Eagle Global Advisors LLC

Fees and Compensation
Generally

Fees are payable in arrears by separate account clients on the last day of each quarter. However, such fees
may be paid quarterly in advance depending on the Company’s arrangement with the client. Advisory fees
are generally directly debited from the client’s custodial account; however, certain clients are invoiced
directly for our advisory fees. Clients are afforded the option to select the method of payment they prefer.
Either party may terminate the contract at any time with written notice. Fees are prorated to the number of
days in the quarter in which the client received the Company’s services. All fees and fee structures are
negotiable, including whether fees will or will not be charged on any cash held in a client’s portfolio and
whether multiple accounts may be aggregated for fee reduction purposes. Fees will be in compliance with
Rule 205-3 under the Investment Advisers Act of 1940 (“Advisers Act”).

Management fees charged are separate and distinct from the fees and expenses charged by mutual funds,
ETFs, ETNs and closed-end funds, which may be recommended to clients. A description of these and other
expenses are available in each mutual fund’s prospectus. However, clients who have invested in the mutual
funds advised by Eagle Global will not be charged advisory fees on the portion of the account that is invested
in an Eagle Global- advised mutual fund.

Clients may incur additional charges imposed by third parties other than the Company. For example, clients
other than Wrap Program Clients, whose trading costs may be bundled with other fees, are responsible for
trading costs and custodial fees. Please refer to the Brokerage Practices section of this brochure for details
on the Company’s brokerage arrangements.

Separately Managed Accounts

Domestic Securities                                    1% on first $2,000,000 and .6% thereafter
                                                       Minimum fee $10,000

International Equities                                $0 to $5 million                  1%
                                                      $5 to $10 million               .90%
                                                      $10 to $25 million              .85%
                                                      $25 to $50 million              .80%
                                                      $50 to $100 million             .70%
                                                      $100 million and over          negotiable
                                                      Minimum fee $10,000

Energy Infrastructure                                0.95% of assets for Quality Core Strategy
                                                     No minimum fee
                                                     1.25% of assets for Total Return Strategy
                                                     Minimum fee of $10,000

Renewables Infrastructure                            0.75% of assets
                                                     Minimum fee $2,500

BDC                                                  0.75% of assets
                                                     Minimum fee $2,500

Wrap Fee Programs

Wrap Program Client fees and termination policies are agreed upon as stated in the agreement between the
wrap fee sponsor and Eagle Global and disclosed in the sponsor’s Appendix 1/Wrap Brochure to Form
ADV Part 2A.

Research Services

The Company’s fees for Research and Model Investment Recommendation Services are negotiated on a case-
by-case basis.

Sub and Co-Advisory Relationships

The fee schedule and termination policies for sub- and co-advisory services are negotiated separately by the
Company and the investment or trust companies that Eagle Global advises. The fees paid to the Company
generally range from .30 % to 1.0 % of assets under management, depending on the strategies employed, the
level of assets to be managed, and the amount of client servicing required.

Private Funds

Energy Infrastructure Partnerships

The Company receives a management fee from the Energy Infrastructure Partnerships equal to 1% per annum
of the value of the investor’s pre-distribution capital account balance, payable quarterly in arrears. Eagle
Income Appreciation GP, LLC receives additional performance-based fees discussed below.

Eagle Scarcity Partners, L.P.

The Company receives a management fee from Eagle Scarcity Partners, LP equal to 1% per annum of the
value of the investor’s pre-distribution capital account balance, payable quarterly in arrears. Eagle Scarcity
Partners, GP, LLC receives additional performance-based fees discussed below.

Other Fees and Expenses of the Private Funds

Generally, each Private Fund (and indirectly its investors) may also bear all costs and expenses arising in
connection with its operation, including: (i) all costs and expenses directly related to a Private Fund’s
investments or prospective investments, including transactions costs, custody fees, fees of professional
advisors and consultants, due diligence expenses (ii) fees, expenses, interest payments, and principal
payments due to any financing sources, (iii) any withholding or transfer taxes imposed on the Private Fund
(or any partner); (iv) any governmental, regulatory, licensing, filing or registration fees, (v) any interest due
to the partners in connection with capital withdrawals; (vi) any legal, auditing, consulting, research, advisory,
accounting, and administrative fees and expenses. The expenses described herein are qualified in their
entirety by the actual fees and expenses described in each Private Fund’s Private Placement
Memorandum.

