GRP Royalty Holdings LLC

ITEM 5 FEES AND COMPENSATION

GRP’s compensation is generally negotiated on a Fund-by-Fund basis, but we receive a flat fee payable either
monthly or quarterly in advance, from our current Clients.

We charge RR a flat quarterly management fee of $125,000.00, paid quarterly in advance.

We charge Moonracer a flat monthly fee of $135,000.00. The Firm also charges an annual incentive
payment, which is calculated by Warwick Royalty and Mineral Fund IV GP, LLC (“Moonracer
GP”), Moonracer’s general partner, equal to 5% of net cash flows realized by Moonracer during the
previous calendar year. In addition, GRP will receive a fee upon the realization of all or substantially all of
the portfolio investments, calculated on a sliding scale basis between 5%-20% of the net cash flows realized
over the term of the fund, plus the net profits realized on such sale, depending on the rate of return so realized.

We generally have discretion pursuant to the Fund Governing Documents to waive all or a portion of the
management fees and/or the performance-based compensation as to certain investors. This discretion is
typically only exercised for investors that are our affiliates or employees, which do not pay asset-based or
performance-based fees to GRP. Additionally, we may enter into negotiated side letter arrangements with
certain investors, in which we grant them preferential terms that may include lesser management fees or
different redemption rights.

Neither the Firm nor its personnel receive any compensation for the sale of securities or other investment
products, or investment referrals.

ITEM 7 TYPES OF CLIENTS

We provide investment advice to our Clients. Typically, our clients are the private funds. The underlying
investors in our Funds are normally:

        •   High net worth individuals;
        •   Pension Funds;
        •   Trusts and estates;
        •   Corporations, partnerships or other business entities; and
        •   Other investment funds.

Our Funds rely on an exclusion from the definition of “investment company” in the Investment Company Act
of 1940, as amended. Accordingly, our Funds are not registered as investment companies with the SEC.

Investments, to the extent that our Funds are open to new investors, generally requires a minimum investment
between $10 million and $100 million although we may waive this requirement from time to time.

We generally require that U.S. investors meet the criteria as Qualified Purchasers as defined in the Investment
Company Act of 1940.