Ironsides Partners LLC

Item 5: Fees and Compensation

The fees applicable to the Separately Managed Account is set forth in detail in the Separately
Managed Account’s Investment Management Agreement. A summary of such fees is
provided below.

Separately Managed Account

Management Fees to be paid by the Separately Managed Account will be agreed upon
between Ironsides and the Separately Managed Account client at a negotiated rate with
disclosure to the Investors. Any fees to be borne by the SMA will be deducted directly from
the SMA’s account. The SMA does not bear any performance-based fee or allocation.

The Client bears its own organizational and initial offering expenses as well as its investment
and operating expenses including, but not limited to, brokerage commissions and other
transaction costs; clearing and settlement charges; custodial fees; margin and interest
expense and commitment fees on debit balances or borrowings; borrowing charges on
securities sold short; due diligence, research and travel expenses related to the Client’s
potential and actual investments; consulting, legal and other professional fees relating to
potential and actual investments; expenses of professionals providing services to the Client,
including legal, audit, accounting, tax and administration; organizational expenses; costs of
any liability insurance obtained on behalf of the Client; costs of any litigation or investigation
involving the Client’s activities; indemnification expenses; regulatory costs; any issue or
transfer taxes chargeable in connection with any securities transactions; any entity level
taxes; regulatory filing and license fees; costs of reporting and providing information to
Investors; and any extraordinary expenses. For further details on the Firm’s brokerage
practices, please refer to Item 12 of this Brochure.

Neither Ironsides nor its supervised persons accept compensation, including sales charges or

 Ironsides Partners LLC                                             Form ADV Part 2A: Brochure

 service fees, from any person for the sale of securities or other investment products, including
 interests in the Client. When Ironsides’ employees serve as directors on the board of
 investee companies, any board fees received are paid to the Client.

Item 7: Types of Clients

 The Firm currently manages the SMA. The Client currently consists of an Investor that is a
 high net worth individual but may also include endowments, fund of funds, family offices,
 pension plans, and other institutional investors in the future.

 Investors in the Client must each be (i) an “accredited investor,” as defined in Regulation D
 under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and (ii) a “qualified
 purchaser,” as that term is defined in Section 2(a)(51) of the U.S. Investment Company Act of
 1940, as amended (the “1940 Act”).