Portman Square Capital LLP

Item 5 – Fees and Compensation
 Asset-Based Fees and Compensation. PSC is entitled to receive certain management and/or
 performance based fees from its clients in the following ranges:

 Fee Schedule
                      Management/Advisory        Performance Fee Range
                      Fee Range

  PSC Funds           Up to 2% per annum         Up to 20% per annum payable annually

  SMAs                Up to 1.5% per annum       10% to 20% per annum

In addition to Management/Advisory and/or Performance Fees, each of the Advisory Clients bear
certain operating and administrative expenses pre-agreed with each Advisory Client and as fully
disclosed in the relevant offering documents and/or as agreed in the respective investment advisory
or investment management agreements.

Such expenses for the PSC Funds typically include, but are not necessarily limited to, brokerage
and research services, including news and quotation services (including fees for data and software
providers) professional fees transaction costs, custody and administrator fees, legal and audit fees,
compliance and filing fees (including without limitation, fees and expenses incurred in connection
with the preparation and regulatory filings PSC Fund directors’ fees and D and O insurance and
other organizational expenses.

 The allocation of expenses by PSC between it and any Advisory Client may represent a conflict of
interest for the Adviser. Accordingly, PSC has adopted an Expenses Policy that is designed to
address this conflict. The policy determines that PSC will allocate expenses to each Advisory
Client in accordance with the Advisory Client's individual arrangements with the Adviser
(including applicable Advisory Client disclosures). The Adviser seeks to allocate shared expenses
for products and services benefitting the Adviser and the Advisory Client and not covered in the
Advisory Client's arrangements in a fair and reasonable manner and usually on a pro rata basis.

Neither PSC nor any of its officers, partners, personnel, or affiliate entities accept any
compensation for the sale or distribution of interests in any of the products it manages.

Item 7 – Types of Clients
PSC’s Advisory Clients consist of the funds described above (PSC Funds and SMAs), which are
only available to sophisticated, institutional (accredited) investors.

Investors in the PSC Funds are not considered direct clients of PSC. Such investors may include
pension plans, charitable foundations, endowments, fund of funds, sovereign wealth funds, private
funds, investment companies, trusts, family offices, private banks, and other entities and
institutions. Investors in the PSC Funds must meet certain suitability requirements as set forth in
the PSC Funds offering documents. Any initial and additional subscription minimums are disclosed
in the offering memorandum for the PSC Funds.