Pine River Capital Management LP

Item 5 – Fees and Compensation

Pine River does not have a general fee schedule. The compensation each Fund pays Pine River is set forth in each
Fund’s Account Documents. Pine River, or an affiliate of Pine River, is compensated for its advisory services in some
Pine River Funds based on a percentage of assets under management (“Management Fee”). Current Management
Fees for active Pine River Funds which charge them are at a rate of 1.75% per annum of the NAV of the relevant
Fund prior to deductions for incentive fees. Some Funds employ an expense pass-through model and do not pay a
Management Fee to Pine River. Instead, each investor is generally subject to its pro rata share of passed through
expenses as further described in the applicable Account Documents. Pine River, or an affiliate, is generally also
compensated via performance-based fees or allocations (“Incentive Fee/Allocation”), which are between 10% and
20%, calculated as a percentage of the amount, if any, by which the NAV prior to deductions for incentive fees
exceeds a high-water mark.

The specific manner that Management Fees and Incentive Fees/Allocations are charged by Pine River is set forth in
each Pine River Fund’s Account Documents. Management Fees are calculated and payable on a monthly basis in
advance in accordance with Account Documents. The Incentive Fee/Allocation is typically accrued monthly;
however, Investors generally do not pay the Incentive Allocation until fiscal year-end or, if an investor
withdraws/redeems at any time other than at the end of a fiscal year, the withdrawing/redeeming investor will be
responsible for any proportional accrued Incentive Fee/Allocation at the time of the withdrawal/redemption. Pine
River Funds do not have pre-paid fees. Fees are calculated and deducted by the independent administrator of each
Pine River Fund and then paid to Pine River. Fees due to Pine River are paid from Funds’ custodial accounts.
Investors’ capital accounts are reduced by the amount of such fees.

The specific fees charged by each Fund can be found in the Account Documents for that specific Fund. Pine River
may negotiate fees with Investors in connection with factors such as being a founding Investor, meeting certain
minimum investment amounts or Investors agreeing to be subject to longer investment periods. See discussion of
Side Letters below. Employees and Pine River affiliates who invest in the Funds are not charged a Management Fee
or an Incentive Fee/Allocation. Pine River Funds may invest in each other. Although no Pine River Fund currently
invests in another Pine River Fund, in such cases, Pine River waives, adjusts, or offsets Management Fees and
Incentive Fees/Allocations as necessary to avoid the layering or duplication of fees.

Neither Pine River nor any of Pine River’s supervised persons receive transaction-based compensation in connection
with the sale of securities or other investment products to the Funds.

As compensation for the investment management services it provides to its Managed Accounts, the Managed
Accounts pay Pine River a negotiated Management Fee and/or an Incentive Fee based on performance which is
detailed in each Managed Account’s Account Documents.

Side Letters

Pine River has entered into agreements, also referred to as “side letters,” with certain Investors whereby such
Investors receive terms and conditions more favorable than other Fund investors with respect to, for example, (1)
fees (including reduced, waived or rebated Management Fees or Incentive Fees/Allocations); (2) expenses (including
reduced, waived or rebated organizational expenses, operating expenses, and transactional costs); (3) access to
more frequent and/or more detailed information regarding a Fund, its performance and finances, and investments,
and (4) such other rights which Pine River may negotiate with Investors. The terms of such side letters are provided
solely at Pine River’s discretion and may be based upon the size or timing of the Investor’s investment in a Fund (or
in an affiliated entity), an agreement by the Investor to maintain its investment in the Funds for a certain period of
time, or a similar or other type of commitment made by an Investor. Pine River will not, however, grant any Investor
in a Pine River Fund preferential redemption rights, nor will it provide any Investor preferential access to information
which Pine River believes to be material or offer such terms if it believes they will materially disadvantage other
investors. To effect such waivers or modifications or the grant of any special or more favorable terms, the Funds

Pine River Capital Management L.P.
Form ADV, Part 2A
June 16, 2026

may, but are not required to, create additional classes, sub-classes, tranches or series of interests for certain
investors without providing notice to, or receiving consent from, the investors.

Expenses

The expenses associated with an investment in the Funds vary depending on the Fund, and each Fund’s Account
Documents describe them in detail. Subject to those documents, Funds are typically responsible for expenses that
are trade related (“Trade Expenses”), administrative and operating expenses (“Fund-Specific Expenses”) and their
share of certain ongoing expenses of Pine River and its affiliates that are not attributable to a specific Fund (“Ongoing
Expenses”). Additionally, certain Funds also pass-through ongoing investment manager operating and overhead
expenses (“Investment Manager Expenses”) and/or front office compensation related expenses (“Front Office
Expenses”) in lieu of being charged a Management Fee. Since all of the categories above may not be applicable to
all Funds, Investors should review their particular Account Documents for a fuller description of which expenses
apply to the fund or funds in which they are invested. Managed Accounts are responsible for negotiated expenses
as detailed in their respective investment management agreement.
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Item 7 – Types of Clients

Pine River provides investment advisory services to private funds, which are pooled investment vehicles. Pine River
also provides advisory services to other Clients, including separately managed accounts.

Investors in the Pine River Funds may include high net worth individuals, family offices, other private investment
funds, fund of funds, investment companies, trusts, estates, charitable institutions, sovereign wealth funds,
endowments, municipalities, corporate pensions and profit-sharing plans, and other institutional clients.

Interests in the Pine River Funds are offered pursuant to the U.S. Securities Act of 1933 (as amended, the “Securities
Act”) and are not registered as investment companies. As a result, Pine River limits investors in the Pine River Funds
to a limited number of “accredited investors” as defined in Regulation D under the Securities Act, and to “qualified
purchasers” (or “knowledgeable employees”) as defined in the Advisers Act. Investors and prospective investors in
each Pine River Fund should refer to the Account Documents of such Pine River Fund for complete information on

Pine River Capital Management L.P.
Form ADV, Part 2A
June 16, 2026

minimum investment and other requirements for participation in such Pine River Fund. The current minimum initial
investment in the Pine River Funds is $1,000,000, however Pine River may waive this minimum in its discretion.

Investment in a Managed Account is available only to the Investor or group of Investors for whom the Managed
Account was established. An Investor in a Managed Account is subject to the criteria and limitations set forth in the
governing documents for the applicable Managed Account.