Webster Equity Partners LP

Fees and Compensation

                                                                                       Form ADV Part 2A, Item 5
Investors and prospective investors should review, in conjunction with this Brochure, the confidential
private placement memorandum, limited partnership agreement and other governing documents of each
Fund in which they invest for complete information on the fees and compensation payable.

A. Advisory Fees.

Webster Equity Partners provides investment advisory services in exchange for Management Fees equal
to a percentage of the total capital commitments during the investment period and a percentage of invested
capital thereafter. With respect to each Fund where the Management Agreement provides that the General
Partner shall pay over to Webster Equity Partners all or a portion of the Management Fee (as defined,
calculated and adjusted pursuant to the terms of each Fund’s partnership agreement) received by such
General Partner, such portion is to be determined in the sole discretion of such General Partner.

With respect to each Fund, the fee is payable quarterly in advance. Upon the earlier to occur of a specified
number of years from the initial closing of a Fund, or certain other defined events, the management fee
base will step down to a percentage of the aggregate cost of investments, the management fee will
decrease and/or the management fee will terminate.

B. Payment of Fees

The Company does not deduct fees from clients’ assets. Fees are payable quarterly in advance, as
described in Item 5(A) above.

C. Additional Fees and Expenses

In addition to the management fees described above, the Funds are responsible for a number of expenses
that are incurred by or on behalf of such Funds. Below is a list of general expenses and fees that could be
expected to be incurred by the Funds managed by Webster Equity Partners and its relying advisers:

   •    Fees and expenses associated with the organization of a Fund and the offer/sale of interests:
   •    Costs of selecting, acquiring, holding, monitoring, and disposing of investments;
   •    All expenses related to litigation and threatened litigation involving a Fund;
   •    Legal, auditing, tax and accounting services, custodian fees, brokerage, travel, marketing and
        other fees, commissions and expenses incurred by a Fund; and
   •    Taxes, insurance, and any costs incurred from dissolving and liquidating a Fund. The fee
        structures described above may be modified from time to time. Fees may differ from one
        Fund to another, as well as among investors in the same Fund.

D. Payment of Fees in Advance

Management Fees are payable by each Fund quarterly in advance, as described in Item 5(A) above.
A client may obtain a refund of a pre-paid management fee if the advisory contract is terminated before
the end of the billing period. Upon notification of termination, Webster Equity Partners will determine if
any refund or quarterly management fee is due to the client for any overpayment resulting from the
termination. Typically, the overpayment would be determined based on a ratio of number of days not
lapsed during the quarter over total number of days in that quarter.

                                             III. Main Brochure

E. Compensation for Sale of Securities or Other Investment Products

The information required by this item is not applicable to Webster Equity Partners. As described in Item 6, certain
General Partners receive a carried interest in the net profits of the applicable Fund.

                                          III. Main Brochure

                   Performance-Based Fees and Side-By-Side Management

                                                                                          Form ADV Part 2A, Item 6

Webster Equity Partners does not directly receive performance-based fees. Each of the Fund General
Partners receives a carried interest in the applicable Fund, which is indirectly paid by the investors in such
Fund. Carried interest distributions are based on the return of the applicable Fund in excess of the investors’
original capital contributions plus a specified return.

A number of Webster’s funds are fully invested so any conflicts of interest between those Funds on the one
hand, and the other funds, on the other hand, are expected to be limited. However, conflicts of interest are
likely to arise in the future as Webster Equity Partners becomes the adviser to new or additional funds or
where an adviser and its affiliates manage more than one private investment fund. Webster Equity or an
affiliate may give advice to a Fund which differs from the advice given to another Fund, even though the
Funds’ investment objectives may be the same or similar. Conflicts of interest will also exist in the allocation
of an investment opportunity among the Funds. The investment period for certain of the Funds has ended.
Notwithstanding the end of a Fund’s investment period, it can continue to make follow-on investments in
existing portfolio companies or investments otherwise approved in accordance with its governing
documents. Conflicts of interest could arise amongst the Funds in allocating investment opportunities
among the funds, including follow-on investment opportunities for an existing company in a Fund.

For a discussion of potential conflicts that may arise in connection with the management of multiple funds,
and the steps that Webster Equity takes to minimize and mitigate those conflicts, please refer to Item 11.

                                         III. Main Brochure

Types of Clients

                                                                                           Form ADV Part 2A, Item 7

Webster Equity Partners advises only its private equity funds.

