Peppertree Partners LLC

Item 5 – Fees and Compensation

Private Equity Funds Fee Schedule
       Peppertree formed and continues to manage three closed-end private equity fund of
funds (“Funds of Funds”). The specific fees and the manner in which they are charged are

                                                                        PEPPERTREE PARTNERS, LLC
                                                              FORM ADV, PART 2A (MARCH 29, 2017)

set forth in the partnership agreements of each investment vehicle. Management fees on
the two larger funds, Peppertree I and Peppertree II, are charged on committed capital and
range from 0.50% to 1.25% during an initial investment period, after which they are
reduced to a lower level. The level of the management fee is generally lower for larger
commitments. In both cases, there is also an additional performance fee which is charged
on profits (“Carried Interest”). For Peppertree I, the level of carried interest is tiered by
capital commitment amount and ranges from 5% to 10% of profits. Peppertree II includes
a 5% carried interest for all investors. However, carried interest is provided to the general
partner only if investors in these two funds receive a return of all of their contributed
capital and a 10% preferred return. Peppertree Special Venture Fund includes a 10%
carried interest and a 15% preferred return. Peppertree Special Venture Fund has a
specific management fee that remains constant for the first five years and then scales down
by one half during any extension period of the fund.

       Further details are provided in each fund’s limited partnership agreement/limited
liability company agreement as well as in the fund’s annual audited financial statements
which are distributed to each investor. Management fees are paid to the general
partner/managing member by the pertinent fund on a quarterly basis. Fees and expenses
are not charged separately to investors.

General Information

ERISA Accounts
       Peppertree may be deemed to be a fiduciary to certain advisory clients that are
employee benefit plans or individual retirement accounts (“IRAs”) pursuant to the
Employee Retirement Income and Securities Act (“ERISA”). As such, our firm is subject to
specific duties and obligations under ERISA and the Internal Revenue Code that include
among other things, restrictions concerning certain forms of compensation. To avoid
engaging in prohibited transactions, Peppertree may only charge fees for investment
advice about products for which our firm and/or our related persons do not receive any
commissions or 12b-1 fees.

                                                                       PEPPERTREE PARTNERS, LLC
                                                             FORM ADV, PART 2A (MARCH 29, 2017)

Advisory Fees in General
       Clients should note that similar advisory services may (or may not) be available
from other registered (or unregistered) investment advisers for similar or lower fees.

Item 7 – Types of Clients
       Peppertree provides advisory services to pooled investment vehicles.
Investors in these vehicles include the following:
       •   Family Offices
       •   High net worth individuals
       •   Foundations
       •   Public pension funds
       •   Taft-Hartley plans.
All investors in the pooled investment vehicles are required to qualify as “accredited”
and/or “qualified” investors within the meaning of Rule 501 under Securities Act of 1933,
as amended.

                                                                      PEPPERTREE PARTNERS, LLC
                                                            FORM ADV, PART 2A (MARCH 29, 2017)