Harvest Fund Advisors LLC

FEES AND COMPENSATION [Item 5]

Fee Schedules [Item 5.A.]

SMA Clients pay a management fee based upon the percentage of assets under management at fixed
annual rates, generally 0.75% and subject to negotiation. Discounted fee tiers are utilized for SMA Clients
with accounts of more than $100 million managed by Harvest. The compensation method is explained
and agreed with the SMA Client in each SMA Client’s investment management agreement. Management
fees could be billed monthly or quarterly in arrears, pursuant to the written investment management
agreement.

Fees charged to each Fund depend upon the particular vehicle and strategy (long-only, long- short, etc.).
Funds typically pay a management fee based upon the percentage of assets under management at fixed
annual rates, generally in a range from 0.75% to 1.50%, subject to negotiation, and depending upon the
strategy of the privately offered vehicle. The fees applicable to a Fund are disclosed in the particular
Fund’s Governing Documents.

Performance fees, if any, applicable to SMA Clients or Funds generally will consist of an annual percentage
rate of the net realized and unrealized earnings and profits for each year (the “Performance Fee”). In
certain cases, the Performance Fee could be charged only after restoration of any losses carried forward
from prior years and, in certain cases, after achieving a threshold annual return on invested capital at
varying rates. Generally, the annual percentage rate of a Performance Fee will approximate 20% of the
net realized and unrealized earnings and profits, subject to negotiations. Performance Fees generally will
be billed after the close of each calendar year.

Deduction of Fees [Item 5.B.]

SMA Clients typically are billed quarterly in arrears for fees incurred, unless otherwise agreed in the SMA
Client’s investment management agreement. Fees applicable to the Funds are typically deducted monthly
in arrears from each Fund’s account, unless otherwise provided in the Fund’s Governing Documents.

Other Fees and Expenses [Item 5.C.]

The Registrant does not charge additional types of fees or expenses to SMA Clients. Each Fund pays its
own fund-level expenses (e.g., fund administration, audit, tax, legal, etc.) in connection with operating
the Fund.

All SMA Clients and Funds incur brokerage and other transaction costs which are in addition to the
management and performance fees discussed above. Please see Brokerage Practices [Item 12] below for
additional information. SMA Clients generally also incur custodial fees, subject to the agreement between
such SMA Client and its custodian.

Prepaid Fees [Item 5.D.]

None of our Clients prepay fees.

Compensation for the Sale of Securities [Item 5.E.]

Neither Harvest nor any of its supervised persons accepts compensation for the sale of securities
or other investment products.

PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT [Item 6]

The Registrant can manage SMA Client accounts and Funds that charge performance-based fees in
addition to asset-based management fees, as well as SMA Client accounts and Funds that charge
management fees only.

Note that the existence of performance-based compensation with respect to certain accounts that pay
such performance-based compensation could create an incentive for Harvest to make more speculative
investments on behalf of such accounts than it would otherwise make in the absence of such
performance-based compensation or to time the sale of investments in a manner motivated by the
personal interests of Harvest. Further, the existence of differing performance-based fees for Clients of
Harvest trading side-by-side and, similarly, the management of the accounts of Clients that pay an asset-
based management fee alongside accounts of Clients that pay a performance-based fee, each creates a
conflict of interest for Harvest with respect to the allocation of investment opportunities and other ways
of generally favoring those Clients with a higher performance-based fee, or with a performance-based fee
as opposed to a management fee.

Harvest has adopted Trading and Trade Allocation policies that govern the treatment of Clients with
different fee structures and the potential conflicts of interest that these fee structures might present. As
a general rule, trades from the same strategy are allocated to our various Clients pro rata based on assets
under management. The intent of this policy is that, for similar strategies, assets should not be allocated
on a preferential basis to any one Client account. The allocation policy permits Harvest to deviate from a
pro-rata allocation in instances including, but not limited to, strategy differences, funding, or flows. As
examples, a Fund with a low net exposure and/or hedged strategy would have different risk parameters,
trading, including intraday trading, and holdings as compared to a long-only Client seeking long-term
exposure to our Investment Universe and, as a result, would trade differently and receive differing
allocations. Additionally, allocations can differ even within the same strategy where one Client has a
higher cash position as compared to other Clients using a similar strategy due to, among other reasons,
account funding, or if a Client has requested that Harvest raise funds as part of any redemption activity.