Webster Equity Partners’ relying advisers advise only their respective funds.

Webster Equity does not have a minimum size for a Fund, but minimum commitments may be established
for investors in the Funds. A General Partner may in its sole discretion permit investments below the
minimum amounts set forth in the offering documents of an applicable Fund. Interests in the Funds are
offered pursuant to applicable exemptions from registration under the Securities Act of 1933, as amended,
and the Investment Company Act of 1940, as amended. Subscriptions to the Funds are made pursuant to
customary subscription documents for private equity funds containing customary representations and
warranties of the investor including, without limitation, with respect to the investor’s financial and tax status
and compliance with applicable law. A General Partner, in its sole and absolute discretion, can reject all or
any part of an investor’s subscription at any time prior to such General Partner’s acceptance of the
subscription and execution of the subscription agreement with such investor.

                                         III. Main Brochure

               Methods of Analysis, Investment Strategies and Risk of Loss

                                                                                        Form ADV Part 2A, Item 8

A. Methods of Analysis and Investment Strategies
The Funds primarily employ an investment strategy in the healthcare services sector. While the Funds have
also invested in consumer and business services sectors over the years, healthcare services investing has
been a cornerstone of the Webster Equity Partners strategy. In 2020, Webster Equity shifted its investment
focus to healthcare services only in order to capitalize on its competitive advantages, wide network, and
long- standing track record. As of December 31, 2025, the Funds have invested in 52 companies and have
27 still actively monitored under management.

Webster Equity invests in mission critical, patient-centric businesses in fragmented sub-sectors and seeks
to be the first institutional capital, targeting companies with revenues between $20 million and $200 million
and EBITDA between $5 million and $20+ million. Equity investments generally range from $25 million to
$100 million in each transaction, typically using moderate leverage and deal structures biased toward full
control, enabling Webster Equity to guide all major operational, strategic, capital and leadership decisions.
The goal of the Funds is to produce outstanding financial returns for investors by identifying, creating,
structuring, developing, and harvesting attractive opportunities of private companies primarily located in the
U.S. or Canada operating in healthcare services. Webster Equity will advise the Funds in sponsoring
acquisitions, buyouts, growth financings and recapitalizations of branded, profitable companies that meet its
investment criteria. Webster Equity will advise the Funds in accordance with the following general criteria
for identifying investments:
    •   Value: Realistic current value for well-positioned companies with proven business models and
        unrealized potential;
    •   Growth: Companies with the management resources and clear competitive opportunities and
        advantage to generate significant growth;
    •   Control: Investments where a majority equity position is available or the Fund’s principals can
        structure a path to liquidity through earn-outs, call rights, or optional redemption.

As part of their due diligence and decision process, the Investment Committee looks at several long-term
business trends of the Company and its industry sector, as well the overall size and characteristics of its
market sector to determine if they are interested in the Company and the space. They also perform an
evaluation of the management team, as well as surveying their customers. Webster Equity Partners’ due
diligence is designed to identify both opportunities for growth as well as any impediments that may limit
Webster Equity’s ability to drive growth. Where appropriate, Webster Equity utilizes internal and external
resources to identify factors that may impact growth prospects and exit valuations.

The results of Webster Equity’s due diligence serve to inform the investment thesis for each investment.
Webster Equity’s due diligence framework is built upon a series of simple questions:

    ●   Is this an attractive industry in which to deploy capital?
    ●   Is the business model attractive and sustainable?
    ●   Does the company have a strong competitive position in the market?
    ●   How competitive is the industry?
    ●   Will the company’s strategy enable it to gain market share and sustain or improve margins?
    ●   Is the team properly matched for the strategy and do they have the right incentives?
    ●   Are risk and reward properly correlated?
    ●   Is there anything proprietary about the company’s service or product offering and, if so, how
        defensible is it?

                                        III. Main Brochure

   ●   What areas can be improved utilizing Webster Equity’s industry and operating expertise?
   ●   Can Webster Equity’s extensive network add value to enhance growth?

At Webster Equity Partners, Responsible Investment (“RI”) is part of our investment philosophy and
stewardship approach. We believe that financially material sustainability factors can meaningfully influence
long-term business performance, risk-adjusted returns, and stakeholder alignment. Our approach is
grounded in fiduciary duty, long-term capital stewardship, and disciplined investment management.

This Responsible Investment & Stewardship Policy outlines our approach to evaluating and managing
...