Richmond Quantitative Advisors LLC

Item 5: Fees and Compensation

A. Fee Schedule

Financial Advisory, Separately Managed Accounts (SMAs), and Model
Delivery Portfolio Management Fees

RQA’s fees for SMA portfolio management, model delivery, and financial
advisory services are calculated and accrued daily based on the pro-rated agreed
upon annual rate and the net liquidation value of the account at the end of each
trading day. These fees are negotiable and may vary depending on facts and
circumstances, including assets to be placed under management, anticipated
future additional assets, complexity of the client, and other factors. RQA’s fees for
such services do not exceed 1.25% per year. The final fee schedules for each client
are attached as: i) Exhibit II within the Investment Advisory Contract for each
individual and institutional RQA advisory and SMA client; and ii) Exhibit B within
the Consulting Agreement for model delivery services. Additionally, certain
hourly or fixed project-based fees may be arranged for RQA’s financial planning
and investment research-related services. These fees vary depending on the size
and scope of each engagement.

Clients may terminate the agreement without penalty for a full refund of RQA's
fees within five (5) business days of signing the Investment Advisory Contract.

Thereafter, clients may terminate the Investment Advisory Contract immediately
upon written notice.

RQA’s fees for SMA portfolio management, model delivery, and financial advisory services
do not include or relate to fees charged for RQA’s advisory or portfolio management
services relating to cryptocurrencies or digital assets. All fees relating to cryptocurrency
and digital asset advisory and portfolio management services will not exceed 2.00%.

Performance-Based Fees for Portfolio Management of RQA Pooled
Investment Vehicles and Affiliate Private Funds

Qualified clients invested in RQA pooled investment vehicles or affiliate private
funds will pay an annual fee of 1.50% of assets under management along with a
15.00% performance fee based on capital appreciation, unless otherwise specified
in the applicable offering and subscription documents of such vehicles. If the
client's portfolio rises in value, the client will pay 15.00% on that increase in value,
but if the portfolio drops in value, the client will not incur a new performance fee
until the portfolio surpasses the last highest value, adjusted for withdrawals and
deposits, which is generally known as a “high water mark.”

The high-water mark will be the highest value of the client’s account on the last
day of any previous year, after accounting for the client’s deposits or withdrawals
for each billing period.

Fees associated with RQA pooled investment vehicles or affiliate private funds are
detailed in the individual investor offering package. The final fee schedules,
investment terms, and other details regarding investments in and redemptions
from such investment vehicles are set forth in the applicable offering and
subscription documents provided to each investor upon initial subscription for
investment. Fees associated with RQA pooled investment vehicles are negotiable.

Performance-Based Fees for Portfolio Management of Certain
Separately Managed Accounts (SMAs)

Qualified clients invested in certain actively managed RQA SMAs will pay an
annualized fee of 0.00% of assets under management along with up to a 20.00%
performance fee based on capital appreciation, unless otherwise specified in the
applicable account opening documents. If the client’s portfolio rises in value, the
client will pay up to 20.00% on that increase in value, but if the portfolio drops in
value, the client will not incur a new performance fee until the portfolio surpasses
the last highest value of the prior 8 quarters, adjusted for withdrawals and
deposits, which is generally known as a “high water mark.”

The final fee schedules, investment terms, and other details regarding investments
in and redemptions from such accounts are set forth in the applicable account

opening documents provided to each investor prior to account formation. Fees
associated with all RQA managed accounts are negotiable.

Proprietary Fund Fee Discount

Richmond Quantitative Advisors (RQA) may recommend that clients invest in the
Grant Park Dynamic Allocation Fund, for which RQA serves as a sub-advisor. In
recognition of the potential conflict of interest, RQA will reduce the advisory fee
charged to clients for the portion of assets invested in the fund. The discount will
be applied based on the client’s advisory fee arrangement and the value of assets
held in proprietary funds at the time of billing. This fee adjustment is designed to
ensure clients are not charged both an advisory fee and an indirect fund
management fee on the same assets.”

B. Payment of Fees

Payment of Financial Advisory & Portfolio Management Fees

Financial advisory fees are withdrawn directly from the client’s accounts on a daily
basis with client's up-front written authorization. Fees are paid in arrears for each
calendar day’s services.

Institutional SMA advisory and consulting fees are invoiced in arrears following
the end of each calendar month, or as otherwise agreed upon in the respective
Investment Advisory Contract or Consulting Agreement.

Payment of Portfolio Management and Performance-Based Fees of
RQA’s Pooled Investment Vehicles and Affiliate Private Funds

Portfolio management and performance-based fees are withdrawn directly from
the pooled investment vehicle or affiliate private fund accounts per the terms of
the applicable offering and subscription documents provided to each investor and
inception of initial investment. Portfolio management fees are paid in advance for
each calendar quarter, while performance-based fees are calculated and paid at the
end of each calendar year, unless otherwise specified in the applicable offering and
subscription documents for such vehicles.
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Item 7: Types of Clients

RQA generally provides advisory services to the following types of clients:

       ❖      Individuals
       ❖      High-Net-Worth Individuals
       ❖      Institutions
       ❖      Pooled Investment Vehicles
       ❖      Registered Investment Companies

Generally, our minimum account size is $500,000 although this may be waived based on
considerations such as the account’s relationship to established clients or other factors.