Price Capital Management Inc

Item 5 – Fees and Compensation

Fees and expenses paid by Private Funds are described to investors, in detail, in each Private Fund’s private
placement memorandum.

PCM investors who are “qualified clients” as that term is defined in federal securities laws have the option of
selection one of two fee structures: Option 1) a performance-based fee and a management fee; or Option 2)
a management fee only.

Option 1) consists of (1) a monthly management fee computed at an annual rate of 0.95% of the capital
account balance, calculated and payable monthly in advance; and (2) an annual performance-based profits
allocation payable at the end of each year in the amount of ten percent (10%) of the annual combined net
profits of the Private Fund attributable to each account, but only to the extent that such profits exceed any
losses carried forward from prior years, based on a “high water mark” formula.

Option 2) consists of a higher monthly management fee at an annual rate of 2.5% of the assets under
management, calculated and payable monthly in advance, and not subject to the performance-based
allocation.

Even though we charge our management fee each month in advance, the investors can generally only
withdraw money from a Private Fund on the last day of each month, so they are not likely to pay a
management fee in excess of what they owe.

To the extent that an investor in a private fund is not a “qualified client”, such investor will be charged the
fixed fee only structure at an annual rate of 2.5% of the assets under management, calculated and payable
monthly in advance, and is not eligible to participate in the performance-based fee.

To the extent that PCM utilizes margin to leverage the investments in the Price Funds, margin strategies
entail additional fees and expenses, as the Private Funds must pay interest on any amounts borrowed against
the account. When using margin, investment advisory fees are calculated on the net account balance (rather
than the total market exposure) in order to avoid any incentive for PCM to use margin to potentially increase
the fee paid by the client.

All fees paid to PCM for investment advisory services are separate and distinct from the fees and expenses
charged by mutual funds or in conjunction with internal expenses associated with exchange-traded funds.
The client will be solely responsible, directly or indirectly, for these additional expenses. PCM does not
receive any portion of these additional fees. Refer to Item 12 for a detailed discussion of brokerage practices.

                        Price Capital Management, Inc. ADV Part 2 Dated March 4, 2026

The investment advisory fee covers only the portfolio management and advisory services provided by PCM
and does not include brokerage commissions, redemption fees, mark-ups and mark-downs, exchange fees,
dealer spreads or other costs associated with the purchase and sale of securities, custodian fees, transfer fees,
wire fees, interest, taxes, or other account expenses. Other fees paid by the Price Funds are attorney’s fees,
audit and accounting fees, administrator fees and any other fees or expenses deemed to be an obligation of
the Price Funds. Refer to each respective fund’s private placement memorandum for a more detailed
discussion of the fees and expenses associated with an investment in the Price Funds.

PCM pays a monthly retainer fee for legal services to Akin Gump to cover day to day questions and issues
related to PCM and the Price Funds, as well as adjustments to fund offering documents that may be
necessitated due to passage of time or changes made by PCM. The amount of the retainer may vary depending
on the level of historic and anticipated legal needs. PCM currently pays 10% of the monthly retainer and the
remainder is allocated pro rata among the Price Funds. As a result of this fixed retainer arrangement, the
Price Funds bear their pro rata share of the retainer regardless of whether services are rendered specifically
to each of the Funds, and the amount borne by each Fund may not be proportionate to the benefit received
by that Fund. Although PCM bears 10% of the legal retainer, the amount borne by PCM may be more or less
than the actual benefit to PCM. PCM annually reviews the percentage allocated between PCM and the Price
Funds to determine if any adjustments should be made to the allocation.

Item 7 – Types of Clients

PCM offers its investment strategy to private funds and registered investment companies. The qualifications
and minimum account requirement for each Private Fund is provided below. The minimum investment for
each Private Fund is current as of the date of this document. However, PCM may raise or lower the account
minimums at any time at its discretion and without notice. PCM also may choose to waive any minimum
investment requirement at its discretion.

     Fund Name                                      Qualifications                              Minimum
     Price Flex Fund                                Accredited Investor                         $1,000,000
     Price Flex-QP Fund                             Qualified Purchaser                         $1,000,000
     Price Flex Qualified Fund                      Accredited Investor                           $500,000
     Price Flex Qualified-QP Fund                   Qualified Purchaser                           $500,000

                        Price Capital Management, Inc. ADV Part 2 Dated March 4, 2026