Scout Energy Management LLC

Item 5 – Fees and Compensation

In consideration of the Manager’s investment advisory services, the Manager generally receives a
management fee (“Management Fees”) from and with respect to each Fund in accordance with the
applicable Governing Fund Documents. Generally, Management Fees are charged during the term of the
SEP Funds as follows: 1.50% of capital commitments during the Fund’s investment period and 1.50% of
net invested capital during the secondary period following the investment period.

Three SEP Funds offer reduced Management Fees in the secondary period of 1.25% of net invested capital
for Limited Partners admitted into the applicable Fund prior to a predetermined admission date and one
SEP Fund offers reduced Management Fees in the secondary period of 1.25% of net invested capital if
such Limited Partner exceeds a predetermined capital commitment. One SEP Fund offers reduced
Management Fees in the secondary period of 1.15% of net invested capital to those Limited Partners
meeting both of the foregoing criteria.

Management Fees for SEP Funds that are co-investments vary according to the co-investment’s Governing
Fund Documents. The Bronco, McElroy, and Riviera co-investments were offered on a no-Management
Fee basis to Limited Partners that were admitted in the corresponding primary Fund (or, with respect to the
Bronco co-investment, certain beneficial owners and control persons thereof) and 1% of capital
commitments for other investors. The Management Fee for Limited Partners in the Rangely co-investment
is 1% of capital commitments.

In the SDP Fund, Management Fees are charged during the term as follows: 1.75% of capital commitments
during the Fund’s investment period and 2% of net invested capital during the period following the
investment period. The SDP Fund offers discounted Management Fees during the secondary period of 15
basis points for Limited Partners whose commitment exceeds a predetermined threshold, 15 basis points
for Limited Partners who also have made a capital commitment to certain SEP Funds, and 20 basis points
for Limited Partners who are admitted into the Fund prior to a predetermined admission date. The foregoing
discounts are cumulative to Limited Partners who meet one or more of the criteria. Additionally, the
associated co-invest fund was offered on a no-Management Fee basis to Limited Partners that were
admitted to the primary SDP Fund.

Management Fees are generally paid in quarterly installments in advance and either funded from available
cash of the respective Fund or subject to a capital call by the General Partner of such Fund. The Funds are
closed-end funds without withdrawal rights, but any unearned fees paid in advance are returned pro rata
as applicable. Investors should refer to the private placement memorandum or other Governing Fund
Documents of the applicable Fund for additional information regarding fees and other terms and restrictions.

Generally, fees and expenses paid by each Fund include its respective Management Fee, “Organizational
Expenses” and “Operating Costs” (as such terms are defined below), which, for each respective Fund
include the costs, expenses and liabilities that in the good faith judgment of the applicable General Partner
are incurred by or arise out of the operation and activities of such Fund, including such expenses and
liabilities otherwise incurred by the applicable General Partner, the Manager or any of their respective
affiliates on behalf of such Fund.

“Organizational Expenses” of a Fund means all costs and expenses incurred in connection with the
formation and organization of, and sale of interests in, such Fund, its related parallel funds and alternative
investment vehicles, and feeder funds, as determined by its General Partner, including all out-of-pocket
legal, accounting, printing, commercial airline travel and non-airline travel costs, and filing fees and
expenses.

“Operating Costs” of a Fund means the costs, expenses and liabilities that in the good faith judgment of
its General Partner are incurred by or arise out of the operation and activities of such Fund, including the

expenses and liabilities otherwise incurred by its subsidiaries or other affiliates, its General Partner, the
Manager or any of their respective affiliates in connection with its Governing Fund Documents, its
investments or proposed investments, including: (a) its Management Fee; (b) the fees, costs and expenses
relating to the development, exploitation and/or operation of its investments, consummated investments,
proposed but unconsummated investments, and temporary investments, including the origination,
evaluation, appraisal, diligence, structuring (including the organization of any subsidiaries, alternative
investment funds, feeder funds and corporate blockers), acquisition, development, financing, monitoring,
holding and disposition thereof, any Environment, Social, and Governance (“ESG”) services in connection
therewith, any broken-deal fees and expenses as described below under “Brokerage Practices,” reasonable
travel and related expenses associated with the foregoing, to the extent that such fees or expenses are not
otherwise reimbursed by any third party; (c) research and software expenses and other expenses incurred
in connection with data services providing asset, securities and company information and company
fundamental data, all attributable to its investments; (d) fees, costs and expenses for other third party
research, news, industry information, analytics and expert networks/research resources; (e) appraisal and
valuation costs, fees and expenses, including costs, fees and expenses of independent appraisal or
valuation services or third party vendor price quotations; (f) expenses in connection with the organization
of any alternative investment fund or feeder fund, (g) premiums for insurance protecting its investments,
...

Item 7 – Types of Clients

SEM provides discretionary management and advisory services directly to the Funds, which are pooled
investment vehicles exempt from registration under the Investment Company Act of 1940, as amended (the
“Investment Company Act”), subject to the direction and control of the General Partner of each Fund, and
not individually to the Limited Partners. Investors in the Funds may include, but are not limited to, pension
plans, endowments, foundations, pooled investment vehicles (e.g., funds-of-funds), trusts, estates or
charitable organizations, high net worth individuals, accredited investors and corporate or business entities.

The minimum commitment for a Limited Partner is outlined in the Governing Fund Documents; however,
the General Partner maintains discretion to accept less than the minimum investment threshold.

In addition, the Funds may enter into separate agreements, commonly referred to as “side letters” with
certain Investors. Side letters waive certain terms or allow such Investors to invest on different terms
including idiosyncratic and non-economic issues. Pursuant to the terms of the Governing Fund Documents,
and except as otherwise provided in the Governing Fund Documents, all side letter provisions are shared
with all other Investors in the relevant Fund, to the extent reasonably applicable to such other Investors,
and each Investor is allowed to select any such provision from which it may benefit.

Investors will be required to meet certain suitability qualifications, such as being an “accredited investor” as
defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities
Act”), and a “qualified client” as defined in Rule 205-3 under the Advisers Act. Also, Investors will be
required to make certain representations when investing in a Fund, including, but not limited to that (i) it is
acquiring an interest for its own account, (ii) it received or had access to all information it deemed relevant
to evaluate the merits and risks of the prospective investment, and (iii) it has the ability to bear the economic
risk of an investment in the Fund. Details concerning applicable Investor suitability criteria are set forth in
the respective Governing Fund Documents and subscription materials, which are furnished to each
Investor.