Ceres Partners LLC

Item 5 - Fees and Compensation

Ceres receives a management fee and performance-based compensation from Clients. Such
compensation arrangements are set forth in the relevant Offering Document with each Client.

The management fees paid by the Funds are generally equal to an annual rate of 1.00% of each
Member’s capital account balance if such balance exceeds $1 million and 2.00% of each
Member’s capital account balance if such balance is less than $1 million. The Firm has in the
past, and may again in the future reduce, waive, or calculate differently the management fee
for certain investors or Clients, including members, employees, and affiliates of the Firm, and
certain employees of its U.S.-based affiliates.

The Funds bear the expenses of their operations other than those borne by the
Manager. These Fund expenses include all administrative expenses of each Fund incurred in
connection with its business, the maintenance of its books and records, the preparation,
distribution and auditing of financial reports, and other similar day-to-day business activities,
including the fees and expenses of accounting firms or other service providers performing
such services; all costs and expenses of complying with applicable tax laws; all fees and
expenses of attorneys, accountants, auditors, consultants, advisors and custodians employed
in connection with its business and operations; all costs and expenses incurred in connection
with the acquisition, ownership or disposition of securities; insurance premiums; all expenses
incurred in connection with any meetings of the Members; marketing and related expenses
(including related travel expenses) incurred by the Manager in connection with the marketing
of the Fund to existing or potential Members; all expenses incurred in connection with any
litigation involving the Fund; and all other expenses generally associated with owning and
operating farmland. In addition to the foregoing expenses, the Fund shall pay all brokers and
underwriting commissions and dealer spreads chargeable to the Fund in connection with
securities transactions to which the Fund is a party.

Item 6 - Performance Fees and Side-by-Side Management

Ceres receives performance-based compensation from Clients, generally equal to 20% of the
net profits (both realized and unrealized). Additional information regarding such compensation
arrangements is set forth in the relevant Offering Document with each Client. The Firm or its
affiliates has in the past, and may again in the future reduce, waive, or calculate differently the
performance-based compensation for certain investors or Clients, including members,
employees, and affiliates of the Firm, and certain employees of its U.S.-based affiliates.

The terms of the performance-based compensation may differ among the Clients. This may
result in a conflict of interest when allocating opportunities among Clients, as Ceres may have
an incentive to favor Clients that have higher performance-based compensation. To avoid such
a conflict of interest, Ceres has developed documented procedures for allocating
opportunities among Clients in a fair and equitable manner.

As management fees and performance-based compensation are based directly on Clients’ net
asset values, Ceres may have a conflict of interest in valuing the assets held in Client accounts.
Ceres follows documented valuation policies and consults with third-party appraisers, as
applicable, in order to mitigate this risk.

Item 7 - Types of Clients

Ceres provides discretionary investment advice to the Funds, which are private investment
vehicles that are exempt from registration under the Investment Company Act.

Ceres also provides discretionary investment advice to a pooled investment vehicle that is
excluded from the definition of a “private fund” due to the Pool’s investment strictly in real
estate.

The investors participating in the Funds come from a diversified base of institutional investors
including leading university endowments, insurance companies, public pensions, corporate
pensions, foundations, asset managers, family offices, and fund of funds. They also include high
net worth individuals, Ceres employees, employees of affiliated entities, members of their
respective families, and operating professionals.

Each investor is required to meet certain suitability requirements. Interests in Funds are sold
only to investors who meet qualification requirements under applicable securities laws. An
investment in one or more Fund’s should be based on a prospective investor’s careful analysis
of its overall portfolio and its own objectives and needs in the areas of diversification, liquidity,
return on investment and risk management.