Pillar Capital Management Limited

Item 5 - Fees and Compensation

The Advisor’s Fees and Compensation. The Funds are charged an asset-based management fee
(“management fees”) and a performance-based incentive allocation or fee ("incentive allocations" and
collectively with the management fees, the “advisory fees”), as explained below. Under certain
circumstances, advisory fees are subject to negotiation in the Advisor’s sole discretion.

The specific advisory fee rates and method of calculation and payment are set forth in the applicable
Fund’s Memorandum and other applicable governing documents.

Management Fee. The Advisor generally receives a monthly management fee from each Fund equal to
a percentage of the Funds' net assets, as applicable, calculated as of the first day of each calendar month.
The annual rates vary from 0% to 2% of net assets.

Incentive Allocation. The Advisor generally is entitled to receive an incentive allocation charged on a
percentage of the appreciation in excess of a specified hurdle rate and if applicable, a high water mark,
experienced with respect to each Investor's capital account for such year. The annual rates are up to
22.5%, depending on the Fund, Client or Investor involved. Investors should consult the applicable
Memorandum and other applicable governing documents. Incentive allocations (except in the event of
redemption on a date other than the Fund's year end) are generally paid annually, in accordance with the
Fund's applicable governing documents.

Deductions. Advisory fees are charged as earned according to the general schedule described above,
calculated by the Fund administrator and are ordinarily deducted from the assets of the Client account.

Expenses. The Advisor’s advisory fees are exclusive of investment, administrative and operating
expenses which shall be incurred by the Client account. Applicable expenses are described in more detail
in the applicable Fund’s Memorandum or other applicable governing documents. In general, standard
reinsurance transaction expenses such as brokerage expenses of 5-10% or less of the premium for over-
the-counter transactions, ceding commissions, fronting and ceded reinsurance expenses. Other expenses
include: administrative expenses (e.g., administrative, legal, accounting, auditing and other expenses),
registration, regulatory and self-regulatory fees, trustee and custodial fees, withholding or other taxes, and
extraordinary expenses, if any. The foregoing expenses are exclusive of and in addition to the Advisor’s

Pillar Capital Management Limited
SEC File Number: 801-80008
CRD Number: 163930
Brochure Date: March 31, 2023

advisory fees and the Advisor does not receive any portion of the foregoing expenses.

Investors should refer to the relevant Fund Memorandum for a complete understanding of fees and
expenses they may pay. The information contained herein is a summary only and is qualified in its
entirety by such documents.

Advance Payment of Fees. Advisory fees are generally paid in arrears.

Sales Compensation. Neither the Advisor nor any of its supervised persons receive compensation for
the sale of Fund interests or shares to Fund Investors, or for the sale of securities or other investment
products.

Item 7 - Types of Clients

The Advisor provides investment advice to Clients that are privately offered pooled investment vehicles
open for investment by sophisticated institutional and high net worth investors, as described in this
Brochure. Investors will be required to satisfy certain minimum regulatory suitability requirements and
make the minimum investment (under certain circumstances subject to waiver by the Advisor), required
for the particular Fund. Details concerning the applicable eligibility criteria for investors in the Funds
are set forth in each Fund's Memorandum. See Item 4 - Advisory Services, above.