Permanens Capital LP

Item 5. Fees and Compensation
Separate Account Fees
The fees for discretionary investment management for Separate Accounts are calculated as an annual fee
based upon a percentage of the assets under management by the Advisor. The annual fee is negotiable,
based upon individual circumstances, and could adjust on a “sliding scale” basis as assets grow over time.
Charges typically range between 0.50% and 1.00% of the assets being managed by the Advisor in a
particular Separate Account. This fee is invoiced quarterly, in advance, based upon the value of the assets
under management on the last day of the previous quarter.

Fund Fees
The annual management fee charged for each of the Funds typically ranges from 0.50% to 1.00%. These
fees are charged by the Funds monthly (based upon the assets under management, as determined by the
independent fund administrator) and paid to the Advisor either monthly or quarterly pursuant to the
respective Fund’s Governing Documents. Fees charged by these Funds will be waived for Separate
Accounts that have been invested in the Funds at the Advisor’s discretion (i.e., they will only pay the fee
at the Fund level and therefore, no multiple fee charges).

Waiver of, or reduction in the rate of the management fee for the Funds is permitted by the Advisor or its
affiliate, as the case may be. The SPV assets are included in the Separate Account assets for purposes of
management fee calculations.

Separate Account Additional Third-Party Fees, Costs and Expenses
As further discussed in response to Item 12 (below), the Advisor refers Separate Account Clients primarily
to Charles Schwab & Co. to provide custodial and brokerage services with respect to accounts managed
by the Advisor. Clients can also choose their own custodians and the Advisor will execute transactions
through any specified broker-dealer as directed by the Clients. However, it is possible that Clients who
choose to utilize their own custodial and brokerage relationships may incur higher fees than relationships
otherwise negotiated in bulk by the Advisor.

In addition to the Advisor’s annual fee, Separate Accounts typically incur costs and charges imposed by
the Financial Institution, including custodial fees. Additional third-party costs and expenses may also
include deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees,
and other fees and taxes on brokerage accounts and securities transactions. Any brokerage commissions
and fees incurred are charged to the Separate Account involved in the transaction.

If a Separate Account has funds placed with an Independent Manager, mutual fund, or ETF, additional
fees will be charged by the Independent Manager, mutual fund, or ETF. Such charges, fees, and
commissions are reflected in investment performance and are exclusive of and in addition to the Advisor’s
fee.

The Advisor does not participate or otherwise benefit in any way from these third-party costs.

Independent Managers Fees
PermCap engages one or more third-party sub-advisers (“Independent Managers”) to manage a portion
of client assets if deemed in the best interest of a Client, subject to that Client’s IMA, investment objectives

                                                                     PermCap Investment Office

and risk tolerance. PermCap and the Client generally execute a sub-advisory agreement with each
Independent Manager. PermCap and/or Independent Manager will also deliver a sub-adviser’s Form ADV
Part 2A and Part 2B, and Form CRS to the relevant Clients. Additionally, Clients could be asked to open
new custodian accounts with a third-party custodian to separate the sub-advised assets from other Client
assets advised by PermCap. Independent Managers will generally have limited power-of-attorney and will
have only trading authority over those assets PermCap directs to them for management. Independent
Managers will be authorized to buy, sell and trade on behalf of a Client’s account and to give instructions,
consistent with their authority, to the relevant broker-dealer and custodian. The fees charged by the
Independent Managers will be disclosed to Clients and will be in addition to the management fees charged
by PermCap. In addition to management fees, the Client could incur transaction and custodial fees on
assets managed by the Independent Manager. PermCap will monitor and review all such sub-advised
accounts on a periodic basis.

Fund Additional Third-Party Fees, Costs and Expenses
The Funds pay (either directly, or through reimbursement to the Advisor or its affiliates) for all third party
service provider costs related to the Fund including, but not limited to: (i) all operating expenses of the
Funds such as tax preparation fees, governmental fees and taxes, fund administrator fees and related
costs, costs of communications with Investors, and ongoing legal, accounting, auditing, bookkeeping, and
other professional fees and expenses; (ii) all Fund research expenses, as well as trading costs (e.g.,
brokerage commissions, margin interest, expenses related to short sales, custodial fees, and clearing and
settlement charges); and (iii) all fees and other expenses incurred in connection with the investigation,
prosecution or defense of any claims, assertion of rights or pursuit of remedies, by or against the Funds,
including, without limitation, professional and other advisory and consulting expenses and travel
expenses (whether or not pursuant to bankruptcy or other legal proceedings, or participation in informal
committees of creditors or other security holders of an issuer).

Expenses incurred that benefit more than one Fund and/or the Firm will be allocated in a fair and equitable
manner.

If the assets of a Fund are placed with an Independent Manager, mutual fund, or ETF, additional fees will
be charged by the Independent Manager, mutual fund, or ETF. Such charges, fees, and commissions are
...

Item 7. Types of Clients
As noted above, the Advisor’s Clients are:

    •   Separate Accounts such as endowments, private foundations, family trusts, sovereign tribal
        nations, high-net-worth families and individuals, as well as 403 (b) plans and traditional individual
        wealth management accounts; and
    •   Private investment funds (Managed Funds) offered to accredited investors and qualified clients
        under Section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940.

In order to participate in certain investments, Separate Accounts may have to be accredited investors
and/or qualified clients, depending on the type of investment.

Minimum Account–Size - Separate Accounts
The Advisor generally does not impose a minimum portfolio size or a minimum fee for its investment
management services. However, certain investments may not be available to smaller-sized Separate
Accounts. At the time of investment, the Advisor will typically discuss with the Client whether the size of
the Separate Account will inhibit or otherwise limit the type of investments available, or, influence the
associated costs.

Minimum Account–Size - Funds
The minimum initial investment into the Funds varies from $50,000 to $1,000,000, subject to waiver,
reduction, or other conditions as determined by the general partner and as described by the Offering
Memorandum of each such Fund. In certain instances, there are also minimums to maintaining an
investment in the Funds; however, these minimums are subject to waiver by the general partner.

                                                                    PermCap Investment Office