Franklin Park Associates LLC

Item 5 – Fees and Compensation

           Fees are determined for each client account based on the account type and client mandate and are
           outlined in each client investment advisory agreement or private fund governing documents.

           Non-Discretionary Advisory Services:

           Fees for non-discretionary advisory services are negotiable and are based on a fixed-fee arrangement. Fees
           are typically billed to clients on a quarterly basis in arrears. To the extent fees are paid in advance, and if a
           client engagement is terminated, fees paid but not earned by Franklin Park will be returned to the client
           pursuant to the terms of the client’s agreement.

           Discretionary Services:

           Advisory Services
           We provide discretionary advisory services to clients not structured as a private fund. Fees for such
           discretionary advisory services are negotiable and are typically based on a fixed-fee arrangement. Fees are
           typically billed to clients on a quarterly basis in arrears. To the extent fees are paid in advance, and if a
           client engagement is terminated, fees paid but not earned by Franklin Park will be returned to the client
           pursuant to the terms of the client’s agreement.

           Single Limited Partner Private Funds (“Fund-of-One”):
           Franklin Park does not have a standard fee schedule for Fund-of-One arrangements. Fees are negotiated
           with each investor and disclosed in the limited partnership agreement of each Fund-of-One. Fees, not
           including performance fees, are generally charged on investor commitments at a negotiated annual rate
           during the investment period or Employee
                                              a period specified
                                                         Manual in the limited partnership agreement, and as a
           percentage of assets under management thereafter. In certain cases, fees are charged on a fixed fee basis.
           We charge performance fees to certain Funds-of-One if performance conditions, as detailed in the
           respective fund governing documents, are met.

           Investors in private funds are also required to share pro rata in the operating expenses, including but not
           limited to legal, accounting, organizational expenses, and brokerage fees, as applicable of their respective
           investment vehicle(s). Expenses allowable for each private fund are outlined in the governing documents
           of the respective vehicle. Investors in a Fund-of-One that invests in underlying private markets funds or
           vehicles will be subject to the fees and expenses of such investment vehicles as well as those of the Fund-
           of-One.

           Funds-of-One are generally structured as (i) private funds with a term of 10-12 years or (ii) as an “evergreen”
           investment vehicle, the term of which may be indefinitely extended if mutually agreed upon by the
           general partner and the limited partner. The conditions under which an investor can terminate the
           partnership are outlined in each limited partnership agreement. Generally, investors will have the right to
           terminate the partnership or replace the general partner for cause or without cause. In such cases, fees
           will be determined based on terms of the fund’s governing documents.

           Commingled Private Funds:
           Management fees are generally charged as a percentage of non-affiliated investor capital commitments
           during a specified period, and thereafter (i) as a percentage of assets under management or (ii) as a
           percentage of the prior year’s fee. Fees are generally charged quarterly in advance and are paid by the
           funds. We charge performance fees to specific funds we manage if performance conditions, as detailed in
           the respective fund governing documents, are met. Fee arrangements are negotiated with each fund’s
           investors during the fundraising period of the respective fund and are generally not negotiable once a
           fund has held its final close.

           Fee rates and structures differ from one fund to another, and fee rates can differ for investors in the same
           fund based on the terms specified in a fund’s governing documents.

Part 2A of Form ADV                                                5                                      March 20, 2026

           Investors in commingled private funds are also required to share pro rata in the operating expenses,
           including but not limited to legal, accounting, organizational expenses, and brokerage fees, as applicable,
           of their respective investment vehicle(s). Expenses allowable for each private fund are outlined in the
           governing documents of the respective vehicle. Investors in a private fund that invests in underlying
           private markets funds or vehicles will be subject to the fees and expenses of such investment vehicles as
           well as those of the fund.

           Commingled private funds are generally structured with a term of 10-12 years. The conditions under which
           an investor can terminate the partnership are outlined in each limited partnership agreement. Generally,
           investors will have the right to terminate the partnership or replace the general partner for cause, and in
           some cases without cause. In such cases, fees will be determined based on the terms of the fund’s
           governing documents.

           Project-based services:

           We also perform certain due diligence or research services on a project-by-project basis. Fees for these
           project-based services are negotiated separately.

           Other Fees and Expenses:

           Private funds will bear fees, costs and expenses such as:
...

Item 7 – Types of Clients

           We have a diverse client base comprised of public plan, private pension plan, endowment, foundation and
           other charitable institutional investors. In addition, we have formed fund-of-fund and co-investment
           vehicles to manage certain client and qualified investor assets. We act as an adviser to such vehicles.