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Susan Dambekaln Chief Operating Officer

December 31, 2010 www.capinnovations.com

Susan L. Dambekaln, Chief Operating Officer & Founding Partner: Susan serves as a senior portfolio manager, a member of the Management Committee and the Investment Policy Committee at Capital Innovations. In this role, she is actively involved in the day to day oversight of investment strategies, budget, finance, human resources, and risk management. Susan is responsible for advancing the company's mission and objectives, and to promote revenue, profitability and growth as an organization. She oversees company operations to insure efficiency, quality, service, regulatory compliance and the cost-effective management of resources. She regularly conducts final presentations to prospective clients, client reviews, consultant meetings, and industry conferences in the US. She has spent over fourteen years in the financial services industry. She has held executive roles at well-respected institutions including: State Street Global Advisors where she was responsible for institutional account management strategy and expanding presence within the Western US; Strong Capital Management where she was instrumental in building the institutional fixed-income investment capabilities across tax-exempt and taxable institutional portfolios; Edward Jones where she held oversight responsibilities for broker back office administration nationally; and HR Block where she held a supervisory taxation and accounting role. Ms. Dambekaln received her B.S. from the University of Wisconsin (Honors) and has completed graduate coursework at the University of Wisconsin. She was also a co-editor of the "Handbook of Infrastructure Investing."

For investment professional use only. Not for public distribution. Historical performance is not indicative of future results. The allocations and specific securities mentioned are derived from a representative portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change. The securities identified above are not necessarily held by Capital Innovations, LLC for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions made by Capital Innovations, LLC in the future will be profitable or equal to the investment performance of securities referenced herein.

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