Caymus Equity Partners LLC

Item 5 – Fees and Compensation
A.      Fees Charged

Investors in the Funds will be charged management fees and a performance-based fee, if applicable, under the
terms of each Fund’s offering documents. Below we describe, in general terms, the fee structure for our
services to Funds and their related entities. For more specific information, investors should consult the
applicable entity’s offering documents.

Management Fee

Some of the Funds pay Caymus Equity a management fee. This management fee can vary according to
investor, though the governing documents of Fund II call for a 2.0% management fee that is initially based
upon capital commitments and then changes according to the stage of the Fund’s lifecycle.

Performance-Based Fee

In most cases, the Funds pay a 20% performance-based fee according to terms described more specifically in
their respective offering documents. This performance-based fee is otherwise known as a “carry” or
“promote.” Terms generally require investors to receive an 8% return on their invested capital before the
Funds’ General Partner is entitled to an allocation of 20% of the Fund’s profits. There are some Funds that
have variable performance fees based on the level of performance, and there are some Funds that do not pay
any performance-based fees. For any Fund with a performance-based fee, that fee is subject to a “clawback”
which means that once each of the Funds has wound up its investments, if Caymus Equity collects more
performance-based fee than it should have been entitled, must restore the overage to the Funds.

Monitoring Fees

Some of the portfolio companies pay Caymus Equity a fee for business strategy and consulting services.
These fees are a negotiated percentage of the portfolio company’s TTM EBITDA, subject to a minimum and
maximum amount for each calendar year.

Transaction Fees

When an investment is consummated, in some cases the company being acquired (and therefore, indirectly,
investors) pays a fee to Caymus Securities LLC, the affiliated broker dealer of Caymus Equity. This fee is
separate from, and in addition to, any fees payable by investors in a Fund or the Funds to Caymus Equity. In
the case of Fund II, this amount is subject to Management Fee offset. For other Funds, there is no Management
Fee offset.

B.      Fee Payment

Management Fees are charged quarterly, in advance. Monitoring Fees are invoiced to the individual portfolio
companies and paid by such companies to Caymus Equity. The frequency and amount of these payments will
depend on the specific portfolio company’s arrangement with Caymus Equity. Management Fees are subject
to fee offsets for Fund II, pursuant to the terms of its organizational documents. The fee offset is 80% of fees
from portfolio companies received by Caymus Equity. In addition, in the case of transaction fees payable by
a Fund II portfolio company to Caymus Securities, such transaction fees are also subject to management fee
offset.

C.      Other Fees

In addition to management and performance compensation, each Fund (and indirectly, its limited partners) is
required to pay all fees, costs and expenses relating to the Fund’s activities, investments, and business. These
fees are described in each Fund’s offering documents. While there is likely to be some variation between
Fund offering documents, expenses charged include those associated with making or selling portfolio
investments, including investment expenses and investment related travel. In addition to expenses related to
researching, implementing, and monitoring investments, Funds are also charged legal and accounting fees,
taxes, Fund administration fees, commissions and brokerage fees, registration expenses, the cost of directors’
and officers’ liability insurance and other expenses such as litigation or broken deal expenses.

Each Fund (and indirectly its limited partners) is also responsible for the fees, costs and expenses relating to
the organization of such Fund, including travel, printing, legal, filing and accounting fees and expenses, and
certain regulatory expenses up to a certain amount, as described in the offering materials and/or governing
documents of such Fund. Any such organizational expenses paid by Fund II in excess of the specified amount
for each Fund will be applied to offset or reduce management fees owed by such Fund, (except with respect
to the co-investment vehicles).

Third-Party Expenses

To the extent practicable, any third-party expenses relating to consummated investments will be charged to
the portfolio company, which means that the Funds and therefore its investors, are paying these fees indirectly.
If such expenses are not charged to the relevant portfolio company, then they will be paid directly by the
Funds and included in the cost of the investment. Any third-party expenses relating to unconsummated
investments will be borne by the Funds.

Related Services

In addition, Caymus Equity and its affiliates may perform management, advisory, transaction-related,
financial advisory and other services (“Related Services”) for, and receive fees from, actual or prospective
portfolio companies or other investment vehicles of the Funds, including fees in connection with mergers,
acquisitions, add-on acquisitions, refinancings, public offerings, sales and similar transactions. These fees
may be substantial. Fees for Related Services are determined, in part, by the investment professionals and
may create a short-term incentive to complete transactions. Also, fees for Related Services are not always
based on an exit or sale of a Fund investment. Accordingly, Caymus Equity and its affiliates may receive fees
for Related Services when a Fund does not ultimately profit from the investment.

Specifically with regard to transaction fees, Caymus Equity is affiliated through common control with Caymus
Securities LLC, a Financial Industry Regulatory Authority, Inc. (“FINRA”) member broker-dealer. Caymus
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Item 7 – Types of Clients

Our clients are the Funds and the co-investment vehicles. The Funds’ investors are typically high net worth
individuals, family offices, insurance companies, and fund of funds. Investors in the co-investment vehicles
are usually the same or similar investors in a Fund (including members of our investment team).