SQN Capital Management, LLC (“SQN”), a Delaware limited liability company, was formed in December 2007 to act as the manager of Regulation D and public direct participation programs. SQN currently is the general partner and/or managing member of four investment funds: SQN Special Opportunity Fund, LLC (“SOF”); SQN Portfolio Acquisition Company, LLC (“PAC”); SQN Alternative Investment Fund III L.P. (“Fund III”); and SQN AIF IV, L.P. (“Fund IV”). PAC and SOF are each private placements which were offered under Regulation D of the Securities Act of 1933. Fund III and Fund IV are publicly registered direct participation programs. SQN is the Relying Advisor to SQN Capital Management (International), LLC, the investment advisor to an offshore investment manager and family of funds on behalf of private clients. QINVEST SQN Income Fund II (“QI2”), QINVEST SQN Income Fund III (“QI3”), QINVEST SQN Income Fund IV (“QI4”) and QINVEST SQN Income Fund V (“QI5”) are companies incorporated under the laws of the Cayman Islands. (Fund III, Fund IV, PAC, SOF, QI2, QI3, QI4, and QI5 each, a “Fund” and collectively, the “Funds”). SQN provides investment advisory services and management services to the Funds as well as to institutional separate accounts. Such services may include the selection, acquisition, management, and disposition of assets. With regard to QI2, QI3, QI4, and QI5, SQN’s role is limited to recommendations, review, and advice to the offshore unaffiliated Investment Manager. SQN’s primary focus is on equipment leasing and asset finance investment opportunities and other alternative investments that are asset-intensive or collateral-based that generate regular income. Each Fund has its own investment committee and its own investment objectives set forth in each Fund’s offering materials. Each Fund is managed by SQN in accordance with the Fund’s investment objectives without consideration of the individual investment objectives of any particular investor admitted to the particular Fund. Any individual purchasing securities in a Fund managed by SQN should consult with an investment professional to determine suitability. SQN provides its investment management services to institutional and insurance company clients. SQN only manages the assets which are the subject of its management agreement and does not consider the client's other assets and other obligations (subject to “Additional Services” described below). SQN receives authority to supervise and direct the investment of the assets on a discretionary or non-discretionary basis in accordance with the clients’ written objectives and limitations as outlined in each individual client’s Investment

Management Agreement. Clients may impose restrictions or limitations on investing in specific securities, specific types of securities, or specific strategies. Equipment Lease and Asset-based Strategies: SQN’s equipment lease and asset-based investment strategy involves making direct investments in assets and equipment subject to lease or other financing arrangement and making investments in equity, debt, or debt-like instruments that are secured by equipment and/or assets, including revenue streams. The SQN strategy generally focuses on equipment and assets with the following characteristics; although not all investments meet all of the below criteria, as each investment is individually underwritten and takes additional factors into consideration:
• Assets and/or equipment that are considered business-essential
• Revenue-producing or cost-saving equipment and/or assets
• Assets and/or equipment with substantial economic life relative to the investment term
• Assets and/or equipment with associated revenue streams
• Assets and/or equipment with high in-place value
• Asset-intensive project financings
• Wholesale lending arrangements for secured portfolios
• Debt instruments backed by portfolios of financial assets including, but not limited to, equipment leases and secured loans Consulting Services SQN also provides advice for a consulting fee to insurance companies and other institutional clients both affiliated and non-affiliated, including, without limitation, advice on matters such as overall asset allocation and/or portfolio optimization. SQN also provides flat-fee consulting services (“Flat Fee-based Consulting”) to clients including, without limitation, providing advice on matters related to financing arrangements, financial modeling, and documentation. SQN provides a copy of ADV Part 2 to every client and a copy will be provided to any prospective client upon request. SQN charges fees for its services and all fees are negotiable. Several factors contribute to the amount of the fee charged such as the size of the account and the type of assets managed. As of the date of this brochure, SQN managed assets with discretionary authority in the amount of approximately $93,564,846 and with non-discretionary authority in an amount of approximately $321,068,521. SQN is majority-owned by SQN Capital Partners, LLC, a Delaware limited liability company. Jeremiah Silkowski is the controlling shareholder of SQN Capital Partners, LLC. Jeremiah Silkowski and Neil Roberts are the only two individuals with more than a 25% interest in SQN.