Alphyn Capital Management LLC

Item 5: Fees and Compensation

    A. Fee Schedule
    Portfolio Management Fees

 Total Assets Under Management          Annual Fees
 All Assets                             1.00%

ACML uses an average of the daily balance in the client's account throughout the billing
period, after taking into account deposits and withdrawals, for purposes of determining
the market value of the assets upon which the advisory fee is based.

For publicly traded securities, fees are based on the account’s average daily balance for
the billing period.

For illiquid and private investments such as private equity, private credit, and private real
estate, which may report valuations on a delayed basis, we calculate advisory fees using
only the most recent official capital account statement for the client’s interest that is
available on the billing date. We do not use investor letters, slide decks, or portfolio
updates for fee billing. The value from that statement is used for the entire billing period.

When a later capital account statement is received, we update the valuation in our
reporting system effective as of its stated date (e.g., a 6/30 NAV is posted as of 6/30) to
ensure accurate historical performance reporting. We do not amend or reissue prior
invoices, and we do not apply retroactive fee debits or credits due to later manager
valuations.

The final fee schedule will be memorialized in the client’s advisory agreement. Clients
may terminate the agreement without penalty for a full refund of ACML's fees within five
business days of signing the Investment Advisory Contract. Thereafter, clients may
terminate the Investment Advisory Contract immediately upon written notice.

Arauca Strategy Fees
Clients invested in the Arauca strategy will pay fees different from the schedule of fees
noted above, which are further defined in an addendum to the advisory agreement with
Alphyn. The fee schedule for this trading program is a 1% management fee and a
performance fee equal to 20% of the increase in the accounts net assets during such
calendar year, adjusted for contributions and/or withdrawals, provided such net assets
represent an annualized rate of return of 5% of the accounts net accounts at the beginning
of such year. ACML itself does not earn performance fees, but if a performance fee is
charged, Alphyn retains the 1% management fee and passes the performance fee on to
Arauca Capital—the third party supplying the trading signals; if no performance fee is
charged due to not meeting the hurdle or experiencing a loss, Alphyn splits the 1%
management fee with the third party.

B. Payment of Fees

Payment of Portfolio Management Fees

       Where Interactive Brokers, LLC (“IB”) acts as custodian of ACML's clients’ accounts, IB
       deducts advisory fees through the authority granted by the Client in its Agreement with
       the custodian. Fees are pro-rated and deducted from the Client’s account on a quarterly
       basis. IB calculates the quarterly pro-rated fees as net liquidation value (market value)
       multiplied by the annual fee (a percentage) and divided by the number of trading days
       in a calendar year. This is an automatic feature of the account with the billing
       information provided by IB. ACML does not get involved with the fee calculation and
       billing process.

       Where client funds are with any other custodian (not IB), ACML sends invoices to the
       client on a quarterly basis for payment via cash, check, or wire.

       C. Client Responsibility For Third Party Fees

       Clients are responsible for the payment of all third party fees (i.e. custodian fees,
       brokerage fees, ETF fees, mutual fund fees, General Partner fees for private investments,
       transaction fees, etc.). Those fees are separate and distinct from the fees and expenses
       charged by ACML. Please see Item 12 of this brochure regarding broker-
       dealer/custodian.

       D. Prepayment of Fees

       ACML collects its fees in arrears. It does not collect fees in advance.

       E. Outside Compensation For the Sale of Securities to Clients

       Neither ACML nor its supervised persons accept any compensation for the sale of
       investment products, including asset-based sales charges or service fees from the sale of
       mutual funds.

Item 7: Types of Clients

ACML generally provides advisory services to the following types of clients:

           •   Individuals
           •   High-Net-Worth Individuals

There is no account minimum for any of ACML’s services.