Perella Weinberg Partners Capital Management LP

ITEM 5. FEES AND COMPENSATION

ADVISORY FEE AND COMPENSATION

The Adviser’s fees for advisory services vary among its Clients. The fees applicable to each Private
Fund are set forth in detail in each Private Fund’s offering documents. The Adviser, or an affiliate
of the Adviser, typically receives performance-based compensation. A summary of such fees is
provided below.

The Adviser generally receives a fee for investment management services (the “Management
Fees”). The Adviser’s management fees may vary depending upon factors such as, the type of
account or Client, the asset classes being managed, the amount of assets being managed, the
investment horizon or time period associated with the assets being managed, the level of services
and the investment strategies being employed by the Adviser. The Adviser’s management fees
generally are asset-based and calculated at an annual rate as a percentage of the value of the assets
managed by the Adviser. Management fees are typically paid by deducting the fee from the
applicable account.

Management fees typically are up to 2.00% per annum of the assets managed by the Adviser (or,
for certain periods and types of Clients, at a rate up to 2.00% per annum of aggregate commitments
or funded commitments) for a particular Client and payable monthly, quarterly or semi-annually
in arrears or in advance. The timing of a payment may differ depending on an account’s
arrangement and underlying investments.

Management fees may vary and, in some cases, may be negotiable, and may be payable more or
less frequently depending on the Client and the arrangement. The amount of the management fee
is usually prorated for periods of less than a full billing period.

The Adviser (or its affiliates) receives performance-based compensation from certain clients for
its advisory services. See Item 6 for additional details.

With respect to certain Clients, the Adviser may enter into fee-sharing or other similar
arrangements with other advisers or other parties.

Such performance-based compensation (including incentive allocations, incentive fees, carried
interest or other amounts, as the case may be) may be calculated in several different ways
depending on the nature of the Client’s strategy, and may include factors related to lock-up periods,
performance benchmarks and performance hurdles, high water marks (or lack thereof). Depending
on the nature of the arrangement, fees may be assessed on unrealized appreciation. Performance-
based compensation can be up to 20.0% of realized and unrealized net profits allocated to each
Client’s (or Investor’s) account in accordance with the agreed payment schedules or as otherwise
stated in the applicable constituent documents. Performance compensation can also be a
percentage of proceeds realized upon a liquidation event. The rate of the performance-based
compensation may vary and, in some cases, is negotiable, and is payable depending on the Client
or the arrangement. Performance-based compensation, depending on, among other things, the
strategy, may or may not be subject to preferred return hurdles, catch-up allocations, clawbacks
and/or loss recovery provisions, sometimes referred to as a “high water mark.” Performance-based

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compensation is typically paid or made (as applicable) directly to the Adviser or an affiliate of the
Adviser by the applicable Client (or investor). To the extent that the Adviser charges performance-
based compensation, such performance-based compensation will comply with the requirements of
Section 205 and Rule 205-3 under the Advisers Act and such other provisions as are applicable,
including but not limited to the Investment Company Act of 1940, as amended (the “1940 Act”)..

The management fees and the performance-based compensation that the Adviser (or its affiliates)
will receive may not have been established on the basis of an arm’s-length negotiation between
the Client and the Adviser (or its affiliates).

The Adviser may agree to different fees or allocations, including performance-based compensation
with respect to a Client, and each Client is expected to indirectly bear performance-based
compensation with respect to investments in applicable issuers.

The Adviser (and its affiliates, as applicable) reduces or waives management fees, performance-
based compensation and/or certain expenses for certain investors, including affiliates of the
Adviser, including current or former employees or partners of the Adviser and/or its affiliates
(including members of the applicable investment team and/or their families or family-related
investment entities) and strategic investors of affiliates of the Adviser, investors holding founder
interests in the Adviser’s Private Funds and certain investors in multi-strategy vehicles that the
Adviser may sponsor. Also, certain co-investment vehicles are not subject to management fees
but are charged a performance-based fee. Other co-investment vehicles are not charged any
management and performance-based fees. Fees relating to co-investment vehicles are negotiated
by the Adviser and the potential co-investors on a case-by-case basis.

The Adviser’s IMAs generally provide that the Client and/or the Adviser may terminate the
contract upon proper advance notice to the other party. As permitted by applicable law, the terms
of IMAs, including fee schedules, terms of payments, performance fees, and termination
provisions, are generally negotiated and will vary.

The Adviser has in past charged, and may in future charge, fees for special projects and/or other
ad hoc assignments. Any such fees are reflected in an IMA or similar document.

COMPENSATION

As described in Item 10, affiliated broker-dealers of the Adviser may participate in underwriting
syndicates and/or selling groups with respect to the securities and debt instruments of portfolio
companies in or through which certain Clients invest. Further, affiliated broker-dealers may
...

ITEM 7. TYPES OF CLIENTS

As described in Item 4, the Adviser furnishes discretionary investment advisory services and other
services directly to Clients. With respect to the Private Funds, investment advice and other services
are provided directly to the Private Funds as adviser, and not individually to any of the investors
in the Private Funds.

Persons and entities that invest in the Private Funds are referred to herein as “Investors”, as
previously noted. Investors may include individuals, pension and profit-sharing plans, funds-of-
funds, sovereign wealth funds, insurance and financial institutions, family offices, union plans,
trusts, endowments, foundations, charitable organizations, corporations, state governmental
entities and other types of entities.

The minimum investment for an Investor generally will be determined by the Adviser, or the
General Partner, managing member and/or board of directors, as applicable, of the Client and will
generally be set out in the offering documents and/or investment management or other agreements.
Such minimum investment amounts may be waived by the Adviser, General Partner, managing
member, or board of directors, as applicable, if permissible under relevant law. Minimum
investment amounts generally are negotiated on a case-by-case basis with an Investor.

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