Trian Fund Management LP

Item 5 – Fees and Compensation

A. Management Fee and Performance-Based Compensation

The fees applicable to each Fund are set forth in detail in each Fund’s offering documents. A brief
summary of such fees and compensation is provided below.

Each Fund will typically pay the Adviser a quarterly management fee (the “Management Fee”), in
advance, which is generally equal to a percentage within the range of 1.0% - 2.0% per annum of the
applicable Fund’s net asset value, calculated and payable as of the beginning of each quarter. In the
case of the Adviser’s drawdown-style Fund formed to invest in companies operating in the asset
management industry (the “AM Fund”), during the commitment period the Management Fee is equal
to 1.5% per annum with respect to the portion of each investor’s capital commitment that has been
called (and is reduced with respect to the portion of the investor’s capital commitment that has not
been called), and thereafter equal to 1.5% of each investor’s invested capital. Affiliates of the Adviser
who invest in a Fund, including a Fund whose only investors are affiliates of the Adviser, are not
subject to a Management Fee.

In the event that a client’s net asset value is reduced in connection with a withdrawal or redemption
by an investor of such client other than as of the last day of a quarter, the Adviser will return to such
client an amount equal to the pro rata portion of the Management Fee, based on the actual number
of days remaining in such quarter, and such client will distribute such amount to the applicable
investor.

Each Fund (in the case of certain Funds, through their investment in the applicable master fund),
except for the Adviser’s AM Fund and the Core Opportunities Fund (described below), will typically
be subject to an annual incentive allocation (the “Incentive Allocation”) that is allocated to the general
partner of the applicable Fund equal to a range of 15% - 20% of the realized and unrealized net profits
(if any) allocated to a capital account of each investor or a series of shares, as the case may be, in the
applicable Fund for the fiscal year subject to a “high water mark” provision. Investors are permitted
to elect to invest in options of interests or shares for which the Incentive Allocation is measured over
one-year, three-year and five-year performance periods. For the three-year (in certain cases) and
five-year options, the Incentive Allocation is subject to a preferred return (i.e., 4% or 6%, as
applicable, with certain legacy investors having the Incentive Allocation attributable to their
investments subject to a higher preferred return of up to 8%) and a catch-up provision and, in all
cases for such options, a portion of the Incentive Allocation that has been allocated to the applicable
general partner remains subject to a “clawback.” As such, certain amounts of the Incentive Allocation
attributable to such interests may not be withdrawn by the applicable general partner until a
determination of the net capital appreciation or net capital depreciation is made at the end of the
applicable three-year or five-year performance periods for the three-year and five-year options,
respectively. In the event there is net capital depreciation attributable to such interests for the
applicable performance period, a portion of such net capital depreciation will be reallocated from
such investors to the applicable general partner. Affiliates of the Adviser who invest in a Fund,

including a Fund whose only investors are affiliates of the Adviser, are not subject to an Incentive
Allocation.

Upon the complete or partial withdrawal or redemption by an investor of a Fund other than at the
end of a fiscal year, the Incentive Allocation, if any, will be charged or allocated with respect to the
amount being withdrawn or redeemed, as applicable.

The AM Fund is subject to a carried interest distribution (the “Carried Interest Distribution” and,
together with the Incentive Allocation and the Incentive Fee, the “Performance Compensation”) that
is distributed to the general partner of these Funds equal to 15% of distributions made by this Fund
after capital is returned to each investor in this Fund (net of such investor’s portion of any losses
incurred on previously realized investments or written-off investments and certain expenses
incurred by the Fund).

The Adviser has established a multi-investor opportunities Fund (the “Core Opportunities Fund”)
that will from time to time, in the Adviser’s discretion, co-invest with other of the Adviser’s Funds in
certain investment ideas. The Management Fee charged to this Fund is equal to a percentage within
the range of 0% - 1.50% per annum of the portion of each investor’s capital commitment that has
been called and invested by the Fund; provided that if certain conditions are not met by an investor,
the Management Fee paid in respect of such investor may increase to 1.5% per annum. The amount
that is allocated to the general partner of this Fund (the “Carried Interest”) is equal to a percentage
within the range of 10% - 20% of the distributions made by this Fund in respect of an investment
made by the Fund after capital is returned to each investor in the Fund that participated in such
investment (in each case, net of any losses incurred by such investor on previously realized
investments or investments that have been written-off and certain expenses incurred by the Fund
that have been allocated to such investor).

From time to time, the Adviser may pay or allocate a portion of the Performance Compensation that
it or its affiliates receive to its partners, employees, and other personnel (including Consultants) as a
form of compensation, incentive, or retention arrangement (any such arrangement, a “Carry
Participation Arrangement”). The terms of any Carry Participation Arrangement, including the
percentage of Performance Compensation allocated and any applicable vesting, forfeiture, or
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Item 7 – Types of Clients

The Adviser generally provides investment advice to Funds as described above. The Adviser also
provides non-discretionary investment recommendations to the Accounts. The Adviser may in the
future provide investment advice to other separately managed accounts for institutional and other
investors.

The minimum initial investment amount for investors in a Fund is generally at least $10,000,000
(except for one option of the Core Opportunities Fund, where the minimum initial investment amount
is $250,000). This requirement can be waived or reduced with respect to one or more investors at
the discretion of the general partner or the board of directors of the Fund, as applicable, subject to
minimum initial investment requirements for Funds organized in certain non-U.S. jurisdictions.