Atalan Capital Partners LP

Item 5 - Fees and Compensation

Management Fees

As the investment adviser to the Long-Short Fund, Atalan receives management fees at an annual
rate of between 0.50% and 1.50%, depending upon the net asset value of the Master Fund and
each particular series an Investor subscribed for of the Feeder Funds. As an investment adviser to
the Long Only Fund, Atalan receives management fees at an annual rate of between 0.50% and
1.50% depending on each particular series an Investor subscribed for of the Long Feeder Funds.

These management fees are deducted from the Master Funds quarterly, in advance, and are
prorated for any investment period that is less than a full calendar quarter. The management fees
are refundable if the advisory contract is cancelled prior to the end of a payment period.

While the management fee is generally not negotiable, Atalan has in the past and may again in the
future waive or modify the fee for certain Investors that are members, employees or affiliates of
Atalan, relatives of such persons, or for certain large or strategic Investors.

Other Agreements

The Firm has entered into agreements with certain prospective or existing Investors whereby
such Investors are subject to terms and conditions that are more advantageous than those set

Atalan Capital Partners, LP                                                       Form ADV Part 2A

forth in the offering memorandum, and the Firm may enter into additional agreements in the
future. For example, such terms and conditions may provide for special rights to make future
investments in the Funds, other investment vehicles or managed accounts; special redemption
rights relating to frequency, notice or the reduction of redemption fees; the right to bear reduced
rates of the incentive allocation and/or management fee; rights to receive reports from the Funds
on a more frequent basis or that include information not provided to other investors and other
rights as may be negotiated by the Firm and such Investors. The modifications are solely at the
discretion of the Firm and may, among other things, be based on the size of an Investor’s
investment, an agreement by an Investor to maintain such investment for a significant period of
time, or other similar commitment by an Investor.

Other Expenses

Atalan renders its services to the Funds at its own expense and is responsible for its overhead
expenses including: office rent; utilities; furniture and fixtures; stationery; secretarial/internal
administrative services; salaries and bonuses; entertainment expenses; employee insurance; and
payroll taxes.

All other expenses are borne by the Funds and include: Fund legal, compliance (including expenses
relating to compliance or regulatory filings, including Form PF, Section 13 and Section 16 filings made
with respect to the Funds’ assets); administrator, audit and accounting expenses (including third-
party accounting services and accounting software); fees and expenses of Fund directors (as
applicable); organizational expenses; investment expenses such as commissions, research fees and
expenses (including research-related travel, Bloomberg and similar subscriptions and data services);
trading-related technology software costs deemed by the Firm to benefit the Funds such as portfolio;
order and risk management systems; interest on margin accounts and other indebtedness;
borrowing charges on securities sold short; custodial fees; bank service fees; Fund-related insurance
costs (including D&O and E&O costs for the Firm or its affiliated general partner); and any other
expenses related to the purchase, sale or transmittal of the Funds’ assets.

If Atalan incurs any of the expenses mentioned above on behalf of the Funds, then the Firm will
allocate such expenses among the Funds in proportion to the size of the investment made by each
in the activity or entity to which the expense relates, or in such other manner as Atalan considers
fair and reasonable.

For a more detailed discussion of brokerage and transaction costs, Investors are directed to “Item

Item 7 - Types of Clients

Atalan provides investment advice to the Funds. Each Fund’s offering memorandum and
subscription documents provide the eligibility criteria and minimum investment requirements.
Initial and additional subscription minimums are disclosed in the offering memorandum for each
Fund, which may be waived at the discretion of the Firm.

In general, each Investor in the Funds must be an “accredited investor” as defined in Regulation
D under the Securities Act of 1933, as amended, and a “qualified purchaser” as defined in Section
2(a)(51) of the Investment Company Act of 1940.