AECOM Capital Real Estate LLC

Item 5:         Fees and Compensation
ACRE indirectly receives compensation from the Clients through its interest in the Manager. In
particular, the Manager receives an asset-based management fee from the Fund that is typically
payable quarterly in advance, as further described in the Fund’s Governing Documents. If the
Manager’s advisory agreement with the Fund is terminated, management fees will be charged on a
pro rata basis through to the date of termination, and any fees paid in advance but not earned will be
refunded. The general partner of the Fund generally makes capital calls on Fund investors for the
amount of the Manager’s management fees and pays the amounts received to the Manager. The
Manager also receives similar asset-based management fees from the Co-Investment Vehicles.

In addition to the management fees described above, the general partner of the Fund and, indirectly,
ACAP and certain persons, including members of the Sub-Adviser’s investment team, are generally
entitled to receive a carried interest allocation from the Fund after certain performance hurdles have
been met, as further described in the applicable Fund Governing Documents. Such carried interest
represents a portion of the Fund’s net investment profits.

AECOM (or one of its affiliates) will generally pay the Sub-Adviser a fixed fee in quarterly installments
in consideration of the advisory services that the Sub-Adviser is providing with respect to the Clients
and certain other legacy assets held by ACAP. Such fees are payable out of AECOM’s own assets only
and do not impact the fees that are payable by the Clients.

Investors in the Fund or any Co-Investment Vehicle should review the applicable Governing
Documents carefully for a full description of the fee revenues and other compensation that the
Manager (and, indirectly, ACRE) can receive.

The management fees and carried interest are generally subject to waiver or reduction by the general
partner of a Client with respect to some or all of a Client’s limited partners in the general partner’s
sole discretion, as further described in the applicable Governing Documents.

In general, each Client bears all costs and expenses incurred in connection with the organization of
the Client, the Client’s general partner and the Manager, including the arrangements between the
Sponsors relating to the Client’s general partner and the Manager such as the costs of preparing the
governing documents of the Client’s general partner and the Manager, including legal and accounting
fees, printing costs, travel and other out-of-pocket expenses, and all costs and expenses incurred in
connection with the offering of interests in the Client (but not any placement fees or travel-related
expenses incurred by the Sponsors in connection with the marketing of the Client) (“Organizational
Expenses”), up to a maximum amount specified in the applicable Governing Documents.

Organizational Expenses in excess of this amount, and any placement fees, will be paid by the Client
but borne by the Manager through a 100% offset against the Client’s management fee.

In addition, each Client is generally responsible for all expenses relating to its own operations (“Client
Expenses”), including, without limitation, (a) any management fees; (b) fees, costs and expenses
related to the due diligence, evaluation, purchase, holding, development, management, monitoring
and sale of investments, including, without limitation, travel, accommodation, meal and
entertainment expenses related to such investments or proposed investments, syndication fees, bank
charges, closing and execution costs, sales commissions, finders and brokers fees, appraisal fees and
taxes; (c) principal, interest, fees, costs and expenses and other amounts payable relating to
financings (including any credit facility); (d) fees, costs and expenses relating to third-party services,
including custody, legal, accounting, consulting, investment banking, administrative, tax, audit,
depositary, safekeeping and other professional costs, including those services provided by the
Sponsors or other affiliates of the Client’s general partner or the Manager; (e) any insurance or
indemnity expenses (including the cost of premiums with respect to any directors and officers or
similar insurance for the employees of the Manager (i.e., employees of the Sponsors performing
services for the Manager); (f) fees, costs and expenses relating to the Client’s administration,
including administrative services and preparation of the Client’s financial statements and reports to
limited partners, which may be provided by the Sponsors or other affiliates of the Client’s general
partner or the Manager; (g) fees, costs and expenses relating to investor meetings and meetings with
individual limited partners; (h) fees, costs and expenses relating to the Client’s limited partner
advisory committee (the “Advisory Committee”), including out-of-pocket expenses of its members;
(i) any taxes (except for taxes attributable to a particular Investor), fees or other governmental
charges levied against the Client; (j) fees, costs and expenses associated with environmental,
property management, engineering, construction and related services, including services provided
by the Sponsors or other affiliates of the Client’s general partner or the Manager; (k) fees, costs and
expenses related to structuring, organizing, operating and maintaining investment vehicles through
which the Client’s investment activities are conducted (including Co-Investment Vehicles to the
extent they fail to launch); (l) fees, costs and expenses relating to unconsummated transactions,
including, without limitation, the fees, costs and expenses described in clause (b) above, and
including amounts that would otherwise have been borne directly or indirectly by potential co-
investors were such transactions consummated; (m) fees, costs and expenses related to the
...

Item 7:         Types of Clients
ACRE’s only clients are the Fund and the Co-Investment Vehicles. Investors in the Clients generally
include endowments, foundations, public and private pension funds, funds-of-funds, corporations,
U.S. and non-U.S. institutional investors, family offices, and high net worth individual investors.