Square Circle IA LP

Item 5.      Fees and Compensation

Our fees and compensation are described in each Fund’s Governing Documents.

We are entitled to receive a performance-based fee from the Funds, as further described in Item 6 –
Performance-Based Fees and Side-By-Side Management.

In addition, for our services managing the O-Fund’s long index exposure (the “Beta Exposure”), the O-
Fund pays us a quarterly fee in advance as set forth in the O-Fund’s Governing Documents.

Investment Manager Expenses

In lieu of a traditional management fee, the Funds pay their pro rata share (as set forth in the Governing
Documents) of the aggregate expenses associated with our business (the “Investment Manager
Expenses”), including: (i) all expenses in connection with the Principal and employees of the Firm,
including, all base compensation and benefits (including, but not limited to, healthcare, dental, vision, and

Square Circle IA LP                                                                          Form ADV Part 2A

commuter reimbursement plan contributions), payroll and guaranteed payments, administrative fees and
expenses such as those charged by a professional employment organization or an employer of record,
withholding and similar taxes, workers’ compensation contributions, life insurance premiums, 401(k) and
profit sharing and similar retirement plan contributions for employees and the Principal and related
administration fees and insurance, professional dues and professional-development related expenses,
and the costs of industry conferences; (ii) bonuses (including supplemental, discretionary and formulaic
bonuses) paid to employees (other than the Principal) of the Firm; (iii) expenses related to personnel
recruiting, retention and severance arrangements including the hiring, on-boarding and termination of
employees, and legal expenses related to hiring, counseling and terminating employees; (iv) the Firm’s
expenses related to professional service providers including legal, administrative, accounting, middle and
back office operational services, auditing, valuation, tax compliance and consulting expenses and fees and
expenses relating to regulatory compliance matters, including costs of compliance programs, surveillance,
regulatory examinations, regulatory or legal inquiries or actions and regulatory filings such as the Firm’s
Form PF and Form ADV and other similar forms for the Firm, the General Partner or the Principal; (v) fees
or expenses related to consultants retained by the Firm for investment and non-investment purposes,
including, information technology and software development; (vi) communication systems expenses,
including expenses related to telecommunications equipment and data transmission lines, including
mobile phones and other personal electronic devices and related data plans; (vii) expenses associated
with information systems and technology (both hardware and software, as well as services) developed
(including fees and expenses of third parties that assist in such development), or acquired and owned, by
the Firm or information systems and technology expenses incurred by the Firm for its compliance, trading,
middle and back-office systems, and remote working systems; (viii) expenses related to the Firm’s
investment research, including, without limitation, consultants retained by the Firm for due diligence or
investigative purposes, the costs associated with purchasing and testing products or services of a target
company, expert network firms, fees and expense to access property, beneficial ownership information
and corporate filings and records, market data providers, analytics services, data feeds and data services;
(ix) expenses related to the facilities of the Firm, including rent, heating ventilation and air conditioning
costs, cleaning, utilities, insurance, parking, postage, office supplies (including, without limitation, snacks,
drinks, meals, and pantry and other office supplies or items), leasehold improvements, security deposits,
and other fees and related costs; (x) investment-related travel and non-investment-related travel,
business entertainment, and team-building activities (including, without limitation, in connection with
intra-office social events of the Firm), meals (including, without limitation, meals delivered to the Firm’s
office), and air and ground travel expenses; (xi) any U.S. or non-U.S. federal, state, local, employment,
transaction or other taxes or other government filing fees that the Firm or General Partner is subject to;
(xii) such similar expenses as listed above of any affiliates of the Firm, including the General Partner; and
(xiii) any expenses associated with the wind-down of Firm and/or the General Partner; provided that the
foregoing Investment Manager Expenses will exclude all taxes incurred by the Firm, General Partner or its
members on the net income, if any, of the Firm or General Partner, and be subject to a budget-based
expense cap as described in the Governing Documents.

The budget-based expense cap will operate as a cap on the aggregate amount of expenses incurred by us
that we may charge to the Funds for the calendar year, which will be based on a proposal that we submit
to the A-Fund for approval no later than one month prior to the start of the applicable calendar year. Once
finalized with the A-Fund, the expense cap for each calendar year will be shared with the O-Fund investors.
If during the course of a calendar year, we expect our actual expenses to deviate materially from the
approved expense cap, we may seek the A-Fund’s approval to increase the expense cap. If such approval
is obtained and the expense cap for a calendar year is increased, we will notify the O-Fund investors and
share the updated expense cap.

Square Circle IA LP                                                                          Form ADV Part 2A

Generally, each Fund’s pro rata share of the Investment Manager Expenses is paid quarterly in arrears.
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Item 7.      Types of Clients

The Funds’ investor base consists of institutional investors that qualify as “accredited investors” (as
defined in Rule 501 under the Securities Act of 1933, as amended). We will determine the minimum
investment for each client on a case-by-case basis.

Square Circle IA LP                                                                          Form ADV Part 2A