Old Peak Limited

Item 5: Fees and Compensation

Management Fee

The fees applicable to the Funds are set forth in detail in the offering materials. The Funds
will pay the investment manager of the Funds (“Investment Manager”) at the beginning of
each quarter, a management fee up to 0.25% (up to 2.0% annualised) depending on the share
class (the “Management Fee”). The Management Fee will be adjusted for mid-quarter
subscriptions and redemptions. A pro rata portion of any Management Fee paid in advance
will be returned to a shareholder who is permitted to redeem his shares prior to the end of
a quarter.

The Management Fee will be payable in U.S. Dollars quarterly in advance.

Old Peak Limited                                                            Form ADV Part 2A

Other Fees and Expenses

The Funds will pay all the costs of its operation and management, including the organisational
expenses, the fees and expenses payable to service providers, regulatory, tax and other
compliance costs and all expenses related to its investment programme.

The Firm will negotiate their fees with each SAF entirely independent to the Funds
Management Fees, which may or may not be similar to the fees as stated above.

Item 7: Types of Clients

OPL provides investment advice to the Funds and SAFs. Investors in the Funds must qualify
as accredited investors and/or qualified purchasers, primarily consisting of institutional
investors, family offices, high net worth individuals, pooled investment vehicles (fund of
funds), and internal capital.

The minimum initial investment amount for the Funds general share classes are US$5,000,000
(for OP Master Fund Ltd and PCM LP) and US$1,000,000 (for Penta Japan Value Fund LP and
Penta Japan Value (Offshore) Ltd.). The directors of the Funds may waive or reduce the
minimum initial investment either generally or in any particular case, however the minimum
initial investment cannot be less than US$100,000.

All clients of SAF will be required to enter into an Investment Management Agreement
(“IMA”) or Sub-advisory Agreement with the Firm. The minimum account size for each
client is US$50 million, although the Firm can consider lowering the minimum amount on a
case-by-case basis.