Performance-Based Fees and Side-by-Side Management
As compensation for its services to the Energy Infrastructure Partnerships, Eagle Income Appreciation GP,
LLC (an Eagle Global affiliate) is entitled to a performance-based profit allocation with respect to each
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Types of Clients
Eagle Global generally provides investment advice to high-net-worth individuals, retirement plans for
corporations and unions, financial institutions, trusts, endowments, foundations, and registered and
unregistered investment companies.

In general, the minimum account size for a separately managed account is $1,000,000, unless an exception
is agreed by the members of the Company. The minimum account value for the Quality Core MLP and
Renewables Income is $250,000, and the minimum account size for the Total Return MLP strategy is
$5,000,000. The minimum investment for each of the Private Funds is discussed in the relevant Private
Funds’ Private Placement Memorandum.

Methods of Analysis, Investment Strategies and Risk of Loss
Strategy Descriptions

Eagle Global generally manages client accounts according to one or several of the following strategies that
are intended to identify companies with improving growth potential unrecognized by current valuations:

    •   Domestic Equity Strategy – This portfolio seeks to combine both growth and value factors through
        investments in large-cap U.S. equities;

    •   International Equity Strategy – This portfolio seeks to combine both growth and value factors
        through investments in large-cap international equities;

    •   Global Equity Strategy – This portfolio seeks to combine both growth and value factors through
        investments in large-cap U.S. equities and large-cap international equities;

    •   Fixed Income Strategy – This portfolio seeks preservation and low-risk total returns through
        investments in investment-grade bonds of intermediate maturities (less than 10 years), as well as
        ETFs, ETNs and Mutual Funds. Fixed income accounts are intended to provide capital preservation
        and low risk;

    •   Energy Infrastructure Strategy – These portfolios seek tax advantaged income generation, capital
        appreciation, and lower volatility through investments in master limited partnerships and energy
        infrastructure-related securities. The Company offers Total Return and Quality Core MLP strategies
        under the Energy Infrastructure umbrella;

            o   The Total Return MLP strategy seeks a high total rate of return from both tax advantaged
                income and capital appreciation through investments in master limited partnerships and
                other midstream companies.

            o   The Quality Core MLP strategy is designed for greater concentration of holdings and lower
                turnover.

    •   Renewables Infrastructure Strategy – This portfolio seeks to access the core value proposition of the
        renewable infrastructure asset class through a concentrated portfolio of renewable infrastructure
        companies. The strategy targets a combination of dividends and long-term stock appreciation;

    •   Business Development Company (BDC) Strategy - Business Development Companies are
        specialized securities that most commonly invest in the debt of middle-market private companies in
        the United States. These securities are organized as closed-end funds and as such can trade in the
        stock market at a premium or discount to the value of their underlying assets. These securities also
        typically offer relatively high distribution yields versus other public securities. This strategy seeks
        to provide a superior total return with a significant component from current income by active
        investment in a concentrated portfolio of Business Development Companies;

    •   Eagle Scarcity Partners, LP Strategy – This strategy seeks total return through investment securities
        that should appreciate from the scarcity of specific commodities, precious metals, and digital assets.

Within each separately managed account strategy, client accounts are generally managed to a model and are
subject to client-imposed investment restrictions and valuations of the securities. Within each Private Fund
strategy, investor capital is managed based on the strategy described in the Private Placement Memorandum
(PPM).

Investment Processes

Eagle Global’s investment process for Domestic, Global, and International Equities incorporates both top-
down and bottom-up elements and is designed to identify companies with improving growth prospects that
have not been incorporated into current valuations. The Company utilizes a Smart IQ proprietary screening
methodology to determine the universe of potential investments and employs a series of quantitative multi-
factor models that are used to provide both top-down and bottom-up analysis. The models provide directional
guidance towards countries, sectors and stocks with improving prospects. Additionally, company-specific
ideas are subjected to traditional fundamental analysis, including a qualitative analysis of a company’s
competitive strengths, weaknesses and industry positioning as well as the company’s management strength
and integrity. Eagle Global also performs an analysis of company financials. The Company utilizes various
sources of information such as FactSet, CSFB HOLT, and Bloomberg databases in conducting its analysis.

Eagle Global’s Fixed Income strategy investments are determined through traditional top-down and
bottom-up fundamental analysis in an effort to construct a portfolio with the desired maturity and quality
characteristics. The strategy makes investments in taxable and tax-free bonds, ETFs, ETNs, and mutual
funds that are primarily composed of intermediate-maturity, investment-grade securities. The strategy
investments are adjusted to changing economic and interest rate conditions. The strategy investments seek
to achieve capital preservation, income generation and low-risk total return. Investment decisions for this
strategy are made by the Fixed Income Investment Committee.
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