Capital Innovations LLC

Item 5: Fees and Compensation

CI furnishes discretionary and nondiscretionary services pursuant to a written advisory agreement
(the “Agreement”). In general, CI bases its fees on its standard fee schedule that is in effect at
the time the Agreement is entered into. Advisory fees may also be negotiated with clients and
therefore may vary from the standard fee schedule. Generally, either party may terminate the
Agreement upon 30 days prior written notice. Upon termination, clients pay the pro-rata portion
of fees through the termination date.

CI generally calculates its fixed advisory fees as a percentage of assets under management. CI
also may enter into a performance fee arrangement or flat fee arrangement with a client pursuant
to individualized negotiations. Other investment advisers may charge higher or lower fees than
those charged by CI for comparable services.

CI generally charges advisory fees monthly in arrears based on the ending market value at the
last business day of the fee period (month-end). Unless otherwise agreed to with a client, CI will
adjust account values for purposes of calculating fees for each contribution and withdrawal during
a billing period.

CI has preferred minimum account size of $250,000. In its sole discretion, CI may accept accounts
with amounts of assets lower than the preferred minimum. In such cases, the fees charged for
investment advisory services may vary from those fees indicated herein. CI may terminate client
accounts with assets that fall below the minimum indicated.

It is CI’s general policy to charge fees to clients in accordance with the fee schedule in effect at
the time the client first entered into an investment management or investment advisory
relationship with CI. However, in certain circumstances, fees may be subject to negotiation, and
fees may be modified for particular clients. The reasons for such modifications may include,
without limitation, the type of product provided, the complexity and level of service provided, the
number of different accounts and the total assets under management for that client and related
clients, the particular type of client, or other circumstances or factors that CI deems relevant. A
different fee schedule may apply if an account receives services that are more limited than full
discretionary investment management, or if an account has specialized investment objectives,
guidelines and restrictions. Certain accounts of persons affiliated with CI may be managed without
fees or at reduced fees.

To the extent that a client’s assets are invested in a cash investment fund of the client’s trustee
or custodian, the client should be aware that the trustee or custodian may also charge
management or transactional fees with respect to such assets.

You may choose to be billed directly for fees or may authorize CI to directly deduct fees from your
account. If CI is authorized to deduct fees directly from your account, your custodian should send
a quarterly statement directly to you, showing transactions in the account, including CI’s fees. CI
will receive paper or electronic copies of the custodian’s statements. CI urges you to carefully
review these statements.

Separate Accounts

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The Agreement will specify CI’s advisory fees for separate accounts. In certain circumstances, CI
will negotiate variances in the fees and account minimums. Unless otherwise agreed to with a
client, subsequent modifications to the standard fee schedule will not apply to existing clients, and
therefore a client’s fee schedule may be different from the standard fee schedule for new separate
accounts. Separate account fees are as follows as of the date of this brochure and, unless
otherwise indicated, fees and account minimums are shown in U.S. Dollars.

 Standard Institutional Separate Account Fee Rate   0.75% on first $50mm,
                                                    0.65% on next $50mm,
                                                    0.50% on next $100mm,
                                                    negotiable on assets > $200mm

Actual investment management fees may vary from client to client. From time to time, CI has had
other fee schedules, which provide for fees that were higher or lower than those currently in effect.
As new fee schedules were put into effect, they were generally only made applicable to new
clients and the fee schedule applicable to any existing client was generally not affected by the
new schedules. Therefore, some clients are paying different fees than those shown above.

In addition to CI’s investment management fees, clients’ accounts pay trading costs. See Item 12
Brokerage Practices. CI does not custody client assets, thus clients will contract separately with
a qualified custodian and pay custody fees charged by its selected custodians.

Registered Investment Companies (“Funds”)
In addition to the separate account services described above, CI provides advisory or sub-
advisory services to registered investment companies (“Funds”) managed by CI or unaffiliated
advisers. Additional information concerning the Funds’ investment management fees, and other
expenses, is contained in the prospectus and statement of additional information. Investors are
advised to review prospectus and statement of information prior to investing in a Fund.

CI compensation for acting as a sub-adviser to Funds is typically calculated as a percentage of a
Fund’s average net assets and may vary depending on a number of factors including the
investment strategy employed, the type of Fund, and the amount of assets under management.
The market value of a Fund’s portfolio for purposes of calculating fees will be based on the Fund
custodian’s valuation. An investment in a Fund will typically be reduced by the management fees
and fund expenses.

Wrap Fee Programs
...

Item 7: Types of Clients

CI generally provides investment advice to clients such as institutions, trusts, estates and
charitable organizations, foundations and endowments, corporations and other business entities,
pensions and profit-sharing plans and investment companies. CI generally does not accept new
accounts of less than $250,000. At its discretion, CI may accept an account of any size depending
upon certain factors, including, but not limited to, investment objectives, investment restrictions,
the nature and extent of the relationship with the client and other business factors.

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In order to open an account with CI, a client must complete the proper paperwork and must
appoint a qualified custodian, such as a bank, trust company or broker-dealer, to custody the
account’s assets.

CI reserves the right, in its sole discretion, to decline any new account, or consistent with the
applicable client’s advisory agreement, to resign as adviser to an account after initiation of the
investment advisory relationship.