Arctaris Impact Investors LLC

Item 5 - Fees and Compensation

The fees and expenses applicable to each Fund are set forth in detail in each Fund’s respective
governing documents. A summary of fees and expenses is provided below. Certain Funds may
incur different and materially higher fees and expenses, as disclosed in the relevant governing
documents. The fees for certain co-investment vehicles or other entities will also be identified in the
relevant governing documents.

The compensation received by the Adviser, or affiliates, varies depending on the Fund and the class
within each Fund, as applicable. As described in Item 8, fees may be waived or reduced for certain
Investors, including for affiliates and employees of the Adviser.

Management Fee

The Adviser receives a management fee (the “Management Fee”) in an amount ranging from 2%
to 2.5% of Fund assets, as well as certain special tax savings amounts from the Funds. The
Management Fee is calculated in accordance with the relevant governing documents and is
generally payable in advance on a quarterly or semi-annual basis. A pro rata portion of any
Management Fee paid in advance will be repaid if any Investor is permitted to redeem prior to the
end of a billing period. Tax savings may result in additional management fees of up to 2% annually.

Acquisition Fee

In connection with the acquisition of any investment, as an advance of the Management Fee, the
Adviser is entitled to receive from the applicable Opportunity Zone Fund, QOZB Company, or its
investments a one-time fee equal to approximately one percent (1%) of the total acquisition costs,
including the purchase price, board fees and closing costs, which is payable upon the closing of the
acquisition of such property, as finally determined by the Adviser in its sole discretion. Acquisition
fees generally result in an offset to the Management Fees due from Investors.

Disposition Fee

In connection with the divestiture or disposition of investments owned by the applicable
Opportunity Zone Fund or QOZB Company, as an advance of the Management Fee, the Adviser is
entitled to receive from the relevant property, business, or Opportunity Zone Fund/QOZB
Company a one-time fee equal to approximately one percent (1%) of the total divestiture costs,
including the purchase price and closing costs, which fee shall be payable upon the closing of the
divestiture of such property, as finally determined by the Adviser in its sole discretion. Disposition
fees generally result in an offset to the Management Fees due from Investors.

Launch Fees

The Adviser receives a “Launch Fee” of potentially, up to 1.5% from a certain Fund, and may receive
similar fees from other Funds in the future. The Launch Fee is intended to cover the costs associated
with organizing the Fund along with other anticipated expenses detailed in the Fund’s governing

documents; however, the Launch Fee may materially exceed the expenses that the Adviser actually
incurs organizing the applicable Fund. There are no restrictions on how the Adviser may use the
Launch Fee.

Other Fees

For certain Funds, the Adviser may receive additional fees from portfolio companies or other real estate
transactions from QOZBs, portfolio companies, or real estate transactions as compensation and
reimbursement of certain expenses (e.g., travel) for certain services provided to Fund portfolio
companies, such as director fees, advisory fees, monitoring fees or other consulting related services.
Such fees are detailed in the relevant Fund’s governing documents.

Real Estate Related Fees.

The Adviser or its affiliates (directly or indirectly through the Lower-Tier Entities or QOZB’s) may
retain third parties for necessary services relating to projects and their operations, including
administrative services, construction, special servicing, leasing, development, redevelopment,
renovation, rehabilitation, property oversight, financing, brokerage and other property management
services. Any related fees, costs and expenses will be borne by the Company. Provided that they are
commensurate with market rates, such fees may be paid to Arctaris or its affiliates. Servicing Fee

In lieu of a Management Fee on deployed capital, the Adviser for the Impact Fund generally
receives a servicing fee for services rendered in the management of such Impact Funds which is
equal, in the aggregate, to 3% per annum of the value, as reasonably determined by the Adviser, of
all investments and other assets (including cash) held by the Impact Fund and its subsidiaries
(without any deduction for any indebtedness of the Impact Fund or any of its subsidiaries). The
Impact Fund pays the servicing fee in arrears, on a quarterly basis on the last day of March, June
and September and the first day of January of each year until the final distribution of the Fund’s
assets in accordance with relevant governing documents. From time to time, to preserve Fund
liquidity, servicing fees may be deferred and accrued for future payment or may be paid in the form
of impact bonds issued by the Impact Fund, as well as in lieu of cash payment.

Performance-Based Compensation

The Fund general partner, manager, or an affiliate of the Funds generally receives performance-
based compensation in the form of carried interest of 20% of the net proceeds attributable to a Fund
investment. The exact method of calculation and other terms of any performance-based
compensation are more fully detailed in each Fund’s governing documents. For additional
information see Item 6 Performance Based Fees and Side-By-Side Management.

Expenses

In addition to the fees described above, Investors bear indirectly the expenses charged to the Funds.
Some expenses may be covered by a Launch Fee as discussed above and will not be taken as a
Fund expense. Where appropriate expenses may be borne by portfolio companies or real estate and

infrastructure transactions. Expenses vary by Fund and are detailed in relevant governing Fund
...

Item 7 - Types of Clients

Arctaris provides advisory services to various private funds, including private debt funds and
private equity funds, including related co-investment vehicles and transactions.

Subject to the discretion of Arctaris to accept less, the minimum investment threshold for the Funds
is generally $1,000,000.

Interests in the Funds are not registered under the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended, and no Fund is registered under the Investment
Company Act of 1940, as amended. Accordingly, interests in the Funds are offered and sold
exclusively to Investors satisfying the applicable eligibility and suitability requirements either in
private transactions within the United States or in offshore transactions.

The Adviser and/or one or more affiliates, without notice to or consent from existing or prospective
Investor, has in the past and may in the future enter into side letters or similar separate agreements
with one or more Investors that alter the terms and conditions described in the Fund’s governing
documents (including, without limitation, with respect to the Management Fee, performance-based
fee, transfers, notices, reporting, and disclosure).