Iron Triangle Partners LP

Item 5: Fees and Compensation
Iron Triangle’s compensation for the investment advisory services it provides to the Funds is
comprised of an asset-based management fee and an incentive allocation that is based on the
performance achieved for the account of each investor. The fees and expenses applicable to each
Fund are set forth in detail in each of the Fund's respective offering memorandums. A brief summary
of fees and expenses is provided below.

Form ADV Part 2A Firm Brochure | Iron Triangle Partners LP

Management Fee

The Master Fund will pay Iron Triangle a management fee ranging from 1.25% to 1.75% per annum
based on the net asset value of each investor’s capital account attributable to different limited
partnership interests, including founders limited partnership interests. Founders limited partnership
interests will be offered at the sole discretion of Iron Triangle. The subadvised private funds will pay
a management fee based on the value of the assets in the account. Management fees will be
calculated and paid on a monthly basis.

Iron Triangle may vary the management fee for particular investors in the Funds by separate
agreement with them without notice to the other investors or clients and may, in its discretion,
reduce or waive any management fees at any time. Iron Triangle intends to waive the management
fee for itself and its partners, affiliates, employees, and family members.

Incentive Allocation

Iron Triangle will be entitled to share in the appreciation in value of each investor’s capital account
balance in the Master Fund, subject to a loss carryforward procedure. Generally, at the end of each
fiscal year, the Master Fund will reallocate from each standard limited partner’s capital account an
amount equal to 20% (15% for founders limited partners) of the net capital appreciation for the
fiscal year allocated to the standard limited partner’s capital account. The net capital appreciation
upon which the calculation of the incentive allocation is based will be reduced by the loss
carryforward procedure. The incentive allocation may be waived, reduced or calculated differently
with respect to certain investors. The subadvised private funds will pay Iron Triangle an incentive
fee or allocation based on the appreciation in value, subject to a loss carryforward procedure.

If an investor withdraws capital other than as of fiscal year-end, the Funds will make an incentive
allocation based on year-to-date performance, in proportion to the reduction in the investor’s
relevant account balance caused by the withdrawal. Those incentive allocations will reduce the
withdrawal proceeds payable to the withdrawing investor. Investors may withdraw capital after the
allowable lock-up period has expired. Withdrawal proceeds from the portion of a capital account
that is still within the lock-up period will be reduced by an amount equal to 5% of the amount
requested to be withdrawn. Please refer to the offering memorandum of the Funds for a more
detailed description of withdrawal requirements and limitations.

Fund Expenses

The Onshore Fund and the Offshore Fund will bear their own expenses and their pro rata share of the
expenses of the Master Fund. If an expense can be attributed to all the Funds, Iron Triangle and/or the
General Partner will allocate the expense among the Funds at its discretion. Expenses that relate to both
the Funds and the subadvised private funds are allocated pro-rata, based on the net assets of each portfolio.

Generally, all expenses borne by the Funds will be debited to all of the investor’s capital accounts on a
pro rata basis in accordance with their ownership percentages. To the extent that expenses to be borne by
the Funds are paid by Iron Triangle and/or the General Partner, the Funds will reimburse Iron Triangle
and/or the General Partner for such expenses. The Funds’ actual annual operating expenses will be
disclosed in the Funds’ year-end audited financial statements, which will be provided to each investor.

Form ADV Part 2A Firm Brochure | Iron Triangle Partners LP

Fund expenses may include, but are not limited to, the management fee described above; expenses
related to the research, due diligence and monitoring of actual and prospective investments (whether
or not consummated) and the consummation of investments; and operational expenses. The Funds
will bear all costs in connection with their organization (including the Master Fund’s organizational
costs), either directly or by reimbursing Iron Triangle. The Funds may amortize those costs over 60
months. The Funds will also bear all costs in connection with the ongoing offer and sale of interests,
including costs of preparing, revising, reproducing and disseminating offering materials and
supplemental materials.

Please refer to the offering memorandum of the Funds for a more detailed description of expenses.

Item 7: Types of Clients
Iron Triangle provides investment advisory services to the Funds and the subadvised private funds.
Investment advice is provided directly to the Funds and the subadvised private funds, subject to the
direction and control of the respective General Partner or equivalent of each, and not individually
to the investors. Investors in the Funds may include, but are not limited to, high net worth
individuals, family offices, fund of hedge funds, endowments, foundations, trusts, charitable
organizations, pension plans, and corporate or business entities.

Details concerning applicable investor suitability criteria are set forth in the respective Fund’s
offering documents and subscription materials. The minimum commitment for an investor is
outlined in the respective Fund’s governing documents but is generally $1 million. However, Iron
Triangle and/or the General Partner of the Funds maintain discretion to accept less than the
minimum investment threshold.

Each Fund investor is required to meet certain suitability qualifications, such as being an “accredited
investor” within the meaning set forth in Regulation D under the Securities Act of 1933, a “qualified
purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, or a
“knowledgeable employee” as defined under Rule 3c-5 of the Investment Company Act of 1940.

Form ADV Part 2A Firm Brochure | Iron Triangle Partners LP