Anchor Health Capital LLC

Item 5 – Fees and Compensation

All Investors and prospective Investors in the Private Funds should review the relevant PPM and
governing documents in conjunction with this Brochure for further information regarding fees and
compensation or expenses. The following is subject in its entirety to the information provided in such
Private Funds PPMs and governing documents. Lower fees for comparable services may be available
from other sources.

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Fees
Each Private Fund pays to Anchor Health Capital an annual service fee based on the Private Fund’s
invested capital or capital commitments. The fee is between 1.00% to 2.00% per year on capital
commitments or capital invested in portfolio positions during the investment period of the Private Fund.
The annual service fee is divided and paid monthly or paid annually in arrears.

Anchor Health Capital or Achor Health Partners may receive an annual asset management fee between
up to 1.00% and up to 2.00% of the gross revenues of the Private Funds’ investments, payable on a
monthly basis by some of the Private Funds’ investments. If any investment is owned jointly with a party
not affiliated with the Private Fund, the investment may instead pay a one-time asset management fee up
to $50,000.

Anchor Health Capital may receive fees for construction management services, development services,
leasing services and other related services at market rates with respect to its investments. These fees
will be paid by the Private Funds’ investments on a periodic basis.

Anchor Health Capital or Anchor Health Partners may receive an acquisition fee between up to 1.00% to
up to 1.50% of the purchase price for properties in which the Private Fund invests. The acquisition fee is
payable by a Private Fund’s investment in connection with the closing of such investment.

Anchor Health Partners or its affiliates may receive an annual property management fee of up to 4.00% of
gross revenues of investments held by Private Funds, payable on a periodic basis by such investments.
Anchor Health Partners or its affiliate, in lieu of a property management fee, may receive an accounting
services management fee of up to 1.00% of gross revenues of investments held by Private Funds.

Anchor Health Partners or its affiliate may with respect to developments or redevelopments receive
development fees of up to 4.00% of the total development or redevelopment costs with respect to
development or redevelopment projects in which a Private Fund invests. The development or
redevelopment fees will in most instances be paid during the term of the development or redevelopment.

Anchor Health Capital may assess a one-time administrative fee of up to 1.00% of committed capital to
Chestnut Opportunity Zone Fund and its Co-investment Funds.

All fees other than those applicable to portfolio investments are deducted directly from the Private Fund.
Each Private Fund will set forth its specific fee structure in its applicable PPM or governing documents.

In addition to the annual management fee, our affiliated companies that serve as general partners or
managing members of the Private Funds may also receive a performance-based fee as described below
in Item 6 – Performance Based Fees and Side-by-Side Management.

Expenses
Private Funds will incur other expenses (in addition to the fees paid to Anchor Health Capital as described
above and the performance-based fee described in Item 6 – Performance-Based and Side-by-Side
Management below). The sponsor of each Private Fund will provide administrative services to the Private
Fund and will pay all normal operating expenses incidental to the provision of the day-to-day
administrative services to the Private Fund, including its own overhead. As appropriate, third-party costs
will be charged to portfolio investments. Private Funds will pay all costs, expenses and liabilities (subject
to limitations in each Private Fund’s governing documents) in connection with its organization,
syndication, and operations, including: fees, costs and expenses related to the purchase, holding and

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sale of portfolio investments (to the extent not reimbursed), taxes, fees and expenses of accountants,
bookkeepers, and counsel, fund administration expenses, regulatory compliance expenses, costs and
expenses of annual meetings; management fees; litigation expenses, and other extraordinary expenses.
Private Funds also bear third-party expenses incurred in connection with transactions not consummated.
Expenses that relate to services provided to all Private Funds that we manage are allocated to the Private
Funds in proportion to the Private Funds capital invested by Investors in the Private Funds.

Termination of Services
Our fund management services will be terminated automatically if a Private Fund is dissolved or
terminated. In addition, services may be terminated in their entirety by the general partner (or equivalent)
of a Private Fund at any time within the specified advance notice period outlined in our management
agreement. In the event services are terminated, we will receive a pro-rated final fee charged, based on
the number of days services are provided during the final billing period.

Item 7 – Types of Clients

Currently, our Private Funds include Chestnut Real Estate Fund II, Chestnut Real Estate Fund III,
Chestnut Healthcare Fund I, Chestnut Anchor Healthcare Fund II, Chestnut Healthcare Real Estate Fund
III, and Chestnut Opportunity Zone Fund and several special-purpose investment vehicles.
Investors in the Private Funds can include:

             •   family offices and high net worth individuals;
             •   governmental plans, state pension and permanent funds, sovereign wealth funds;
             •   private retirement plans, corporate pensions, multi-employer pensions;
             •   financial institutions and other institutional clients; and

             •   foundations, endowments and other charitable organizations.
We generally will require a minimum commitment from each Investor as set forth in the applicable PPM.
Investors in the Private Funds must be sophisticated in financial matters and be “accredited investors” as
defined in Regulation D under the Securities Act of 1933, as amended.
The special purpose vehicles that we manage may co-invest with other Private Funds. Also, the Private
Funds may invest in the special purpose vehicles that we manage. We may manage special purpose
vehicles that will co-invest with Chestnut Real Estate Fund III, Chestnut Anchor Healthcare Fund II,
Chestnut Opportunity Zone Fund, or Chestnut Healthcare Real Estate Fund III. The decision to allocate
investment to a co-investment fund and the proportion of the investment allocation is informed by the
portfolio targets and concentration of Chestnut Real Estate Fund III, Chestnut Anchor Healthcare Fund II,
Chestnut Opportunity Zone Fund, or Chestnut Healthcare Real Estate Fund III, respectively, to ensure

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that the portfolio of a multi-asset fund has appropriate exposure to the investment and is not
overweighted in property type, geography, or risk/return profile. The special purpose vehicle will pay
fees, expenses, and performance-based fees commensurate with those paid by Chestnut Real Estate
Fund III, Chestnut Anchor Healthcare Fund II, Chestnut Opportunity Zone Fund, or Chestnut Healthcare
Real Estate Fund III.