Tribune Investment Group LP

Item 5: Fees and Compensation

Tribune provides investment advisory services to each Fund pursuant to the applicable Offering
Documents. The applicable Offering Documents set forth in detail the fees and performance allocation
relevant to each Fund. All prospective Investors should review the Offering Documents in
conjunction with this Brochure for complete information on the fees and compensation payable with
respect to the advisory relationship with Tribune.

Tribune and/or Tribune GP, as applicable, may reduce, waive, or modify any fees for any Investor in
the Firm’s sole discretion. Any such modification in respect of a certain Investor will not entitle any
other Investor to the same or similar treatment.

Management Fee

As an investment adviser to the Master Fund and the Feeder Funds, as further described in the Offering
Documents, Tribune receives a management fee generally equal to an annual rate of 1.00% - 1.5%
depending on the particular class of the Funds.

The management fees are paid by the Master Fund quarterly in advance on the first day of each calendar
quarter, depending upon the net asset value of the Master Fund and each particular investment by an
Investor in the Feeder Funds. Management fees are generally pro-rated for partial periods. Once paid,
management fees are non-refundable.

Tribune may reduce, waive or calculate differently the management fee for certain Investors, including
but not limited to, the Principal, the General Partner, and Tribune, and any other director or officer
of Tribune or the General Partner; any member of the immediate family of any such person; and any
trust or other entity established for the benefit of any such person that invests directly or indirectly
in the Funds (an “Investment Manager – Related Investor”).

Organizational and Operating Expenses

Each Fund will bear all of its organizational and offering expenses and its pro rata share of the
organizational and offering expenses of the Master Fund, in each case, including such costs incurred at
or prior to the formation of the Funds and prior to the initial closing of the Funds. Such organizational
and offering expenses will include, without limitation, all costs and expenses incurred in connection
with each Fund’s formation and the marketing, offering and sale of the interests, including, but not
limited to, legal and accounting fees and expenses, registration fees, filing fees and all costs and
expenses incurred in connection with the preparation of the Offering Documents, marketing and
similar materials, and drafting and negotiating contracts with service providers at or prior to the
formation of the Fund and prior to the initial closing of each Fund (collectively, “Organizational and
Offering Expenses”).

Expenses of the Funds

Each Fund will bear all of its operating expenses and its pro rata share of the operating expenses of
the Master Fund and all trading vehicles, including subsidiaries, intermediate funds and/or special
purpose vehicles through which the Master Fund invests or intends to invest (collectively, the “Fund
Expenses”), including such costs incurred at or prior to the formation of each Fund and prior to the
closing of each Fund, which expenses will include, without limitation:

Tribune Investment Group LP                                                 Form ADV Part 2A

(a) Organizational and Offering Expenses; (b) expenses associated with all investments and transactions
considered, evaluated and/or consummated by the Master Fund, or any such trading vehicles, including
subsidiaries, intermediate funds and/or special purpose vehicles, as well as overall consideration and
evaluation of such entities’ portfolio, including, without limitation, those expenses incurred before the
initial closing of each Fund, including, without limitation, expenses associated with sourcing,
negotiating, investigating, researching, financing and structuring of investments and potential
investments, whether or not consummated, including, without limitation, data and research on-
boarding, ingestion, aggregation and analysis, third-party research, data, analytics, modeling, risk,
structuring, pricing, execution and other third-party information, technology, hardware, software or
other technology systems, including, without limitation, installation and maintenance, software and
service fees (including, without limitation, the expenses with respect to data, data feeds, subscriptions,
expert networks, political intelligence providers and reports); (c) the costs of research-related
computer hardware and software expenses, including, without limitation, Bloomberg terminals and
subscriptions and other market information systems, as well as the costs of research management
systems and corporate access tracking systems; (d) the costs of the Tribune’s portfolio management
system and any other software used for accounting and/or monitoring of the portfolio, including,
without limitation, subscriptions relating to, among other things, trading and order management
systems and services; (e) expenses associated with holding, financing, monitoring, hedging, maintaining
and disposing of all investments and all transaction and other costs associated therewith, including,
without limitation, expenses associated with proxy research and voting services; (f) travel and related
expenses associated with investments and potential investments; (g) professional fees associated with
investments and potential investments, including, without limitation, consulting, due diligence,
accounting, valuation, financial, legal and other advisory fees and expenses; (h) transaction fees,
brokerage commissions, custodial fees, clearing and settlement charges and similar fees and expenses
associated with the acquisition, disposition and settling of investments and potential investments,
including, without limitation, fees, expenses and commissions paid in connection with outsourced
...

Item 7: Types of Clients

Currently, Tribune provides investment advice only to the Funds. Each of the Domestic Fund’s and
the Offshore Fund’s Offering Documents sets forth the eligibility criteria and minimum investment
requirements for Investors. Initial and additional subscription minimums are disclosed in the Offering
Documents for each Fund, which may be waived at the discretion of Tribune.

Domestic Fund

Each Investor generally must be (i) an “accredited investor”, as defined in Regulation D under the U.S.
Securities Act of 1933 (the “Securities Act”), and (ii) either a “qualified purchaser”, as defined in
the U.S. Investment Company Act of 1940 (the “Company Act”), or a “knowledgeable employee”,
as defined under Rule 3c-5 of the Company Act and must meet other suitability requirements.
Interests may not be purchased by non-resident aliens, foreign corporations, foreign partnerships,
foreign trusts or foreign estates, all as defined in the Internal Revenue Code. The Subscription
Agreement contains representations and questionnaires relating to these qualifications.

Offshore Fund

Each Investor generally must be either (i) a non-U.S. Person or (ii) a Permitted U.S. Person that
qualifies as an “accredited investor,” as defined in Regulation D under the Securities Act, and either a
“qualified purchaser,” as defined in the Company Act, or a “knowledgeable employee,” as defined
under Rule 3c-5 of the Company Act, and must meet other suitability requirements. The Subscription
Agreement contains representations and questionnaires relating to these qualifications.

The minimum investment for an Investor in the Domestic Fund and the Offshore Fund is US
$1,000,000. The minimum may be waived by Tribune in its sole discretion.

Tribune Investment Group LP                                                 Form ADV Part 2A