Summit Trail Advisors LLC

ITEM 5: FEES AND COMPENSATION

A. Fees for Advisory Services

    Investment Advisory Services
    The Advisor’s annual fee for investment advisory services shall generally be based upon a
    percentage (%) of the market value and type of assets placed under the Advisor’s management,
    payable quarterly in advance. Investment advisory fees range up to 1.50% annually based on
    several factors, including: the complexity of the services to be provided, the level of assets to be
    managed, and the overall relationship with the Advisor. Relationships with multiple objectives,
    specific reporting requirements, portfolio restrictions and other complexities may be charged a
    higher fee. Alternatively, the Advisor can choose to offer its investment advisory services on a flat
    fee basis. To the extent offered, the Advisor’s flat fee will be based upon various subjective and
    objective factors and will not exceed the above fee rate.

    The Advisor’s annual fee is billed and payable on a pro-rata basis, quarterly in advance, based
    upon the market value of the assets being managed by Summit Trail on the last day of the
    previous quarter. Reconciliations are performed on a quarterly basis to capture the difference in
    the market value of the assets on the last day of the previous quarter and the average daily balance
    of the assets for the quarter. An adjustment will be made in the form of a credit or debit to reflect
    the difference. In the event the portfolio management agreement is terminated, the fee for the
    final billing period will be prorated through the effective date of termination, and the outstanding
    or unearned portion of the fee will be charged or refunded to you, as appropriate. Summit Trail
    management fee is negotiable, depending on individual Client circumstances.

    The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and
    custody fees, and other related costs and expenses described in Item 5.C below, which will be
    incurred by the Client. However, the Advisor shall not receive any portion of these commissions,
    fees, and costs.

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    Use of Independent Managers - For Client accounts implemented through an Independent
    Manager, the Client’s overall fees will include Summit Trail’s investment advisory fee (as noted
    above) plus advisory fees and/or platform fees charged by the Independent Managers, as
    applicable, unless otherwise agreed to by Summit Trail. The Independent Manager may assume
    responsibility for calculating the Client’s fees and deducting all fees from the Client’s accounts. In
    such instances, Summit Trail will not charge its fee separately on those assets.

    Turnkey asset management programs (“TAMP”) related charges are not included in the investment
    management fee paid to Summit Trail. Clients will be charged, separate from and in addition to
    their investment management fee, any applicable TAMP fees as well as applicable Independent
    Manager fees.

    The Advisor is affiliated with Dynasty Financial Partners, LLC (“Dynasty”), Dynasty is also a TAMP
    provider (See Item 10 below). The Advisor does not receive any portion of the fees paid directly to
    Dynasty or the service providers made available through Dynasty’s TAMP, including the
    Independent Managers.

    TAMP and Independent Manager fees are determined by the particular TAMP and Independent
    Managers with which Client assets are invested, and are calculated based upon a percentage of
    assets under management, as applicable. The program fee generally ranges up to 0.45% annually.

    Clients should note the total fees reflected on custodial statements represent the aggregate of
    Summit Trail’s investment management fee, TAMP fee and Independent Manager fee, accordingly.
    Clients are urged to review such statements to determine the total amount of fees associated with
    assets placed with Independent Managers. Client should also review the investment management
    agreement with Summit Trail to determine the investment management fee paid to the Advisor.

    Outsourced Chief Investment Officer Services
    OCIO Services are subject to an annual fee of approximately $150,000 per year charged quarterly
    in advance. For investments in the Advisor’s funds, full details concerning fees are disclosed
    within the fund’s offering documents. If an End Retail Client chooses to engage the Advisor for
    investment advisory services, the Advisor would retain approximately 30%-40% of the
    investment advisory fee disclosed above, subject to a 0.25% minimum floor in accordance with
    the Institutional Client’s standard billing practices. The remainder of this fee will be portioned out
    to the Institutional Client.

    Financial Planning and Consulting Services
    The Advisor also provides financial planning and/or consulting services (including investment and
    non-investment related matters, including estate planning, insurance planning, etc.) on a stand-
    alone separate fee basis. The Advisor’s planning and consulting fees are negotiable, but generally
    range from $5,000 to $100,000 per year on a fixed fee basis, and from $500 to $1,000 on an hourly
    basis, depending upon the level and scope of the service(s) required and the professional(s)
    rendering the service(s).

    Certain Clients begin their engagement with the Advisor pursuant to the planning and consulting
    arrangement described in the preceding paragraph and then, when their assets under
    management with the Advisor reach a certain threshold, become subject to the fee arrangement
    for advisory services as described above. Any unearned fees paid by the Client will be reconciled
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ITEM 7: TYPES OF CLIENTS
     The Advisor’s Clients generally include individuals, high net worth individuals, business entities,
     trusts, estates, charitable organizations, and pension and profit-sharing plans. The amount of each
     type of Client is available on the Advisor's Form ADV Part 1A. These amounts can change over time
     and are updated at least annually by the Advisor.

     The Advisor, in its sole discretion, reserves the right to charge a lesser investment advisory fee, or
     a flat fee, based upon certain criteria (i.e., anticipated future earning capacity, anticipated future
     additional assets, dollar amount of assets to be managed, related accounts, account composition,
     competition, negotiations with Client, etc.). The Advisor generally does not impose a minimum
     relationship size for establishing a relationship. However, certain of the Advisor’s strategies may
     require a minimum asset amount in order to achieve optimal returns based on the needs of the
     Client, which the Advisor can waive in its sole discretion. As a result, similarly situated Clients could
     pay different fees. In addition, similar advice available from other investment advisers for similar
     or lower fees.