Asana Partners LP

Item 5 Fees and Compensation

Each Fund pays Asana Partners, as its Manager, an investment management fee (the “Management Fee”). These
fees are calculated in accordance with the relevant governing documents and are typically a percentage of capital
commitments or capital contributions, or a percentage of net asset value. Management Fees are generally
payable quarterly as a Fund expense.

In addition, the General Partner of a Fund may reduce or eliminate the Management Fee with respect to certain
affiliates, their employees, and such employees’ affiliates.

The General Partners of the Funds are also entitled to receive performance-based fees and distributions as
further described under Item 6 below.

The description of fees and compensation in this Brochure is not intended to be and is not exhaustive. Each Fund
is governed by its own governing documents, including provisions with respect to fees and compensation to
Asana Partners and its affiliates and other Fund expenses. To the extent any of the statements herein conflict
with a Fund’s offering materials and governing documents, such materials and documents shall govern, and
investors in such Fund will be bound by the terms, conditions, risks, and other relevant information contained
therein.

Additional Fees and Expenses

In addition to the fees described above, each Fund will also bear certain organizational and offering expenses
and the expenses of operating the Fund. Organizational and offering expenses are generally subject to a cap
specified in the Fund’s offering materials and governing documents, and include out-of-pocket expenses of the
General Partner and its agents incurred in the formation of the Fund. Operating expenses generally include, but
are not limited to, certain legal, compliance, regulatory and accounting fees and expenses, expenses related to
investigation of potential investments (whether or not consummated), including diligence and “broken deal”
expenses, expenses related to the acquisition, ownership and management (including costs related to
promotional and operational activities), financing, or disposition of investments, expenses of investor and
investor advisory committee meetings, certain insurance and indemnification expenses, certain valuation and
appraisal expenses, interest on Fund indebtedness and taxation expenses. Further details on the additional
expenses each Fund will bear are contained in the Fund's offering materials and governing documents.

“Broken deal” expenses are defined as expenses incurred in connection with a transaction that is not
consummated. In the event that a transaction in which a co-investment was to be sought ultimately is not
consummated, all “broken deal expenses” relating to such unconsummated transaction are expected to be borne
by the relevant Fund, and not by any potential or expected co-investors.

Certain Funds have retained and may retain one or more of Asana Partners’ affiliates to perform services
(“Additional Services”) for the Fund for which it would otherwise hire unaffiliated third parties, including leasing,
property management, property accounting, and construction project management provided that such services
are generally required to be provided on terms no less favorable to the Fund than those available from
unaffiliated third parties with comparable experience for a comparable level of service and quality and/or
otherwise approved under the Fund’s governing documents. All amounts payable for any such services will be
Fund expenses. Any compensation received by Asana Partners or its affiliates for rendering Additional Services
is separate and apart from and in addition to the Management Fee received by Asana Partners for managing the
Funds and any performance-based compensation to the General Partners.

Item 7 Types of Clients

Asana Partners provides investment advice to the Funds, which are private funds that are exempt from
registration under the Investment Company Act. Fund investors are required to be “accredited investors” and
“qualified purchasers,” or deemed to be “knowledgeable employees” of Asana Partners.

The minimum investment amount in respect of each Fund varies and is outlined in the Fund’s offering materials
and governing documents, but is subject to the relevant Fund’s General Partner’s right to accept investments of
a lesser amount in its sole discretion.