Pearl Diver Capital LLP

Item 5. Fees and Compensation
Fees

The funds pay two types of investment advisory fees: (i) an asset-based management fee; and (ii) a
performance based fee (which can be in the form of carried interest). A portion of those fees with respect
to the private funds are paid to the general partners, of which the general partners pay a portion to Pearl
Diver Capital. A separate portion of the fees are structured to be paid directly to our Managing Partners.

The fees payable with respect to each fund and the details of how the fees are calculated can be found in
the organizational and, where applicable, offering documents of the funds, which are provided to potential
investors.

Each private fund generally has the right to enter into agreements with one or more of its investors
providing for the waiver or modification of certain terms of the offering of fund interests, or certain rights
and obligations of fund investors, including fees, otherwise applicable to such interest(s), in each case
without notice to the other fund investors.

The fees payable by the funds are deducted from the assets of the funds.

Expenses

Each fund will generally be responsible for all of the preliminary costs and expenses incurred in relation
to its formation. In addition, each fund will generally bear all costs and expenses incurred in connection
with the firm’s operation and administration of the fund, the fund’s investments and divestments (and any
investment vehicles established by the fund), its own legal, audit and tax advisory costs, and the fees of
the administrator and other service providers.

A description of the brokerage and other transaction costs that will be borne by the funds are described in
more detail in Item 12 (Brokerage Practices) in this brochure.

Item 7. Types of Clients
We generally provide investment advice to affiliates for use with respect to private investment funds. We
also advise the listed fund directly. The types of investors in such funds include the following: pension
and profit sharing plans; trusts; funds of hedge funds (whether organized as partnerships, corporations or
other entity types), high net worth individuals and family offices.

The private funds each have a minimum initial investment amount ranging in amount from $0 to
$5,000,000.

These minimums may be reduced or waived by the general partners of the private funds that are
partnerships or the board of directors of the private funds that are companies, subject in certain cases to
applicable statutory minimums.