Precision Capital Advisors LLC

Item 5 – Fees and Compensation
Investment Management
Precision is compensated quarterly for advisory services by a fee based on either aggregate net assets or
aggregate committed capital of each Fund, typically 0.5%-1.5% per annum (collectively, the “Asset Fee”). In
certain Funds, the base amount on which the Asset Fee is calculated is reduced over time. Certain Funds also
pay a performance-based allocation of 5% of net capital appreciation, or 5%, 7.5%, or 15% of profits on
distributions derived from a return of investors’ proceeds (the “Performance Allocation”) with respect to certain
investors.
Certain Funds managed by Precision have different classes of interests, which may vary the amount of Asset
Fees or Performance Allocation paid. Asset Fees are paid quarterly in advance and are pro-rated for any period
of less than a full quarter.

The Funds will generally bear, either directly or through a reimbursement of Precision, all legal and other
organizational expenses, including, in certain Funds, placement fees or “finders fees”, incurred in their formation
up to a specified amount as disclosed in each Fund’s governing documents. The Funds will also pay all expenses
directly related to their individual operations, including without limitation all costs and expenses with respect to
the actual or proposed acquisition or disposition of investments, including research, monitoring and due diligence
expenses; fees and expenses of the administrator; counsel and accountants, including allocable compensation for
in-house attorneys and accountants; annual audit expenses; insurance expenses; litigation expenses; interest on
borrowed funds; entity-level taxes and other governmental fees and charges; other professional fees; costs related
to the preparation of Fund tax returns; costs of annual or special meetings of investors and periodic reports to
investors; among other costs as outlined in each Fund’s governing documents.

In addition, as investors in the Underlying Funds, Funds are subject to a variety of other operating and
administrative expenses of the Underlying Funds, including without limitation management fees and
performance-based fees and/or incentive allocations payable to the managers and general partners of the
Underlying Funds. If an advisory contract is terminated before the end of a quarterly billing period, the Firm
will refund a pro rata portion of the Asset Fee based on the date of the contract’s termination. Neither Precision
nor any of its supervised persons accepts compensation for the sale of securities or other investment products.

Compensation for Sales of Securities
Neither the Advisor, nor any of its employees or affiliates, receive commission compensation for the sale of securities,
except that on occasion when the Advisor’s affiliated broker dealer received placement fees related to a Fund investment
and such conflicts are disclosed in the respective fund offering materials.

Money Managers and Product Sponsors
Investment advisor representatives will, on occasion, have an opportunity to attend a training event or participate
in a due diligence visit where the Money Manager or Product Sponsor will cover the associated travel expenses
such as airfare, hotel and meals. Training opportunities are often held at luxury resorts where amenities such as
golf, spas and entertainment are provided. Such accommodation represents a conflict of interest that can
influence the evaluation of the Money Manager or Product sponsor based on factors other than the quality of

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services. Prior to engaging in any of these activities, related persons and employees are required to obtain
preclearance from the Chief Compliance Officer.
Industry Professionals
When it is in the best interests of the client, Advisor can introduce the services of other professionals for certain
non-investment purposes (i.e., attorneys and accountants). Introductions represent a conflict of interest because
they create a relationship where the other professional has an implied obligation to introduce potential new clients
to Advisor. Clients are under no obligation to engage the services of any such professional. If the client engages
any such professional, and a dispute arises, any recourse will be exclusively from and against the engaged
professional.

Additional Compensation
Advisor can receive an economic benefit for providing advisory services from sources other than the client.
Economic benefits include sales awards and gifts, an occasional meal, as well as entertainment such as a concert,
show or sporting event. Such compensation is not directly related to the advice or services provided to a particular
client, but it does create a conflict of interest that can influence the selection of services based on the
compensation received. Precision has implemented policies and procedures on gifts and entertainment in an effort
to mitigate these conflicts.

Friends & Family
Fees can be waived, in whole or in part, for clients who are members of the family or friends vehicles. Expenses
are shared pro-rata unless there are expenses specific for certain funds. In certain other circumstances, fees and
account minimums are negotiable and therefore, fees can vary from client to client.

Other Fees and Expenses
Clients will incur transaction charges for trades executed in their accounts. These transaction fees are separate
from our fees. Also, Clients will pay the following separately incurred expenses, which we do not receive any
part of: charges imposed directly by a private fund, which shall be disclosed in the fund’s prospectus or offering
documents (i.e., fund management fees and other fund expenses). If a Client’s assets are invested in pooled
investment products, such as in the case of the Funds, investors in the Funds should be aware that there will be two
layers of advisory fees and expenses for those assets. The Client-Fund will pay an advisory fee to the underlying
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Item 7 – Types of Clients
   Precision provides investment advice to private pooled investment vehicles that are exempt from
   registration under the Investment Company Act of 1940, as amended (the “Company Act”) and the
   securities of which are exempt from registration under the Securities Act of 1933, as amended (the
   “Securities Act”). As such, all of the U.S. investors in the Funds are required to be “Qualified Purchasers”
   (as defined in the Company Act) and “Accredited Investors” (as defined in Regulation D promulgated
   under the Securities Act) or otherwise permitted to invest under applicable securities laws. Investors in the
   Funds may include high net worth individuals, family offices and other institutional investors. Typically,
   the minimum initial commitment in a Fund is $1,000,000, though certain of Precision’s Funds have lower
   minimum initial commitments. For each of Precision’s Funds, the minimum initial commitment is subject
   to the discretion of the applicable Fund’s general partner or managing member. Precision also provides
   investment advisory services in the form of non-discretionary portfolio consulting services to a non-U.S.
   pension fund provider.

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