Palisade Americas Management LLC

Item 5: Fees and Compensation

Palisade will initially be providing management services to Palisade Investment Partners
Limited who has been appointed as manager of Australian domiciled funds. These funds
invest in infrastructure and real assets located in the United States. As part of this
appointment, Palisade will provide services directly to infrastructure and real assets
domiciled in the United States which are wholly owned by the Funds. The fees,
compensation, and expenses applicable to the Funds are set forth in detail in the respective
governing agreements. These fees are payable in Australia to the Australian domiciled
manager. Palisade Investment Partners Limited has then agreed to pay a portion of the fee to
Palisade in return for Palisade providing services to the Australian domiciled manager.

Management Fee

Palisade’s related entity charges the Funds a fee for its investment management services
based on assets under management (the “Management Fee”), which is set forth in the
offering documents. Palisade receives a portion of this fee. The Management Fee is calculated
monthly and payable quarterly in arrears as soon as practicable after the end of each
calendar quarter.

Palisade’s related entity may, in their sole discretion, waive, rebate or decrease the
Management Fee that is payable in whole or in part, at any time.

The Funds may from time to time enter into Side Letters providing for changes in
management fees and performance allocation.

Performance Based Compensation

In addition to Management Fees, Palisade’s Australian domiciled related entity will receive a
performance fee if, in any year, a Fund’s return exceeds the Benchmark Return for that year.
The Benchmark Return is different for each of the Funds. In some cases, a portion of this
performance fee will be shared with Palisade.

No performance fee will be payable in relation to a Fund if the Fund’s Return is less than the
Benchmark Return. If the Fund’s Return is less than the Benchmark Return in any year, then
the difference (“Accumulation Deficit”) shall be taken into account by effectively
reducing the Fund’s Return for the purpose of calculating any performance fee payable in
future years. In addition, in some circumstances a portion of the performance fee may be
held in escrow and only released in future years if fund performance continues to exceed
the benchmark.

Sales Compensation

Palisade and its Supervised Persons (as defined in the Form ADV General Instructions and
Glossary), do not receive (directly or indirectly) any compensation from the purchase or
sale of securities or investments for the Funds. Palisade and its Supervised Persons do not
receive (directly or indirectly) sales commissions in connection with sales of interests in the
Funds.

Other Fees and Expenses

The Funds pay various ongoing operational expenses, including but not limited to, initiating,
structuring and executing investment opportunities, accounting, auditing, tax preparation,
legal, administration, research, arranging debt and negotiating project documentation, and

Palisade Americas Management LLC                                Form ADV Part 2A (Brochure)

providing asset management services. The Funds may incur other transaction costs as
applicable.

Expense Recoveries

Palisade will be entitled to be reimbursed via its related entity out of the Scheme Property of
the Funds for expenses properly incurred in the administration, management and operation
of the Funds, and other incidental expenses. Palisade is also, indirectly via its related entity,
entitled to be indemnified out of the Scheme Property for all expenses, losses and liabilities
properly incurred. This entitlement does not exist in relation to an expense, loss, or liability
attributable to a failure to properly perform the duties of the Firm, caused by its negligence,
fraud, or dishonesty.

Termination Fees

If the appointment of Palisade’s related entity as manager of a Fund is terminated for any
reason, Palisade’s appointment will also terminate. In these circumstances, the Firm is
entitled to any accrued, but unpaid, management fee as at the date on which the termination
takes effect, together with the pro-rata proportion of the management fee that would have
been payable to the Firm for the month in which the termination takes effect. Unless the
appointment of the relevant manager of the Fund is terminated due to its fraud, gross
negligence, willful misconduct, bad faith or reckless disregard for its duties (“Cause”), it will
also be entitled to receive the performance fee calculated for the period beginning on the
last performance fee calculation date and ending on the date on which the termination takes
effect (“Accrued Performance Fee”). The Accrued Performance Fee will not be paid to
the manager of the Fund if its appointment is terminated for Cause, or if it is reasonably
considered that the manager has acted to artificially increase the Accrued Performance Fee,
and the Firm does not rectify that conduct. Palisade may be entitled to receive a portion of
this Accrued Performance Fee.

Palisade Americas Management LLC                              Form ADV Part 2A (Brochure)

Item 7: Types of Clients

Palisade provides investment management services to its related entity that is located
offshore and related services to private investment vehicles. Palisade Investment Partners
Limited is the managers of the Funds. The Funds have invested in unlisted investments in the
United States and have appointed Palisade to manage those assets on their behalf. Investors
in the Funds primarily consist of institutional investors.

The minimum initial investment amount for the Funds is generally AUD$5,000,000. In certain
circumstances, minimum investment amounts may be amended by the investment manager in
consultation with the relevant Fund trustee / responsible entity.

Palisade Americas Management LLC                                 Form ADV Part 2A (Brochure)