AMENDED SCHEDULE A
DATED DECEMBER 3, 2025
TO THE ADVISORS' INNER CIRCLE FUND III
ETF DISTRIBUTION PLAN
DATED OCTOBER 15, 2020
Pursuant to Section 1 of the Plan and subject to any limitations imposed by FINRA Rule 2341, distribution fees for the following Fund(s), and/or classes thereof, if applicable, shall not exceed the amounts listed below:
| Fund |
Fee |
| Democratic Large Cap Core ETF | 0.25% |
| Rayliant Quantamental China Equity ETF | 0.25% |
| Rayliant Wilshire NxtGen US Large Cap Equity ETF | 0.25% |
| Rayliant Wilshire NxtGen Emerging Markets Equity ETF | 0.25% |
| Rayliant SMDAM Japan Equity ETF | 0.25% |
| Democracy International Fund | 0.25% |
| Strategas Global Policy Opportunities ETF | 0.25% |
| Strategas Macro Thematic Opportunities ETF | 0.25% |
| Strategas Macro Momentum ETF | 0.25% |
| Brown Advisory Flexible Equity ETF | 0.25% |
| Brown Advisory Sustainable Value ETF | 0.25% |
| Brown Advisory Sustainable Growth ETF | 0.25% |
| Brown Advisory International Value Select ETF | 0.25% |
| GQG US Equity ETF | 0.25% |