Cotulla Holdings LLC

Item 5. Fees and Compensation

The fees and expenses that are applicable to an investment with the Adviser are set forth and agreed to in
the Fund’s Governing Documents. Investors must carefully review the Governing Documents of the Fund,
to review the specific fees and expenses applicable to their investment.

The Fund’s general partner, an affiliate of the Adviser, is entitled to receive a performance-based allocation
(“Carried Interest”). Under the Fund’s distribution waterfall, investors generally receive a preferred return
of 12% per annum (compounded annually) and a return of contributed capital before the general partner
participates in profits. Thereafter, the general partner becomes entitled to Carried Interest through a series
of catch-up and hurdle provisions that increase the general partner’s share of profits as specified return
thresholds are achieved. Depending on the level of returns generated by the Fund, the General Partner's

Carried Interest may be up to 20% of applicable distributions. The specific calculation and allocation of
Carried Interest are governed by the applicable Fund’s Governing Documents.

The Adviser, in its sole discretion, may waive or modify the Carried Interest for investors that are members,
employees or affiliates of the Adviser, relatives of such persons, and for certain large, strategic or other
investors.

In addition to the Carried Interest, the Adviser, the Fund’s general partner, their respective affiliates, and
certain employees may receive portfolio monitoring, advisory, consulting, oversight, or similar fees from
portfolio companies in which the Fund invests. Such fees are generally paid by the portfolio company for
services provided in connection with monitoring, management, strategic guidance, or oversight of the
portfolio company investments’ operations. Also, the principal of the Adviser may enter into a separate
cash incentive compensation plan with a portfolio company. Such compensation is separate from, and is
not offset against Carried Interest, or other compensation payable by the Fund. Additional information
regarding such arrangements is set forth in the Fund’s Governing Documents.

The Fund will also bear its own expenses, generally including organizational and partnership expenses as
set forth in the Governing Documents or other agreements between the Fund and the Adviser. A Fund is
generally responsible for all costs associated with and related to the Fund’s activities, investments, and
business. These expenses will include but will not be limited to: (i) expenses incurred in connection with
the identification, structuring, negotiation, making, sourcing, researching, holding, monitoring,
development, ownership, operation, management, financing, sale, restructuring, proposed sale or
restructuring, other disposition or valuation of portfolio investments or investments considered for the
Fund; (ii) premiums for D&O insurance and other insurance protecting the Fund and its affiliates; (iii) legal,
trustee, paying agent, recordkeeping, auditing and accounting fees and expenses; and (iv) expenses related
to the administration of the Fund or its subsidiaries.

Item 7. Types of Clients

As described in Item 4, the Adviser’s Client is a pooled investment vehicle. The Adviser limits the investors
in the Fund to persons who are “accredited investors” as defined in the Securities Act of 1933, “qualified
purchasers” as defined in the Investment Company Act of 1940, or “qualified clients” as defined in the
Advisers Act, eligible to be charged a performance fee. Investors in the Adviser’s Fund include, among
others, individuals, trusts, pensions, endowments, and other institutional investors. In addition, employees
and other people associated with the Adviser and/or its affiliates are investors in the Funds. Any minimums
for investors are disclosed in the applicable Governing Documents. However, the Adviser has the discretion
to waive minimum investment requirements for investment in the Client.