Squadron Capital Management LLC

Item 5 – Fees and Compensation. It does not manage accounts that do not pay performance-based
compensation. Certain internal personnel and the General Partner ("GP"), including their respective
affiliates, may not be charged management fees, administrative fees, or other similar expenses in
accordance with the applicable governing documents and internal policies.

The Adviser (or an affiliate of the Adviser) is paid performance-based compensation by its private
pooled investment vehicle clients. Such performance-based compensation may create an incentive
for the Adviser to make investments that are riskier or more speculative than would be the case in
the absence of such arrangements. The Adviser's investment personnel are also typically
compensated on a basis that includes a performance-based component.

Certain investors in the Fund may have negotiated higher asset-based fees or more favorable
performance-based compensation arrangements than other investors. This may create an incentive
for the Adviser to favor investors with more favorable arrangements. The Adviser mitigates this
conflict by applying a consistent investment strategy across all investor accounts within the Fund,
with any fee differences governed solely by the terms of each investor's subscription agreement or
side letter.

Item 7 - Types of Clients

Squadron Capital Management LLC’s Clients (and Investors therein) may include endowments,
sovereign wealth funds, public or private pensions, foundations, institutions, and private funds. SCM
does not provide investment advice individually to the Investors of the Fund.

Interests in the Funds are offered pursuant to applicable exemptions from registration under the
Securities Act and the 1940 Act.

The minimum investment requirement for the Funds is $250,000. However, the General Partner of
the Funds, in its sole discretion, may permit investments that are less than the required minimum
investment requirement. In addition, legal eligibility requirements must be met to invest in the
Funds.