Buckhorn Resources LP

Item 5: Fees and Compensation
 In consideration of our services, we generally receive management fees, overhead assessment fees,
 and we and/or certain of our affiliates are entitled to receive carried interest distributions, with
 respect to the Funds. While such fees and carried interest distributions are described in detail in the
 applicable Fund Governing Documents, a general summary of our basic fee schedule is set forth
 below.

Management Fees

 With respect to each Fund, we generally are entitled to receive an annual management fee, payable
 as follows:

(i)     during the investment period, certain Funds pay quarterly overhead assessment fees in
        advance at flat rates that vary depending on the amount of total capital commitments to such
        Funds, up to a cumulative maximum percentage of total investor capital commitments.
        Certain other Funds do not pay us any fees during the investment period but rather we receive
        reimbursements of all or a portion of our operating costs;

(ii)    after the end of the investment period, the Funds pay annual management fees which are
        calculated in arrears based on either a set percentage of investor capital contributions or, for
        certain funds, a set percentage of Net Revenue received during the year, as set forth in the
        applicable governing documents of each Fund.

Carried Interest Distributions

Following a return of capital to investors and after each investor has received distributions sufficient
to provide it with a preferred rate of return on its capital contribution(s), we or certain of our affiliates
generally are entitled to receive carried interest distributions equal to a percentage of distributable
cash of each Fund. Upon liquidation of a Fund, we or our affiliates generally are required to return
to the Fund (for distribution to each investor) any amount by which the cumulative distributions to
all investors (on an aggregate basis) has not caused each investor to receive an amount equal to the
aggregate capital contributions made by such investor plus the preferred rate of return on such
investor’s capital contributions (subject to certain limitations).

We and/or our affiliates have entered and may in the future enter into side agreements with certain
investors that provide such investors with preferential terms or rights, including reduced fees.

Operating Fees

We or our affiliates shall have the right to contract with certain Funds and be paid (i) financing fees,
commitment fees, broker fees, closing or other similar fees in connection with Portfolio Investments,
(ii) directors’ fees, monitoring fees, management fees, advisory fees, investment banking fees,
structuring fees, success or other similar fees in connection with Portfolio Investments (whether paid
in cash or in-kind) or (iii) break-up or other similar fees as a result of the failure to consummate a
Portfolio Investment by the Partnership hereunder (with the fees described in clauses (i) through (iii)
being called “Other Fees”); provided, however, that all or a portion of the amount of such Other
Fees so paid, net of applicable related expenses (without duplication), shall reduce any future
payment of management fees to us.

Other Expenses

In addition to the above-described fees and carried interest distributions, we will be reimbursed at
cost for organizational costs of each Fund. Certain Funds have organizational cost caps, above
which we will cover such costs.

In addition, each Fund generally will bear all costs and expenses reasonably incurred by or arising
out of the operation and activities of the Fund. To the extent applicable, the Funds generally are
responsible for and pay any applicable custodial fees and expenses.

Since the Funds primarily invest in private assets, the Funds do not typically incur brokerage costs,
but see Item 12 below for further information in the event brokerage services are required.

Item 7: Types of Clients
Buckhorn provides investment advisory and management services to its affiliated Funds. The Funds
have a minimum investment amount, which is set forth in each Fund’s offering memorandum and
may vary at the discretion of management. The relevant General Partner also retains the right to
waive the stated minimum investment amount.

Buckhorn’s Clients rely on certain exclusions and exceptions from the definition of “investment
company” in the Investment Company Act. Accordingly, none of Buckhorn’s Clients are registered
as investment companies with the SEC.

Investors in the Funds generally include high-net-worth individuals, family offices, and institutional
investors such as foundations, endowments, and state retirement systems. These investors qualify
as “accredited investors,” “qualified clients,” and, where required by the applicable exemption,
“qualified purchasers” under the Securities Act of 1933, the Investment Advisers Act of 1940, and
the Investment Company Act of 1940, respectively.