Welara Asset Management LLC

Item 5. Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by
the Investment Advisor. Each Client shall sign one or more Sub-Agreements that detail the responsibilities
of Welara and the Client.

Depending on the circumstance and Sub-Agreement, Clients pay us different types of fees, including:

    ● Management Fees
    ● Hourly Charges
    ● Fixed Fees (other than subscription fees)

Each of these fee types and the circumstances to which they apply are described more fully below.

The Client is billed quarterly, with payments due upon receipt of the invoice. Generally, Client billable
investments include only those accounts and investments authorized in a Client Direction Letter. Clients
may request a copy of an asset management report from their Client team, which details the investments
that they have approved on a Client Direction Letter and on which we bill. As a result of Client negotiations
or otherwise, Welara maintains, and indeed exercised such discretion with respect to certain Clients, the
discretion to vary, waive or modify the management fee methodology and percentile (e.g., adjustments for
intra-quarter additions and redemptions, management fee tiers, asset class tiers, frequency of billing, etc.)
charged to a Client Account, as well as billing practices (e.g., postpone billing).

With respect to multiple Clients from the same family/household, or who are otherwise related parties (e.g.,
employees of the same company), if so negotiated and agreed with such Clients, Welara will aggregate such
Clients’ assets for purposes of calculating management fee subject to any applicable tiered rate. In some
cases, the advisory fee includes a minimum quarterly amount or fees for administration of investments that
are not advised on by us.

Assets Management Advisory fees will be calculated by the Investment Advisor and invoiced to the Client
on a quarterly basis. The Investment Advisor shall send an invoice to the Client indicating the amount of
the fees at the respective quarter-end date. The amount due is calculated by applying the quarterly rate
(annual rate divided by 4) to the average daily ending market value of AUM during the calendar quarter.
Hourly fees for asset management advisory services are also invoiced quarterly, with payments due upon
receipt of the invoice. Retainers or pre-payment amounts may be requested to Clients. If so, these amounts

may be applied to invoices, and once exhausted, regular quarterly payments will resume.

Asset management advisory fees are based on three components: AUM fees, hourly fees, and fixed fees.

        AUM fee - For Marketable Assets Portfolio Management Advisory Services, Welara is typically
        paid an annual fee of 100 basis points (1.00%) on the discretionary management of marketable
        assets. For private market investments, Welara is typically paid an annual fee of 50 basis points
        (0.50%). Fees are calculated according to the specific terms outlined in the Sub-Agreement and
        include both the AUM and hourly fee components. The AUM-fee in the first quarter of service is
        prorated from the inception date of the account(s) to the end of the first quarter. Fees may be
        negotiable at the sole discretion of the Investment Advisor. The Client's fees will take into
        consideration the aggregate AUM with the Investment Advisor. The Investment Advisor’s fee is
        exclusive of, and in addition to, brokerage fees, transaction fees, and other related costs and
        expenses, which may be incurred by the Client. However, the Investment Advisor shall not receive
        any portion of these commissions, fees, and costs.

        Hourly Fees - Welara bills hourly rates for Legacy Portfolio Management Advisory and In-Bound
        Investment Advisory services. Hourly fees are paid quarterly in arrears, at the end of each calendar
        quarter, pursuant to the terms of the Sub-Agreement. Hourly fees are based on the experience of
        the person performing the services, the complexity of the services to be provided and the duration
        of the engagement. Hourly engagements are billed at a rate of up to $1,000.00 per hour.

        Fixed Fees - In addition, some Clients have flat fee structures that are not based on AUM. In this
        instance, Welara may negotiate a management fee based on a fixed dollar amount, paid annually
        or quarterly in advance, depending on the financial complexity of a Client’s investment objectives.
        In the event that fees are offered under a fixed and recurring fee engagement, these shall be based
        on the scope of work and the complexity of services. Certain Clients may have a fixed rate fee or a
        fee schedule that differs from other Clients.

Termination

Typically, a Client’s MSA and Sub-Agreements can be terminated at any time, by either party, for any
reason upon thirty days’ written notice. However, Welara may terminate the relationship immediately if the
Client is in material breach that is irremediable or not remedied within seven days, or if required for
regulatory or legal reasons. The Client shall be responsible for asset management advisory fees up to and
including the effective date of termination. If a Client has paid any management fees in advance for the
period in which their MSA is terminated, Welara will pro-rate the management fees for the period and
return any unearned portion to the client by check or wire transfer. If a Client changes the characterization
of a financial account governed by an MSA, however, from managed to non-managed, or vice versa, mid-
quarter, from a billing and fee payment perspective, the change will only be effective as of the beginning
of the next billing quarter, and no refund for fees already paid will be issued unless a Client expressly
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Item 7. Types of Clients

The relative percentage of each type of Client is available on Welara’s Form ADV Part 1. These percentages
may change over time. Generally, Welara requires a minimum dollar value of $100 million to establish a
Client relationship. However, we can accept Clients of any net worth, and on occasion work with Clients
whose net worth is below this threshold and this requirement may be waived, at any time, at our discretion,
on a Client-by-Client basis.

Investors in funds must generally be “Accredited Investors” as that term is defined in Rule 501 of
Regulation D of the Securities Act of 1933; “Qualified Purchasers” within the meaning of Section 2(as)(51)
and Rule 2a51-1 under the Investment Company Act of 1940; and “Knowledgeable Employees” as defined
in Rule 3c-5(a)(4)(ii) of the Investment Company Act of 1940. The investment minimums and investor
eligibility requirements relating to investments in Private Funds are stated in the respective fund’s
governing documents. Welara and/or the respective fund’s general partner or managing member have the
discretion to waive or modify the investment minimum.

Welara offers Asset Management Advisory Services to:
   ● UHNWI and their families
   ● Family Offices
   ● Family Foundations

    ●   Trusts & Estates
    ●   Endowments
    ●   Charitable Organizations & Foundations associated with UHNWI
    ●   Retirement Accounts of UHNWI, and
    ●   Corporations, Limited Liability Companies, and/or other business types associated with UHNWI.