Tiger Iron Capital LLC

Item 5 – Fees and Compensation

A.     Describe how you are compensated for your advisory services. Provide your fee
       schedule. Disclose whether the fees are negotiable.

As the investment adviser or manager to a Fund, Tiger Iron charges management fees (the
“Management Fee”) as described in the relevant Fund’s Governing Documents. The fees payable
to Tiger Iron vary among the Funds and may be different from the fees and compensation payable
in respect of any prior or successor Fund. All investors should review the Governing Documents
of the relevant Fund in conjunction with this Brochure for complete information on the fees and
compensation payable with respect to that particular Fund.

As compensation for its services, Tiger Iron typically receives the Management Fee from each
Fund. The Management Fee is based on a percentage of the aggregate capital commitments of the
Fund’s third-party investors or assets committed to underlying portfolio funds. The Management
Fee is due and payable from each Fund four (4) times per calendar year, as provided in each Fund’s
Governing Documents and as further described below.

The Firm intends to deliver this Brochure only to “qualified purchasers” as defined in Section
2(a)(51)(A) of the Investment Company Act of 1940, as amended, (the “Investment Company
Act”) and therefore, is not required to disclose its Clients’ fee schedules.

B.     Describe whether you deduct fees from clients’ assets or bill clients for fees incurred.
       If clients may select either method, disclose this fact. Explain how often you bill clients
       or deduct your fees.

In accordance with the relevant Fund’s Governing Documents, the Management Fee is paid by
third-party investors on a quarterly basis, payable in advance of each calendar quarter and deducted
from the Fund’s assets or paid directly from the investors. In the event of the advisory contract is
terminated before the end of the billing period, in accordance with a Fund’s Governing Documents,
the Management Fee will be refunded on a pro-rata basis.

C.     Describe any other types of fees or expenses clients may pay in connection with your
       advisory services.

Since the Funds are structured as fund-of-funds, in addition to the Firm’s Management Fees, the
Funds also pay their share of fees and operating expenses charged by the underlying Portfolio
Partnerships as well as brokerage commissions, custodian fees, and/or other related costs and
expenses incurred by the Funds, including auditing, accounting, and fund administration fees and
expenses. Any of such fees and expenses are in accordance with the relevant Fund Governing
Documents. Tiger Iron will not receive any portion of the aforementioned fees and expenses. The
Firm intends to only invest in private securities; however, in the event that Tiger Iron utilizes a
broker, the Clients will incur brokerage and other transactions fees, as more fully described in Item
12.

D.     If your clients either may or must pay your fees in advance, disclose this fact. Explain
       how a client may obtain a refund of a pre-paid fee if the advisory contract is
       terminated before the end of the billing period. Explain how you will determine the
       amount of the refund.

As referenced above, the Management Fee is generally paid by third party investors on a quarterly
basis, payable in advance of each calendar quarter and deducted from a Fund’s assets or paid
directly from the investors. In the event the advisory contract is terminated before the end of the
billing period, in accordance with a Fund’s Governing Documents, the Management Fee will be
refunded on a pro-rata basis.

E.     If you or your supervised persons accept compensation for the sale of securities or
       other investment products, including asset-based sales charges or service fees from
       the sale of mutual funds, disclose this fact.

Neither Tiger Iron nor any of its supervised persons accepts compensation for the sale of securities
or other investment products.

Item 7 – Types of Clients

Describe the types of clients you generally provide investment advice, such as individuals,
trusts, investment companies or pension plans. If you have any requirements for opening or
maintaining an account, such as a minimum account size, disclose these requirements.

Tiger Iron provides investment advice to the Funds and may, in the future, provide investment
advice to other funds (i.e., investment partnerships or other investment entities formed under
domestic or foreign laws and operated as private funds excepted from the definition of the
Investment Company Act). Currently, each Fund has one limited partner. Investment advice is
provided to the Funds (subject to the direction and control of the general partner of each such Fund,
if applicable) and not individually to the investors in such Fund. For efficiency purposes, several
of the Funds make investments together through a flow-through aggregator entity, Tiger Iron
Investors, LLC, when they are participating in the same investments. Tiger Iron Investors, LLC
is controlled by Tiger Iron and owned only by the relevant participating Funds. The investors
participating in the Funds currently include state and municipal pension plans; however, in the
future may also include corporate ERISA plans, endowments, foundations, family offices, and
other U.S. corporations.

Investors in the Funds are requested to refer to the Governing Documents of the applicable Fund
for complete information on the minimum investment requirement for participation in that Fund.
For Funds in which there is only one, large investor, the minimum investment commitment
required of an investor to participate in the Fund is negotiated by the investor and the Firm and
reflected in the Governing Documents.

In general, the minimum initial investment in a Fund is $10 million, although lesser amounts may
be accepted at the discretion of the general partner.

Tiger Iron does not currently manage individual investment accounts.