Tradelink Capital LLC

Fees	and	Compensation
Funds—Management	Fees	and	Performance	Allocations/Incentive	Fees
TradeLink receives compensation from the TradeLink Funds comprised of fees based on a
percentage of assets under management and performance-based amounts.                   The
performance-based compensation from the TradeLink Funds domiciled in the United States
is in the form of a profit allocation made to TradeLink or its affiliates. The performance-
based compensation from the TradeLink Funds domiciled outside of the United States is in
the form of an incentive fee paid to TradeLink. The Fee Schedule for the TradeLink Funds is
set forth below:

                                                                                    Minimum
                                        Management		         Profit	Share/	           Initial
              Fund	                        Fee	              Incentive	Fee	        Investment
     TradeLink Master Fund LP             0.75%                  9.0%               $250,000

Fund Management Fees are paid quarterly in arrears (accrued monthly). Such fees are
deducted from investors’ capital accounts or series of shares, as applicable. Profit
shares/incentive fees are made or paid annually by the TradeLink Funds as of the end of each
calendar year, and are calculated based on the appreciation in the net asset value of each
investor’s interest in the relevant TradeLink Fund. Fees or allocations made by the
TradeLink Funds are paid or made to TradeLink.

Funds—Other	Types	of	Fees	and	Expenses
In addition to the asset and performance-based compensation payable to TradeLink or its
affiliates, the TradeLink Funds also bear their direct operating costs. These include Fund
Administration, professional fees (audit, tax and legal), communications, market data, and
filing fees. The TradeLink Funds bear all the expenses incurred in connection with their
trading, including all brokerage and transactional costs. The TradeLink Funds also bear fees
incurred in connection with any actual or proposed investment or other participation in, or
any holding or disposition of any interest in, another investment entity, business entity or
organization, including any fees and expenses related to the organization and operation of
third-party investment ventures and the management and/or performance compensation
paid to managers of such third-party investment vehicles. TradeLink Master Fund bears, in
addition to its own operating costs, its pro rata share of the operating costs of the vehicles in
which it invests, including other TradeLink Funds.

Funds—Negotiation	of	Fees;	Waivers
Compensation payable to TradeLink by investors in the TradeLink Funds is generally not
negotiable, but under certain circumstances (such as the size of an investment in the Fund,
the overall amounts allocated to TradeLink for management by the Fund investor or the
extent to which the Fund investor offers strategic opportunities or benefits to TradeLink),
TradeLink may, in its discretion, waive all or a portion of its management fees or
performance-based compensation for a particular investor.

Managed	Accounts—Management	Fees	and	Performance	Allocations/Incentive	Fees
Compensation from Managed Accounts is comprised of fees based on a percentage of assets
under management and performance-based amounts. Performance-based compensation is
in the form of a performance fee paid to TradeLink. Fees paid are negotiated with each
Managed Account owner.

Managed	Accounts—Other	Types	of	Fees	and	Expenses
In addition to the asset and performance-based compensation payable to TradeLink or its
affiliates, Managed Accounts bear their direct operating costs, such as accounting, audit,
communications, legal, market data, reporting costs and filing fees. Managed Accounts bear

all expenses incurred in connection with their trading, including all brokerage and
transactional costs. The specific fees and expenses borne by the Managed Accounts vary
based on the strategy and operation of each Managed Account.

Performance‐Based	Fees	and	Side‐By‐Side	Management
As noted above under “Fees and Compensation,” TradeLink or its affiliates receive from the
Funds and the Managed Accounts performance-based compensation in the form of an
allocation or a fee equal to a percentage of the appreciation in the net asset value of each
Fund investor’s investment in the Fund or the net asset value of each Managed Account.

The receipt of performance-based compensation creates a conflict of interest between
TradeLink’s or its affiliate’s interest in earning a profit for itself in the short term with the
long-term interests of the Funds and Fund Investors. Specifically, TradeLink or its affiliates
may have an incentive to make investments that are riskier or more speculative than would
be the case if TradeLink or its affiliates were compensated solely based on a fixed percentage
of capital. TradeLink or its affiliates may receive increased compensation because the
performance-based compensation is calculated on a basis which includes unrealized
appreciation as well as realized gains, and any securities, futures or options for which market
quotations are not readily available may be valued by TradeLink or its affiliates at the value
reasonably determined by the Fund. These valuations can affect the amount of performance-
based compensation received by TradeLink or its affiliates.

Types	of	Clients
TradeLink provides discretionary investment advice to TradeLink Funds and Managed
Accounts. The TradeLink Funds and Managed Accounts limit their investors to (i) “qualified
purchasers” or “knowledgeable employees,” as defined in the Investment Company Act of
1940 and the rules thereunder, (ii) “qualified eligible persons,” as defined under CFTC rules,
or (iii) non-United States persons.

