Tortoise Capital Advisors LLC

Item 5.    Fees & Compensation

Our annual advisory fees for separately managed accounts and certain other client accounts generally
range up to 1.00% of assets under management depending on the strategy. Fees are negotiable based
upon the size of the account, relationship and/or the nature and level of services we provide. We may
aggregate certain related client relationships to determine applicable fee rates. The fees are based upon
the aggregate fair value of the client’s portfolio as defined in our agreement with the client (“Client
Agreement”).

We also charge certain accounts a performance-based fee. Currently, in addition to an asset-based fee,
which has a defined minimum, these accounts are also charged a performance-based fee on an annual
basis. One account is charged a performance–based fee based on a percentage of the amount by which
the total returns for the account outperform the benchmark index and the other accounts are charged a
performance-based fee on a percentage of the absolute total return above a hurdle rate, both performance-
based fees have a defined maximum.

The specific manner in which we charge fees is established in the Client Agreement. We generally are
compensated on a quarterly basis in arrears, although in a limited number of cases we are compensated
on a monthly basis in arrears. In some cases, we are compensated in advance by a client or by a sponsor
of an SMA program. Clients may elect to be invoiced directly for fees or authorize us to directly withdraw
fees from their custodial account. We charge a prorated fee to accounts initiated or terminated during the
applicable period. Typically, management fees are prorated for separately managed account contributions
and withdrawals made during the applicable period. Upon termination of any account, any earned, unpaid
fees will be due and payable, and any pre-paid unearned fees will be refunded to the client in a timely
manner.

Clients may also incur charges imposed directly by the custodian of the client’s account and fees and
expenses imposed directly by any registered funds held in or for the client’s account. Clients will incur
transaction charges imposed by the broker-dealer executing securities transactions for the client’s account.
For further discussion concerning our brokerage practices, please see Item 12 of this Disclosure Brochure.
Except for certain clients in wrap fee programs, all management fees paid to us are separate and distinct
from the fees and expenses charged directly by the client’s custodian, the broker-dealer and registered
funds. The fees and expenses imposed by registered funds are described in each fund’s prospectus, and
will generally include a management fee, other fund expenses, and a possible distribution fee. If the fund
also imposes sales charges, a client may pay an initial or deferred sales charge. We generally do not invest
in registered funds for clients with the exception of money market funds for cash balances for the Tortoise
Funds (defined below). Uninvested cash in a separately managed account client’s account may be swept
into a money market fund by the client’s custodian at the client’s discretion. The client should review both
the fees charged by the funds and the fees we charge to fully understand the total amount of fees to be
paid by the client and to evaluate the investment management services being provided. We will not receive
any portion of these third-party commissions, fees, and costs.

    Tortoise Funds

We are the investment adviser to a closed-end management investment company (the “Tortoise Closed-
End Fund”), , actively managed and passively managed exchange traded funds (“ETF’’) and a open-end
management investment company (the “Tortoise Open-End Fund” and, together with the Tortoise Closed-
End Fund, the ETFs, the “Tortoise Registered Funds”) which are registered under the Investment Company
Act of 1940 (the “1940 Act”). We charge advisory fees to the Tortoise Registered Funds based on a
percentage of their assets (average monthly managed assets for the closed-end funds and average daily
net assets for the open-end funds and ETF) at annual rates ranging from 0.40% to 0.95%. We may enter
into fee waiver or expense reimbursement agreements from time to time with one or more of the Tortoise
Registered Funds. We receive 12b-1 fees from the distributor of the Tortoise Open-End Funds for any
distribution service or activity designed to retain fund shareholders.

Our fees may be higher than fees charged by other advisers providing similar services. We only charge
performance-based fees consistent with Securities and Exchange Commission (“SEC”) and Financial

Industry Regulatory Authority (“FINRA”) rules and regulations, including Rule 205-3 under the Investment
Advisers Act of 1940 (“Advisers Act”).

Item 7. Types of Clients

We generally provide investment advice to individuals, high net worth individuals, pension and profit-sharing
plans, investment companies, state or municipal government entities, financial intermediaries, other
investment advisers, insurance companies, charitable organizations, pooled investment vehicles,
corporations and other businesses, and other entities, including investment management and family
partnerships and non-profit entities The minimum account size for a separately managed account is
$250,000. Generally, we do not accept accounts below the minimum, although we may do so under certain
circumstances.

To the extent we manage client accounts that are covered by the Employee Retirement Income Security
Act of 1974 (ERISA) or that are tax-qualified retirement plans, including individual retirement accounts
(IRAs), we acknowledge that we are a fiduciary as defined under Section 3(21) of ERISA and Section
4975(e)(3) of the Internal Revenue Code of 1986 with respect to the services provided under the Client
Agreement (defined below).