Constellation Capital Management LLC

Item 5: Fees and Compensation

              (A)    Generally:

                     Management fees for any Funds and Managed Accounts are calculated based on a
                     periodic percentage of the value of the assets under management (the
                     “Management Fee”) and may be subject to minimum and maximum limits in
                     certain instances. Presently, such Management Fees range up to 1.5% per annum
                     (of the value of the assets under management).

                     Generally, Management Fees are structured as per the Operative Documents.
                     However, the Firm, at its sole discretion, has the ability to negotiate such fees.
                     Managed Account Management Fees are individually negotiated. Circumstances
                     considered when negotiating Management Fees would include, without limitation,
                     customary market rates, specialized guidelines, amount of assets under

CONSTELLATION CAPITAL MANAGEMENT LLC
Brochure dated March 27, 2026

                     management, and other performance/incentive fee/allocation arrangements with
                     Clients.

                     In addition, the Firm may collect incentive fees/allocations based on the
                     performance of investments. Please refer to Item 6, below, for a more detailed
                     description of incentive fees/allocations, and related conflicts of interest.

             (B)     Payment of Fees:

                     Management Fees are billed monthly or quarterly in arrears based on the total
                     market value of the assets under management at the end of the applicable period
                     as specified in the relevant Operative Documents.

             (C)     Additional Fees and Expenses:

                     Clients will incur brokerage and other transaction costs. Clients should review
                     carefully Item 12, which discusses conflicts of interest related to brokerage
                     practices. Managed Accounts will also bear expenses as set forth in the relevant
                     Operative Documents.

                     In addition, the Funds will likely be subject to other expenses, including, but not
                     limited to: legal, compliance, audit and accounting expenses (including third-party
                     accounting services) of the Client; administrator fees and expenses; investment
                     expenses such as commissions; prime brokerage fees; interest on margin accounts
                     and other indebtedness; borrowing charges on securities sold short; custodial fees;
                     bank service fees; client-related insurance costs (including D&O insurance costs);
                     and any other expenses related to the purchase, sale or transmittal of assets, the
                     fulfillment of the Funds’ investment strategies or as otherwise necessary to protect
                     the interests of the Funds or investors in the Funds, including related persons of
                     the Firm, from any potential or actual creditor or litigant.

             (D)     Withdrawals from the Funds:

                     Clients are generally required to pay Management Fees monthly or quarterly in
                     arrears, as specified in each Client’s Operative Documents. In the unlikely event
                     the Firm does require pre-payment of fees, and does not provide services for the
                     full period, the Management Fee would be required to be returned to applicable
                     investors, calculated based on the number of days remaining in the applicable
                     period.

             (E)     Additional Compensation of Supervised Persons:

                     Neither the Firm nor any of its supervised persons receive, directly or indirectly,
                     any compensation from the sale of securities or other investment products.

Item 7: Types of Clients

               As described in Item 4, the Firm generally provides investment advice to Managed
               Accounts and Funds. In terms of Managed Accounts, the Firm does not maintain a specific
               minimum dollar value of assets or other conditions for opening a Managed Account.
               However, Managed Account services are directed towards qualified and sophisticated
               individuals or institutional investors who are prepared to invest substantial sums of
               typically $25 million or more. Any Funds’ investors will likely be individuals (including
               high net-worth individuals), funds of funds, and corporations, and may include pension and
               profit-sharing plans, trusts, estates, foundations and endowments. The minimum
               investment of such Fund shall be described in the relevant Operative Documents

CONSTELLATION CAPITAL MANAGEMENT LLC
Brochure dated March 27, 2026