Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 43

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 43
---
. The Board noted that since the Company had not yet launched,
it was difficult to estimate whether economies of scale might be realized in the future. The Directors concluded that in the event there
was significant asset growth in the Company, the Board would reassess whether the advisory fees appropriately took into account any economies
of scale that had been realized as a result of that growth.

Other Benefits and Factors. The Directors considered
other benefits to the Adviser that may be derived from its relationship with the Company. Based on information provided by the Adviser
in the Meeting materials, the Board concluded that these benefits were not material.

Conclusion. Based on its deliberations and
evaluation of the information described above, the Board, including the Independent Directors, unanimously: (i) concluded that the terms
of the Investment Advisory Agreement are fair and reasonable; (ii) concluded that the Adviser’s fees are reasonable in light of
the services to be provided to the Company; and (iii) agreed to approve the Investment Advisory Agreement for a two-year term.

| 30 | www.pearldivercreditcompany.com |

<div align='center'>Page Intentionally Left Blank</div>

| (b) | Not applicable. |

Item 2. Code of Ethics.

| (a) | The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that                             
 applies to the Registrant’s principal executive officer and principal financial officer. The Registrant does not have a principal 
 accounting officer, controller, or any person performing similar functions.                                                       |

| (b) | Not applicable. |

| (c) | There have been no amendments, during the period covered by this report, to provisions of the code of                                     
 ethics that applies to the Registrant’s principal executive officer and principal financial officer or persons performing similar         
 functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of    
 the code of ethics description. The Registrant does not have a principal accounting officer, controller, or any person performing similar 
 functions.                                                                                                                                |

| (d) | The Registrant has not granted any waivers, during the period covered by this report, including an implicit                                
 waiver, from a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial           
 officer, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, 
 that relates to one