing, Fidelity, or other custodians are priced using our third-party software, which receives
its pricing feeds from the custodians.

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All Sendero clients incur additional charges that are imposed by the respective custodian, including but not
limited to transaction fees and costs, margin or debit interest, costs associated with exchanging foreign
currencies, SEC fees, transfer fees, exchange fees, foreign clearing, settlement and custodial fees, and other
...

ITEM 7 – TYPES OF CLIENTS

Sendero provides investment advisory services to select high net worth individuals, families, endowments,
select institutions, corporations/other businesses, government entities, and charitable organizations.