Apollo Commodities Management LP

Fees and Compensation

Management Fees

The Apollo Commodities Managers and their affiliates receive management fees from Clients
(the “Management Fee”). The specific payment terms and other conditions of the Management
Fee available to the Apollo Commodities Managers are set forth in the relevant governing
documents, as applicable.

Management Fees are generally paid to Apollo Commodities Managers in one of two ways: by
deducting such fees from the applicable Client Account or directly billing the Client.

Carried Interest

The Apollo Commodities Managers and their affiliates also may receive performance-based
compensation (e.g., carried interest). The specific payment terms and other conditions of the
carried interest compensation available to the Apollo Commodities Managers are also set forth in
the relevant governing documents. Each affiliate of the Apollo Commodities Managers that
serves as a general partner of an Apollo Commodities Fund generally is entitled to receive the
performance-based compensation from the relevant fund. All performance–based compensation
payable to the general partners of the Apollo Commodities Funds will be consistent with the
requirements of Section 205 of the Advisers Act and Rule 205-3 thereunder.

Apollo Commodities Funds

Management Fees, carried interest and other fees paid by the Apollo Commodities Funds to the
general partners of the Apollo Commodities Funds are not generally negotiated, although the
Apollo Commodities Managers negotiates such fees with strategic partnerships, and limited
partners in certain limited circumstances. However, certain limited partners and shareholders
have negotiated terms, including Management Fees, payable to Apollo Commodities Managers
in the past. With respect to private investment funds that the Apollo Commodities Managers may
raise in the future, certain limited partners or shareholders may seek to negotiate terms (including
Management Fees payable to the Apollo Commodities Managers and carried interest payable to
applicable general partners) through the negotiation of the limited partnership agreement, other
similar documents or through side letters.

The limited partnership agreements of the Apollo Commodities Funds generally provide that the
general partner may allocate capital from the capital accounts of limited partners to pay
Management Fees and carried interest to the applicable Apollo Commodities Manager and/or the
general partner of the fund. The general partners of the Apollo Commodities Funds generally
may also elect to apply distributable proceeds from the sale of an investment to pay Management
Fees.

The applicable general partner and/or applicable Apollo Commodities Manager generally may
have the unilateral discretion to waive or modify the application of certain provisions of the
governing documents for an Apollo Commodities Fund with respect to an investor (including

those related to fees, performance allocations, transparency, and withdrawals) without obtaining
the consent of any other investor. The applicable general partner and Apollo Commodities
Manager generally does not receive all Management Fees and performance-based compensation
charged to parallel investment vehicles formed for the benefit of Apollo principals and
employees of the Apollo Commodities Managers and their affiliates, as well as family members.

Expenses Charged to Clients

Organizational Expenses. Each Client, subject to the applicable governing documents, will
typically pay or otherwise bear all fees, costs, expenses, and other liabilities incurred in
connection with the formation and organization of, or sale of interests in, such Client, its general
partner or similar person and/or investment manager, including commissions, costs, and all out-
of-pocket legal, accounting, filing, capital raising, printing, electronic database, travel (which
may include expenses for the use of private aircraft, first class or business class travel),
accommodation, meal and other similar fees, costs and expenses (collectively, the
“Organizational Expenses”).

Operating Expenses. In addition, each Client, subject to its governing documents, will typically
pay or otherwise bear all of the direct and indirect fees, costs, expenses and other liabilities or
obligations resulting from or arising in connection with its operations (collectively, the
“Operating Expenses”). The Operating Expenses of a particular Client are set forth in its
governing documents and/or side letters and may include, without limitation, the following fees,
costs and expenses related to or arising from:

       (i)         the discovery, evaluation, investigation, development, acquisition or
                   consummation, ownership, maintenance, monitoring, hedging or disposition
                   of portfolio investments, which includes:

                       •   brokerage commissions,
                       •   clearing and settlement charges,
                       •   private placement fees,
                       •   syndication fees,
                       •   solicitation fees,
                       •   arranger fees,
                       •   sales commissions,
                       •   pricing and valuation fees (including appraisal fees),
                       •   underwriting commissions and discounts,
                       •   investment banking fees,
                       •   advisory fees,
                       •   bank charges,
                       •   other investment costs and expenses related to closing, execution and
                           transaction costs, and broken deal costs, and
                       •   custodial, trustee, transfer agent, recordkeeping and other
                           administrative fees.

(ii)     services rendered to or in connection with financing provided to issuers of
         securities (such as arranger, brokerage, placement, syndication, solicitation or
...

Types of Clients

The Apollo Commodities Managers generally provide investment advice to pooled investment
vehicles (including their parallel funds and the alternative investment vehicles, feeder funds, and
special purpose vehicles of any of them).

Conditions for investing in each of the Apollo Commodities Funds, such as the minimum
investment amount, are stated in each Apollo Commodities Fund’s respective offering
documents. The offering documents note that the general partner of each Apollo Commodities
Fund has discretion to reduce or waive the minimum investment amounts,

The minimum investment for limited partnership interests in ANRP and ANRP II is $10 million.

Generally, investors participating in Clients are required to meet certain suitability and net worth
qualifications, such as (i) an “accredited investor” within the meaning of Rule 501 of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”), (ii) a “qualified
purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended
(the “Investment Company Act”) or a (iii) a “knowledgeable employee” within the meaning of
Rule 3c-5 of the Investment Company Act, depending on the applicable eligibility requirements
of the respective Client.