Greensledge Advisors LLC

Fees and Compensation

    The GreensLedge Conduit is a privately offered special purpose investment vehicle. Accordingly,
    interests in this vehicle are offered to sophisticated investors. The specific terms of the Client’s fees
    and expenses are described in the governing documents. Investors should refer to such documents for
    specific information regarding the fees associated with their investment.

A. Fees. GreensLedge charges a fixed percentage of the daily commercial paper outstanding subject to
   certain adjustments on a quarterly basis (the “Sub-Administration Fee”).

B. Fee Billing. The Sub-Administration Fee billed to and received from the Client is payable quarterly in
   arrears.

C. Other Fees and Expenses. The Client generally is obligated to reimburse GreensLedge for all
   reasonable out-of-pocket costs and expenses incurred by GreensLedge in connection with the
   performance of its services and in connection therewith, subject to an annual cap.

D. Fees in Advance. GreensLedge is not entitled to receive the Sub-Administration Fee or any other form
   of fees in advance from the Client.

E. Sale of Securities. Neither GreensLedge nor any of its supervised persons accept compensation directly
   for the sale of securities or other investment products. GreensLedge’s affiliated broker-dealer,
   GreensLedge Capital Markets LLC (“GLCM”) in the past has served as the private placement agent
   for interests in certain of GreensLedge’s pooled investment vehicles; however, no longer serves in
   such a capacity. Certain of GLCM’s registered representatives also act in an advisory capacity for
   GreensLedge. Compensation for these dual-hatted representatives is typically composed of base
   salaries and discretionary bonuses. GLCM and its registered representatives do not receive
   transaction/commission-based payments related to placement of interests in pooled investment
   vehicles managed by GreensLedge.

Types of Clients

    GreensLedge provides investment advisory services on a discretionary basis to private investment
    vehicles not registered under the Investment Company Act. There is no minimum investment amount
    applicable to the investment vehicle managed by GreensLedge, and the investors are generally
    institutions and other sophisticated investors.