Backcast Partners Management LLC

5. Fees and Compensation
As described in the Funds’ governing documents, the Firm receives a management fee from
the Funds and performance-based fees (or carried interest) as described in Item 6,
Performance-Based Fees and Side-By-Side Management. Annual management fees typically
equal a specified percentage of aggregate capital commitments of the Funds during the Funds’
investment period and a lower percentage of the Funds’ invested capital after the investment
period for the remainder of the Funds’ life. Management fees are generally paid quarterly in
advance. In general, if we cease to serve as the investment manager of one of the Funds during
a quarterly period, the management fee payable by such Fund for such period will be pro-rated
based on the number of days during such period that we served as investment manager, and
we will refund any excess.

In addition to the compensation from the Funds described above, BCAST, certain co-
investment vehicles and the SMA have in the past and may in the future provide compensation
to Backcast Partners, which would include management fees and/or performance-based fees
(or carried interest).

The management fee and carried interest have been in the past and may in the future be waived
or reduced at the discretion of Backcast Partners or its affiliates. As described in each Vehicle’s
governing documents, the General Partner of each Vehicle, which is an affiliate of Backcast
Partners, has in the past and may in the future admit certain investors who receive terms that
are more favorable than those offered to other investors. More favorable terms offered to such
investors have included, among other things, reduced or eliminated carried interest, and/or
management fees.

Neither we nor any of our “supervised persons” accepts compensation for the sale of securities
or other investment products.

Additional Fees and Expenses:

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From time to time, the Firm does receive financing, break up, commitment, closing,
amendment and other fees (other than selling commissions or similar fees) in connection with
the activities of the Funds (“Other Fees”). In addition, the Firm is also occasionally reimbursed
by the Funds’ portfolio companies or other third parties for expenses we incur in connection
with performance of the services that give rise to the Other Fees. In general, the management
fee payable by each of the Funds will be reduced by all or a portion of such Other Fees related
to such Fund’s activities received by the Firm on a pro-rata basis across the funds involved in
the transaction. Such offset does not generally apply to management fees payable by BCAST,
the co-investment vehicles or the SMA. The Firm also bears the economic burden of any
placement agent fees.
The Operating Partners have in the past and may in the future receive fees or other
compensation in connection with the activities of the Funds. However, such fees or other
compensation paid to Operating Partners will not be considered “Other Fees” subject to offset
against the management fee.

Additional fees and expenses for which the Vehicles are responsible are described in each
Vehicle’s governing documents. Generally, each Vehicle will pay all costs and expenses
relating to its operations, including but not limited to: legal, auditing, consulting and
accounting fees and expenses; expenses of meetings of its limited partner advisory committee
and of limited partners; expenses and costs associated with activities of (including meetings
of) the Operating Partners, to the extent applicable to the activities of the Vehicle; expenses
and costs incurred in connection with any regulatory filings required to be made in respect of
the Vehicle or any related investment vehicle (including Form PF); indemnification and
insurance expenses; expenses associated with the acquisition, holding and disposition of its
proposed or actual investments (including related due diligence expenses); extraordinary
expenses such as litigation; interest, fees and expenses arising out of any permitted borrowing;
expenses relating to unconsummated transactions; expenses of liquidating the Vehicle; and any
taxes, fees or other governmental charges levied against the Vehicle and any expenses incurred
in connection with any tax audit, investigation, settlement or review of the Vehicle. Expenses
associated with the acquisition, holding and disposition of an investment may also include the
expenses of brokers or dealers to the extent that any such person is engaged in connection with
a transaction. See Item 12, Brokerage Practices. Such expenses may also include commissions,
custodian fees, appraisal fees and other transaction expenses.

In some cases, expenses might be attributable to more than one Backcast Vehicle, or to the
Firm or an affiliate and one or more Backcast Vehicles. In such cases, the Firm and its affiliates
will apply an expense allocation methodology that is believed to be fair to the affected Vehicles
and consistent with their confidential offering materials and limited partnership agreements.
The Firm and its affiliates have not experienced in the past but may in the future experience a
conflict of interest when determining and applying an allocation methodology.

Expenses that are not attributable to a Vehicle will become an expense of either the Firm or
the General Partners. Please refer to the Vehicles’ offering documents for more information on
expenses.

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7. Types of Clients
The Firm provides discretionary investment advice to the Funds, BCAST and the following
co-investment vehicles: Backcast Co-Invest MMRI, L.P., Backcast Co-Invest MMRI II, L.P.,
Backcast Co-Invest MMRI III, L.P., Backcast Co-Invest MMRI IV, L.P., BCAST 2025-A
Issuer, LLC, Backcast Co-Invest Advanced Solutions, L.P., Backcast Co-Invest Jackson
Hewitt, L.P., Backcast SG Co-Investment Fund, L.P. and Backcast Co-Invest Sensio, L.P. All
are structured as US limited partnerships or limited liability companies and are pooled
investment vehicles that are exempt from the requirement to register as an investment company
under Section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940.

The Firm provides non-discretionary investment management services to the SMA.