Pearl Lane Advisors LLC

Fees and Compensation
Description
The fees and compensation are described in the offering documents of each Fund. In
general, the fees may include a facility fee, management fee, and carried interest.
Affiliates of PLA serve as either the general partner or special member of each Fund,
and may receive a performance fee, or carried interest, if applicable.
As PLA and its affiliates receive compensation for its services to the Funds, there is an
inherent conflict of interest when establishing the appropriate management and other
fees charged to the Funds.
More information about a Fund’s fees and expenses, and PLA’s conflicts of interest,
are set forth in the offering documents.

Fee Billing
Information about the Fund’s fees and expenses, including when such fees may be
billed, are set forth in the offering documents.

Performance-Based Fees and Side-By-Side Management
Sharing of Capital Gains
While PLA will not participate in the capital gains of a Fund portfolio by receiving a
performance fee, or carried interest, in addition to the investment advisory fee, control
affiliates that serve as either general partner or special member to the Fund(s) may
receive a performance fee, or carried interest, if applicable. A performance-based fee,
or carried interest, may create an incentive to recommend more speculative
investments.
In addition, affiliate LSA serves as the investment adviser to the Interval CEF and the
Non-U.S. Fund. PLA employees who serve as portfolio managers of the Funds
managed by PLA also serve as the portfolio managers to the Interval CEF and Non-
U.S. Fund for LSA. The Interval CEF, the Non-U.S. Fund, and the PLA-managed Fund
will often be investing in the same securities.
PLA and LSA have a fiduciary duty to ensure that, when aggregating and allocating
securities transactions, participating clients are treated in a fair and equitable manner
and to mitigate against conflicts of interest. Therefore, both PLA and LSA jointly have
adopted allocation policies and procedures, described as follows. For these policies,
the term “Adviser” applies to both PSA and LSA.

Allocation Policies
When aggregating and allocating securities transactions, participating clients will be
treated in a fair and equitable manner. In addition, certain aggregated transactions in

                          Pearl Lane Advisors, LLC

which an investment company (including the Interval CEF) participates with
proprietary accounts may be prohibited joint transactions under the Investment
Company Act of 1940 (the “Investment Company Act”) where the investment adviser
has both a material pecuniary incentive and the ability to cause the investment
company to participate. The Adviser has adopted a limited offering investment
allocation policy (“Policy”) to mitigate potential conflicts of interest, to comply with
the joint transaction provisions of the Investment Company Act (where applicable),
and to ensure the proper and fair allocation of investment opportunities across clients
and strategies.
Sensitive allocation issues arise when the Adviser is given the opportunity to purchase
a limited position in a security that might be appropriate for multiple client accounts.
The Adviser will exercise particular care in the allocation of these securities since
investments in securities exempt from registration under the Securities Act of 1933, as
amended, (“Limited Offerings”) provide the potential of an immediate profit and other
conflicts of interest. The Adviser will seek to allocate Limited Offering securities
taking into account all relevant factors to ensure that the best interests of eligible client
accounts are considered.
It is the Adviser’s practice to allocate Limited Offerings among the portfolios of
clients managed by the Adviser, (collectively, “Client accounts”) on a fair and
equitable basis in a manner that is consistent with the investment objective(s) of the
Client accounts. The Adviser’s policy prohibits any allocation of investments in a
manner that the Adviser’s proprietary accounts or affiliated accounts (“Affiliate
accounts”), or any particular client(s) or group of clients receive more favorable
treatment than other Client accounts. The Adviser considers an Affiliate account to
include accounts and funds in which the Adviser, or any partner or officer of the
Adviser or any portfolio manager of the client funds (“Affiliate personnel”), directly
or indirectly has a material ownership interest, or where the Adviser or Affiliate
personnel receive a management fee or participate in a performance fee or allocation
as advisor, member, and/or portfolio manager to such account. Affiliate accounts will
be allowed to participate on a fair and equitable basis with other Client accounts in a
Limited Offering, provided that it is a Non-Negotiated Limited Offering and the
Affiliate account’s participation is otherwise in accordance with the Firm’s Non-
Negotiated Limited Offering Procedures. Where participation in a Limited Offering
would not be in accordance with the Non-Negotiated Limited Offering Procedures,
Affiliate accounts will be allowed to participate only after all eligible participating
Client accounts have received their allocation indication. In addition, a SPV will be
allowed to participate in Limited Offerings only after all eligible participating Client
accounts have received their allocation indication.
Account performance or affiliation of the Adviser, or its principals and employees with
a Client or Affiliate Account shall never be a factor considered in the Limited Offering
allocation and will not be given to any Client or Affiliate Account based on any
relationship a Client or Affiliate Account may have with another party. It is not
permissible to allocate an investment opportunity to a Client or Affiliate account on the

                            Pearl Lane Advisors, LLC

basis of the amount of compensation or profits that are likely to be realized by the
...

Types of Clients
Description
PLA is the investment adviser to private investment Funds

Methods of Analysis, Investment Strategies and Risk of Loss
Methods of Analysis and Investment Strategies
PLA provides no investment advice to individual investors. Information about the
methods of analysis and investment strategies of the Funds are provided in each Fund’s
offering documents.

Risk of Loss
PLA does not provide investment advice to individual investors. Information about the
risks of the Funds is provided in each Fund’s offering documents.