Talis Advisory Services LLC

Item 5 – Fees and Compensation

The majority of our Clients pay fees to GWA that are based upon a percentage of the assets we
advise upon. This is a common form of compensation for Registered Investment Advisory firms
and avoids the multiple inherent conflicts of interest associated with commission-based
compensation. However, this method of compensation can create potential conflicts of interest
between our firm and our Clients as to the advice we provide. For example, conflicts of interest
may arise relating to the following financial decisions: incur or pay down debt; gift funds to
charities or to individuals; purchases of a home or cars or other non-investment assets; the
purchase of an annuity; expenditures of funds for travel or other activities; investment in closely
held businesses, and the amount of funds to place in cash reserve accounts.

Advisory Service Fees
We charge investment advisory fees for our services based on the fee schedule that is included
in each Client’s written advisory contract. Typically, we charge an annual fee based on a
percentage of the market value of the assets being managed. Our annual fee is exclusive of,
and in addition to brokerage commissions, transaction fees and other related expenses, which
are incurred by the Client. GWA does not receive any portion of these commissions, fees and
expenses.

Our standard fee schedule includes financial planning as part of the overall fee arrangement
and starts at 1.25% annually for the first $1,000,000, following a tiered schedule of reduced
fees for the next $4,000,000 at 1.00%, the next $5,000,000 at 0.75%, and $10,000,000 or
greater at 0.50%. Clients may also choose to pay separately for financial planning, in which
case the fee schedule is reduced to 1.00% for the first $1,000,000. Clients should carefully
review the advisory contract and are encouraged to consult with their attorney. Advisory fees
are negotiable based on business considerations.

Advisory fees are charged quarterly in arrears at the end of each calendar quarter (March 31,
June 30, September 30, and December 31) and are based on the average daily account balance
during that period. Upon request, Advisor will provide details of average daily balance
calculations for a Client’s account. For these Clients, billing begins when custodial account(s)
are funded and/or assets are transferred into the Client’s custodial account(s). For certain
legacy Clients, advisory fees are charged in arrears and based on the account value as of the
last day of the quarter, as specified in the Client’s written advisory contract. These Clients are
encouraged to move to an average daily balance fee arrangement and may do so at any time
by executing a new advisory contract.

For certain family office clients, the Firm charges advisory fees based on net worth rather than
assets under management. “Net worth” is calculated in accordance with the methodology set
forth in the applicable family office advisory agreement, which defines the assets and liabilities
included and the applicable valuation procedures. Certain family office arrangements may also
include a minimum net worth or minimum fee, as specified in the advisory agreement.

Valuations of non-marketable or illiquid assets (e.g., private investments, real estate, closely
held businesses) are determined in accordance with the advisory agreement and may rely on
third-party valuations, appraisals, or estimates provided by the family office or its
representatives. The Firm does not independently verify such valuations and relies on
information provided by the client or its designees. These valuations may not reflect current
market conditions and are inherently subjective and uncertain.

Net worth-based fees may differ from fees based solely on assets under management and
create different incentives than traditional AUM-based arrangements. Clients should refer to
their advisory agreement for detailed information regarding fee calculation, valuation
methodology, and billing practices.

Financial Planning Fees
Clients may choose to have financial planning fees incorporated into the advisory fee as part
of an overall fee arrangement. However, financial planning services are typically charged
separately and in addition to our asset-based fee for portfolio management. In such situations,
we will notify the client and upon their consent the financial planning services will be provided
on an hourly basis according to the hourly rates below, or for a negotiated fixed amount,
typically $3,000 to $12,500, depending upon the scope and complexity of the planning needed
by the client. Hourly rates for financial planning services are subject to the fee schedule below:

        $750 per hour – President, Chief Investment Officer or another firm principal
        $300 per hour – Vice President, Director, or Senior Advisor
        $200 per hour – Advisor

When financial planning is provided as a separate service, it is typical for the fee for the
financial planning services to be collected at the time services begin.

In certain situations, we may choose to provide financial planning services to portfolio
management clients without an additional fee. This depends on our judgment, the complexity
of the financial plan, the size of the client relationship and/or other business considerations.

Consulting Services Fees
For other consulting engagements, we will charge the hourly financial planning fees above.

Deduction of Fees
In our investment management engagements, we deduct our advisory fee based on written
authorization by you permitting the fees to be paid directly from your account. Clients receive
a statement from the qualified custodian that shows the fee deduction transaction each time.
The qualified custodian for your account will deliver an account statement to you monthly if
there is activity in your account. Otherwise, the statement is sent no less frequently than
quarterly.

Additional Fees and Expenses
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Item 7 – Types of Clients

GWA provides advisory services to the following types of Clients:
  ▪ High net worth individuals
  ▪ Family offices
  ▪ Individuals (other than high net worth individuals)
  ▪ Pension and profit-sharing plans (other than plan participants)
  ▪ Trusts
  ▪ Foundations
  ▪ Business entities (corporations, limited liability companies, etc.)
  ▪ Charitable organizations

In general, we require a minimum of $2,000,000.00 as a condition for establishing an ongoing
Client relationship. Clients may aggregate assets in multiple accounts to meet the minimum
requirement. The minimum requirement for maintaining a Client relationship is
$500,000.00. We may choose to make exceptions to the minimum amount required to
establish or maintain a Client relationship when business conditions warrant.