Bear Creek Asset Management LLC

Item 5: Fees and Compensation

Each SMA Client generally pays Bear Creek an investment advisory fee (the “Advisory Fee”) that is agreed
upon with each client and set forth in the investment advisory agreement (the “IA Agreement”) executed
by Bear Creek and the client. Bear Creek’s Advisory Fee is based on a percentage of the average market
value of the client’s assets under management for the entire billing period, including cash and cash
equivalents. For the calculation of the Advisory Fee, the average market value of the assets is calculated
by dividing the sum of the daily ending market value of the assets by the number of days in the billing
period. The standard charge is 0.40% per year on the determined market value of the assets under
management. The Advisory Fee is negotiable and can differ between clients. The Advisory Fee is

calculated and billed in arrears at the end of each calendar quarter and is prorated for partial quarters based
on the number of days assets were under management during the billing period. Each client’s respective
Advisory Fee is collected at the end of each calendar quarter.

To calculate the Advisory Fee for an SMA Client, we generally rely on prices provided by third-party
pricing services for purposes of valuing securities held in the SMA Client account. We may be required to
fair value a security when the market price is not readily available, or we have reason to believe the third-
party price is unreliable. For any fair value priced security, we follow internal policies and procedures to
mitigate any conflicts of interest with respect to valuation.

Advisory Fees are based on asset values and therefore the Adviser has financial incentive to assign higher
valuations to assets. To mitigate this conflict, Bear Creek follows written valuation policies and procedures,
which may include the use of independent third-party pricing services, internal review controls, and
periodic oversight by senior personnel, including the Chief Compliance Officer.

Each Fund Client generally pays Bear Creek an investment advisory fee and/or an affiliate a management
fee (“Fund Management Fees”) based on a percentage of the Fund Client’s invested capital and a carried
interest based on the realized profits of the Fund Client, as set forth in the Offering Documents of the Fund
Client. In general investors in the Fund Client are entitled to a return of their contributed capital, plus a
preferred return before Bear Creek or its affiliates are entitled to earn any carried interest. The advisory
fee, management fee and carried interest (“Fund Fees”) vary for each Fund Client and are disclosed in the
Offering Documents of each Fund Client. The Offering Documents of each Fund Client permit Bear Creek
to negotiate different fees with investors, and to reduce or waive fees for certain investors, and affiliates,
principals, and employees of the Advisor.

The SMA Advisory Fees are typically payable quarterly and calculated on the last day of each fiscal quarter.
Bear Creek generally deducts the Advisory Fees directly from the SMA’s account held at a qualified
custodian, as authorized by the IA Agreement and SMA Client’s agreement with the qualified custodian.
The amount billed and paid will be reflected on the client’s next account statement sent by the qualified
custodian. You may request Bear Creek to bill you directly for the Advisory Fee.

The Fund Management Fees are typically payable when cash distributions are made to Fund Client
investors. Bear Creek or an affiliate submits a Letter of Authorization (“LOA”) to the qualified custodian
authorizing payment of Fund Management Fees. The qualified custodian maintains custody of the Fund
Clients’ assets and delivers periodic statements directly to investors. Investors are encouraged to compare
any fee notices or reports provided by Bear Creek with statements received from the qualified custodian.

The more assets an SMA Client has in their account, including cash and cash equivalents, the more the
investor will pay in advisory fees to Bear Creek. The more assets an investor invests in a Fund Client,
including cash and cash equivalents, the more the investor will pay in advisory fees and management fees
to Bear Creek and its affiliates. Therefore, Bear Creek has an incentive to increase the amount of assets,
including cash and cash equivalents, an investor has in their SMA account and to increase the amount of
assets an investor contributes to a Fund Client in order to increase fees to Bear Creek and its affiliates.

Unless the SMA Client directs otherwise or an individual SMA Client’s circumstances require, Bear Creek
will generally recommend that Pershing Advisor Solutions, LLC, an SEC-registered, FINRA, and SIPC

member broker-dealer (“Pershing”), serve as the broker-dealer/custodian for client investment management
assets.

In addition to paying Bear Creek’s fees, Pershing and other custodians may charge additional fees to clients
such as custodial fees, transaction fees, margin fees, service provider fees, and other related costs and
expenses, which are incurred by the client. If clients maintain investments in mutual funds, the funds
usually deduct advisory fees, expenses and distribution fees from the client’s investment. For additional
information see “Item 12 Brokerage Practices” of this Brochure.

UMB Bank, N.A. (“UMB”) is the custodian for the Fund Clients. In addition to paying the fees to Bear
Creek and its affiliates, UMB charges an annual custody fee and charges fees for money movement out of
each respective Fund Client account.

In addition to the custodial costs to UMB, each Fund Client typically bears other operational costs such as:
borrowing and interest costs; fees related to audit services, the preparation of financial and tax reports, and
tax returns of the Fund Client; expenses with respect to regulatory and legal advice, and filings and
...

Item 7: Types of Clients

Bear Creek currently manages the assets of SMA Clients which include high-net-worth individuals, trusts,
foundations, charitable organizations, corporations and other business entities.

Bear Creek also manages the assets of privately offered pooled investment vehicles for which its affiliates
act as general partner, manager or sponsor. The Fund Clients are generally pooled investment vehicles
excluded from the definition of an “investment company” by Section 3(c)(1) of the Investment Company
Act of 1940, as amended (the “Investment Company Act”). Bear Creek expects investors in a Fund Client
will generally be “accredited investors” as defined under the Securities Act of 1933, as amended (the
“Securities Act”) and “qualified clients” as defined under the Advisers Act.

Bear Creek generally seeks investors for Fund Clients that include, for example, high net worth individuals,
institutional investors, trusts, charitable organizations and other business entities.

Bear Creek does not provide investment supervisory services, manage advisor accounts, or hold itself out
as providing financial planning or similar termed services.

Bear Creek imposes a minimum dollar value of assets and other conditions for starting or maintaining an
SMA Client account although the Adviser may waive this minimum at its sole discretion. As a result of
the minimum account value requirement, Bear Creek’s services may not be appropriate for everyone.

Each Fund Client typically requires a minimum capital commitment, as disclosed in the applicable Offering
Documents.

Bear Creek may reduce its fees, may waive account minimums and other conditions at our sole discretion.