Prudential Select Strategies LLC

ITEM 5 FEES AND COMPENSATION
Advisory Fees
PSS negotiates advisory fees as well as asset management fees individually with Clients. Fees paid by Clients vary based
on numerous factors, such as the size of the Client Account (including the aggregate size of multiple accounts for the
same Client or related Clients), whether the Client is a founding investor, the investment strategy, whether the Client is an
affiliate or has a relationship with one of our affiliates, anticipated additional assets, and the required level of service
and/or complexity. Since fees are negotiable, Clients could pay different fees. We are generally compensated for our
advisory services under asset-based fee schedules or performance-based fee schedules.

Where the investment strategy includes investments in investment funds or structured products, any asset and
performance-based fees and expenses charged at the investment fund or product level, pursuant to the applicable
governing documents, shall be in addition to the advisory and asset management fees charged by PSS, unless a bundled
fee structure is agreed upon.

Our performance-based compensation arrangements are structured to comply with Rule 205-3 under the Investment
Advisers Act of 1940 and our internal policies with respect to such arrangements. Fees and other compensation paid by
Clients that pay performance-based compensation could be higher than those paid by Clients who do not, since
performance-based compensation could increase based on the performance of a portfolio.

Clients will generally be able to terminate the contractual relationship upon written notice given within certain specified
time periods. In such a case, the fees will generally be adjusted pro rata for the number of days of service provided, unless
otherwise agreed by the client in writing. In certain instances, a termination fee will be payable.

Other Amounts Payable by Clients
Our advisory fees are the only amounts payable by clients to PSS. However, clients are generally responsible for other
fees and expenses related to their accounts, including but not limited to custodial fees, brokerage fees, and other
transaction costs. (See Item 12 below for a discussion of our policies regarding the selection of broker-dealers.) Clients
could incur withholding taxes, regulatory fees, or other tax-related charges in connection with their account investments.

In addition to any fees paid to us, clients invested in private funds will pay their pro rata portion of the fund’s management
fees, incentive fees, and any profit allocations applicable to that investment. Additionally, clients in private funds could
potentially be responsible for organizational, operational, and administrative expenses of the fund, as further detailed in
each private fund’s governing documents.

In certain cases, indirect fees could apply, including administrative expenses, and third-party service provider fees. These
fees are not directly paid to PSS but could affect overall investment costs. Clients should review all applicable fund
documents, custodial agreements, and statements to fully understand their total cost of investment.

As part of a large investment management organization, there are internal revenue sharing arrangements between PSS and
certain PGIM affiliates that will make payments to PSS on an ongoing basis for its investment advisory services. This
revenue sharing is intended to reimburse PSS for amounts that it forgoes as part of larger multi-asset mandates with
affiliated advisers who will act as managers or sub-advisers to funds or products. Notwithstanding this arrangement, a
client will pay the rates negotiated with either PSS or PGIM that includes, as applicable, sub-advisory fees and underlying
fund or product fees and expenses, and the internal revenue sharing arrangement will not result in additional fees or
expenses to a client.

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Prudential Select Strategies LLC (FORM ADV PART 2A)

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Other Compensation
The investment managers retained in conjunction with Alternative Assets and Manager of Managers (“MoM”) advisory
services could receive compensation based on the performance of their investments. Such compensation arrangements
could create an incentive to make investments that are riskier or more speculative than would be the case if such
arrangements were not in effect. In addition, because performance-based compensation is calculated on a basis which
includes unrealized appreciation of a fund’s or client’s assets, such performance-based compensation could be greater
than if such compensation were based solely on realized gains. Investment managers generally receive incentive
compensation based on the performance of their portfolios. Therefore, it is possible that certain fund and separate account
managers could receive incentive compensation, even though a portfolio in total does not have net capital appreciation.

PSS does not receive any compensation related to the sale of securities or other investment products. Our employees do
not receive any compensation directly related to the sale of securities or other investment products.

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Prudential Select Strategies LLC (FORM ADV PART 2A)

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Types of Clients

We provide investment advisory services to a diverse range of affiliated and unaffiliated global institutional clients,
including pension and profit-sharing plans, public employee retirement systems, municipalities, Taft-Hartley plans,
sovereign wealth funds, central banks, credit institutions, corporations, publicly offered investment funds (including
registered investment companies) and their investment managers, insurance companies, commingled trust funds,
charitable institutions, foundations, endowments, CLOs, family offices, private investment funds and their investment
managers, and high net worth individuals.

The minimum account sizes vary by investment strategy, with separately managed accounts and funds of one typically
having higher investment minimums than investments in commingled funds. We can waive these minimums at our
discretion.

Affiliated clients and certain other clients can request and receive greater transparency, operational support, training, or
other resources, as permitted under applicable law.

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Prudential Select Strategies LLC (FORM ADV PART 2A)

FORM ADV—PART 2A
FORM ADV—PART 2A