Aspen Renewable Investments LLC

Item 5 – Fees and Compensation

The following is a general description of fees, compensation, and expenses of the Funds. Investors
should refer to the Governing Documents of the applicable Fund for a complete understanding of
how Aspen is compensated for its advisory services. The information contained herein is a
summary only and is qualified in its entirety by such documents. Each Fund’s Governing
Documents describe fees, compensation, and expenses in greater detail.

Aspen manages two types of funds. Certain funds own equity interests in a single renewable energy
project (“Aspen D1-7 Funds”). Aspen also manages funds formed to hold specific assets, where
other investors, including DESRI Holdings, L.P. or an affiliate thereof (“DESRI”), serve as the co-
owner(s) of the projects and, on an ongoing basis, the manager of the assets (“AssetCo Funds”).

Management Fees

Aspen charges each Aspen D1-7 Fund a management fee (the “Management Fee”), generally 1.5%
per annum on invested capital. The Management Fee charged to each Fund is specified in the
Governing Documents of each Fund. All Management Fees were negotiated with the Fund’s

investors during the fundraising period of the applicable Fund. Generally, Management Fees are
calculated based upon a percentage of each investor’s invested capital with respect to investments
that remain in the Fund.

Aspen may, in its sole discretion, waive all or a portion of the Management Fee. Management Fees
may differ from one Fund to another, as well as among investors in the same Fund.

Aspen charges each AssetCo Fund a management services fee, which is negotiated with the
Fund’s investors during the fundraising period of the applicable Fund.

Firm Expenses

Aspen and its affiliates are responsible for all of the day-to-day overhead expenses not related to
the Funds or renewable energy projects owned by the Funds, including applicable office expenses
and compensation of its employees and partners, any out-of-pocket costs and expenses incurred in
causing the Firm to register and/or maintain registration, as the case may be, as an investment
adviser under the Investment Advisers Act, as amended (the “Advisers Act”) and/or other
registration, filing or permit fees imposed on Aspen (and not the Fund) under other applicable law.

Fund Expenses

Unless otherwise set forth in the Governing Documents, the Funds bear their own operating costs
and expenses relating to their organization and operations, which may include, but are not limited
to (a) expenses incurred in identifying, assessing, developing, acquiring, negotiating, structuring,
and disposing of investment opportunities, including any financing, legal, accounting, management
and consulting fees; (b) administrative expenses associated with any annual audit, financial and tax
returns, and tax reporting to a Fund’s investors; (c) registration and other investment costs;
(d) interest and fees associated with any permitted borrowings; (e) costs of any litigation, insurance,
indemnification, or extraordinary expense or liability; (f) meetings of Fund investors; and (g) fees
and disbursements to attorneys, consultants, and accountants, including the costs of these services
if provided by Aspen, service providers, and any other professionals relating to Fund matters.

Project Remuneration

Pursuant to, or as permitted by, the applicable Fund’s Governing Documents, Aspen and/or DESRI
may charge each project or Fund for services provided by such person. These services are allocated
based on the time spent by applicable employees in providing the services and/or pursuant to
agreements with the projects.

Item 7 – Types of Clients

Aspen provides investment advice to the Funds, which are structured as private investment funds
that are exempt from registration under the Investment Company Act.

The investors participating in the Funds include high net-worth individuals, university
endowments, family offices, pension and profit-sharing plans, trusts, estates or charitable
organizations, or other corporations or business entities and may include, directly or indirectly,
principals or other employees of Aspen and its affiliates and members of their families. A minimum
dollar value of assets and other conditions are typically imposed on investors in the Funds.