JCP Investment Management LLC

ITEM 5: FEES AND COMPENSATION

    THE FUNDS
    For its services to the Funds, JCP is entitled to management fees at an annual rate ranging from
    zero percent (0.0%) to one and one-half percent (1.5%) of each limited partner’s capital account
    balance, payable quarterly in advance, which is deducted from each investor’s capital account
    balances. The fee is not negotiable. Certain investors do not pay a management fee.

    The General Partner is entitled to an annual performance-based profit allocation at the end of
    each year that ranges from zero percent (0%) to twenty-five percent (25%) of the Funds’ annual
    net profits attributable to a limited partner, but only to the extent that such profits exceed both
    (i) a “hurdle rate” which varies by Fund and series from zero percent (0%) to fifteen percent (15%)
    of the year’s performance and (ii) any losses carried forward from prior years, based on a “high
    water mark” formula. The “hurdle rate” is calculated net of management fees, but before the
    performance-based allocation is paid. Once the “hurdle rate” is achieved, the performance-based
    allocation is applied only to the net profits of a particular limited partner for the performance
    period in excess of the “hurdle rate.” Net profit includes unrealized appreciation or depreciation
    of marketable positions but generally includes only realized amounts in the case of the Funds’
    non-marketable investments. Refer to the Private Placement Memorandum (“PPM”) of each
    Fund for more details. Certain investors do not pay a performance-based allocation fee.

    The Funds are generally open only to accredited investors and qualified clients. Accredited
    investors are partially defined as (i) a natural person with income exceeding $200,000 in each of
    the two most recent years or joint income with a spouse exceeding $300,000 for those years and
    a reasonable expectation of the same income level in the current year or (ii) a natural person who
    has individual net worth, or joint net worth with the person’s spouse, that exceeds $1.2 million at
    the time of the purchase, excluding the value of the primary residence of such person.

                                                              Part 2A of Form ADV: Firm Brochure
                                                                JCP Investment Management, LLC
                                                                                      March 2026

Qualified clients are partially defined as (i) a natural person with individual or joint net worth of
$2,200,000 (excluding primary residence) or (ii) a corporation, partnership, association, joint-
stock company, trust or any organized group of persons that is not an Investment Entity and
whose net worth exceeds $2,200,000 or (iii) a client with at least $1,100,000 under management
with the Firm.

Each investor will be required to complete the Subscription Documents to enable JCP to
determine the investor’s eligibility. JCP will in certain circumstances accept an investor that is not
a “qualified client” and in such instance JCP will waive any performance-based compensation.

Other Fund Fees
Each Fund bears the expenses of its respective organization and offering (including legal and
accounting fees, “blue sky” filing fees and expenses, and out of pocket expenses). Each Fund also
bears all costs and expenses related to its respective investment program and administration as
further disclosed in each Fund’s offering documents.

Withdrawal of Capital
Limited partners holding Series A (“Founders”) Interests of certain Funds are permitted to make
withdrawals on forty-five (45) days prior notice at the close of each quarter. Limited partners
holding Series B Interests of certain Funds are permitted to make withdrawals on one hundred
and eighty (180) days prior notice at the close of each quarter, subject to a limitation of no more
than fifty percent (50%) of the capital account balance attributable to its Series B Interest in any
calendar year calculated as of the beginning of such calendar year. Limited partners holding
Series C (“Distribution”) Interests of certain Funds are not permitted to withdraw. Certain
limited partners are subject to a two-year lock-up.

Withdrawal requests may be subject to reserves for contingencies, hold-back pending audit and
suspension restrictions, as discussed further in each Fund’s PPM.

A withdrawing partner’s allocable interest in any non-marketable investments made prior to the
withdrawal date generally is settled as and when the investment is realized.

The General Partner and/or the Investment Manager (as applicable) in its sole discretion may
agree with certain limited partners to a variation of the terms set forth in each Fund’s PPM or
establish additional classes or series of limited partner interests that have terms that differ from
those described herein, including different management fees, performance allocations, hurdle
rates or withdrawal rights.

SUB-ADVISED FUNDS
The Firm charges sub-advised funds a management fee at an annual rate ranging from 0 to 25
basis points (0.25%) of the net asset value of the managed account, payable quarterly in advance.
The Investment Manager is entitled to an annual twenty-five percent (25%) performance fee at
the end of each investment period, but only to the extent that such profits exceed both (i) an
annual “hurdle rate” of fifteen percent (15%) of the period’s performance and (ii) any losses
carried forward from prior periods, based on a “high water mark” formula. The “hurdle rate” is
calculated net of management fees, but before the performance fee is paid. Once the “hurdle

                                                              Part 2A of Form ADV: Firm Brochure
                                                                JCP Investment Management, LLC
...

ITEM 7: TYPES OF CLIENTS

     JCP provides investment advisory services to pooled investment vehicles and high net worth
     individuals.

     The Firm has established a minimum dollar value of $1,000,000 for investments in the Funds
     and $5,000,000 for sub-advised funds and SMA clients. The Firm reserves the right to waive or
     lower this minimum.

                                                                   Part 2A of Form ADV: Firm Brochure
                                                                     JCP Investment Management, LLC
                                                                                           March 2026