Equitas Capital Advisors LLC

Item 5. Fees and Compensation
Investment Advisory Services
For general consulting services, we charge an annual negotiable fee generally ranging between .25%
and 1.00% of the value of the client's Account(s)/assets. For certain services, we may charge fees
which differ from our general fee range. In limited circumstances we may charge fixed fees, which will
be negotiated with each client on a case-by-case basis and will depend on the scope and complexity of
the services provided.

Clients may elect to be billed directly or may authorize us to deduct fees from their accounts held with
Pershing Advisor Solutions/Pershing, LLC or Charles Schwab & Co., Inc. Fees are charged quarterly
in advance based on the market value of the account on the last day of the preceding quarter. Market
value means the value of all assets in the account (not adjusted by any margin debit), including all
securities (both long and short) and money market and credit balances.

Clients who do not participate in the MAP program may be required to pay, in addition to our fee,
investment management fees, brokerage fees and commissions, custodial fees, legal and accounting
fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees,
record-keeping fees, and other fees and/or taxes charged by, and paid directly to, third parties. See
Item 2 ("Brokerage Practices"). Clients may be required to pay a proportionate share of any exchange-

traded funds or mutual fund’s fees and charges. For example, mutual fund operating expenses are
paid out of the fund and are an additional expense incurred by the client.

Clients pay all advisory fees quarterly, in advance. For accounts opened after the commencement of a
quarter, the Advisor will not charge for the entire quarter, but rather will pro rate the first quarter based
on the number of months remaining. Fees for partial quarters at the termination of an agreement will
be refunded on a pro rata basis contingent on the number of full days or months the account was open
during the quarter, subject to a 30-day termination period during which the client is still responsible for
fees.

For clients who invest the Evergreen Fund, the Adviser does not charge advisory fees for the amounts
invested in the Evergreen Fund. This is because the Advisor already receives an advisory fee from the
Evergreen Fund.

In certain cases, where the account is invested in a MAP account Pershing Advisor Solutions, LLC’s
("PAS"),.MAP: pays a portion of the wrap fee to the Advisor for its services, however any fees we
receive through this program are used to offset, on a dollar-for-dollar basis, the particular client’s
consulting fees due to the Advisor. To the extent the offset is greater than the consulting fee invoiced,
the Advisor rolls over that balance (the "Credit Balance") on a quarterly basis until the end of the year –
at which point the balance reverts to zero and the Advisor retains any unused Credit Balance.
Therefore, in situations where clients maintain a Credit Balance at the end of the year, the Advisor
receives additional compensation from MAP.

Equitas Evergreen Fund, L.P
For its services to the Fund, the Advisor is entitled to management fees at an annual rate of 1.0% of
each limited partner’s capital account balance, payable quarterly in advance.

Item 7. Types of Clients
We provide services to high net worth individuals, corporate pension and profit-sharing plans,
charitable institutions, foundations, endowments, public funds, trusts, estates, Taft-Hartley Funds,
family offices, corporations and pooled investment vehicles.