Heron Advisory Inc

Item 5: Fees and Compensation

Heron Finance imposes a management fee equal to one percent (1.00%) per annum of the value of the
Correlated Assets of each Investor, calculated and payable at each month end (the “Management Fee”). The
Management Fee is generally deducted by Heron Finance prior to each Interest Payment (except for
Available Asset Classes that are non-distributing assets) and will be net of the Management Fee and any
Issuer Redemption Fees. If the Interest Payment is insufficient to cover the accrued and unpaid amount of
the Management Fee, the remaining amount will be deducted from any principal repayment or Redemption
Adjustment (defined in the PPM).

Certain Available Asset Classes may correspond to Interests for which there are not expected to be regular,
if any, Distributions (“Non-Distributing Assets”). o the extent an investor selects, or is allocated, Correlated
Assets related to such Non-Distributing Assets, such investor’s Promissory Note will have reduced or no
Interest Payments as a result, and consequently the investor may receive only a principal repayment,
modified by the Redemption Adjustment, if any. Non-Distributing Assets may include, without limitation,
investments related to private equity, drawdown funds, convertible notes with paid in kind interest, tender
offer funds, stock in growth stage companies, and interval funds.

Heron, in its sole discretion, may waive, increase, or reduce the Management Fee with advance notice.

The Management Fee will be assessed on a monthly basis. For each month in which the Account holds
Assets as of the last calendar day of the month, the Management Fee shall be payable in respect of the entire
month, regardless of the date on which Assets were first credited to the Account during that month.
Conversely, if all Assets are withdrawn from the Account prior to the last calendar day of a given month, no
Management Fee shall be charged for that month with respect to the withdrawn Assets. For the sake of
clarity, the presence of any Assets in the Account on the last business day of the month will result in the
assessment of the full monthly Management Fee, which shall be calculated as one-twelfth (1/12) of one
percent (1.00%) multiplied by the value of the Assets in the Account as of such date.

It will remain the Client’s own responsibility to understand and verify the amount deducted in the account.
If the assets in the account are less than sufficient to allow Heron Finance to deduct the account for the full
amount of the Management Fee due and payable for a given month, Heron Finance may separately invoice
Clients for any remaining amounts or collect the Management Fee in a subsequent month when there is a
sufficient amount of USDC. Any invoice provided by Heron Finance to a Client shall be due and payable
upon the Client’s receipt. Clients authorize Heron Finance to take any other actions not prohibited by the
RIA Agreement to the extent necessary to pay the Management Fee. For purposes of calculating the
Management Fee, the value of the assets allocated to the Account will be determined by the Advisor based
on its establishment of the fair market value of the assets. The Client understands and acknowledges the
Advisor may utilize the services of third-party agents or designees, which may be affiliates of the Advisor,
to assist in calculating and collecting the Management Fee.

Heron Finance reserves the right, in its sole discretion, to negotiate, reduce or waive the Management Fee
for certain Client accounts for any period of time determined solely by Heron Finance. All records of fee
adjustments are recorded and documented internally for all clients.

The Heron Finance Program allows clients to gain exposure to a Portfolio of Correlated Assets which may
make monthly or quarterly Interest Payments; however, Interest Payments are not guaranteed, and the
amount thereof may fluctuate.
                                    Heron Finance Form ADV (Part 2A)

Item 7: Types of Clients

Heron Finance provides its services to U.S. accredited investors and registered investment advisors.
The minimum initial investment for Clients is $10,000.