Chambers Energy Management LP

ITEM 5. FEES AND COMPENSATION

   A. Fees

   This brochure will be delivered only to “qualified purchasers” as defined in the Investment
   Company Act. CEM receives compensation generally through two sources: a management fee,
   payable regularly by the Funds as a fixed percentage fee, and “carried interest,” a performance
   allocation due to CEM from successful investments made by the Funds, as further described below.

   B. How Fees Are Billed

   Fund II pays CEM a quarterly management fee in advance at the annual rate of 0.25% of the value
   of each of each limited partner’s pro rata share of “assets under management” (lower of adjusted
   cost or fair market value), provided that for purposes of the calculation of management fees, the
   assets under management will not be deemed to exceed the value of the capital commitments.

   CEM elected to lower Fund II’s quarterly management fee from 1.5% to 0.25%, effective as of
   January 1, 2021. Further, CEM elected to lower Fund II’s quarterly management fee from 0.25%
   to 0.0%, effective as of July 1, 2025.

                                                                Part 2A of Form ADV: Firm Brochure
                                                                   Chambers Energy Management, LP
                                                                                        March 2026

Fund III pays CEM a quarterly management fee in advance at the annual rate of 1.5% of the value
of each of each limited partner’s pro rata share of “assets under management” (lower of adjusted
cost or fair market value), provided that, for purposes of the calculation of management fees, the
assets under management will not be deemed to exceed the value of the capital commitments.

CEM elected to lower Fund III’s quarterly management fee from 1.5% to 1.25%, effective as of
May 1, 2024. Further, CEM elected to lower Fund III’s quarterly management fee from 1.25% to
1.0%, effective as of May 1, 2025.

Fund IV pays CEM a quarterly management fee in advance at the annual rate of 1.5% of the
adjusted cost of each unrealized investment made by Fund IV and will in no event exceed 1.5% per
annum of the value of the capital commitments to Fund IV.

Fund V pays CEM a quarterly management fee in advance at the annual rate of 1.5% of the adjusted
cost of each unrealized investment made by Fund V and will in no event exceed 1.5% per annum
of the value of the capital commitments to Fund V; provided, however, that certain limited partners
of Fund V have negotiated for and will pay reduced management fee rates in accordance with the
side letter agreement executed by and between such limited partner and Fund V’s general partner,
CEC Fund V GP, LLC, the lowest of such reduced annual rate being 1.0%.

All management fees are paid by the limited partners of each Fund into such Fund’s bank account
upon a capital call request made by the Fund’s third-party administrator; the requested management
fee amounts are based on a capital call calculation submitted by the Fund to the administrator and
then confirmed. Once the management fee amounts are received into the Fund’s bank account
from the limited partners, the management fee is then transferred to CEM’s operating account
pursuant to a multi-step testing and approval process. Generally, fees have not been negotiable,
but (i) see Item 10(C), Material Relationships, regarding the Reservoir fee arrangement, and (ii)
see the paragraph above regarding Fund V management fees and reduced rates paid by certain
limited partners. Except as otherwise described in the applicable limited partnership agreement,
expenses and investment advisory and other fees are expected to be paid over the term of the
applicable Fund and investors generally are not permitted to withdraw or redeem interests in such
Fund.

“Carried interest” or performance allocations are assessed periodically according to each Fund’s
governing documents, and in the discretion of the general partner or control vehicle of the
applicable Fund. The rate paid is typically 20% of profits of the Fund after meeting certain
thresholds. These fees are paid out of cash otherwise distributable to investors, such as the receipt
of proceeds from a portfolio investment. See Item 6 for further information.

CEM employees who are investors in Funds do not pay the management fee or carried interest
allocations. Investors affiliated with Reservoir pay a reduced management fee and carried interest
allocation (see Item 10(C) for further information regarding the Reservoir relationship), and certain
limited partners of Fund V pay a reduced management fee rate as described above.

The information provided in this Item 5 is general in nature. Actual terms of a particular Fund may
differ. Investors should refer to the offering documents of each Fund in which it has invested for
specific details.

                                                                       Part 2A of Form ADV: Firm Brochure
                                                                          Chambers Energy Management, LP
                                                                                               March 2026

C. Other Fees and Expenses

In addition to management fees and performance allocations (which are discussed in Items 5(A)
and 5(B) above), each Fund pays, or reimburses its general partner, CEM, or its affiliates, for all
costs and expenses of the Fund and the general partner, CEM, and its affiliates (except for certain
overhead costs of the general partner and CEM), as set forth in the offering documents of such
Fund: 1

    •    organizational and offering expenses of the Fund, which are be subject to maximum
         amounts stated in the applicable offering documents and particular terms as to the payment
         of expenses in excess of these maximums;

    •    all cost and expenses incurred in connection with maintaining the existence of, winding-
...

ITEM 7. TYPES OF CLIENTS

    CEM provides investment management services solely for private investment funds it sponsors and
    raises in private placements conducted pursuant to applicable federal securities laws and
    regulations.

    The Funds have a minimum initial capital commitment of $10,000,000, although investments of a
    lesser amount have been and may be accepted in the discretion of the applicable Fund’s general
    partner, provided that the acceptance of any such lesser amount will comply with the provisions of
    Rule 205-3 of the Advisers Act. CEM offers interests in the Funds only to qualified purchasers, as
    defined under the Investment Company Act and guidance related thereto, with certain CEM
    employees also participating in the Funds.