Transcend Capital Advisors LLC

Item 5 – Fees and Compensation
A. Fees and Billing
Investment Management Services
Transcend charges an advisory fee assessed on a monthly basis, which is agreed upon with each client and set forth in an
agreement executed by Transcend and the client. The fee for investment advisory services is negotiable and varies based on
several factors, including, but not limited to, the size of the relationship, the nature and complexity of the products and
investments involved, time commitments and travel requirements. The fee is generally based upon a percentage (%) of the
market value of the assets, and shall not exceed 2.00% annually. The fee shall be prorated and paid monthly, in advance, based
upon the average daily market value of the client’s account for the previous month. The fee for the initial month shall be paid
on a pro rata basis, in arrears, based on the market value of assets as of the last business day of the initial month.

                                                Transcend Capital Advisors, LLC
                                        7 Giralda Farms, Suite 300, Madison, NJ 07940
                                            Phone: (973) 370-3203 * Fax: (973) 314-4118
                                                     www.transcendcapital.com

For subsequent months, the advisory fee generally is payable in advance (except for services to participant-directed 401k
plans, which generally are payable in arrears), based on the average daily market value of the client’s accounts through the last
day of the previous month as provided by third-party sources such as pricing services, custodians, fund administrators, and
client-provided sources.

Transcend generally deducts its advisory fee from a client’s investment account(s) held at his/her custodian. Upon engaging
Transcend to manage such account(s), a client grants Transcend this limited authority through a written instruction to the
custodian of his/her account(s). All securities held in accounts managed by Transcend will be independently valued by the
Custodian. Transcend will not have the authority or responsibility to value portfolio securities. A client may utilize the same
procedure for the payment of financial planning or consulting fees in arrears or in advance if the client has investment
accounts held at a custodian.

Although clients generally are required to have their investment advisory fees deducted from their accounts, in some cases,
Transcend will directly bill a client for investment advisory fees if it determines that such billing arrangement is appropriate
given the circumstances. The custodian of the client’s accounts provides each client with a statement, at least quarterly,
indicating separate line items for all amounts disbursed from the client's account(s), including any fees paid directly to
Transcend.

Clients may make additions to and withdrawals from their account at any time, subject to Transcend’s right to terminate an
account. Additions may be in cash or securities provided that Transcend reserves the right to liquidate transferred securities
or decline to accept particular securities into a client’s account. Clients may withdraw account assets at any time upon notice
to Transcend, subject to the usual and customary securities settlement procedures. However, Transcend generally designs its
portfolios as long-term investments and the withdrawal of assets may impair the achievement of a client’s investment
objectives. Transcend may consult with its clients about the options and implications of transferring securities. Clients are
advised that when transferred securities are liquidated, they may be subject to transaction fees, short-term redemption fees,
fees assessed at the mutual fund level (e.g., contingent deferred sales charges) and/or tax ramifications.

Investment Advisory Clients, when they are invested in Transcend Private Funds are subject to fees, paid to the Fund, which
are disclosed in the respective Fund’s Offering Documents.

Use of Independent Managers – As noted in Item 4, Transcend may implement all or a portion of a client’s investment
portfolio utilizing one or more Independent Managers. To eliminate any conflict of interest, Transcend does not earn any
compensation from an Independent Manager. Transcend will only earn its investment advisory fee as described above. The
Independent Manager will charge an additional fee. Please refer to the documentation provided from the manager(s) for full
disclosure.

Affiliated Private Fund Investments – Transcend may also provide investment advisory services with respect to affiliated private
fund investments, which are not held at the primary Custodian. In such instances, the Client shall be required to complete the
applicable private placement and/or account opening documents to establish these investments. Transcend will debit its fee for
providing investment advisory services with respect to these relationships directly from an account designated in the investment
advisory agreement by the client held at the Custodian.

Transcend Private Fund Advisor Services
Transcend’s compensation varies between the Funds. Transcend typically charges each Fund a Management Fee based on
client status at time of subscription, and calculated on capital contributions invested or the NAV capital account balance of
each Fund’s investors, pursuant to the Fund’s Offering Documents. The Management Fee is calculated and payable as of the
first day of each calendar quarter, subject to various other offsets or reductions as outlined in the applicable Fund Agreement.

Management fees are payable quarterly in advance pursuant to the terms of the Fund’s Offering Documents. The
management fee will be prorated for partial quarters. For more detailed information on the fee methodology, please refer to
the respective Fund’s offering documents.

                                                Transcend Capital Advisors, LLC
...

Item 7 – Types of Clients
Transcend provides holistic and personalized financial planning and discretionary and non-discretionary investment advisory
services to individuals, including high net worth individuals, and entities, including, but not limited to, family offices, trusts,
estates, retirement plans and profit-sharing plans, and private foundations.

Transcend also offers portfolio management services to pooled investment vehicles. The Funds are not registered under the
Investment Company Act of 1940 (the “Company Act”), as amended, in reliance on the exemptions provided in Sections 3(c)(1)
and 3(c)(7) thereunder, as applicable. Additionally, the interests, shares or units (as applicable) are not registered under the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”) pursuant to
an exemption from registration under Regulation D of the Securities Act.

Generally, the investors in the Funds meet the definition of “qualified client” as defined in the Advisers Act and/or “accredited
investor” as defined in the Securities Act and includes individuals, entities, trusts, estates, other corporations or busines s
entities, or family offices.

The various requirements for investing in a Fund, including the minimum investment size, are set forth in each Fund’s Offering
Documents. Transcend has the ability, in its sole discretion, to permit commitments below the minimum amounts set forth in
the Offering Documents.