Accordant Investments LLC

Item 5 – FEES AND COMPENSATION

The Adviser and Sub-Adviser receive fees and other compensation in exchange for the advisory services
provided to Clients.

The Adviser charges management fees for providing advisory services to the Funds, which is paid indirectly
by the Investors. Management fees are determined on a Client-by-Client basis. The management fee is
typically calculated monthly based on a stated percentage of capital invested in a Client by an Investor,
which is calculated with respect to net asset value, and paid in arrears by the end of the following month.

The Adviser is responsible for the compensation of the Sub-Adviser and the Sub-Adviser will not be directly
compensated by the private fund.

The management fee of the private fund is further described in the Offering Documents. The Adviser is
waiving the management fee for the investors in the private fund until certain events occur, as set forth in
the Offering Documents. The Sub-Adviser will also not receive a fee with respect to the private fund for so
long as the Adviser waives the management fee. This could lead to conflicts of interest between the interval
fund and private fund. Due to the compensation from the interval fund, the Adviser and Sub-Adviser are
incentivized to spend more time focusing on the interval fund.

The management fee of the interval fund, including its fee schedule, is further described in its prospectus
and statement of additional information.

Management fees are prorated for any partial period. If a Client terminates its advisory agreement, any
pre-paid management fees will be prorated for the period during which the Adviser has served as
investment adviser to such Client, and a refund issued for any remaining days. The management fees could
be negotiated.

Expenses

The Clients, and therefore the Investors therein, are responsible for paying various expenses, costs and fees
incurred in connection with the Client’s investment programs. Certain of these operational services are
provided by the Adviser or its related entities, subject to a Client’s applicable Governing Documents (as
defined below), and others are provided by third parties. On occasion, such expenses, costs and fees are
incurred by the Adviser or an underlying investment and are then reimbursed by the Client.

Examples of costs and fees charged to Clients, and in certain cases the underlying investments held by a Client,
include, without limitation, the following:

    •   the Client’s organization;
    •   any offering of the Client’s shares, including any underwriting discounts or commissions and any
        related legal or accounting fees and expenses;
    •   the establishment or operation of any credit facility or other leverage that the Client utilizes;
    •   interest payable on debt, if any, that the Client incurs;
    •   sales and purchases of the Client’s shares and other securities, including in connection with any
        tender offers or repurchase offers relating thereto;
    •   any material acquisition, merger, consolidation, reorganization, asset sale, or other business
        combination involving the Firm;

     •   any annual or special meeting of the shareholders;
     •   the management fees and related expenses payable under the Investment Advisory Agreement;
     •   amounts payable under the Administration Agreement;
     •   federal and state registration fees;
     •   federal, state, local and foreign taxes;
     •   independent trustees’ fees and expenses (including travel and other costs associated with the
         performance of independent trustees’ responsibilities);
     •   the Client’s allocable portion of any fidelity bond, trustees and officers/errors and omissions liability
         insurance and any other insurance premiums;
     •   the acquisition or disposition of investment interests, including any brokerage fees or commissions
         and any legal, accounting, or due diligence fees or expenses relating thereto;
     •   the investigation and monitoring of the Client’s investments, including travel-related expenses;
     •   calculating net asset value;
     •   fees payable to third parties relating to, or associated with, making investments and valuing
         investments (including third-party valuation firms);
     •   fees payable to third parties such as fund accounting, administration, transfer agent, custodian and
         other support services;
     •   recordkeeping and other shareholder service-related fees paid to financial intermediaries or
         platforms; and
     •   transfer agent and custodial fees.

Current and prospective investors should carefully review the more detailed descriptions of fees and
expenses paid that are included in the Offering Documents (with respect to the private fund) and the
prospectus and statement of additional information (with respect to the interval fund). The private fund’s
Offering Documents and the interval fund’s prospectus and statement of additional information are
collectively referred to herein as the “Governing Documents.”

Allocation of Fees and Expenses

In accordance with the Firm’s internal expense allocation policies and each Client’s Governing Documents,
the Adviser determines on a case-by-case basis, in its discretion, whether an expense should be borne by a
Client or multiple Clients or by the Adviser, Sub-Adviser, or some combination of these entities. The Adviser
allocates expenses to Clients in a manner it believes is fair and equitable over time considering all factors that
the Adviser deems relevant in its sole discretion, subject to the Governing Documents of a Client. Shared
expenses will typically be allocated among the Clients obligated to bear the expenses. The allocation of such
expenses will typically be done pro-rata among Clients but at times will not be proportional and any such
allocations involve discretion by the Adviser, as further described in the Governing Documents.
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Item 7 – TYPES OF CLIENTS

The Adviser provides investment advice to the private fund and the interval fund. In the future, the Adviser
could offer services to additional clients, including, without limitation:

    •   Private investment funds;
    •   Retail investors;
    •   Banks and other financial institutions;
    •   Charitable organizations and foundations, including endowment funds;
    •   Investment companies;
    •   Trusts and estates;
    •   Corporations;
    •   Family offices;
    •   High net worth individuals;
    •   Related parties, related entities and employees; and
    •   Business entities other than those listed above.

The minimum initial investment amount for the private fund is $50,000. There are additional qualifications
to be a private fund investor as discussed in the Offering Documents. The minimum initial investment for the
interval fund is set forth in its prospectus.