Access Real Estate LLC

Item 5 - Fees and Compensation

General Fee Information
ARE assesses an annual management fee of 1% with respect to each Private Fund, which is based on
a percentage of the value of a member’s interest in the Fund as determined by the Manager at the end
of each calendar quarter. Fees are calculated and collected quarterly in advance. ARE is also entitled
to receive a portion of additional management fees and performance-based fees paid to the Fund by
various underlying feeder vehicles.

A potential investor should read and review any and all Offering Documents in their entirety before
making any investment decisions.

ARE may, in its sole discretion, enter into arrangements with investors under which the fees are
reduced, waived, or calculated differently with respect to such investors, including and without
limitation, investors that are members, affiliates, or employees of ARE or any affiliates or investors
that make a substantial investment or otherwise are determined by the managing member of the
applicable Private Investment Fund to represent a strategic relationship.

The Offering Documents of each Private Investment Fund contain disclosures of the costs, expenses,
interest calculations, withdrawal options, and return on investment payments. By investing
indirectly in the Private Investment Fund’s underlying investment(s) (the “Underlying Investment”)
through investment in the Private Investment Fund, Members pay fees at the Fund level, in addition
to any fees and performance-based fees and allocations at the Underlying Investment level.
Moreover, a member of the Private Investment Fund bears its proportionate share of the fees and
expenses of the Fund (including organizational and offering expenses, operating costs, sales charges,
brokerage expenses, and administrative fees) and, indirectly through its interest in the Fund, similar
expenses of the Underlying Investment. ARE also earns additional compensation from the underlying
vehicle’s sponsor sharing a portion of its fee with the Fund and ARE, as described in the offering
documents.

ARE’s fees do not include transaction costs (e.g., custodian fees and charges) incurred by an investor.
Investors may incur certain charges imposed by custodians or other third parties such as custodial
fees for private investments, transfer fees, wire transfer fees, and electronic fund transfer fees.
Additionally, tax-exempt investors in a Private Investment may incur tax liabilities due to unrelated
business income tax.

As discussed in more detail in Item 10 - Financial Industry Activities and Affiliations, ARE also
manages real estate companies that manage and operate vacation rental properties (the “Affiliated
RE Companies”), and, in return for a fee, ARE provides certain real estate management services and
other services to the real estate investment properties that are owned by the Affiliated RE Companies
(the “Real Estate Properties”). This includes both property management fees and performance-based
fees, which are negotiated on a case-by-case basis.

Other than as described above, neither ARE nor any of its supervised people receive additional
compensation from the sale of securities or other investment products.

Item 7 - Types of Clients

ARE exclusively manages the Real Estate Properties and the Private Investment Funds, each a pooled
investment vehicle, and does not provide advisory services to the investors in the Private Investment
Funds. Investors in the Funds are typically high net worth individuals, and certain clients of affiliates
of ARE invest in the Private Investment Funds and/or the Affiliated RE Companies. Each Private

Investment Fund sets its own minimum investment threshold for investors. There is no minimum
annual fee charged to any Fund managed by ARE.