Methods	of	Analysis,	Investment	Strategies	and	Risk	of	Loss
An investment in any TradeLink Fund is speculative, illiquid, involves a high degree of risk
and is suitable only for persons who can assume the risk of losing their entire investment.
Investing in any security or futures product involves risk of loss that investors should be
prepared to bear. As TradeLink Funds may trade with a high degree of leverage, investors
could lose all or substantially all their investment. Those who are not familiar with such risks
should not consider investing in a TradeLink Fund. Please refer to the “Certain Risk Factors”
section in the Offering Memorandum of each TradeLink Fund for more information.

The	 below	 Risk	 Factors	 do	 not	 purport	 to	 be	 a	 complete	 description	 of	 the	 risks
involved	in	investing	in	a	TradeLink	Fund.	Potential	investors	should	read	this	entire
document	and	the	Fund	Offering	Memorandum	before	deciding	whether	to	invest	in	a
TradeLink	 Fund.	 Furthermore,	 both	 this	 document	 and	 the	 Offering	 Memorandum
provide	only	summary	descriptions	of	the	Fund,	its	strategies,	the	markets	in	which	it
trades	 and	 its	 leverage	 and	 risks	 and	 rely	 on	 the	 financial	 sophistication	 of	 all

prospective	 investors.	 	 No	 one	 who,	 either	 individually	 or	 together	 with	 his/her
financial	 advisers,	 does	 not	 have	 sufficient	 expertise	 to	 evaluate	 the	 risks	 of	 highly
leveraged,	speculative	equities	and	derivatives	trading	should	consider	investing	in	a
TradeLink	Fund.

Analysis	and	Strategy

TradeLink Master Fund LP
TradeLink serves as the General Partner of the TradeLink Master Fund LP (“Master Fund”).
The portfolio managers allocate the Master Fund’s portfolio among several different
strategies (“Underlying Strategies”) by advisors that have no affiliation with TradeLink.

The Master Fund currently accesses Underlying Strategies through managed accounts, and
commingled funds managed by third parties (together with the third party-managed funds,
the “Underlying Funds”).

Material	Risks
The following material risks summary does not attempt to describe all the risks associated
with investment strategies pursued by the Funds and Managed Accounts. The Funds’
offering memoranda, and the Managed Account agreements, contain more complete
descriptions of the risks associated with investments in such entities. Investing in securities
and derivatives involves risk of loss that investors should be prepared to bear.

General	Risks
Competition;	Potential	Strategy	Saturation
The TradeLink Funds compete with numerous other private investment funds as well as
other investors, many of which have resources substantially greater than those of TradeLink.
The amount of capital committed to “alternative investment strategies” has increased
dramatically during recent years. At the same time, market conditions have become
significantly more averse to many of such strategies than they were in previous years. The
profit potential of a Fund may be materially reduced as a result of the “saturation” of the
alternative investment field.

Counterparty	and	Credit	Risk
There is a risk that prime brokers, counterparties, clearing houses or exchanges with which
we deal, including brokers and counterparties that are affiliated with us, may default on their
obligations to us. Any default by any of such parties could result in material losses.

No	Formal	Diversification	Policies
The TradeLink Funds do not and will not maintain any fixed requirements for diversifying
their portfolios among issuers, industries, instruments, markets, or strategies.

Hedging	Risk
We may attempt to manage risks by hedging where practicable. We may choose not, or may
determine that it is economically unattractive, to hedge certain risks—either in respect of
positions or in respect of a Fund’s overall portfolio. Our choice of investment instrument

used to hedge may turn out in retrospect to have failed to mitigate the risks as intended due
to market factors or other factors.

Highly	Leveraged	Trading
A Fund may frequently hold positions with a gross value many times (six (6) times or more)
its net asset value. Consequently, even a slight movement in the prices of its open positions
could result in significant losses.

Frequent	Trading
Certain Funds may engage in frequent trading of securities and derivatives. Frequent trading
may subject those Funds to increased brokerage and other transactions costs and taxes,
which may in turn adversely affect performance.

Illiquid	Investments
Certain investments may be, or may become, illiquid and may not have readily ascertainable
fair market values. It may be relatively difficult to dispose of such investments rapidly and
at favorable prices in connection with withdrawal requests, adverse market developments
or other factors.

Liquidity	Risk
Market liquidity often falls in periods of market turmoil, increasing transaction costs for
investors seeking to acquire or liquidate positions. If we were to seek to liquidate the assets
in a period of poor liquidity, investors could experience substantial losses.

Tax	Risk
TradeLink does not provide tax advice to Investors. Fund investment decisions are based
primarily on financial, not tax, considerations and could result in adverse tax consequences
for Investors. Investors should consult with and depend on his, her or its own tax advisors
regarding the tax consequences of investing in a Fund.

Risks	Specific	to	TradeLink	Master	Fund	LP
Underlying	Funds	with	Limited	Past	Performance	Record
...