White Deer Management LLC

Item 7.    Types of Clients

        The Funds are private equity partnerships that rely on certain exclusions from the definition
of “investment company” in the Investment Company Act of 1940, as amended. None of the Funds
is registered as an investment company with the SEC. For additional information see Item 4 –
Advisory Business.

Item 8.    Method of Analysis, Investment Strategies and Risk of Loss

       In managing the Funds, we employ analysis and investment strategies we believe suitable
and appropriate for the Funds and their investment objectives.

Method of Analysis and Investment Strategy

        The Firm primarily focuses on middle-market energy companies and entities engaged in:
i) energy services and equipment; ii) exploration and production; iii) industrial services and
equipment; iv) the renewable sector; and v) the midstream infrastructure sector. In evaluating
potential investments, the Firm conducts extensive due diligence to analyze, among other things,
the entity’s competitive position within its market or markets, its revenue and cost structures, its
specific, and at times unique, assets, such as brand strength, distribution capability and intellectual
property, the management team and compensation structure, contingent liabilities (environmental,
regulatory, accounting or otherwise), potential growth opportunities and potential exit strategies.
The Firm seeks to capitalize conservatively portfolio companies for growth, to assist them in
developing a culture of continuous improvement and operational excellence and to promote

profitable internal growth as well as growth through acquisitions. The Firm looks to exit the Funds’
investments through a public offering, sale or merger.

        We believe the Firm has a number of specific attributes in its ability to assess investments.
We benefit from a broad network of contacts in the energy services and equipment, oil and gas
exploration and production, industrial services and equipment, renewable and mid-stream
infrastructure business sectors. These relationships have been developed in the course of more than
40 years. The Firm employs an integrated investment process that takes into account industry and
company specific risk as well as growth prospects. In assessing potential investments, the Firm
seeks to establish a comprehensive view of key investment issues, including operations,
competitors and regulatory constraints, across geographies.

        We also seek to identify potential operational enhancements during due diligence that can
add value to a portfolio company following its acquisition. The Firm believes it utilizes creative
operational and financial strategies throughout the evaluation and development of the Funds’
portfolio companies. To foster these approaches, we employ a group of professionals with deep
experience in the energy industry.

Material Risks of Significant Investment Strategies

        The investment strategies described above involve a substantial degree of risk.
Consequently, the Funds may lose all or a substantial portion of their investments. Material risks
relating to the investment strategies and methods of analysis described above include the
following:

         Market Conditions. The Funds’ investments will be materially affected by conditions in
the financial and energy markets and economic conditions throughout the world, including
commodity prices (which have historically been volatile), interest rates, availability and terms of
credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange
rates and controls and national and international political circumstances, and such conditions may
adversely affect their performance.

        Competition for Investments. The Funds may encounter competition from entities having
similar investment objectives, certain of which may possess competitive advantages over the
Funds, including greater financial, technical, marketing and other resources, higher risk tolerances,
different risk assessments, lower return thresholds, lower costs of capital and access to funding
sources unavailable to the Firm, as well as an ability to achieve synergistic cost savings in respect
of an investment.

        Non-Controlling Investments. The Funds may hold less than 50% of the outstanding voting
interests of a portfolio company or may hold investments in debt instruments or other securities
that do not entitle the Funds to voting rights, and, therefore, may have a limited ability to protect
their investment in such portfolio company.

       Risks Associated with Publicly-Traded Securities. The Funds are restricted from
purchasing securities of a publicly-traded company. However, the Funds may invest in a publicly-

traded company if the investment is being made in contemplation of a change of control or going
private transaction or if the Fund has or obtains management rights, including board representation.
Investments in securities of publicly-traded companies may be sensitive to movements in the stock
market and trends in the overall economy. In addition, the Funds may receive publicly-traded
securities as consideration for the sale of one or more portfolio companies.

        Diversification. While diversification is one of the Firm’s objectives in selecting
investments, there is no assurance as to the degree of diversification that will actually be achieved
in the Funds’ investments. Because a substantial portion of the Funds’ committed capital may be
invested in a single portfolio company, a loss with respect to such a portfolio company could have
a significant adverse effect on the Funds’ returns.

       Reliance on Professionals. The Firm has 9 employees, of which 7 are investment
professionals. The Funds’ success will depend in large part upon the skill and expertise of the
investment professionals, and there can be no assurance that any individual employed by the Firm
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