Acorn Advisory Capital LP

ITEM 5 – FEES AND COMPENSATION

      A. Advisory Fees and Compensation.

                The fees applicable to each Client are set forth in detail in each Client's
  Offering Documents, limited partnership agreement, operating agreement or Advisory
  Agreement (as applicable). A brief summary of such fees is provided below.

The Investment Adviser charges the Build Funds a management fee of 1.35% annually on
offered classes of interests/shares. For the Build Funds, offered classes of interests/shares are
also subject to a 15% incentive allocation/fee which is subject to a high water mark/loss
carryforward. Certain investors in the Build Funds are charged a 1.5% management fee
annually, with no incentive fee. Effective January 1, 2023, certain affiliates of Acorn (“Affiliate
Investors”), including two Acorn investment committee members, will pay fees on their
respective investments in the Build Funds at an annualized Management Fee Rate of 0.055% of
their respective Build Investments. In addition, net profits and losses attributable to Specified
Items (defined below) shall be allocated as follows: (i) an amount equal to the Applicable
Percentage (defined below) multiplied by the Specified Items shall be allocated to the GP and
(ii) the balance of the Specified Items shall be allocated ratably among the Affiliate Investors.
Finally, it is agreed that, in order to provide for a smoothing of results to all parties, the
amount of Specified Items allocable to the GP with respect to fiscal year 2025 shall be
increased by the positive balance, if any, in the "2023-2025 Shortfall Account." For this
purpose, the 2023-2025 Shortfall Account shall be a memorandum account that, for each of
fiscal year 2023, 2024 and 2025, shall be (i) increased to the extent Acorn Advisory and the GP
received fees from the Build Investors and allocations of Specified Items that, in the
aggregate, were lower than 90% of the Base Amount; and (ii) decreased to the extent Acorn
Advisory and the GP received fees from the Build Investors and allocations of Specified Items
that, in the aggregate, exceeded 90% of the Base Amount.

      •   "Applicable Percentage" shall mean the lesser of 11.5% and the Alternate Percentage
          computed in accordance with the methodology set forth below.
      •   "Specified Items" shall mean income and expense items derived from Build
          Investments that are or would be reported as dividends or interest income (including
          tax-exempt interest) or expense on the 2025 US federal income tax returns of the
          Build Funds.
      •   The "Alternate Percentage" shall mean the percentage that, when multiplied by the
          aggregate net Specified Items, produces an amount equal to the excess of (x) 110%
          of the Base Amount determined under the following paragraph over (y) 0.055% of
          the aggregate value of the Build Investments.
      •   The "Base Amount" shall be the sum of (a) .50% (annualized) multiplied by the Build
          Funds’ net Direct Investments and investments in Portfolio Funds which, in either
          case, are managed by Portfolio Managers unaffiliated with the Investment Adviser,
          (b) 1.35% (annualized) multiplied by the Build Funds’ net Direct Investments and
          investments in Portfolio Funds which, in either case, are managed by Portfolio
          Managers affiliated with the Investment Adviser, and (c) .25% (annualized)
          multiplied by the Build Funds’ net Direct Investments consisting of equity securities

         (including ETFs), cash and cash equivalent balances and any other investments that
         are not otherwise covered by (a) or (b).
  In addition to the foregoing, an 18% Incentive Allocation Rate or Incentive Fee Rate, as
  applicable, will be applied to the Affiliate Investors’ respective shares of the Build Funds’
  profits from net Direct Investments and investments in Portfolio Funds which, in either case,
  are managed by Portfolio Managers employed by the Investment Adviser.

                 The Investment Adviser charges BPC a management fee of .50% annually.

                 The Investment Adviser charges Acorn EUR a management fee of .55%
  annually.

Management fee compensation for the Funds is paid quarterly in arears or advance. Fees will
be waived, reduced or calculated differently at the discretion of the general partner or board of
directors of the Funds, as applicable.

               The Investment Adviser charges fees for the Other Accounts in varying
  amounts from .2% to .5% of Other Accounts’ total assets and an incentive fee between 0%
  and 15%.

                   Fees are negotiable. Generally, the Investment Adviser has the authority to
  waive, reduce or calculate differently any of the fees described herein, and, to date, the
  Investment Adviser has charged varying fees as discussed above, as well as waiving fees for
  certain employees of the Investment Adviser. The Investment Adviser may enter into side
  letters or other agreements with individual investors that have the effect of establishing rights
  under, or altering or supplementing, the terms of the Fund agreements. Any rights established,
  or any terms of the Fund agreement altered or supplemented in a side letter with an investor
  will govern with respect to such investor.

      B. Payment of Fees.

                 Fees and compensation paid to the Investment Adviser by the Funds are
  generally deducted from the assets of each such Client. As discussed above, management
  fees are generally deducted on a quarterly basis for the Funds. The Investment Adviser
  invoices separately managed Clients for fees incurred and fees are charged quarterly in arrears,
  based on account values at the end of each quarter.

                 Fees are billed and paid quarterly for the Other Accounts.

      C. Additional Fees and Expenses.
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ITEM 7 – TYPES OF CLIENTS

               The Investment Adviser generally provides advice to the Funds and the Other
Accounts as described above. Currently, the Investment Adviser provides discretionary
advice to the Funds and to a high net worth individual via a separately managed account, and
discretionary and non-discretionary advice to affiliated insurance companies via separately
managed accounts.

              The Investment Adviser generally imposes minimum initial and additional
investment requirements in order for investors to make an investment in the Funds, which
may vary depending on the Fund or class of interests/shares and are disclosed in the
respective Fund’s Offering Documents.