Independence Square Holdings LLC

Item 5: Fees and Compensation
 A. Fee Schedule

   Portfolio Management Fees

   INDSQUARE charges a fee as compensation for managing your account. This advisory fee
   is calculated using the value of the assets in the Account on the last business day of the
   prior billing period and is subject to the following maximums:

                   Total Assets Under Management      Maximum Annual Fee

                   All Assets                         Up to 2.50%

   Advisory and consulting fees are generally negotiable, and the applicable fee schedule
   will be set forth in the client’s Investment Advisory Agreement or Financial Planning and
   Consulting Agreement. Client may terminate this Agreement without penalty by
   providing written notice to Adviser within five (5) business days of executing this
   Agreement. Upon such termination, all asset-based advisory fees paid in advance shall
   be refunded in full. Financial Planning and Consulting fees, including hourly fees, shall
   remain payable to the extent services have been performed or hours have been incurred
   prior to termination. Adviser may retain or invoice for such earned fees based on the
   applicable fee arrangement. This five-day cancellation right shall not apply to services
   already completed, work in progress, or hours incurred under the Financial Planning and
   Consulting section prior to termination. Thereafter, either agreement may be terminated
   at any time upon written notice.

   At our discretion, we may add (aggregate) asset amounts in accounts from your same
   household together to determine the advisory fee for all your accounts. We may do this,
   for example, where we also service accounts on behalf of your minor children, individual
   and joint accounts for a spouse, and/or other types of related accounts. This
   consolidation practice is designed to allow you to benefit from an increased asset total,
   which could potentially cause your account(s) to be assessed with a reduced advisory

fee.

Private Fund Management Services
INDSQUARE does not receive compensation in connection with the management of any
Private Funds. Compensation for the management of Private Funds is received by ISQ
Capital LLC, an affiliated investment adviser under the common ownership of ISQ
Holdings Ltd., and typically consists of an asset-based management fee and, in certain
cases, a performance-based allocation or fee, as permitted under applicable law. Fee
structures, expense allocations, liquidity terms, and withdrawal rights are described in
the applicable offering and governing documents of each Private Fund. Certain investors
may be subject to different fee arrangements or terms, including fee reductions or
waivers.

The management of Private Funds by ISQ Capital LLC may give rise to conflicts of interest,
including those related to proprietary product sponsorship, ownership interests of
management personnel, performance-based compensation, allocation of investment
opportunities, side-by-side management of accounts, and differing fee structures among
clients. While INDSQUARE does not act as the investment manager to the Private Funds,
certain members of INDSQUARE’s executive management team are also principals and
owners of the Private Funds and serve in advisory or management capacities through ISQ
Capital LLC. These affiliations present potential conflicts of interest, which are disclosed
and managed in accordance with ISQ Capital LLC’s fiduciary obligations and compliance
policies. Additional information regarding such conflicts is provided elsewhere in this
Brochure and in the applicable Private Fund offering documents.

Retirement Plan Participant Advisory Services (ERISA Accounts)

Participants who elect to engage the Adviser for these services pay an advisory fee, which
is disclosed prior to engagement. The maximum advisory fee for this service is 1.00%
annually, calculated based on the assets within the participant’s retirement account that
are subject to advisory services. The actual fee charged may be less than the maximum
and may vary depending on the IAR providing the service.

Advisory fees are paid by the participant and are separate from and in addition to fees
and expenses imposed by the retirement plan itself, including but not limited to plan
administrative fees, recordkeeping fees, custodial fees, and the internal expenses of the
plan’s investment options.

The receipt of advisory fees from participants creates a conflict of interest, as the Adviser
and its IARs benefit financially when a participant elects to engage advisory services. In
addition, IARs who offer this service may have an incentive to recommend advisory
services rather than a participant managing their account independently.

The Adviser seeks to mitigate these conflicts by acting in accordance with its fiduciary
obligations under ERISA, providing full and fair disclosure of fees, services, and
limitations, and emphasizing that participants retain full discretion over all investment
decisions and are not required to engage the Adviser.

The Adviser does not receive compensation from plan sponsors, recordkeepers, or
investment product providers in connection with this service, unless otherwise disclosed.

Third-Party Adviser Fees

We receive our standard fee on top of fees paid to third-party advisers. The third-party
advisers we currently have the discretion to choose from are: AssetMark, SEI, Haverford
Trust, The Pacific Financial Group Inc., and Absolute Capital Management LLC. If
applicable, this relationship is memorialized in a contract between INDSQUARE, and each
third-party adviser and the combined fees will not exceed any limit imposed by any
regulatory agency. We negotiate our fee with each third-party adviser and the third-party
adviser will disclose to you all fees that they have paid to INDSQUARE, as well as the
terms of the compensation arrangement.
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Item 7: Types of Clients
   INDSQUARE generally provides advisory services to the following types of clients:

    •       Individuals
    •       High-Net-Worth Individuals
    •       Retirement Plans
    •       Corporations
    •       Charitable Organizations
    •       State or Municipal Government Entities

   We generally do not require a minimum to establish or maintain a client’s account;
   however, minimum account size or investment requirements may apply to certain
   account types or investments, and individual Investment Adviser Representatives may
   establish their own minimums based on the nature of the services provided.