Fort Warren Capital Management LP

Item 5 - Fees and Compensation
Fort Warren charges the Funds an investment management fee, which is charged quarterly in advance.
Fort Warren is also entitled to receive an annual performance-based allocation of net profits from the
Funds. The investment management fee is charged at an annual rate of 1.50% of the Funds’ net asset
value and the performance based allocation is equal to 20% of the Funds’ annual net profits. While
the fees charged to the Funds are not negotiable, investments made in the U.S. Fund or Offshore
Fund from the Funds’ launch date through September 1, 2015 (or such other date as Fort Warren may
determine in its sole discretion) are entitled to a discounted investment management fee and
performance-based allocation.

The investment management fee and performance-based allocation are deducted from the assets of
the Funds. Since the Funds generally only permit withdrawals from the Funds as of the end of a
quarter, investment management fees generally are not refundable; provided, however, that if a
withdrawal does take place during a quarter, the investor’s account would be entitled to a refund of a
pro rata portion of the investment management fee previously collected, based upon the portion of
the quarter that had not elapsed at the time of the withdrawal.

In addition to the investment management fee and performance-based allocation charged by Fort
Warren, the Funds bear their own operating expenses, including all investment expenses. Investment

expenses incurred by the Funds include, but are not limited to, brokerage commissions, clearing and
settlement charges, custodial fees, margin and interest expenses and commitment fees on debit
balances or borrowings, borrowing charges on securities sold short, and any issue or transfer taxes
chargeable in connection with any securities transactions (Refer to “Item 12 – Brokerage Practices”
for additional information regarding Fort Warren’s broker selection practices). The Funds’ other
operating expenses include, but are not limited to, third-party accounting, legal, administrative or
custodial services, audit and tax preparation expenses, research costs, and SEC or other government
regulatory and reporting expenses, including filing fees. A full list of fees and expenses that may be
borne by the Funds is included in the respective confidential offering memoranda of the U.S. Fund
and the Offshore Fund.

Fort Warren and its supervised persons do not accept any compensation for the sale of securities or
other investment products, including any interests or shares in any of the Funds.

Item 7 - Types of Clients
Fort Warren provides investment advisory services directly to the Funds and not individually to the
investors in the Funds.

Interests and shares in the Funds are offered pursuant to applicable exemptions from registration
under the U.S. Securities Laws. Accordingly, investors in the U.S. Fund and U.S. investors in the
Offshore Fund must meet certain income and/or net worth requirements. The minimum initial
investment in each Fund is $1,000,000. These minimum investment amounts are waived by the Funds
in certain circumstances and are not applied to investors who are Fort Warren employees, affiliates,
family members and similar parties.

Investors in the Funds may include, but are not limited to, endowments, foundations, trusts, estates,
charitable organizations, pension plans, high net worth individuals, family offices, fund-of-hedge
funds, limited partnerships, limited liability companies and similar entities.