Aegon USA Realty Advisors LLC

Item 5 – Fees and Compensation
A. Advisory Fees
Aegon Real Assets US charges advisory fees consistent with applicable statutes and regulations, our
Clients’ investment management agreements, and the respective Governing Fund Documents. Aegon
Real Assets US’ Funds generally charge the following, in various combinations: asset management
fees, fund management fees, performance-based fees, acquisition fees, organizational and offering
expense allowances, acquisition expense allowances, Community Reinvestment Act (“CRA”) premiums,
development oversight, servicing, special servicing, and disposition fees. Information on additional fees
is listed below:

Fee rates and billing periods are negotiable. Various factors affect a Client’s fees, including, but not
limited to, the services required by the Client, client type, asset class, pre-existing relationship, the size
of the account (current or anticipated), affiliated accounts, investments in other strategies, or other
factors in Aegon Real Assets US’ sole discretion. From time to time, Aegon Real Assets US may also
choose, in its discretion, to waive all, or a portion of, negotiated fees for a given period. Also, for fee

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calculation purposes, Aegon Real Assets US may agree to aggregate the assets of related Client
accounts, and such accounts may receive the benefit of a lower effective fee rate due to such
aggregation.

Clients typically are billed for, and pay, fees on a prorated basis, in accordance with the Governing Fund
Documents, for the portion of the billing period, for which Aegon Real Assets US has provided
investment services. Depending on specific Client circumstances, Aegon Real Assets US’ fees can be
payable and billed in advance or arrears, though other, specific, Client arrangements can be negotiated.

Affiliate Discounts and Affiliated Fees

Fee rates charged to affiliated Clients are generally less than fee rates charged to unaffiliated Clients.
In addition, affiliated Clients may not be charged for certain expenses that are typically charged to
unaffiliated Clients. For example, in the Tax Credit Equity platform, the Governing Fund Documents
allow for “Affiliate Discounts” that result in the reduction of the per unit purchase price, selling
commissions, organizational and offering expenses allowances, acquisition expense allowances,
management fees, and acquisition fees for affiliated Investors.

When affiliates of Aegon Real Assets US invest in Funds or when affiliates of Aegon Real Assets US
provide credit enhancement for performance results of certain Funds, Aegon Real Assets US earns an
advisory and/or management fee from its affiliates in an amount up to 1% of the capital invested or credit
enhanced by such affiliate.

For certain existing Real Assets Direct Equity Funds of which the sole Investor(s) are affiliated Client(s)
(Transamerica insurance companies), the affiliated Clients may charge overhead expenses such as
salaries, employee benefits, rent, and other administrative expenses incurred by their employees for
services, such as financial reporting, to the Real Assets Direct Equity Funds. These fees are charged
and collected by the affiliated Client(s). Aegon Real Assets US does not receive these fees, and these
fees would not be charged to a non-affiliated investor in a Fund.

Investors should refer to the respective Governing Fund Documents for information regarding Affiliate
Discounts. Aegon Real Assets US may also allow for other discretionary discounts that waive or reduce
a portion of organizational and offering expenses and/or acquisition expenses that are based primarily
on the amount of the Investor’s investment and would result in a reduction in the purchase price by an
Investor.

Use of Affiliated Service Providers

Aegon Real Assets US and any of its affiliated entities may be retained on behalf of Clients for the
purpose of providing asset management services. There are inherent conflicts of interest when affiliated
entities provide services to Clients, in that such arrangements may not be conducted at “arm’s length.”
Services performed by Aegon Real Assets US and other affiliated entities will be (a) reasonable and
customary for such asset management services; and (b) the fees, terms, and conditions of the
transactions between the Funds and Aegon Real Assets US are disclosed in Governing Fund
Documents.

Separately Managed Accounts

Separately managed account Clients may pay fixed asset management fees. In other cases, separately
managed account Clients are charged annual asset management fees up to 2% of the respective total
committed or deployed capital amount. Aegon Real Assets US may also receive performance-based
compensation. As described above, all fee rates are negotiable.

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Real Assets Direct Equity Funds

1. Management Fees

Investors in Real Assets Direct Equity Funds pay annual management fees to Aegon Real Assets US
in amounts that are up to 2% of their respective total committed or deployed capital amount during the
investment period and up to 2% of their respective deployed capital thereafter based on the Governing
Fund Documents. Management fees are based on the terms of the Governing Fund Documents and
are typically paid quarterly in advance, quarterly in arrears, or monthly in arrears.

2. Incentive Fees

Aegon Real Assets US also receives incentive compensation (i.e., promote fee) based on a percentage
of the amount of profits otherwise disbursable to each Investor. Governing Fund Documents describe
how incentive compensation waterfall amounts are calculated and paid. Investors typically receive either
(i) a preferred return on their investments plus a full return of invested capital or (ii) an agreed-upon
internal rate of return prior to the distribution of any incentive compensation paid to Aegon Real Assets
...

Item 7 – Types of Clients
Aegon Real Assets US provides investment advisory services to various Clients as defined in Item 4,
Advisory Business. At the time of onboarding, Aegon Real Assets US assesses the potential risks and/or
conflicts associated with the type of Client and confirms that policies and procedures are in place to
mitigate identified risks and/or conflicts.

Certain Funds have a minimum investor commitment requirement, as described in the Governing Fund
Documents. In certain circumstances, the minimum amount will be waived.

Investors in Funds include, but are not limited to, insurance companies, pooled investment vehicles,
banks, corporations, utility companies, qualified purchasers, and other investment advisers. Investors
will be required to meet certain suitability qualifications. Details concerning applicable Investor suitability

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criteria are set forth in the respective Governing Fund Documents and subscription materials, which are
furnished to each Investor.

Aegon Real Assets US or the Fund managers occasionally enter into side letters or other arrangements
with Investors that have the effect of establishing rights under, or altering or supplementing, the terms
of, the Governing Fund Documents as to those Investors. Any rights established, or any terms of the
applicable Governing Fund Documents altered or supplemented in a side letter or other arrangement
with an Investor, will govern solely with respect to such Investor notwithstanding any other provision of
such Governing Fund Document.