Palmer Square Private Credit Management LLC

Item 5 – Fees and Compensation

Palmer Square Private Credit, for its portfolio management and advisory services provided to the
Private Credit Fund, receives a base management fee (“Base Management Fee”) based on a
percentage of assets under management. Palmer Square Private Credit is also entitled to receive an
incentive fee with respect to the services provided to the Private Credit Fund, as described below.

Base Management Fee. The Base Management Fee is calculated at an annual percentage rate over
the average (based on the number of shares outstanding each day in the quarter) of the Private Credit
Fund’s total net assets (excluding the Base Management Fee and Incentive Fee) for the most recently
completed calendar quarter. The Base Management Fee for any partial quarter will be pro-rated based
on the number of days actually elapsed in that quarter relative to the total number of days in such
quarter.

Incentive Compensation. Palmer Square Private Credit is permitted to receive performance-based
fees and/or carried interest distributions (“Performance-Based Fees”) (e.g., carried interest) in
connection with the management of the Private Credit Fund. The specific payment terms and other
conditions of the Incentive-Based Fees available to a Palmer Square Private Credit and/or its
designee are set forth in the Private Credit Fund’s governing documents, side letters and/or fee
agreements. Generally, Performance-Based Fees payable to the applicable Palmer Square Credit
Fund and/or its designee is payable quarterly, or more frequently, in arrears on net investment income
that exceeds an applicable hurdle amount. All Performance-Based Fees are consistent with the
requirements of Section 205 of the Advisers Act and Rule 205-3 thereunder.

Fees are generally calculated by a service provider such as a third-party administrator or a trustee,
and deducted directly from the investor’s account by Palmer Square Private Credit through a
centralized Palmer Square affiliate. Investors in the Private Credit Fund do not have the ability to
choose to be billed directly. In the event of the termination of the relationship between a Private
Credit Fund and Palmer Square Private Credit, the management and performance compensation
typically will be allocated according to the date of termination or through the specified terms in the
applicable agreement. Generally, any prepaid but unearned fees will be refunded. Please see the
governing documents of the Private Credit Fund for additional information regarding the specific
fee terms applicable to the Private Credit Fund.

Subject to the requirements of applicable law, Palmer Square Private Credit has made, and may
make in the future, exceptions to its general fee schedule for the Private Credit Fund or an investor
in said fund in its sole discretion based on various circumstances, such as the relationship Palmer
Square has with the Private Credit Fund or an investor, expectations of capital additions in the future,
product, share class, or composition of portfolio, among other reasons. This may include fee
waivers, reductions or rebates which may be permanent or temporary. Neither the Private Credit
Fund nor Palmer Square Private Credit is generally obligated to disclose such investor arrangements
to all of the investors or obtain the approval of any investor.

Expenses Charged to Clients

Our fees are exclusive of various costs and expenses in connection with the Private Credit Fund’s
provision of investment advisory services, including, but not limited to, organizational, custodial,
brokerage, audit, line of credit, legal, risk management, consulting, third party administration and

research-related fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and
electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. To
the extent a client invests in other unaffiliated funds, such clients will bear their pro rata share of the
fees (including any asset-based and performance-based compensation) and expenses of such
investment funds.

Direct and Indirect Expenses

Expenses incurred directly by a client will be the responsibility of such client and may be paid
directly by the client, or Palmer Square may pay the expenses directly out of its own account for
and on behalf of the client, and in such cases will be entitled to reimbursement from the applicable
client. Examples of allocable direct client expenses include, but are not limited to, the following:

         •       organizational expenses;
         •       operating expenses, including brokerage commissions and other charges for
                 transactions in securities, other instruments and investments (including designated
                 investments);
         •       escrow expenses;
         •       borrowing charges on margin accounts, credit facility charges and the costs of other
                 indebtedness;
         •       insurance costs;
         •       governmental charges;
         •       licensing costs;
         •       audit fees;
         •       valuation expenses;
         •       financing and interest costs and expenses;
         •       custodial fees and expenses;
         •       administrative fees and expenses;
         •       reporting expenses;
         •       taxes;
         •       legal and accounting fees and other professional expenses such as consulting and
                 investment banking fees;
         •       expenses associated with mailing and reproducing offering documents, any
                 amendments thereto and other communications with investors;
         •       subject to the requirement of applicable law, all expenses incurred in connection
                 with any threatened, pending or anticipated litigation, examination or proceeding;
         •       all expenses incurred as a result of the client’s obligation to indemnify Palmer
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Item 7 – Types of Clients

Palmer Square Private Credit provides portfolio management and investment advisory services to
the Private Credit Fund. The Private Credit Fund is offered to a broad range of client types, including
institutions, high net worth individuals, collective investment trusts, investment companies and
other pooled investment vehicles. Investors in the Private Credit Fund are generally required to
maintain a minimum investment of $500 in the Fund.