Albany Road Investment Advisers LLC

ITEM 5 – FEES AND COMPENSATION

Fund Fees

Albany Road is compensated through the payment of management fees (the “Management Fee”), acquisition
fees upon the closing of investments made by the Funds (the “Acquisition Fee”), and performance-based
performance allocations (“Carried Interest”) by the Funds. The following is a description of the fees charged
to the Funds. The Funds’ Governing Documents describe the fees in further detail.

Management Fee

Albany Road (or its affiliates) receives an annual Management Fee. Generally, during the term of each Fund
(including extension periods) or, as applicable, during the period prescribed in each Fund’s Governing
Documents during which the Funds are permitted to make investments (the “Investment Period”), the Funds
pay Albany Road a Management Fee, starting with the applicable Fund’s first initial closing, paid quarterly,
on committed capital. The Funds will also pay Albany Road (or its affiliates) an Acquisition Fee for each
portfolio investment made by the Funds, which will range between 1.00% and 2.00% based on the investment
size.

The Management Fee and Acquisition Fees paid to Albany Road are not negotiable after they have been
documented in the Funds’ Governing Documents. However, pursuant to the Funds’ Governing Documents,
the Management Fee and Acquisition Fees and/or Carried Interest (and related distributions) may be (and
have been) waived and/or reduced at the discretion of the Manager.

Carried Interest

Generally, all net distributable proceeds from a sale, refinancing or other liquidity event of a Fund’s
investment, and at liquidation, shall be paid or distributed, as the case may be, in the order of priority outlined
in the Funds’ Governing Documents. This typically includes a return of capital contributions first, followed
by a preferred return, and then a profit split and carried interest. Some funds may have a manager catch-up
and post catch-up allocation in lieu of the profit split and carried interest.

Other Fees

Albany Road’s affiliate, Albany Road Asset Services LLC, provides direct property management services to
certain Fund investments, and shares property management responsibilities with others, for which it receives
monthly fees. Albany Road Asset Services LLC also provides development and construction management
services, supervisory services, and leasing services to the Funds and properties.

Albany Road, through its affiliate, benefits financially from the asset service fees, creating a misalignment
between the adviser’s interests and those of investors. There is a risk that the Funds could be charged excessive
fees for these services, potentially increasing costs to investors without a proportional benefit. In order to
mitigate this risk, all affiliate fees are charged at market or below market rates and are shared with the Funds’
Advisory Boards and disclosed in the Funds’ audit reports.

It is important that all prospective Investors refer to the applicable Governing Documents for a
complete understanding of how the Adviser and the Manager are compensated for services related to
the Funds. This is particularly true with respect to performance-based compensation. The information
contained herein is a summary only and is qualified in its entirety by such documents.

Expenses

Albany Road will pay for all of its own normal day-to-day operating expenses, such as compensation for its
professional staff, and the cost of office space, office equipment, communications, utilities and other such
normal overhead expenses.

Subject to the Funds’ Governing Documents, the Funds shall be responsible for all expenses related to the
Funds and their activities, including, without limitation, making, managing and exiting the Funds’
investments, and similar costs. These costs include legal, accounting, consulting, printing, distribution, travel,
meals, due diligence costs, administrative, organizational dues (subject to limitations as fully described in the
Governing Documents) and other expenses associated with raising capital, organizing, forming, and
marketing the Funds.

The Funds will pay directly or reimburse Albany Road or its affiliates for all expenses relating to the
acquisition, ownership and operation of the Funds or its investment properties including, without limitation,
legal, auditing, accounting, loan servicing expenses, and tax preparation services, costs related to the
investigation, purchase or sale (whether or not consummated) and holding of investments, travel, meals,
financial research, market analysis, risk management, interest on borrowed funds, taxes, the cost of property
and liability insurance, directors’ and officers’ liability insurance and indemnification expenses, and
extraordinary expenses such as litigation and expenses associated with the meetings of the Manager. Any
third-party expenses incurred in connection with transactions not consummated (i.e., “broken deal” expenses)
shall be borne either by the Manager or by the Fund, as determined in accordance with the provisions set forth
in the Fund’s private placement memorandum. Expenses incurred by the investment properties, including
property management fees to third parties, will be borne by those respective investment properties.

If any Fund expenses are associated with two or more Funds, such expenses will typically be allocated by the
applicable managers according to the relative aggregate capital commitments of the applicable funds, usage
of the applicable funds, or other such criteria subject to the discretion of those managers.

Investors may not withdraw from their respective Fund prior to dissolution and may not transfer any of their
interest rights or obligations under the Fund without the prior written consent of Albany Road or the Manager,
as applicable. As such, there is no need for a refund mechanism.

Albany Road, or the Manager, deducts fees applicable to the Funds (and Investors) directly from the Funds’
assets.

ITEM 7 – TYPES OF CLIENTS

Albany Road provides investment advisory services to the Funds, as described in Item 4, above. The Funds’
interests are offered only to Investors meeting certain suitability requirements, as described below. Generally,
Albany Road requires that each Investor in the Funds be (i) an “accredited investor” as defined in Regulation
D under the Securities Act of 1933, and/or a “qualified purchaser” or “knowledgeable employee”, within the
meaning of the Investment Company Act of 1940, as amended, and (ii) a “qualified client”, within the meaning
of the Investment Advisers Act of 1940, as amended. Minimum investment commitments for private pooled
investment vehicles is $500,000, and the minimum investment commitment for co-investment vehicles ranges
from $50,000 to $100,000, depending on the specific investment. The Managers of the Funds, in their sole
discretion, may permit investments that are less than the required minimum investment commitment set forth
in the private placement memoranda of the Funds.