Mason Wells, Inc.

Mason Wells, Inc. is a private investment management firm providing services to affiliated private funds, including Mason Wells Buyout Fund III, LP, Mason Wells Buyout Fund IV, LP, and Mason Wells Buyout Fund V, LP. Each fund is organized as a limited partnership and has a separate Relying Adviser. Mason Wells primarily provides administrative and management services to the Relying Advisers. The investment strategy focuses on middle-market buyout transactions in specific industry sectors, primarily in the Midwestern and Great Lakes region of the United States. The firm's investment philosophy aims to purchase control equity positions in undermanaged companies to create shareholder value. Mason Wells does not receive performance-based fees but earns management fees based on the funds' net invested capital. The minimum investment for clients is generally $5 million for funds and $100,000 for Executive Funds, with discretion for smaller commitments. The firm acts as a fiduciary and exercises investment discretion on behalf of the funds. Mason Wells does not compensate third parties for client referrals and has custody of client assets through the Relying Advisers. The firm has a Code of Ethics and reviews client accounts regularly. Mason Wells votes proxies on behalf of the funds in the best interests of the clients. There are no financial conditions likely to impair the firm's ability to meet its commitments.