RR Advisors LLC

Item 5 –   Fees and Compensation
Compensation earned by the firm for the provision of investment advisory services to our clients is primarily
comprised of management fees based on a percentage of assets under management during the investment
period. In certain circumstances, the Firm charges performance fees for its services as further described
in Item 6 below. Fees and compensation are described within the Governing Documents for each client
account that we manage.

Advisory Fees for Funds

For RR’s Funds, management fees are automatically deducted from capital accounts of each Fund Investor
and paid monthly or quarterly in advance pursuant to the terms of each Fund’s Limited Partnership
Agreement or other governing documents. Currently management fees generally range from 0.70% - 1.50%
per annum for RR’s Energy Related Funds, and 0.50% and 1.50% for RR’s Venture Funds. All management
fees will be based on either the Fund Investor’s capital account balance or the aggregate nominal capital
commitments, depending on the Fund. While management fees are not generally negotiable, RR may vary
the management fees as to any Fund Investor by separate agreement.

Each Fund Investor will also bear the normal recurring day-to-day expenses of the Fund and its operations,
including but not limited to legal, auditing, custodial, administration and accounting fees and expenses and
indemnification expenses.

Advisory Fees for SMAs

For the SMAs, RR generally invoices each Client for payment of its advisory fees. Management fees are
billed quarterly in advance and any fees not fully earned due to a termination of services are refunded.

The quarterly fees paid to RR for advising SMAs are based upon assets under management and
generally determined as follows:

$15,000,000 - $24,999,999:               0.375% (1.50% annual)
$25,000,000 - $49,999,999:               0.3125% (1.25% annual)
$50,000,000 and above:                   0.25% (1.00% annual)

While fees for SMAs are generally not negotiable, RR may vary the management fees as to particular
account by separate agreement, without notice to the other SMAs.

Other Fees and Expenses

In addition to management fees charged by RR, Client assets may be invested in private oil and gas
investment companies, investment companies, including money market funds, exchange traded funds or
other mutual funds managed by independent managers, including funds at custodian banks, broker- dealers
or other custodians, and may be subject to additional fees charged by the underlying managers. Clients
may also pay custodial fees and commissions for transactions effected by the Firm in their accounts. Please
refer to Item 12, Brokerage Practices, for a description of RR’s practices regarding selection of broker-
dealers and trading.

RR may, at its sole and absolute discretion, waive all or a portion of its management fees for particular
clients or any particular investor(s) in funds managed by RR without notice.

The specific manner in which fees are charged by RR is established in each Client’s written agreement with
RR and the offering memoranda and organizational documents for the Funds advised by the Firm.

Item 7 –   Types of Clients
RR deems its Clients to be the Funds and the SMAs that it advises. The investors in the Funds are generally
institutions, trusts, estates, charitable organizations, endowments, corporations, high-net-worth individuals,
private investment funds and pension and profit-sharing plans. SMA Clients are generally institutions, trusts,
estates, charitable organizations, endowments, corporations, private investment funds and pension and
profit-sharing plans.

The minimum initial investment in the Funds is specific for each Fund as described in the applicable Fund
governing documents. Generally, minimum initial investments range from $100,000 to $1,000,000
depending upon the specific Fund. Lesser initial minimum subscriptions may be accepted in the sole
discretion of RR. The minimum investment for a SMA is $15,000,000, or such lesser amount as determined
in the sole discretion of RR.