Real Asset Portfolio Management LLC

Item 5           Fees and Compensation
Real Assets, Infrastructure and Natural Resources Advisory Services Fees

Fee arrangements between RAPM and its clients vary based on, among other things, the nature and
scope of services, the structure of the account, the amount of assets contributed to the account and
the client-specific investment mandate. Each fee arrangement is determined and set based on these
factors. We offer clients the following fee options:

    1. Flat fee in the form of a retainer;
    2. A percentage fee based upon either (i) capital committed to a client’s Real Asset portfolio or
       (ii) portfolio market value;
    3. Per-project fee;
    4. Carried Interest (a type of incentive based performance fees)*; or
    5. Some combination of the above.
    6. Although RAPM does not seek to provide services pursuant to an hourly fee schedule, on
       certain occasions RAPM may provide its services to a client on an hourly basis (for example,
       RAPM may provide services on a project to a prospective client in advance of being retained
       on a more comprehensive basis)

RAPM services are typically structured as a flat retainer arrangement on an annual basis with annual
adjustment for increases in the Consumer Price Index. Clients also provide reimbursement of travel
related expenses to RAPM or the annual retainer is set at a specific level to include a budget for
anticipated travel expenses. Retainer based fees are typically paid quarterly in arrears. Project fees are
determined based on numerous factors including the timing of the assignment, the potential benefit
to the RAPM client base or research efforts of the firm, complexity of the project, and complete scope
of services required.

Item 7         Types of Clients

RAPM specializes in providing advice to advice to institutional clients, including:

    Banking and Thrift Institutions
    State, municipal, corporate and Taft-Hartley pension plans,
    Insurance companies
    Foundations & Endowments
    Domestic and foreign corporations and similar entities.

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Minimum Investment

RAPM generally requires a $25 million minimum account size, although this account size may be
negotiable under certain circumstances.