The Lyme Timber Company LLC

Item 5. Fees and Compensation

Lyme, or one of its affiliates, typically receives compensation for providing investment advisory
services from each of our Funds in the form of (1) a management fee based on the percentage of
assets we manage (generally based on capital committed or capital deployed) and (2) performance-
based compensation.

We set forth the details of how we calculate our management fee and performance-based
compensation for our Funds in their Governing Documents. We only receive our performance-
based compensation when distributions occur in accordance with the relevant Governing
Documents for each Fund relationship. As a result, we do not receive performance-based
compensation on a regularly-scheduled basis. In our sole discretion, we have waived may in the
future waive or negotiate certain fees for Clients or investors in Fund Clients.

We deduct our management fees directly from our Funds’ accounts each quarter. Whether these
deductions are in arrears or in advance is determined by the investment terms applicable to a
specific Fund and set forth in its Governing Documents. The management fees will be prorated for
any period that is less than a full fiscal quarter and will be adjusted for any subscriptions or
withdrawals.

In addition, Lyme, its supervised persons or one of its affiliates may receive consulting fees in
connection with consulting services they may provide regarding land conservation strategies, as
well as in connection with administrative services for related entities.

In connection with our advisory services, our Funds generally bear, or have borne, each of their
own operating and investment-related expenses, including, for example:

   •    organizational and formation expenses,
   •    fees, costs and expenses directly related to their purchase and sale of investments
        (including real estate brokerage commissions and legal fees – see Item 12),
   •    expenses that each Fund incurs in connection with owning and operating the owned assets,
        including, for example, maintenance or improvement costs,

   •   costs and expenses of managing Funds’ investments,
   •   fees and expenses of outside consultants and experts that we engage in connection with
       making or managing investments,
   •   certain membership expenses of relevant associations,
   •   costs of forest certification,
   •   any withholding or other taxes,
   •   expenses of custodians, third-party tax professionals and auditors, attorneys, and other
       service providers,
   •   insurance, risk management, indemnity and litigation expenses,
   •   costs and expenses incurred in dissolving, winding-up and terminating each Fund and in
       realizing its investments,
   •   other administration costs, and
   •   fees and expenses in connection with transactions that are not consummated.

In addition, Lyme, or one of its affiliates, (i) receives compensation for providing management
services to our SMAs as set forth in each SMA’s Governing Documents; (ii) may receive deal
sourcing fees in connection with the identification and sourcing of specific investment
opportunities, and (iii) may receive wage reimbursement for services provided by certain
employees to the Clients pursuant to each Client’s applicable Governing Documents and/or with
the approval of each Client’s Advisory Committee. Additional information on fees incurred by
Clients can be found in each Client’s applicable Governing Documents.

Any of our pooled investment vehicles that invest in parallel share joint expenses on a pro rata
basis, as applicable (unless tax, regulatory or other reasons dictate otherwise).

Item 7. Types of Clients

Currently, our Clients are pooled investment vehicles and separately managed accounts. Investors
in these vehicles include (but are not/will not be limited to):

   •   individuals,
   •   pension and profit sharing plans (domestic and foreign),
   •   insurance companies,
   •   family offices,
   •   trusts, estates, charitable organizations and endowments and
   •   limited liability companies and corporations.

Historically, our Funds have had a stated minimum investment amount of $250,000 to $500,000.
We typically have the discretion to change minimum investment requirements for investment in
our Funds.