V-Square Quantitative Management LLC

Item 5 - Fees and Compensation
V-Square is typically compensated for investment advisory services based on fees calculated as a
percentage of assets under management. V-Square’s fees and compensation are described fully in the
client investment management agreements and fund governing documents.

Private Fund(s)
With respect to the Private Fund(s), V-Square receives, by a contractual arrangement, a management fee
which is paid monthly based on a percentage of the Private Fund(s) net assets as of the end of each month.
Additionally, certain expenses will be borne by the Private Fund(s) directly or, where paid by V-Square,
will be reimbursed by the Private Fund(s) to V-Square. These expenses are detailed in the offering
documents but will include transaction costs (commissions, mark-ups, mark-downs, etc.); administrative
expenses (legal, accounting, audit, and fund regulatory filings); entity-level insurance and taxes;
communications and reporting expenses; litigation, indemnification and other extraordinary expenses,
where applicable; and custody expenses.

                               V-Square Quantitative Management LLC
                                            Form ADV

Individual Accounts
Advisory fees for separately managed accounts, as reflected in the table below, are based on the per
annum of assets under management depending on the complexity and level of service provided, the
number of different accounts, and the total assets under management for a Client and related persons,
or other circumstances V-Square deems relevant. Fees are generally deducted from Client accounts
quarterly, in advance, or arrears, subject to the terms and conditions that are detailed in each Client’s
investment management agreement with V-Square. Alternative frequency of payments and/or methods
of calculation may be available at V-Square’s discretion, where appropriate, and upon Client request. If
the investment management agreement is executed at any time other than the first day of a fee
calculation period or terminated prior to the end of a fee calculation period, the advisory fees will apply
on a pro-rata basis. Any prepaid but unearned fees will be refunded by V-Square. The investment
management agreements typically contain written authorization permitting the advisory fees to be paid
directly from each Client’s account. In such cases, V-Square will send the Client and relevant qualified
custodian an invoice showing the amount of fees due along with the account value on which the fee is
based and how the fee was calculated. The qualified custodian holding the Client’s funds and securities
will deduct the advisory fee directly from such account to pay V-Square.

Tax-Aware Program
Clients of the Firm who participate in the V-Square Tax-Aware Program may be charged a higher fee than
Clients who do not participate in the program. Changes in tax law may require different treatment of
capital gains and as such may impact the after-tax returns of this strategy.

Model Program
For specialized models, fees are negotiable based on the size and complexity of the account. V-Square
may offer prospective clients’ fee schedules or terms that are more or less advantageous to prospective
clients through the model program and may continue pre-established fee schedules with current clients
that may be more or less advantageous to such clients than the new or changed fee schedules offered to
prospective clients. Where V-Square acts as a model provider in a wrap program, the program Sponsor
pays V-Square for investment advisory services on a quarterly basis. Fees are negotiated directly with the
Sponsor. A Sponsor typically charges its clients a single “wrapped” fee inclusive of investment advisory,
custody, execution, and administrative fees.

 INVESTMENT ADVISORY SERVICES                                      MAXIMUM ADVISORY FEE
 Equity                                                                  1.50%
 Fixed Income                                                            0.50%
 Listed Real Assets                                                      1.00%
 Model Program                                                           1.00%
 Tax-Aware Program                                                       1.00%

Notwithstanding the fee ranges provided above, each strategy may be subject to a minimum annual dollar
fee of $20,000 regardless of account size. Conversely, fees may be lower as a result of account size,
investment strategy, account servicing requirements, the size or scope of the overall Client relationship
with the Adviser or certain consultants, or as otherwise agreed with specific clients on a case-by-case
basis.

As more fully described in each Fund’s offering documents or the applicable client Investment
Management Agreement (IMA), V-Square or a Fund’s General Partner can also receive annual
performance-based compensation from Clients. In certain cases, the performance-based fee is earned on
positive portfolio returns net of reasonable expenses. Performance-based compensation is subject to a

                               V-Square Quantitative Management LLC
                                            Form ADV

loss carryforward provision. If an investor withdraws or is required to withdraw (in whole or in part) at
any time other than at the end of a fiscal year, V-Square may at its own discretion, charge the
performance-based compensation, if earned, with respect to such withdrawal. Additional information
regarding performance-based fees is provided in Item 6, below.

In certain circumstances, fees may be subject to negotiation, and fees may be modified or waived for
certain Clients. Certain accounts of persons affiliated with the Adviser or its affiliates may be managed
without fees or at reduced fees. V-Square’s investment management fees do not include other expenses
incurred by Clients in connection with our investment advisory services such as brokerage, administrative
...

Item 7 – Types of Clients
V-Square serves as an investment adviser to Private Fund(s) and also offers personalized investment
management to various client types, including but not limited to, individuals, family offices, charitable
organizations, corporations, and small businesses. New accounts are typically subject to a five hundred
thousand dollar ($500,000) minimum market value at inception. The adviser, in its sole discretion, may
waive or reduce this minimum based upon various criteria (e.g., historical relationship, type of assets,
anticipated future earning capacity, anticipated future additional assets, dollar amounts of assets to be
managed, related accounts, account composition, negotiations with Clients, etc.).

Where a client will be charged a performance-based fee, investors must be a “qualified client” as defined
in the Investment Advisers Act of 1940, as amended, or a “qualified purchaser” as defined in the
Investment Company Act of 1940, as amended, and meet other eligibility criteria established by V-Square.

As described in Item 4, V-Square provides investment advisory services to Private Fund(s), which is
available for investment by sophisticated, qualified investors. Generally, all investors must be “accredited
investors” as defined in Regulation D of the Securities Act of 1933, as amended, and meet other eligibility
criteria established by V-Square. The offering documents for V-Square Private Fund(s) detail minimum
investment amounts, although V-Square may accept lesser amounts at its sole discretion. V-Square
Private Fund(s) interests/shares have not been and will not be registered as a security under the Securities
Act of 1933, as an investment company under the Investment Company Act of 1940, or any state or other
securities laws, and will be offered and sold for investment only to qualifying recipients of a private
placement memorandum pursuant to the exemption from the registration requirements in Regulation D
of the Securities Act, and in compliance with any applicable state or other securities laws.