Outfitter Energy Management LLC

Item 5 – Fees and Compensation
In consideration of Adviser’s investment advisory and other services, Outfitter typically receives a
management fee from each of the Funds, which is generally equal to a percentage of the total capital
commitments to such Fund (the “Management Fee”). The fee percentage and/or the base upon which the
fee is calculated may vary with the size of the Fund and may also vary over the life of the Fund, as negotiated
and determined at the time the Fund is established and as set forth in its Governing Documents. The
percentage of the management fee generally starts at 2% annually and is then reduced upon occurrence of
certain events that are fully described in the Governing Documents of each Fund (“Adjustment Date”).
After the Adjustment Date, the management fee generally accrues at an annual rate based on a percentage
of the aggregate capital contributions of all investors (other than designated affiliate investors) used to make
investments in portfolio companies that have not been sold or written off.

  “Fund” or “Client” means a private investment fund to which the Adviser provides investment advice and/or invests on a
discretionary or nondiscretionary basis. The individuals and other persons that invest in the Adviser’s private investment funds are
generally referred to herein as “investors.” Unless otherwise expressly stated herein, the terms “Fund” and “Client” do not include
“investors.”

In addition, affiliates of the Adviser, as general partners, or special limited partners of the respective Funds,
typically receive certain allocations and distributions calculated and charged based on a share of capital
gains on or capital appreciation of the assets of such Fund, as negotiated and determined at the time such
Fund is established and as set forth in its Governing Documents. These allocations and distributions are
commonly known as “carried interest”. The Adviser’s affiliates generally do not receive carried interest
until all investors have received aggregate distributions equal to the sum of their capital contributions to the
Fund and a pre-negotiated preferred rate of return.

Management Fees and carried interest distributions generally are not negotiable. However, Outfitter (or an
affiliate) has discretion to reduce or waive Management Fees and/or carried interest distributions.
Outfitter’s affiliates generally are subject to the Management Fee and carried interest distributions.
However, Outfitter anticipates using its discretion to waive the Management Fee and carried interest
distributions for Outfitter’s affiliates in certain instances in the future.

Management Fees are typically funded with capital contributions drawn for such purpose but may also be
funded with or withheld from proceeds from investments. Carried interest distributions generally will be
distributed to Outfitter’s affiliates from time to time upon the disposition of investments by a Fund and are
distributed to such affiliates in accordance with the terms of the applicable Governing Document.

For some Funds, Outfitter or its affiliates may charge transaction, monitoring, break-up, or other similar
fees, as negotiated and determined at the time the Fund is established and as set forth in its Governing
Documents. Generally, these fees will first be applied to reimburse the Adviser for its out-of-pocket
expenses incurred in connection with the transactions giving rise to such fees (or unreimbursed expenses
from other Fund or portfolio company transactions). Typically, Outfitter retains any amounts paid to it, but
the portion of those amounts that are allocable to investors (in proportion to their capital contributions to
the investment from which the fees arise or, if there is no such completed investment, in proportion to their
commitments) will reduce subsequent installments of the Management Fee payable by such investors.
Generally, each Investor’s allocable share is credited against the Management Fee, after payment of the
Adviser’s unreimbursed out-of-pocket expenses. For more detailed information regarding such fees charged
by Outfitter, please refer to each Fund’s corresponding Governing Documents.

Outfitter and its affiliates generally pay all of their own operating and overhead costs and expenses,
including salaries, benefits, and rent. In addition to fees described above, a Fund will incur certain charges
imposed by third parties and other expenses. Such expenses may include (but are not limited to): (i)
expenses incurred in connection with the evaluation, acquisition and disposition of investments (including
transactions not consummated); (ii) expenses incurred in connection with the carrying or management of
investments, including custodial, trustee, record keeping and other administrative fees; (iii) expenses
incurred in connection with the preparation and audit of the Funds’ financial statements, tax returns and
Schedules K-1; (iv) attorneys’, accountants’ and consultants’ fees and disbursements; (v) taxes and other
governmental charges levied against the Funds; (vi) insurance (including insurance covering the Adviser’s
affiliates, the Adviser and any other person acting on behalf of the Funds or Fund related entities), (vii)
regulatory or litigation expenses (and damages), including regulatory expenses of the Adviser’s affiliates
and the Adviser; (viii) expenses incurred in connection with the winding up or liquidation of the Funds; (ix)
expenses not otherwise reimbursed relating to defaults by investors in the payment of any capital
contributions; (x) expenses incurred in connection with any restructuring or amendments to the constituent
documents of the Funds and related entities, including the Adviser and its affiliates; (xi) expenses incurred
in connection with distributions to the investors; (xii) expenses in connection with any reports to and
meetings of the LP Advisory Committee and the investors, including counsel and other advisors to the LP
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Item 7 – Types of Clients
Currently, Outfitter provides investment advisory services solely with respect to private pooled investment
vehicles, its sole advisory clients.

The minimum initial capital commitment generally required for an investor in a Fund is $5,000,000 (subject
to Outfitter’s discretion to accept a lesser amount).