CoreCommodity Management LLC

Item 5. Fees and Compensation

With respect to our pooled vehicles, we typically receive management and/or incentive fees, which
can vary by fund. The fee terms are set forth in the respective offering memorandum (“Offering
Memorandum”) or investment management agreement. Certain of our pooled vehicles allow
investors to select a fee arrangement, either a flat management fee or a combination of management
and incentive fees.

Pooled vehicle management fees, which accrue monthly and are payable monthly or quarterly in
arrears, range from 0.50% to 1.50% per annum of the net asset value of the respective fund.
Management fees are appropriately prorated for partial periods. Incentive fees are typically 20%
of any outperformance of the fund compared to a benchmark index, or in certain cases may be
20% to 30% of net new appreciation of the respective fund. Incentive fees are typically paid at
the end of the calendar year or upon redemption. We deduct our fees directly from our pooled
vehicles, with the involvement of the pooled vehicle’s third-party administrator.

Management and incentive fees with respect to SMAs are generally similar to those charged to our
pooled vehicles, although our SMA clients bear their own trading and operational expenses
directly whereas pooled vehicles bear trading and administrative expenses as described below. Fee
arrangements for SMAs are generally set forth in the investment management agreement. We
generally invoice directly our SMA clients for fees periodically in arrears (typically quarterly),
although we may agree to alternate billing arrangements. We do not deduct fees directly from
SMA client Accounts.

With respect to the registered investment companies for which we act as sub-adviser, we receive
a share of the management fees charged by the adviser, the amounts of which are negotiated with
the respective advisers.

The fees described above are our typical fee rates. We may, in our sole discretion, waive all or a
portion of the fees due to us. Each pooled vehicle has the right to enter into agreements with one
or more of its investors providing for a waiver or modification of certain terms of the fund. Such
arrangements are documented in side letter agreements with particular investors in certain funds.

As we consider appropriate, we may invest a portion of an Account’s assets in one or more money
market funds, mutual funds or exchange-traded funds. When any such investments are made, the
Account will be paying, in addition to the compensation payable to us, the Account’s proportionate
share of any management fees charged by the manager of such money market fund, mutual fund
or exchange-traded fund.

The pooled vehicles generally bear all expenses related to their operations, as well as the costs
related to the pro rata share of their respective master fund’s operations, other than the initial
organizational expenses and our overhead expenses such as general overhead, salary and office
expenses. Unless otherwise negotiated, SMA clients are typically responsible for expenses related
to their Accounts such as audit, execution, exchange, clearing and custody fees.

Our clients include employee benefit plans subject to the Employee Retirement Income and
Security Act of 1974, as amended (“ERISA”). As such, we are deemed to be a fiduciary to these
clients under ERISA and we are subject to rules and regulations under ERISA and the Internal
Revenue Code relating to the types of compensation received from such clients.

Item 7. Types of Clients

We provide (and have provided) advisory services to the following types of clients:

   •   Pooled vehicles sponsored and managed by us such as private funds (e.g., hedge funds)
       and commodity pools that may or may not meet the definition of a private fund;

   •   Foundations and endowments;

   •   Pension and profit-sharing plans;

   •   Sovereign wealth funds;

   •   Government and municipal entities;

   •   Corporations and other business entities; and

   •   Other institutional investors.

We also act as sub-adviser to several registered investment companies and collective investment
trusts.

Pooled vehicles may be stand-alone funds or may be organized as “master-feeder” structures
whereby a U.S. feeder fund domiciled in Delaware and a non-U.S. feeder fund that is a Cayman
Islands exempted company invest in a master fund that is also a Cayman Islands exempted
company. Each pooled vehicle is excepted from the definition of an “investment company”
pursuant to Section 3(c)(7) of the Investment Company Act of 1940 (the “Company Act”) or
another exemption or exception. The investors in these pooled vehicles are generally “accredited
investors,” as that term is defined in Regulation D promulgated under the Securities Act of 1933,
and “qualified purchasers,” as that term is defined in the Company Act and the rules promulgated
thereunder. Each of the pooled vehicles sets minimum investment requirements for the investors
in such vehicles. These minimum investments are typically $1,000,000. Such minimum
investment requirements may be waived at our discretion, except to the extent that such waiver is
expressly prohibited by the constituent documents of the pooled vehicle or applicable law.

SMA clients are typically institutional investors. These clients must be “qualified eligible persons”
as that term is defined in CFTC Rule 4.7 and/or “qualified clients” as defined in SEC Rule 205-3,
as applicable. We review any requests for SMAs on a case-by-case basis, but the minimum
investment is typically $50,000,000, which minimum we may waive in our discretion.