Persimmon Capital Management LP

Item 5 – Fees and Compensation

Investment Advisory Fees
Prior to engaging PCM to provide investment services, Clients generally are required to enter
into an Investment Advisory Agreement with PCM setting forth the terms and conditions of the
engagement (including termination), describing the scope of the services to be provided, and the
associated fees.

Wealth Management Services
In hiring PCM as a wealth manager, PCM will levy all fees as a percentage of assets under
management for the agreed upon services. Such fees are due and payable quarterly, in advance,
and are based upon the fair market value of the Client’s account assets as determined by the
Client account custodian(s), as of the last day of the previous calendar quarter. Fees for the
initial, and any partial, quarter will be adjusted pro-rata based upon the number of calendar days
in the calendar quarter that the Agreement is in effect. Fees are negotiable at the sole discretion
of PCM based upon any number of factors including, but not limited to, the nature of the services
provided and/or other services provided on behalf of the Client. Advisory fees are deducted
directly from the Client’s custodial accounts. The fee schedule for PCM’s wealth management
services is as follows:

                     Assets Under Management                       Annual Rate

                            First $2,000,000                          1.00%
                           Next $3,000,000                            0.80%
                           Next $5,000,000                            0.65%
                           Next $10,000,000                           0.50%
                           Next $15,000,000                           0.45%
                           Next $15,000,000                           0.40%
                           Next $25,000,000                           0.30%
                 For Relationships Above $75,000,000                 Negotiable

PCM reserves the right to negotiate fees that are lower than the referenced fee schedule with
Clients, including related persons of the firm.

Additionally, PCM does not custody any Client assets. Our Clients work with us to select the
appropriate independent, qualified financial institution that will have custody of their assets. We
will recommend a custodian to our Clients, at their request, but we do not receive any
compensation from the custodian or its affiliates for such recommendations.

Mutual Fund
Pursuant to an investment advisory agreement with the Trust, on behalf of the Mutual Fund,
PCM is entitled to receive, on a monthly basis, an annual advisory fee equal to 1.25% of the
Mutual Fund’s average daily net assets. Advisory Clients whose assets are invested in the
Persimmon Long/Short Fund will pay the Mutual Fund’s underlying fees and expenses plus
PCM’s asset-based wealth management consulting fees. This layering of fees creates a conflict
of interest as the Advisor has an incentive to recommend investments in the Mutual Fund as the
Advisor will benefit financially through the receipt of management fees charged to the Mutual
Fund and investment management fees charged to Clients. To mitigate this conflict, Clients of
PCM are welcome but never obligated to invest in the Mutual Fund. Should a Client prefer not to
invest in the Mutual Fund for any reason, they are welcome to impose such restriction upon
PCM in writing, or as part of the Investment Advisory Agreement when initiating services.

For additional information, please refer to Item 10 – Other Financial Industry Activities and
Affiliations. More information related to fees and expenses associated with the Mutual Fund can
also be found in the prospectus.

Third-Party Service Provider Fees
PCM’s fees do not reflect other fees and expenses that are borne by Clients, as applicable. These
additional fees and expenses include brokerage commissions, transaction fees, exchange fees,
and other related costs and expenses which shall be incurred by the Client (please see Item 12 for
more information about brokerage arrangements), where applicable. Clients will incur certain
charges imposed by custodians, brokers, and other third parties such as fees charged by
managers, custodial fees, 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. Mutual funds and exchange traded funds also charge internal management fees to
Clients, which are disclosed in the respective fund’s prospectus. Such charges, fees, and

commissions and/or expenses are exclusive of and in addition to PCM’s fee, and PCM shall not
receive any portion of these commissions, fees, and costs.

More information related to fees and expenses associated with the Mutual Fund is outlined in the
prospectus.

Written Agreements
Each Investment Advisory Agreement will continue in effect until terminated by either party
upon thirty (30) days’ written notice to the other party, and the fees pre-paid but unearned will be
refunded on a prorated basis where applicable. Clients are responsible for paying for services
rendered up until written notice of termination is received by PCM from the Client or its duly
authorized agent. Termination of the Agreement will not affect the validity of any action
previously taken by PCM under the Agreement. Upon termination of the Agreement, PCM will
not have any obligation to recommend or take any action relative to the securities, cash, or other
investments in the account.

Item 7 – Types of Clients

PCM provides wealth management services to a select group of ultra-high net worth and high-
net-worth investors, foundations, endowments, and mid-sized institutions. As noted above,
effective January 1, 2026, PCM serves as investment adviser to a fund registered with the SEC
pursuant to the Investment Company Act, which is a daily NAV Mutual Fund, Persimmon
Long/Short Fund (ticker: LSEIX), which may be recommended to certain eligible Clients.

In general, for wealth management Clients, PCM requires that a Client “household” maintain a
minimum relationship balance with PCM of $2 million or greater; however, this minimum in
certain cases is waived based upon such factors as the nature of the services provided and/or
other services provided on behalf of the Client, or other factors. Any waiver of this minimum is
at the discretion of PCM.

More information related to account minimums associated with the Mutual Fund is outlined in
the prospectus.