Softvest Advisors LLC

Item 5: Fees and Compensation

SoftVest Advisors, LLC

Item 5.A.

SoftVest is compensated through management fees. SoftVest is entitled to management fees at
an annual rate of one percent, or one-fourth of one percent (1/4 of 1.0%) per quarter, of each
limited partner’s (“Investor”) capital account balance, calculated and payable as of the last
business day of the quarter. The management fee is appropriately adjusted for any partial
quarters. SoftVest may reduce or eliminate the management fee with respect to any Investor in

its sole discretion. In addition, the general partner or affiliates may be entitled to receive
compensation related to managing pooled assets. The general partner of a Fund or affiliates may
waive or reduce fees in their discretion.

SoftVest receives a fixed fee for analysis provided to an independent insurance company related
to a fixed income portfolio. At the sole discretion of the independent insurance company,
Softvest may also receive additional compensation (i.e. performance fee) in connection with
these services.

Item 5.B.

Management fees will be paid quarterly, in arrears, and debited from each Investor’s capital
account.

Item 5.C.

Each Fund will reimburse SoftVest for certain out-of-pocket expenses incurred by SoftVest in
connection with the performance of its obligations under their respective Management
Agreements.

Organizational Expenses. The Funds bear all of its organizational expenses and will reimburse
SoftVest and its affiliates, as applicable, for their payment of any organizational expenses of the
Funds. Organizational expenses generally borne by the Fund will include, but not be limited to,
expenses of marketing the offering of the interests and legal fees and expenses of counsel to the
Funds. In general, the Funds’ financial statements will be prepared in accordance with accounting
principles generally accepted in the United States (“GAAP”). However, each Fund intends to
amortize organizational expenses over a period of 60 calendar months from the date the Fund
commences operations because it believes such treatment is more equitable than expensing the
entire amount of the organizational expenses in the Fund’s first year of operation, as is required
by GAAP. The general partner may, however, limit the amount of start-up and organizational
expenses that each Fund amortizes so that the audit opinion issued with respect to the Fund’s
financial statements will not be qualified.

Investment and Operational Expenses. Each Fund bears all of its operating expenses and will
reimburse SoftVest and its affiliates, as applicable, for their payment of any operating expenses
of the Fund. In addition, each Fund will reimburse SoftVest for any and all overhead and
administrative expenses incurred by SoftVest in connection with maintaining and operating its
respective office (including rent, equipment, and software expenses) on behalf of the Fund.
Expenses generally borne by the Fund will include, but not be limited to:

(a)    certain administrative and overhead expenses of the Fund and SoftVest (e.g., rent,

       Bloomberg, phones, etc.), as determined by SoftVest;
(b)    all expenses incurred by SoftVest in connection with the performance of its obligations
       under the Investment Management Agreement;
(c)    legal fees and expenses of counsel to the Fund;
(d)    auditing and accounting fees and expenses;
(e)    registrar and transfer agent fees;
(f)    taxes and governmental fees;
(g)    fees of SoftVest;
(h)    fees of any custodian;
(i)    any other costs of determination of the value of the Fund’s net assets;
(j)    expenses relating to investor and public relations;
(k)    expenses, if any, of registering or qualifying interests of the Fund for sale;
(l)    expenses of listing the interests on any securities exchange;
(m)    freight, insurance and other charges in connection with the shipment of the Fund’s
       portfolio securities;
(n)    brokerage commissions and other costs of acquiring or disposing of any investment of the
       Fund;
(o)    all ordinary and necessary expenses incurred in connection with the Fund’s purchase, sale
       and carrying of investments and its trading activities;
(p)    expenses of preparing and distributing reports, notices and distributions to the partners;
(q)    costs of stationery; and
(r)    any litigation expenses; and costs of meetings of the partners and other meetings, if any.

However, the general partner or SoftVest may, in its sole discretion, choose to absorb any such
expenses incurred on behalf of the Funds.

The Funds do not have their own separate employees or offices. Except as described above and
provided for in the Partnership Agreements, the Funds generally do not reimburse the general
partner or SoftVest for salaries, office rent, and other general overhead costs of the general
partner or SoftVest.

Item 5.D.

As stated in Item 5.A., SoftVest calculates fees, in arrears, at the end of each quarter. Therefore,
SoftVest does not collect fees in advance and there is no need to provide refunds for pre-paid
fees.

Item 5.E.

Neither SoftVest nor any of its supervised persons accept compensation for the sale of securities
or other investment products, including asset-based sales charges or service fees for the sale of

mutual funds.

A more detailed description of the Management Fee borne by a particular Fund is available in the
offering memorandum, subscription agreement, and/or governing documents of the respective
Fund.

HeartsBluff Music Partners, LLC

Item 5.A.

HeartsBluff is not compensated for its services as the managing member, but the Fund(s) will
reimburse the managing member and its affiliates, as applicable, for all ordinary, necessary, and
direct expenses incurred by the managing members or its affiliates on behalf of the Fund(s) in
carrying out the Funds’ business activities. In addition, the general partner or affiliates may be
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Item 7: Types of Clients

Currently, the Advisers provide advisory services to the Funds listed in Item 4 of this Brochure.

Requirements for the Funds managed by the Advisers are set out in the offering documents of
each Fund. Each investor in a Fund, generally, is required to certify that it is, among other things,
an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act of
1933, as amended, and a “qualified client” as defined by SEC Rule 205-3.

SoftVest additionally provides services to an independent insurance company.