TYPES OF CLIENTS [Item 7]

Harvest provides investment advice to:

        ▪       Privately offered funds;
        ▪       Pension and profit sharing plans;
        ▪       Trusts, estates, or charitable organizations;
        ▪       Insurance dedicated funds;
        ▪       Corporations or other business entities;
        ▪       State and municipal government entities;
        ▪       Sovereign wealth funds;
        ▪       Family Offices;
        ▪       Registered Investment Advisers;
        ▪       High net worth individuals;
        ▪       Investment companies; and,
        ▪       Business entities other than those listed above.

Harvest (a) must have a reasonable belief that potential investors invited to participate in a Fund or other
products meet certain eligibility requirements and (b) in each case must satisfy certain compliance
procedures (including anti-money laundering procedures) prior to accepting any subscription or
investment amount. In addition, any separate maintenance or other investment-related provisions (e.g.,
minimum account sizes, minimum fee amounts, etc.) will be provided in the Governing Documents of
each Fund. Generally, the minimum dollar value of assets required to invest in a Fund ranges from
$500,000 to $1 million. The minimum dollar value of assets required to establish a separately managed
account is generally $10 million. The minimum dollar value of assets required by Harvest to establish a
Program account is generally $250,000. Please refer to the wrap fee program brochure for each Program
for information regarding any minimum account sizes imposed by the sponsor of such Program. However,
Harvest reserves the authority to waive the subscription and account minimums it imposes, as it deems
appropriate in its sole discretion.

Details concerning applicable suitability criteria for investment in the Funds are set forth in each
respective Fund’s Governing Documents. Harvest only charges performance fees in instances where the
Client is a “qualified client” as defined under Rule 205-3 under the Investment Advisers Act of 1940
(“Advisers Act”).

METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS [Item 8]

General Description [Item 8.A.]

We use our fundamental, value-oriented, bottom-up research, analysis, and industry knowledge to
attempt to generate returns in investments within the securities from our Investable Universe. As part of
our fundamental bottom-up research process we have developed a risk score for every company within
our investment universe. The eight factors which comprise the risk score are asset quality, management
quality, commodity exposure, leverage, liquidity, size, capital need, and Sustainability. Please note that
Blackstone has adopted a firm-wide Sustainability policy, which outlines its approach to integrating
Sustainability in its business and investment activities (the “Sustainability Policy”).

The Registrant can, for certain of its Clients or Funds, purchase or sell, among other things, derivatives
instruments or swaps, provided that all eligibility criteria for acquisition of such instruments are satisfied.

Material Risks for Significant Investment Strategies and Securities [Items 8.A., 8.B. and
8.C.]

Investment in any securities, including an investment in our Funds or SMA Clients, involves significant risk.
Each prospective Client and Fund investor should carefully consider the risk factors inherent in investing.
Investors must be able to bear the economic risk of loss of value or loss of their investment. Please refer
to the Governing Documents of each Fund for a comprehensive list of the risks associated with investing
in a particular Fund, as well as disclosures relating to various risks related to securities within our
Investable Universe, MLP risks, energy sector risks, and business trading risks.

Clients and Fund investors should be aware that the value of investments can fall as well as rise and it is
possible that a Client or Fund investor could lose a substantial proportion or all of its investment. A Client’s
or Fund investor’s investment at any point in time could be worth less than their original investment, even
after taking into account the value of distributions that the Client or Fund investor received.

Supply and Demand Risk. The financial performance of securities within our Investable Universe can be
adversely affected by a decrease in the production of natural gas, natural gas liquids, crude oil or other
such commodities or a decrease in the volume of such commodities that are available for transportation,
processing, or distribution. Such production declines and volume decreases could be caused by various
factors, including catastrophic events affecting production, depletion of resources, labor difficulties,
environmental proceedings, increased regulations, equipment failures and unexpected maintenance
problems, import supply disruption, increased competition from alternative energy sources or commodity
prices. Alternatively, a sustained decline in demand for such commodities could also adversely affect the
financial performance of securities within our Investable Universe. Factors that could lead to a decline in
demand include economic recession or other adverse economic conditions, higher fuel taxes or
commodity prices, increases in fuel and energy efficiency, development of alternative fuel sources, or
weather.

MLP Risk Generally. Investments in MLPs involve some risks that differ from an investment in the common
stock of a corporation. The value of the securities issued by MLPs can move up or down and could do so
rapidly or unpredictably. Holders of MLPs have limited control and voting rights on matters affecting the
partnership. In addition, there are certain tax risks associated with an investment in MLP interests and
conflicts of interest exist between common unit holders and the general partner, including those arising
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