Timucuan Asset Management Inc

FEES AND COMPENSATION

        Fees. As of March 18, 2025, the Adviser's fees for discretionary investment management services are
billed in one of the following ways, with reduced rates applicable to non-discretionary account assets as
negotiated on a case-by-case basis. Existing clients on or before March 27, 2023, will continue to be subject to
the Adviser’s fee schedule in place prior to that date.

1. Net Asset Based:

        Account Market Value                      Quarterly Rate                  Annual Fee
         First $10,000,000                           0.25%                         1.00%
         Additional Funds                            0.1875%                       0.75%

The "Net Asset Based Fees" are billed quarterly in arrears based on the current market value plus accrued
interest each March 31, June 30, September 30 and December 31 and are payable upon receipt. In the event any
assets managed by the Adviser are under management for less than a calendar quarter, the fee is calculated and
payable on a pro rated basis. In certain circumstances, fees are negotiable depending on a variety of factors and
based on a client's circumstances.

2. Incentive Based:

For accounts greater than $5 million, the greater of:

A.      A quarterly maintenance fee equal to the aggregate of:

                                  Assets                Quarterly Fee       Annualized
                       First $5 million                     0.1250%           0.5000%
                       Next $5 million                      0.1000%           0.4000%
                       Next $10 million                     0.0625%           0.2500%
                       More than $20 million                0.0250%           0.1000%

                or

B.      A 10% quarterly performance fee (including both realized and unrealized gains and losses subject to a
        high-water mark).

The "Incentive Based Fees" are also billed quarterly in arrears with pro ration of the maintenance fee for partial
quarters. In certain circumstances, fees are negotiable depending on a variety of factors and based on a client's
circumstances. See also "Performance-Based Fees and Side-by-Side Management" below.

3. Wrap Accounts and Sub-Advisory / Dual Manager Arrangements:

        Wrap account fees under sub-advisory / dual manager arrangements are billed quarterly in arrears. The
portion of the wrap fee that the Adviser receives is equal to between 0.50% to 1.00% (0.125% to 0.25%
quarterly) of current market value plus accrued interest.

        With respect to the Timucuan Fund, Fund investors bear a performance-based "Incentive Allocation"
of net profits made to the Fund's general partner (a Timucuan affiliate), as described in "Performance-Based
Fees and Side-by-Side Management" below.

        Payment Methods. Timucuan generally reallocates the Incentive Allocation, if any in a given year,
from client accounts to the Fund general partner. Incentive Allocation amounts are subject to review as part of
Timucuan Fund's annual independent audit.

        Other Client Expenses. Clients bear their own investment, transaction, and custodial expenses, such as
brokerage commissions, custodial fees, bank service fees, interest on margin accounts and short position
dividends. Each Fund investor (including the general partner of the Timucuan Fund) bears their pro rata share

of the respective Fund's expenses, as described in the respective Fund's Offering Documents. Although the
Adviser does not make extensive use of mutual funds and exchange traded funds ("ETF") in client accounts,
clients and Fund investors will bear their share of management fees charged by mutual funds and ETF managers
to the extent that client accounts or the Funds invest in mutual funds and ETFs. See "Brokerage Practices"
below for further discussion of the expenses borne directly and indirectly by client accounts.

TYPES OF CLIENTS

       Timucuan offers investment management services to high net worth individuals, family offices, pension
and profit-sharing plans, trusts, estates, charitable organizations or other institutional investors, as well as the
Funds. Timucuan does not generally manage client accounts that will be less than $1,000,000 in size after full
investment.

        Investment by investors in the Funds is designed primarily for individuals who have a net worth of at
least $1,000,000 (exclusive of the net value of their primary residence) and other persons and entities that
qualify as "accredited investors" as defined in Regulation D under the Securities Act of 1933, as amended, and
meet the "qualified client" test of Rule 205-3 under the Advisers Act or the "qualified purchaser" test under
Section 2(a)(51) of the Investment Company Act of 1940. All investors must also represent to the respective
Fund and the Adviser that they have adequate means of providing for their needs and contingencies without
relying on distributions or withdrawals from that Fund, must be financially able to maintain their investment,
and must be able to afford the loss of a substantial portion of their investment. Admission as an investor in a
Fund is not open to the general public. Investments in a Fund are offered through private placements in
accordance with Rule 506 (b) of Regulation D.

IRA Rollover Considerations

As a matter of Firm policy, Timucuan does not make a practice of recommending clients withdraw assets from a
retirement account and roll them over to an individual retirement account (“IRA”) nor managing the assets in a
rollover account, unless a client makes the request. Further, we offer our management services be applied to
those funds and securities rolled into an IRA or other account for which we will receive compensation. If you
elect to roll the assets to an IRA that is subject to the Firm's management, the Firm will charge you a fee for its
discretionary investment management services as described under Item 5. This practice presents a conflict of
interest because persons providing investment advice on our behalf have an incentive to recommend a rollover
to you for the purpose of generating fee-based compensation rather than solely based on your needs. You are
under no obligation, contractually or otherwise, to complete a rollover. Furthermore, if you do complete the
rollover, you are under no obligation to have the assets in an IRA managed by us.

Before completing a rollover, it is important for you to understand many employers permit former employees to
keep their retirement assets in their company plan. Also, current employees can sometimes move assets out of
their company plan before they retire or change jobs. In determining whether to complete the rollover to an
individual retirement account (“IRA”), and to the extent the following options are available, you should
consider the costs and benefits of each. An employee will typically have four options: (1) leave the funds in
your employer’s (former employer’s) plan; (2) move the funds to a new employer’s retirement plan; (3) cash out
and taking a taxable distribution from the plan; or (4) roll the funds into an IRA rollover account. Each of these
options has advantages and disadvantages and before making a change we encourage you to speak with your
CPA and/or tax attorney.

If you are considering rolling over retirement funds to an IRA for the Adviser to manage it is important that you
understand the differences between these types of accounts and to decide whether a rollover is best for you.