Preserver Partners LLC

Item 5. Fees and Compensation
Preserver receives an asset-based management fee for its advisory services. The fees vary across the client
accounts.

Private Fund Fees
The fees applicable to Preserver’s private fund are set forth, in detail, in the Fund’s governing documents
(Private Offering Memorandum). Fund investors generally pay a management fee to Preserver (the
“Management Fee”) that accrues monthly in the Fund, equal to an annual rate ranging between 0.50% and
Preserver Partners, LLC Form ADV Part 2A, March 23, 2026   4

1.00% of net assets. Management Fees are accrued monthly, payable quarterly in arrears and deducted directly
from the investors’ assets then paid to the Firm. Investors in the private fund pay no Incentive Fee to Preserver.

SMA Fees
The fees applicable to SMAs are set forth, in detail, in the Advisory Agreement. The Management Fee for
Preserver’s current SMA is equal to an annual rate of 0.50% of net assets. Fees are billed and deducted by
Preserver from the client’s brokerage account quarterly. The SMA client pays no Incentive Fee.

Preserver may, in its sole discretion reduce, waive, or calculate differently the Management Fee for a given
period for a particular investor in the SMA and the private fund. For example, Preserver may negotiate its
Management Fee because of a client’s asset level in a portfolio or a client’s specific situation. Preserver may
enter into side letters or similar agreements with certain investors in the private fund, granting such investor
specific rights, benefits, or privileges. Management Fees are not paid in advance.

Management fees are exclusive of brokerage commissions, custodial fees, transaction fees, and other
investment related costs and expenses. Broker-dealers executing trades generally charge a brokerage
commission on equity securities and a markup or markdown on fixed income securities. Although there is no
formal brokerage expense on fixed income securities, the Funds will incur the implicit trading costs reflected in
the broker-dealer spreads. In addition to brokerage commissions, client accounts may be subject to costs and
expenses that include, but are not limited to, custodial fees, trading costs, acquired fund fees, research related
expenses, legal expenses, tax and audit fees, and administrative fees, as described in greater detail in each
client’s governing documents. Additional information regarding the factors that Preserver considers in selecting
or recommending broker-dealers and determining the reasonableness of their compensation is described below
in Item 12 - Brokerage Practices.

Neither the Firm nor its officers, directors, or employees (“supervised persons”) accept compensation for the
sale of securities or other investment products.

Item 7. Types of Clients
Preserver provides investment management services to pooled investment vehicles and SMAs. The limited
partners of the private fund and the SMA client include, but are not limited to, the following categories: accredited
individual investors, foundations and endowments, retirement and pension plans, IRAs, family offices, and
corporations.

Preserver’s private fund is offered in the United States and limited to “accredited investors” as defined under
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and therefore not required to
register as investment companies under the Investment Company Act in reliance upon the exemption under
Section 3(c)(1) for funds whose securities are not publicly offered. Investments in Preserver’s private fund
generally require a minimum investment of $250,000. The execution of SMA Advisory Agreements depends
upon the prospective client’s investment objectives and portfolio size. The Adviser may accept lesser amounts,
in its sole discretion.