Maqro Advisors LLC

Item 5. Fees and Compensation
MaQro Advisors offers services on a fee basis. MaQro Advisors charges a 1% annual asset-based fee. The
annual asset-based fee is prorated and charged quarterly, in advance, based upon the market value of the
assets being managed by MaQro Advisors on the last day of the previous billing period. If assets are
deposited into or withdrawn from an account after the inception of a billing period, the fee payable with
respect to such assets is adjusted to reflect the interim change in portfolio value.

For the initial period of an engagement, the fee is calculated on a pro rated basis, as described above. In
the event a client’s advisory relationship with MaQro Advisors is terminated, the fee for the final billing

period will be prorated through the effective date of the termination and the outstanding or unearned portion
of the fee is charged or refunded to the client, as appropriate.

Additionally, for asset management services MaQro Advisors provides with respect to certain client
holdings (e.g., held-away assets, accommodation accounts, alternative investments, etc.), MaQro Advisors
may negotiate a fee rate that differs from that set forth above.

Fee Discretion

MaQro Advisors may, in its sole discretion, negotiate different fee structures with particular clients based
upon certain criteria, such as anticipated future earning capacity, anticipated future additional assets, dollar
amount of assets to be managed, related accounts, account composition, pre-existing/legacy client
relationship status, account retention and/or pro bono activities. In certain circumstances, some clients
and/or investors in private strategies and offerings may receive a fee waiver, at the discretion of MaQro
Advisors. Some clients and/or investors in private strategies have successfully negotiated fee waivers.

Additional Fees and Expenses
In addition to the advisory fees paid to MaQro Advisors, clients also incur certain charges imposed by other
third parties, such as broker-dealers, custodians, trust companies, banks and other financial institutions
(collectively “Financial Institutions”). These additional charges include securities brokerage commissions
and other transaction costs, custodial fees, certain expenses attributable to alternative investments, margin
and other borrowing costs, charges imposed directly by a mutual fund or ETF in a client’s account, as
disclosed in the applicable fund’s prospectus (e.g., fund management fees and other fund expenses),
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. MaQro Advisors’ brokerage practices
are described at length in Item 12, below. Where clients invest in private funds or other private strategies,
including the affiliated Funds, such clients will also bear the applicable fund-level fees, expenses and,
where applicable, incentive allocations or similar profit participation arrangements, as disclosed in the
applicable offering and governing documents.

Direct Fee Debit

Clients provide MaQro Advisors with the authority to directly debit their accounts for payment of the
investment advisory fees. The Financial Institutions that act as the qualified custodian for client accounts,
from which MaQro Advisors retains the authority to directly deduct MaQro Advisors’ advisory fees, have
agreed to send account statements to clients not less than quarterly detailing all account transactions,
including any amounts paid to MaQro Advisors.

Use of Margin

Clients may also elect to authorize MaQro Advisors to use leverage in the management of the client’s
investment portfolio. This may include the use of margin in the client’s brokerage account or assistance
with securing non-purpose lending from financial institutions. Where MaQro Advisors uses leverage as
part of its discretionary authority over an account, the advisory fee payable will be assessed net of leverage

such that the market value of the client’s account and the corresponding advisory fee payable by the client
to MaQro Advisors will not be increased solely as a result of such leverage. However, where MaQro
Advisors makes a non-discretionary recommendation to purchase an investment that is not part of a
discretionary portfolio managed by MaQro Advisors, the fee payable will be assessed gross of leverage
such that the market value of the client’s account and the corresponding fee payable by the client to MaQro
Advisors will be increased. As a result, a conflict of interest exists as this creates an incentive for the Firm
to recommend the use of margin to the client.

Account Additions and Withdrawals

Clients can make additions to and withdrawals from their account at any time, subject to MaQro Advisors’
right to terminate an account. Additions can be in cash or securities provided that MaQro Advisors reserves
the right to liquidate any transferred securities or declines to accept particular securities into a client’s
account. Clients can withdraw account assets on notice to MaQro Advisors, subject to the usual and
customary securities settlement procedures. However, MaQro Advisors designs its portfolios as long-term
investments and the withdrawal of assets may impair the achievement of a client’s investment objectives.
MaQro Advisors may consult with its clients about the options for and the implications of transferring
securities. Clients are advised that when transferred securities are liquidated, they may be subject to
transaction fees, short-term redemption fees, fees assessed at the mutual fund level (e.g., contingent deferred
sales charges) and/or tax ramifications.

Outside Business Activities
Some principals of MaQro Advisors may derive compensation from business activities outside of their
work with MaQro Advisors. These outside business activities, and any potential conflicts that these
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Item 7. Types of Clients
MaQro Advisors offers services to individuals, trusts, estates, charitable organizations, corporations and
other types of business entities.