Cordillera Investment Partners LP

Item 5: Fees and Compensation

Item 5.A.

Cordillera is generally compensated for its advisory services through asset-based management fees. Each
Fund (except for the Royalty and Income Fund, the Environmental Emissions Fund, and the Environmental
Assets Fund) will be assessed an annual management fee, which is payable quarterly in advance to the Firm
or the designated Affiliated General Partner, in an amount of up to 1.25% per annum (or, in the case of
Fund IV, 1.50% per annum) during the initial term, starting with a base of capital commitments (or, in the
case of the Whiskey Fund, capital contributions), and stepping down to a base of the lower of cost and fair
market value at the earlier of the end of the commitment period and when a successor fund begins to pay
management fees. The management fee is pro-rated on a daily basis if the effective date is on a date other
than the first day of a calendar quarter.

Subject to the terms and limitations set forth in the applicable governing documents of each Fund (except
for the Royalty and Income Fund, the Environmental Emissions Fund, and the Environmental Assets Fund),
including periodic clawback obligations, Cordillera and/or the respective Affiliated General Partner
generally is entitled to receive carried interest distributions equal to 10% of net profits derived from the
disposition of investments (with the exception of the Whiskey Fund, following a return of capital
contributions attributable to disposed assets and a preferred rate of return of 8% per annum to investors).

Investors in the Royalty and Income Fund are subject to a quarterly management fee payable in arrears in
an amount of up to 1.25% per annum based on an Investor’s quarterly opening account balance plus the
pro-rated amount of any intra-quarter contributions made by an Investor during the applicable quarter.
Subject to the terms and limitations set forth in the applicable governing documents for the Royalty and
Income Fund, Cordillera and/or the Royalty and Income Fund’s general partner is entitled to receive carried
interest distributions equal to 10% of the revenues (e.g., interest dividends, net gains from sale or disposition
of investments, unrealized gain, and other income) for the fiscal year end as provided in the Royalty and
Income Fund’s governing documents.

Investors in the Environmental Emissions Fund are subject to a quarterly management fee payable in
advance in an amount of up to 1.25% per annum based on an Investor’s quarterly opening account balance
plus the pro-rated amount of any intra-quarter contributions made by an Investor during the applicable
quarter. Subject to the terms and limitations set forth in the applicable governing documents for the
Environmental Emissions Fund, the Environmental Emissions Fund’s general partner and investment
adviser are collectively entitled to receive a performance allocation equal to 10% of the net realized and
unrealized profits (if any) for the fiscal year end as provided in the Environmental Emissions Fund’s
governing documents.

Investors in the Environmental Assets Fund are subject to a monthly management fee payable in arrears in
an amount of up to 0.55% per annum based on an Investor’s monthly opening account balance plus the pro-
rated amount of any intra-month contributions made by an Investor during the applicable month. Subject
to the terms and limitations set forth in the applicable governing documents for the Environmental Assets
Fund, Cordillera and/or the Environmental Assets Fund’s general partner is entitled to receive a
performance allocation equal to 4% of the net realized and unrealized profits (if any) for the fiscal year end
as provided in the Environmental Asset Fund’s governing documents.

With respect to the Opportunistic Vehicles, the management fees payable to Cordillera and/or the
Opportunistic Vehicle’s respective Affiliated General Partner, typically ranges from 0% to 1.0% per annum
of the commitment of each investor of the Opportunistic Vehicle. Additionally, subject to the terms and
limitations set forth in the applicable governing documents of the respective Opportunistic Vehicle,
Cordillera and/or the Opportunistic Vehicle’s Affiliated General Partner generally is entitled to receive
carried interest distributions from the Opportunistic Vehicles ranging from 0% to 10%.

The management fees and carried interest distributions are generally not negotiable; however, Cordillera,
in its sole discretion, may waive or modify the management fees or carried interest distributions for certain
investors as set forth in the applicable offering and governing documents.

It should be noted that any new Advisory Client launched by Cordillera may have materially different
terms than those summarized above.

Item 5.B.

Except for the Royalty and Income Fund,the Environmental Emissions Fund, and the Environmental Assets
Fund, management fees are typically funded with capital contributions drawn for such purpose, but may
also be funded with or withheld from proceeds from portfolio investments. Carried interest distributions

generally will be distributed to the applicable Cordillera entity from time to time upon the disposition of
portfolio investments by an Advisory Client and are distributed to such Cordillera entity in accordance with
the terms of the applicable governing documents.

Item 5.C.

Cordillera and each Affiliated General Partner shall bear all of their own operating, general, administrative,
and overhead costs and expenses incurred in managing the Advisory Clients including salary and wages,
rent, and expenditures for equipment.

Fund Expenses

Each Fund is responsible for all costs and expenses incurred by or on behalf of the Fund or for its benefit.
Such costs and expenses generally include, but are not limited to, (a) all costs and expenses associated with
negotiating and entering into contracts and arrangements in the ordinary course of the Fund’s business, (b)
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Item 7: Types of Clients

Cordillera provides discretionary investment advice solely to Advisory Clients, as described in Item 4.B.
above.

Investors are generally “accredited investors” within the meaning of Rule 501(a) under the Securities Act
of 1933, as amended, and are generally either “qualified purchasers” within the meaning of Section 2(a)(51)
under the Investment Company Act of 1940, as amended, or “qualified clients” within the meaning of Rule
205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).