Ironhorse Capital LLC

Item 5 – Fees and Compensation

All fees are subject to negotiation. The specific manner in which fees are charged by
IronHorse is established in a client’s written agreement with IronHorse. IronHorse will
generally bill its fees on a quarterly basis in arrears. Clients authorize IronHorse to directly
debit fees from client accounts. Accounts initiated or terminated during a calendar quarter
will be charged a prorated fee. Upon termination of any account, any prepaid, unearned fees
will be promptly refunded, and any earned, unpaid fees will be due and payable. The client
has the right to terminate an agreement without penalty within five business days after
entering into the agreement.

IronHorse’s fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by the client. Clients may incur certain charges
imposed by custodians, brokers, third party investment and other third parties such as fees
charged by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer
taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts
and securities transactions. Mutual funds and exchange traded funds also charge internal
management fees, which are disclosed in a fund’s prospectus. Such charges, fees and
commissions are exclusive of and in addition to IronHorse’s fee, and IronHorse shall not
receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that IronHorse considers in selecting or
recommending broker-dealers for client transactions and determining the reasonableness
of their compensation (e.g., commissions).

The fee schedule applicable as of this Brochure is as follows:

 Client Assets                                     Annual Fee (%) for all assets
        All Assets Under Management                            1.50%

Conductor Global Equity Value ETF: For legacy clients that maintain holdings in the series
of Conductor Global Equity Value ETF (“Conductor ETF”), the above referenced management
fee will not be charged. These clients will only pay the standard mutual fund fees.
For its advisory services to the Conductor ETF, IronHorse is paid a fee that is separately
negotiated with such fund and approved by the boards of directors of the fund. Investors
should review the Conductor ETF prospectus for a full discussion of the management fees
and other pertinent information. IronHorse is paid directly by the administrator of the
Conductor Global Equity Value ETF for its investment management advisory services to the
Conductor ETF.

Item 7 – Types of Clients

IronHorse provides portfolio management services to individuals, high net worth
individuals, businesses, registered mutual funds, and other U.S. institutions.

For separately managed accounts, IronHorse generally requires a minimum account of
$250,000 to open a portfolio. Minimums may be waived by IronHorse based on the needs of
the client and the complexity of the situation.