PL Capital Advisors LLC

ITEM 5: FEES AND COMPENSATION

        The offering documents for the Funds set forth the specific fees and other material terms
regarding an investment in the Funds. For all of the Funds, Investors must pay a non-refundable
management fee to the General Partner typically at the rate of 0.25% of the net assets attributable
to each of the Investors, charged quarterly, in advance. This fee may be reduced in the discretion of
the General Partner. In addition to the management fee, the General Partner to certain of the Funds
also receives from the Fund additional compensation in the amount of $15,000 per annum
(collectively, the “Management Fees”). The General Partner Entities also receive a performance-
based allocation from each Investor in the Funds in the amount of 20% of the net profits allocated
to the Investor for the applicable time period, in certain cases after payment to the Investors of a
specified preferential return (a “Preferred Return”). This performance-based allocation is more
fully described in Item 6: Performance-Based Fees and Side-by-Side Management. The
management fee and the performance-based allocation are fixed, but PL Capital Advisors and the
General Partner Entities have the discretion to waive or reduce either of these with respect to any
Investor.

       Under the terms of its Limited Partnership Agreement with each Fund, the General Partner
deducts the Management Fees mentioned above directly from each Investor’s capital account in
the Fund. No portion of the Management Fees is refundable if an Investor withdraws during a
calendar quarter. Investors are not charged any redemption fees.

        Through each Fund, each Investor indirectly pays for its share of all costs and expenses
directly related to investment transactions or to the operation of the Fund including brokerage
commissions, borrowing charges on securities sold short, margin interest, custodial fees, certain
database and research subscription costs, legal, accounting and audit fees and expenses, tax-
preparation fees, governmental fees and taxes, bookkeeping and other professional fees, costs of
Fund reporting, Fund-related compliance costs, costs of Fund governance activities (such as
obtaining Limited Partner consents if and when necessary and appropriate), costs and expenses
associated with negotiating and entering into contracts and arrangements in the ordinary course of
the Fund’s business, costs and expenses of third party administrators retained for Fund purposes,
costs and premiums of any fidelity and performance bonds and general partner liability and errors
and omission insurance coverage obtained in the General Partner’s discretion, proxy contest
expenses, litigation costs, and all other expenses related to the operation of the Fund and/or the
purchase, sale or transmittal of Fund assets. PL Capital Advisors pays for its own direct operating
expenses including rent, costs of administrative personnel, and travel and entertainment costs, without
reimbursement from the Funds. In certain instances, PL Capital Advisors pays the cost for routine
custodial fees for IRA accounts that are invested in a Fund.

       Neither PL Capital Advisors nor any of its principals, executive officers or employees
accepts commissions or other compensation for the sale of interests in the Funds or in connection
with the purchase or sale of any securities for the Funds.

ITEM 7: TYPES OF CLIENTS

       PL Capital Advisors provides investment advisory services to the Funds and not
individually to the Investors in the Funds. The Funds require newly admitted Investors to be

“accredited investors” under Regulation D of the Securities Act and “qualified clients” under the
Advisers Act. Additionally, the Funds have minimum investment requirements ranging from
$250,000 to $500,000, although these minimums may be waived or reduced as provided in the
Funds’ offering documents.

ITEM 8: METHOD OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

       All Investors receive a Private Placement Memorandum (“PPM”) and other offering
documents for a Fund before being given the opportunity to invest in the Fund. The PPM for each
Fund discusses in detail the investment objectives, investment strategy and risk factors relating to
an investment in the Fund. The Funds have some degree of portfolio overlap because each of the
Funds primarily focus on the relatively limited number of publicly traded companies operating in
the U.S. banking sector, although the Funds do have differences in their investment parameters
and other factors. The following is a summary of the information that appears in more detail in the
PPMs and which is generally applicable to each Fund subject to the specific matters outlined in
the PPM for each Fund, which should be reviewed by all potential Investors.

Introduction

        PL Capital Advisors’ investment objective is to achieve long term capital appreciation,
relative to the risks assumed, by investing in securities of a limited number of publicly traded
equity and fixed income securities issued primarily by companies in the banking industry. The
investment strategy emphasizes total return, not current income. PL Capital Advisors seeks to
identify investment opportunities primarily through its network of industry contacts and
knowledge, supported by ongoing fundamental research.

INVESTMENT STRATEGY

         Primary Focus: PL Capital Advisors concentrates its investments in publicly-traded
bank/thrift equity securities where the principals believe that: (1) the bank/thrift stock trades at a
significant discount to its underlying takeover/franchise value; (2) this discount is attributable to
inefficient operations or ineffective management which has led to depressed current earnings
and/or a depressed stock price; and (3) there is an opportunity for PL Capital Advisors’ principals,
or their nominees, to assist management and/or the board of the bank/thrift to successfully advocate
for changes in the operations, strategic direction or management of the targeted bank/thrift in order
to improve earnings and/or sell the bank/thrift at a premium to its stock price, thereby eliminating
the undervalued situation for the benefit of the Funds (and other shareholders of the bank/thrift).
PL Capital Advisors also invests in banks and thrifts that its principals believe are well managed
and which can be purchased at attractive valuations relative to their earnings capacity, earnings
growth, tangible book value, dividend yield, or other fundamental factors.

       Shareholder Activism: PL Capital Advisors believes it has been successful in asserting the
shareholder rights of its clients in the past and intends to continue this in the future. In numerous
instances, PL Capital Advisors has worked with managements and boards of a bank/thrift to
proactively make strategic and operational changes (when the managements/boards were willing

to accept and seek change). In other instances, however, the managements/boards were unwilling
or unable to accept change. In certain of those instances, PL Capital Advisors has asserted the
shareholder rights of its clients in an effort to increase the value of the clients’ investment. For
example, in the past PL Capital Advisors has: (1) sought appointment or election of its nominees
to a bank/thrift Board of Directors (through a proxy contest or other means); (2) through private
and public communications encouraged managements and boards to make strategic/operational
changes; and (3) worked with potential acquirers of the targeted bank/thrift and facilitated merger
discussions.

        PL Capital Advisors believes it has developed a positive reputation in the banking industry,
which will enable it to continue using this strategy in the future. In addition, PL Capital Advisors
believes that shareholder activism is a viable strategy to use in the appropriate circumstances to
increase shareholder value, although the vast majority of institutional investors are unwilling to
take such responsibility and burden upon themselves. However, many of these “passive” investors
have been willing to support PL Capital Advisors in the past and are likely to do so in the future.
By virtue of changes to its proxy and corporate governance rules in recent years, PL Capital
Advisors believes that the Securities and Exchange Commission (SEC) has also helped to facilitate
shareholder democracy and activism.

        PL Capital Advisors, however, reserves the right to deviate from any and all elements of
the foregoing strategy (and the use of any of such techniques) to the extent it deems appropriate.

         Research: PL Capital Advisors principally uses its network of industry contacts and
knowledge, supported by ongoing fundamental research to identify and evaluate potential bank
and thrift investments. While PL Capital Advisors has access to research from a variety of sources,
it relies substantially on its own research and analysis including review of financial statements,
regulatory filings and other data, meeting company personnel, visiting company facilities,
interviewing customers and competitors, and analyzing comparable companies or securities.

        PL Capital Advisors employs a value-driven selection process that focuses on a bank or
thrift’s fundamentals, market value, takeover/franchise value, management team, earnings
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