AgIS Management LLC

Item 5 Fees and Compensation
In accordance with its executed Investment Management Agreement ("IMA"), AglS generally charges
an average fee of 75 to 150 bps on defined invested capital on a quarterly basis in advance. However,
as each IMA is negotiated and customized with the client the rate may change from client to client and
fees may be charged in arrears instead of in advance. There is no minimum fee. If termination occurs
during the quarter, or the liquidation of assets that are not reinvested and sent back to the client, the
Firm will reimburse the client for unearned pro-rated fees. Collection procedures of fees vary by client
agreement.

The Firm may also receive a performance-based allocation. Each IMA has a negotiated return hurdle
at inception. At the negotiated interval, a return is calculated based on current investment values.
AglS is eligible for a negotiated percentage of any excess hurdle return payable with a negotiated
percentage at measurement and other defined intervals, with the remainder collected at dissolution of
all investments.

The Firm imposes a minimum investment commitment of $100,000,000 to open a separate account.
However, these minimums are negotiable and can be waived at our discretion.

The Firm uses an affiliated company AglS Property Management LLC ("APM") as a property manager.
The level of services and the associated fees for those services will depend on whether the property is
an active or passive investment, as further explained in Item 4. These services and the fees associated
with them may include but are not limited to, the following:

Property Management Services: The following property management services will be delivered for all
investment portfolios:

    • Property Transition and Set-up - after closing the investment, APM will work in coordination
      with AglS Acquisitions to establish the investment on the property management platform. This
      will include assembling maps, tax parcels, leases, tenant information and analysis, FSA and

       NRCS reporting, drainage and irrigation information, property survey and appraisals, property
       and crop history, initial capital and operating budgets and environmental concerns.

    • Financial Reporting - APM will develop property-level capital and operating budgets from the
      approved investment model, approve and monitor actual spending and variances to budget,
      direct and monitor approved capital expenditures, provide property-level information to AglS
      Accounting for the development of quarterly client reporting.

    • Cash Management - APM will maintain the necessary bank accounts with the appropriate
      controls and procedures needed to safeguard the liquid assets. There will be multiple bank
      accounts in order to appropriately record and regulate the investment cash.

    • Compliance Matters - APM will monitor tenants' financial information and insurance programs,
      general lease compliance, farming practices (irrigation program, fertilizer program, yields, etc.),
      water usage, NRCS farm plan adherence, orchard health and other property-level matters.

    • Physical Presences - APM will perform routine site visits and inspections, serving as a point of
      contact for vendors, government agencies, lessor, lessee, landowner and neighbors/local
      community, review and approval of all completed capital expenditures.

    • Sustainability - APM will manage the investments using farming practices that meet or exceed
      the assurance standards set by Leading Harvest.

    • Insurance Coverages - APM will provide: Commercial General Liability - $1,000,000 to
      $2,000,000, Automobile Policy - $1,000,000 and Workers' Compensation Policy - $1,000,000.
      On a case by case basis, APM may take additional coverage at the property level that would be
      an investment expense.

If APM is also responsible for farming operations, additional property management services would
include but not be limited to: development, overall asset maintenance such as pruning, irrigation
programs, overall cultural practices such as fertilizer and chemical programs, frost protection, harvest
and commodity marketing. As is customary in the industry, all farm machinery and equipment will be
leased or owned in the name of the investment or a client related entity. If the client chooses to
terminate the APM relationship, the equipment will be needed to continue to operate the assets. APM
is responsible for the purchase or leasing of the machinery and equipment as well as the safety
training of the operators of the equipment.

Fixed Fee: Property management services will be billed based on net acres under management at a
fixed rate of up to $200 per net acre, subject to an annual minimum fee.

One-time Fee: A one-time established fee may be charged to help defray the set-up cost of APM if
entering a new market.

Expense Allocation: All expenses related to the farming operations of the properties will be allocated
at cost to the investment platform. Property level expenses would include but not be limited to:
Personnel costs such as salaries, benefits, payroll service fees, travel, phones; Labor contractor costs
for pruning and harvest; Crop inputs such as fertilizer, herbicides; and Marketing Costs.

Utilizing APM as the property manager presents a conflict of interest and gives AglS and its supervised
persons incentive to recommend APM based on the compensation received, rather than on a client's
needs. To address concerns about conflicts, commencing in 2019, AglS has engaged an
independent consultant known in the agriculture industry to generate a report which benchmarks the

APM fees to the industry average. This report will be commissioned every 2 years.

AglS has an incentive to recommend an active investment strategy over a passive investment strategy
based on the additional compensation AglS or its affiliates receives for an active management
...

Item 7 Types of Clients
AglS' clients consist of institutional clients and one private fund. For institutional clients, the
Firm imposes a minimum investment commitment of $100,000,000 to open a separate account. These
minimums are negotiable and can be waived at our discretion.

AglS provides investment advisory services to a private investment Fund, which is organized as a
Delaware limited liability company. The Fund offers interests only to certain qualified investors who
meet qualification requirements under applicable securities laws and other laws. Admission to the
Fund is not open to the general public.

The Fund typically requires a $50,0000,000 minimum capital commitment by an Investor. However,
this requirement may be waived or reduced by the Managing Member in its sole discretion.

A General Partner to the Fund, known as Four Corners Farmland Fund Manager LLC and a related
party known as Four Corners Farmland Fund Investor LLC, own a combined total of 1% of the Fund,
as a co-investor. No other co-investment will occur.

As used herein, the term "client" generally includes reference to the Fund.