Secfi Advisory Limited

Item 5 - Fees and Compensation
      A.​ How we are compensated for Advisory Services.​

      1.​ Fee Rate Ranges.

Discretionary and Non-Discretionary Institutional. SAL charges performance based fees to
the Forward Contract Funds generally determined as follows:

An incentive fee (the “Incentive Fee”) is payable by the Forward Contract Fund to SAL,
calculated based on the net sale or disposition proceeds and current income received from the
Portfolio Company Shares (“Account Proceeds”). The Incentive Fee is calculated by the
Forward Contract Fund and paid to SAL. The Incentive Fee is generally apportioned (in order of
priority) as (i) a return of invested capital to the Forward Contract Fund, (ii) a compounded
“preferred” return paid to the Forward Contract Fund, (iii) a specified percentage of the amount
in clause (ii) is paid to SAL, and (iv) a specified percentage of the remaining Account Proceeds
are paid to SAL.

In certain instances, performance fees are determined and paid on an investment-by-investment
basis. The performance-based compensation that SAL is entitled to receive is negotiated on a
client-by-client basis and is set forth in relevant investment advisory agreement or Fund
Documentation.

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Wealth Management. SAL charges the following asset-based fees to Wealth Management
Clients:​

    Total Assets Under Management                  Annual Fee

    $0 - $1,000,000                                Minimum

    $1,000,001 - $5,000,000                        Minimum + 0.65% on assets between
                                                   $1,000,001 and $5,000,000

    $5,000,001+                                    Minimum + 0.65% on assets between
                                                   $1,000,001 and $5,000,000 + 0.45% on assets
                                                   above $5,000,000
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The standard annual minimum fee for Wealth Management is $7,200 calculated on a rolling
12-month period from the effective date of the agreement but can be adjusted on a case by case
basis.

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Financial Planning. SAL charges the following fees for its fee-only Financial Planning
Services:​

 Financial Planning Service       Length of Engagement            Total Fee (due/month)

 Ad Hoc Financial Planning        negotiable                      negotiable
 Engagements

   2.​ Fee Negotiations.

Fees are subject to negotiation on a case-by-case basis. ​

   B. Payment of Fees

Fees for investment advisory services are calculated consistent with Item 5A and paid to SAL
quarterly in arrears. Advisory fees paid by Wealth Management Clients are deducted from the
Clients’ custodial accounts.

Fixed fees for project-based financial planning will be invoiced to clients upon conclusion of the
engagement or quarterly in arrears, as applicable. Fees are paid via credit or debit card.​

   C. Expenses that Clients Pay​

   1.​ Discretionary and Non-Discretionary Institutional.

SAL has made arrangements with Secfi Securities to broker the purchase and sale of Forward
Contracts. SAL will typically require Shareholders to engage Secfi Securities to represent them
in connection with the purchase and sale of a Forward Contract. The Shareholder-side brokerage
fees (typically 5% of a Forward Contract amount) and costs will be deducted from the proceeds
paid by the relevant Forward Contract Fund for the Forward Contract. Please see response to 5E
for further details.

Any additional costs and expenses incurred in connection with the Broker services as well as the
negotiation and acquisition of Forward Contracts shall be borne by the relevant Forward
Contract Fund. Additionally, Managed Funds bear their own fund-level expenses, such as
administration, legal, organizational costs, a portion of relevant employment costs, transfer
agency, audit, tax preparation and filings, and fund accounting, as more fully described in the
relevant Fund Documentation.​

   2.​ Wealth Management.

For Wealth Management Clients, our fees do not include custodial fees, brokerage commissions,
transaction costs or other expenses charged by the Wealth Management Client’s custodian or
broker. Expenses related to tax and/or legal services may also be paid by Clients. Each

investment vehicle (e.g. mutual fund or ETF) in which a Wealth Management Client’s assets may
be invested charges its own advisory fee and other fees and expenses, which are set forth in the
applicable fund’s prospectus.​

   D. Prepayment of Fees.

We do not require the prepayment of fees.​

   E. Outside Incentives for Recommendations of Securities.​

   1.​ Discretionary and Non-Discretionary Institutional.

As described in response to 5C, SAL has made arrangements with Secfi Securities to facilitate
the purchase and sale of Forward Contracts. Secfi Securities brokers Forward Contracts between
the Forward Contract Funds and Shareholders. Due to the common ownership by Secfi of SAL
and Secfi Securities, SAL or its related persons will receive an indirect economic benefit from
the brokerage commissions charged by Secfi Securities to its customers (which will include
Shareholders). This creates a conflict of interest and gives SAL and its supervised persons an
incentive to manage investments based on compensation received by Secfi Securities, rather than
the Forward Contract Fund’s needs. Please see response to Item 11 below for further details.

   2.​ Wealth Management.

With respect to Wealth Management Clients, SAL does not buy or sell securities for itself and
does not receive any compensation for securities transactions in a Wealth Management Client
account, other than the investment advisory fees noted herein.

   3.​ Financial Planning.

Certain financial planning clients’ financial plans involve the analysis of Shareholder options
exercise scenarios, including potential tax outcomes, whether to exercise with cash, or to utilize a
financing solution. Due solely to common ownership of Secfi Securities and SAL by Secfi and
...

Item 7 - Types of Clients
   A.​ Clients.​

SAL provides investment advice to and/or manages the Forward Contract Funds. Beneficial
owners of the Forward Contract Funds include sophisticated investors such as institutions,
pension plans, and high net worth individuals.

SAL offers financial planning services and wealth management services to individuals, high net
worth individuals, trusts and estates. For Wealth Management Clients, SAL financial planning
fees or asset-based fees depend on the level of service being provided to a Client, with a
minimum annual fee of $7,200, which may be waived or negotiated in whole or in part in certain
circumstances.

   B.​ Requirements for Opening and Maintaining Accounts with SAL.​

   1.​ Discretionary and Non-Discretionary Institutional.

Forward Contract Fund clients must, among other requirements, be an “accredited investor” as
defined in Regulation D under the U.S. Securities Act of 1933, as amended, and a “qualified
purchaser” under Section 2(a)(51) of the Investment Company Act.

   2.​ Wealth Management.​

Clients seeking to engage SAL for wealth management services must enter into an Investment
Advisory and Financial Planning Agreement (“IAA”) as well as an investment policy statement
(“IPS”). Together, these documents outline the services provided by SAL, the associated fees,
and investment strategy. Additionally, if clients wish to use the Custodian, clients must complete
broker-dealer/custodial documentation.