PCM Management Advisor LLC

Item 5 – Fees and Compensation

Fees Generally. We generally charge asset-based investment advisory fees (which in other
contexts we commonly refer to as “management fees”) to the Clients. Fees paid by a Client are
indirectly borne by their investors. Such management fees are deducted from Client assets and
typically, but not always, due in advance on the first day of each fiscal quarter. The amount of
any management fee is prorated for periods of less than a full billing cycle at the beginning or end
of our provision of investment advisory services, and any prepaid amount in excess of the prorated
fee will be returned upon termination of our investment advisory services. To the extent the base
upon which we charge management fees changes during the course of the relevant period (e.g.,
due to an increase/reduction in actively invested capital or capital contributions, as applicable), we

generally are not required to make any adjustment, true-up or refund. As a result, we have an
incentive to time the termination of the applicable Client’s commitment period or the disposal of
a particular investment in a manner that increases the aggregate amount of management fees we
receive. Our Advisory Services Agreements generally impose some restrictions on a Client’s
ability to terminate the agreement. The specific restrictions vary depending on the nature of the
Client. Certain Clients do not pay a management fee to TPG Peppertree.

We establish and negotiate with investors in the applicable Client the precise amount of, and the
manner and calculation of, the management fees. Such Client’s Governing Documents set forth
the precise amount of, and the manner and calculation of, the management fees.

Certain investors in a Fund, including, for example, a Fund’s general partner, its affiliates and
certain “friends of the firm” (including any related entity established by any of the foregoing, such
as trusts, charitable programs, endowments or related programs, family investment vehicles and
other estate planning vehicles), pay reduced or no management fees at our discretion (though these
investors generally pay their pro rata share of certain Fund expenses).

For certain Clients, the management fee after the end of the investment period is based on actively
invested capital or capital contributions, as applicable. Portfolio fees allocated to a portfolio
company at the time of investment are generally capitalized into the amount of actively invested
capital (or capital contributions, as applicable). Actively invested capital (or capital contributions,
as applicable) generally includes the value of other capitalized fees, expenses and costs, including
those payable or reimbursable to us or our affiliates. Accordingly, to the extent that management
fees for a Client are calculated based on actively invested capital or capital contributions, this
would increase the amount of management fees paid to us. Such amounts are in addition to
portfolio fees paid to us and/or our affiliates. We are incentivized to have such amounts be
capitalized into the cost of a transaction, not only to avoid having portfolio companies pay such
amounts out of available operating cash, but also to increase the base on which future management
fees will be calculated.

With respect to certain Clients, the management fee when based on actively invested capital or
capital contributions, as applicable, is subject to reduction for certain dispositions. Pursuant to the
Governing Documents of certain Clients, and as a general matter, dividends a Client receives from
its portfolio companies are not dispositions and do not reduce actively invested capital or capital
contributions for purposes of calculating the management fee base, except for dividends in respect
of complete liquidations of a Client’s investment in an applicable portfolio company. Accordingly,
there will generally be no reduction or refund of management fees, in whole or in part, in
connection with distributions or dividends, including those arising from refinancing,
recapitalizations, restructurings or similar transactions.

Please see Item 11 for a description of the side letter agreements we and our Related Advisers (as
defined below) enter into with certain investors in Clients that provide such investors with
customized terms, including with respect to reduced management fees.

Please see Item 6 for more information on incentive compensation.

Client Expenses. In addition to the management fees described above, and subject to each
Client’s Governing Documents,

      certain Clients reimburse us or our affiliates for certain organizational expenses,
       generally up to a specified cap, that are incurred in connection with the formation of
       the Clients and the offering of interests in them to potential investors, including

          fees and expenses of our counsel, including for preparing offering materials and
           preparing and negotiating the Governing Documents, engagement letters for
           placement agents and all other documents attendant to a Client’s formation and
           organization;

          travel and related expenses of our personnel incurred in connection with meetings
           with prospective investors regarding possible investments in the Clients;

          printing, legal, capital raising, accounting, regulatory compliance (including the
           initial notifications, filings and initial compliance contemplated by the AIFM
           Directive, the Swiss Collective Investment Schemes Act dated June 23, 2006 (as
           amended) (“CISA”), the Swiss Financial Services Act 2018 (“FINSA”), the
           Sustainable Finance Disclosure Regulation or any similar law, rule or regulation)
           and any administrative or other filings (including the preparation, distribution or
           filing of any filings or reports contemplated by the AIFM Directive, CISA and/or
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