First Reserve Management LP

Item 5. Fees and Compensation

The First Reserve Funds

As compensation for investment advisory services rendered to a First Reserve Fund, each First
Reserve Fund is generally charged an annual management fee, payable quarterly in advance. For
those Funds that have defined commitment periods, management fees during the commitment period
of such First Reserve Funds generally are based on aggregate capital commitments of the Limited
Partners and are asset-based thereafter. For those Funds that do not have defined commitment

periods, management fees are generally asset-based throughout the term of the Fund. The
management fees are negotiated collectively with the Limited Partners of each First Reserve Fund,
and are subject to waiver or reduction by First Reserve. For those Funds that have defined
commitment periods, management fees during the commitment period typically range from 1.00%
to 2.00%. Management fees are paid by the First Reserve Funds on behalf of the Limited Partners
by (i) requiring Limited Partners to make capital contributions in respect of such fees, or (ii)
withholding the amount of such fees from investment proceeds that would otherwise be distributable
to the Limited Partners of such First Reserve Fund. In some situations, First Reserve may cause a
First Reserve Fund to incur indebtedness for the payment of management fees. Upon termination of
a relevant Advisory Agreement, management fees that have been prepaid are returned on a prorated
basis. Each First Reserve Fund’s confidential private offering memorandum (each such
memorandum a “Confidential Private Placement Memorandum”), where applicable, and governing
documents include a more detailed description of management fees charged to the Limited Partners
of such First Reserve Fund.

First Reserve, from time to time, receives a variety of other fees from its First Reserve Fund
portfolio companies and their affiliates. Typically, a First Reserve Fund’s allocable share of all
transaction, directors’, monitoring, advisory, financial, consulting, net break-up (including
topping, break-up and similar fees), set-up, acquisition and commitment fees (collectively, the
“Other Fees”) received by the First Reserve Advisors, their affiliates or their respective employees
will be applied to reduce the quarterly management fee of the applicable First Reserve Fund.
However, the reduction amount will be reduced by any broken-deal expenses that the applicable
General Partner or its affiliates elected to bear instead of calling capital from the applicable First
Reserve Fund. Fees received by (i) an employee of First Reserve in respect of (x) services rendered
prior to the time such employee became an employee of First Reserve or (y) services rendered by
such employee during any period when such employee serves in a bona fide, non-director
management capacity (or other operational capacity involving a material portion of such
employee’s business time) at a portfolio company or any of its affiliates, and (ii) any operating
executive to First Reserve are, to the extent set forth in a First Reserve Fund’s governing
documents, not treated as Other Fees for purposes of calculating applicable reductions to the
management fee. The recipients of this Brochure must refer to the detailed information found in
each Confidential Private Placement Memorandum, where applicable, and governing documents
for specific information about the fees earned by First Reserve, including Other Fees and the fees
charged to the First Reserve Funds.

The General Partners of the First Reserve Funds are also entitled to receive carried interest of up
to 25% of profits on distributions derived from the disposition of investments (and, in certain
circumstances, other income from investments) following a preferred return to the Limited
Partners as set forth in each First Reserve Fund’s Confidential Private Placement Memorandum,
where applicable, and other governing documents.

Infrastructure Funds

On June 2, 2017, First Reserve completed the sale of its infrastructure investment business to
BlackRock (the “Transaction”) in connection with which (i) BlackRock acquired the equity
interests of the entities that control the General Partners of First Reserve Energy Infrastructure
Fund, L.P. and First Reserve Energy Infrastructure Fund II, L.P., including related investment and

co-investment vehicles (the “Infrastructure Funds”), and the First Reserve Advisors to the
Infrastructure Funds, and (ii) BlackRock acquired from First Reserve 9.9% of the capital and
certain carried interest held by the General Partner of one of the Infrastructure Funds. The
Transaction was approved by a super-majority in the interest of the Limited Partners of each of the
Infrastructure Funds. Each of the Infrastructure Funds is not a “First Reserve Fund” for purposes
of references in this Form ADV. Following the Transaction, BlackRock is the investment adviser,
and provides investment advisory services, to the Infrastructure Funds for compensation.
However, First Reserve is entitled to receive carried interest with respect to the Infrastructure
Funds as described in Item 6.

Director’s Compensation

Because its investment strategy includes making control investments, and in order to protect the
First Reserve Funds’ interests, when making equity investments First Reserve generally seeks
appropriate shareholder rights including, in most situations involving control investments, the
ability to designate one or more directors to serve on the board of directors of its portfolio
companies. In their capacity as directors of portfolio companies, First Reserve personnel earn
compensation in the form of cash, stock options or other equity awards from time to time.

A First Reserve Fund’s allocable share of any compensation received by a First Reserve employee
from a First Reserve portfolio company for serving as a director for that portfolio company is
...

Item 7. Types of Clients

First Reserve provides investment advisory services to the First Reserve Funds. Investment advice
is provided directly to each First Reserve Fund, subject to the direction and control of their
respective General Partners, and not individually to the Limited Partners of such First Reserve
Fund. Investors in the First Reserve Funds include, but are not limited to, high net worth
individuals, banks, thrift institutions, pension and profit-sharing plans, sovereign wealth funds,
trusts, estates, endowments, foundations, and corporate or other business entities.

Details concerning applicable Investor suitability criteria are set forth in the respective First
Reserve Fund’s Confidential Private Placement Memorandum, where applicable, and subscription
materials. Although First Reserve and/or its affiliates have the authority to accept subscriptions
for lesser amounts, minimum investment commitments generally are established for Limited
Partners. Investors making capital commitments of less than the minimum investment
commitment may be required to invest through an affiliated vehicle rather than through the primary
First Reserve Fund. Each Investor is required to meet certain suitability qualifications, such as
being an “accredited investor” within the meaning set forth under U.S. federal securities laws.