Greenbacker Capital Management LLC

ITEM 5 FEES AND COMPENSATION

Pursuant to the GREC II Advisory Agreement, GREC II will pay GCM a management fee (the
“GREC II Management Fee”) for services rendered under the GREC II Advisory Agreement. With
respect to the Class F shares, the GREC II Management Fee is 1.00% per annum of the aggregate
Net Asset Value (“NAV”) (as defined below) of the net assets attributable to Class F shares of
GREC II. With respect to the Class I shares, Class D shares, Class T shares, and Class S shares,
the GREC II Management Fee is calculated as an annual percentage of the aggregate NAV of the
net assets attributable to Class I shares, Class D shares, Class T shares, and Class S shares, in
accordance with the following tiered fee schedule:

            Aggregate NAV of Class I, Class D,              Management Fee
            Class T, and Class S Shares
             On NAV up to and including                      1.5% (0.125% monthly)
             $1,500,000,000
             On NAV greater than $1,500,000,000              1.25% (0.104% monthly)

NAV is intended to be a calculation of the fair value of GREC II’s assets less its outstanding
liabilities as described below and differs from the book value of GREC II’s equity reflected in its
financial statements. To calculate GREC II’s NAV for the purpose of establishing a purchase and
repurchase price for its shares, as well as the calculation of the GREC II Management Fee, GREC
II has adopted a model that adjusts the value of its assets and liabilities from historical cost to fair
value generally in accordance with the principles set forth in FASB Accounting Standards
Codification Topic 820, Fair Value Measurements. The GREC II Management Fee is calculated
and payable monthly in arrears. The GREC II Management Fees for any partial period will be
appropriately pro-rated. Lower fees for comparable services may be available from other sources.

The GREC II Management Fee is deducted from GREC II’s account on a monthly basis and is
paid to the Advisor via bank wire or ACH.

Depending on the share class of GREC II interests purchased, members may incur brokerage and
other transaction costs. See Item 12 Brokerage Practices for additional information.

Each of the GREC II Class D shares, Class T shares, and Class S shares are subject to
organizational and offering expenses of up to 0.50% of the NAV per share of outstanding Class
D, Class T and Class S shares (including Class D, Class T and Class S shares issued pursuant to
GREC II’s distribution reinvestment policy). The Class F shares and the Class I shares are not
subject to any organizational and offering expenses.

GREC II will generally bear all of its expenses including the expenses of accountants, auditors,
tax preparation, legal counsel, custodians, transfer agency services, compliance firms, investment
acquisition, and expenses incurred in connection with the evaluation of prospective investments.

GREC II will reimburse GBA for all administrative expenses incurred by GBA in performing their
obligations and providing personnel and facilities to GREC II, based on GREC II’s allocable
portion of such expenses incurred by GBA in performing services for GREC II and other advisory
clients of GCM, including (i) rent or depreciation, utilities, capital equipment and other

administrative and overhead related items; and (ii) salaries, fringe benefits, travel & entertainment
expenses and other administrative items incurred or allocated to any controlling person of GBA.
Such administrative expenses will be considered operating expenses and will be reimbursed by
GREC II based on the requests and documentation provided by GBA pursuant to the
administration agreement. The administrator may elect to waive, reduce, or defer payment until a
later date the administrative expenses incurred by GBA and charged to GREC II.

Pursuant to the GROZ Advisory Agreement, GCM receives a base management fee payable
monthly in arrears equal to 1.5% per year of GROZ’s average gross invested capital defined as the
value of the cash received by GROZ related to any and all initial and subsequent investor
subscriptions (the “GROZ Base Management Fee”). Lower fees for comparable services may be
available from other sources.

The GROZ Base Management Fee is deducted from the GROZ account on a monthly basis and is
paid to the Advisor via bank wire or ACH.

The Advisor is entitled to reimbursement of certain qualifying organization and offering
expenditures incurred in relation to the formation of GROZ and the offering of the GROZ shares
to investors. GCM has agreed to limit preoperational and fund level operational expenses charged
to GROZ for each year of its operations to no more than 0.5% of the average net assets during such
year.

GROZ will reimburse GBA for all direct and indirect costs it incurs in connection with the
provision of services, including without limitation: (i) any out-of-pocket costs incurred by GBA
in connection with its services under the administrative services agreement, (ii) allocable salary
and benefits paid to employees of GBA in performing such services, and (iii) other allocable
overhead of GBA, including rent and utilities of GBA.

Pursuant to the GDEV Advisory Agreement, GDEVM receives a quarterly base management fee
in advance equal to 0.50% (2% annually) of the aggregate capital commitments of the limited
partners during the investment period (the “GDEV Base Management Fee”). Post-investment
period, the GDEV Base Management Fee will equal 0.50% (2% annually) of the aggregate cost
basis of portfolio investments. GDEVM is entitled to certain qualifying organizational and
offering expenditures incurred in relation to the formation of GDEV and the offering of the GDEV
limited partnership interests to investors. Lower fees for comparable services may be available
from other sources.

The GDEV Base Management Fee is deducted from the GDEV account on a quarterly basis and
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ITEM 7 TYPES OF CLIENTS

As previously described in Item 4, the Advisor provides investment advisory services to GREC
LLC, GREC II, GROZ, GDEV, and GDEV II.

GREC LLC is an investment vehicle that raises capital through private offerings of securities to
invest in solar, wind, co-generation and other alternative energy projects as well as energy
efficiency and other operational infrastructure-related initiatives. The minimum investment in
GREC LLC is $25,000, subject to waiver in GCM’s sole discretion. GREC LLC is currently
closed to new subscriptions.

GREC II is an investment vehicle that raises capital through private offerings of securities to invest
in renewable energy, energy efficiency and sustainable development projects. The minimum
investment in GREC II is $50,000, subject to waiver in GCM’s sole discretion.

GROZ is an investment vehicle that raises capital through private offerings of securities to invest
in the construction and/or operation of renewable energy sustainable development businesses
located in the United States that predominantly qualify as QOZ Property, as defined above in Item
4. The minimum investment in GROZ is $100,000, subject to waiver in GCM’s sole discretion.
GROZ is currently closed to new subscriptions.

GDEV is a limited partnership that raises capital through a private offering of securities to make
investments across sustainable infrastructure technologies, with a focus on solar photovoltaic,
wind, hydroelectric, and battery storage electricity generation. The minimum investment in GDEV
is $500,000 for individuals and $1,000,000 for institutional investors, subject to waiver in the
GDEV GP’s sole discretion. GDEV is currently closed to new subscriptions.

GDEV II is a limited partnership that raises capital through a private offering of securities to make
investments across sustainable infrastructure technologies, with a focus on solar photovoltaic and
hydroelectric power generation, battery storage, energy efficiency and microgrids. The minimum
investment in GDEV II is $1,000,000 for individuals and $5,000,000 for institutional investors,
subject to waiver in the GDEV II GP’s sole discretion. GDEV II is currently closed to new
subscriptions.