Chi-Rho Financial LLC

Item 5 Fees and Compensation

A. Advisory Fees. The Adviser does not have a standard management fee or performance fee
schedule. The fees applicable to each Private Fund are set forth in detail in the Fund Governing
Documents. Additional information is provided in Item 6 below.

The Management Fee is calculated based on each investor’s capital account balance. The precise
amount of, and the manner and calculation of, the Management Fees for each Fund are set forth in a
Fund’s Governing Documents, which are received by each investor prior to investment in a Fund. Fees
and other compensation payable to Chi-Rho or its affiliates by the Funds are generally deducted from
Fund assets, with the timing of such deductions determined in accordance with the applicable Fund
Governing Documents. Management fees are generally calculated and paid on a monthly basis.
The fee structures described may be modified from time to time.

B. Other Fees or Expenses. Each Fund bears all of its operating, organizational and other expenses,
including but not limited to any transactional (which may include borrowings, financing and lending
fees, trading commissions, and other broker-related fees), research-related expenses and its legal,
auditing, accounting, and custodial fees. The offshore funds will reimburse their directors for any
expenses incurred in connection with their duties to the Funds. The funds also pay their administrator a
fee, plus reimbursement for out-of-pocket expenses and additional fees for services as agreed upon

from time to time.

As a fund-of-funds, each Fund will also bear its pro-rata share of the expenses of the underlying private
investment partnerships and other collective investment vehicles (“Sub-Funds”) in which it invests. The
expenses of Sub-Funds will generally consist of, but not be limited to, administrative fees, brokerage
expenses and the Sub-Fund’s investment managers’ management and performance-based fees.
Further information regarding the expenses of each Sub-Fund is set forth in the applicable Fund’s
Governing Documents. Information regarding Chi-Rho’s brokerage practices is contained below in Item
12.

With respect to allocating other expenses among Fund(s), as appropriate, to the extent not addressed
in the Governing Documents of a Fund, Chi-Rho allocates shared expenses incurred for the benefit of
multiple Clients in a manner it believes to be fair and equitable, using allocation methodologies it
determines to be reasonable under the circumstances. Shared expenses are generally allocated among
the relevant Clients on a pro rata basis according to a good-faith methodology, which may include,
without limitation, the relative assets of each Client, and/or the proportion of shared personnel time or
other resources attributable to each Client. Notwithstanding the foregoing, the portion of an expense
allocated to a Fund for a particular service may not reflect the relative benefit derived by such Fund
from that service in any particular instance.

Chi-Rho faces a conflict of interest in allocating shared expenses because allocation decisions may be
influenced, whether intentionally or unintentionally, by differences in Client fee structures (for example,
where one Client pays a higher performance-based fee than another). To mitigate this conflict, Chi-Rho
maintains written, firm-wide expense-allocation policies, applies consistent methodologies across
similarly situated Clients, periodically reviews those methodologies for continued fairness, and allocates
expenses directly to a specific Client when appropriate, using shared allocations only when an expense
benefits multiple Clients.

For each Fund to pay its expenses on a timely basis, a cash balance is maintained in each of the Funds.
Generally, that cash balance is generated by allocating a portion of investors’ capital deposits to cash.
For Piedmont Partners L.P. and Piedmont Partners Offshore, L.P., this cash balance is maintained at the
Sub-Fund level. Due to the cash balance in the Funds and the management fees and expenses of the
Funds, the overall performance of the Funds (and Sub-Funds within Piedmont Partners LP and
Piedmont Partners Offshore, L.P.) will differ from the performance of the underlying investment
managers. Chi-Rho strives to minimize the amount of cash maintained in the Funds on a best-efforts
basis within the constraints of managing the business of the Funds so that the Fund’s investors will
participate as closely as possible to the performance of the underlying investment managers.

The Chi-Rho Multi-Strategy Fund is organized under a master-feeder structure, in which an onshore
feeder (Chi-Rho Multi-Strategy Fund, LP, Delaware limited partnership) and an offshore feeder (Chi-Rho
Multi-Strategy Fund, Ltd., a Cayman Islands exempted company) invest nearly all of their assets in Chi-
Rho Multi-Strategy Master Fund, Ltd., also a Cayman Islands exempted company. Expenses of the
fund, including but not limited sub-advisor management and performance fees, legal, auditing,
accounting, and custodial fees, are accrued and paid by the Master Fund and allocated on a pro rata
basis to each feeder fund.

C. Other Compensation. Chi-Rho does not receive any compensation from other sources.

Item 7 Types of Clients

The Adviser currently provides investment supervisory services to one or more Funds as described in
Item 4. Fund investors may include high-net-worth individuals, family offices, retirement plans,
institutional investors, and employees or related persons of Chi-Rho. Investor eligibility requirements
for each Fund are set forth in the applicable Fund governing documents and subscription materials.
Each investor is required to meet the suitability standards applicable to the relevant Fund, which may
include qualifying as a ‘Qualified Purchaser’ or, in limited circumstances, as a ‘knowledgeable
employee’ (as defined under the 1940 Act). Certain knowledgeable employees may also meet the
definition of an ‘accredited investor’ under U.S. federal securities laws.

Interests in the Funds are offered pursuant to applicable exemptions from registration under the
Securities Act of 1933 (the ‘Securities Act’) and the Investment Company Act of 1940 (the ‘1940 Act’).
Investors in the Funds are generally ‘qualified purchasers’ as defined in Section 2(a)(51) of the 1940 Act,
and may include, among others, high-net-worth individuals, banks, pension and profit-sharing plans,
trusts, estates, charitable organizations, university endowments, corporations, limited partnerships,
limited liability companies, and other entities.

Minimum investment requirements for each Fund are set forth in the applicable Fund Governing
Documents and may be waived at the discretion of the General Partner or Investment Adviser.

Although the Fund is generally limited to Qualified Purchasers, it may permit certain ‘knowledgeable
employees’ (as defined in Rule 3c-5 under the 1940 Act) to invest in the Funds even if they do not meet
the Qualified Purchaser standard.

This Brochure is not an offer to sell or a solicitation of an offer to invest in any Fund.