Private Investor Club LLC

Item 5 - Fees and Compensation

The Firm does not receive any performance-based compensation. Rather, the Firm receives a
management fee from each SPV. The Firm’s specific management fee percentage and its terms are
contained in each SPV’s Governing Documents. Generally, the Firm’s management fee ranges
between 1% and 1.25% of the total capital committed to the respective SPV.

With respect to fees and expenses, each quarter, the Firm’s third-party administrator (the
“Administrator”), calculates the fees and expenses due, deducts them from the respective SPV’s
balance and then transfers these fees to the Firm. The management fees are often paid from
distributions received by the SPV, but in the absence of sufficient distributions an SPV may (i)
retain capital in its own account to pay for the management fees or (ii) request investors in an SPV
make an additional capital contribution to pay for the management fees.

The Firm bears the costs and expenses associated with the SPVs’ ongoing operations. Such
expenses include fund administration, accounting, tax returns, and sending investors Schedule K-
1s. However, the SPVs will bear unexpected or extraordinary expenses as they occur. Examples
of unexpected or extraordinary expenses might include (but are not limited to) (a) unexpected out-
of-pocket expenses that are associated with disposing of securities, including transactions not
completed; (b) extraordinary expenses, if any (such as certain valuation expenses, litigation and
indemnification payments); (c) unexpected, additional expenses associated with an SPV’s
administration, accounting, tax returns, Schedules K-1, custodial, legal and insurance expenses.
(For example, the Administrator might increase costs or go out of business and require an SPV to
use a more expensive alternative), (d) any taxes, fees or other governmental charges levied against
an SPV; (e) additional attorneys’ and accountants’ fees and disbursements on behalf of an SPV;
(e) insurance, regulatory, or litigation expenses (and damages), (f) expenses incurred in connection
with the winding up or liquidation of an SPV, (g) expenses incurred in connection with any
amendments to the constituent documents of an SPV and related entities, including the Firm; and
(h) expenses incurred in connection with the distributions to the investor of an SPV and in
connection with any meetings called by the Firm.

Item 7 - Types of Clients

The Firm's clients(s) consist of the SPVs, which make investments which are originated through
the Forum or otherwise (defined as "Client" or collectively "Clients" throughout this brochure).
Each of the SPVs have specific investment guidelines. Each underlying investor in an SPV must
be an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as
amended, and in some cases must also be a “qualified purchaser” as defined in the Investment
Company Act of 1940, as amended.

Generally, each SPV typically has a minimum investment requirement of $50,000, which may
be waived by the Firm in its sole discretion.

With the exclusion of additional SPVs which may be formed from time to time, the Firm
currently does not anticipate providing investment advisory services to any other Clients.