ASB Capital Management LLC

ITEM 5: FEES & COMPENSATION

ASBCM’s advisory fees are generally based on a percentage of the assets under management as provided
and described in detail in the client’s investment management agreement. ASBCM will invoice clients
on a monthly or quarterly basis in arrears. If a client is invested in the ASBREI Fund or a client has
granted custody of assets to CCTC, the client may choose, subject to the applicable fund’s governing
documents, to have the investment management fees deducted from their account or be invoiced
directly for their fees. When CCTC custodies the assets, the fee schedule below is inclusive of custodial
and safekeeping fees.

Asset-based fees are based on the following fee schedule and may be subject to negotiation where
circumstances warrant.

        I.      Balanced and Equity Accounts
                Individually Managed
                1.00% up to $10,000,000 in market value of assets, negotiable thereafter.
                Smaller accounts may be subject to a minimum annual fee.

        II.     Fixed Income Accounts
                Individually Managed
                0.75% up to $10,000,000 in market value of assets, negotiable thereafter.
                Smaller accounts may be subject to a minimum annual fee.

        III.   Open-End Pooled Investment Funds
                ASB Allegiance Real Estate Fund, LP
                1.00% (100 basis points) on the first $15 million
                0.90% (90 basis points) on the next $60 million
                0.75% (75 basis points) on the balance (over $75 million)

                ASB Labor Equity Index Fund
                IBEW-NECA Equity Index Fund
                0.015% on invested capital.

                Focused Core Fixed Income Fund
                0.20% on invested capital

        IV.     Individually Managed Real Estate Portfolios
                All fees for individually managed Real Estate portfolios are negotiated on a client-by-
                client basis.

ASBIM clients will also pay brokerage expenses related to the buying and selling of securities in their
account. Brokerage expenses are included in the cost of the transaction. ASBIM does not receive fees
for brokerage transactions. In cases where an affiliate of ASBCM does not custody assets, clients may pay
custodial charges to another institution. Additional information regarding brokerage activities and
brokerage fees related to advisory services provided by ASBIM is in Item 12 of this Brochure.

When a client holds comingled investment instruments such as mutual funds, exchange-traded funds,
collective investment funds, limited partnerships or investment trusts, the client will pay operating
fees and other fees charged directly by the comingled investment, thereby reducing the return on that
instrument.

Real Estate Expenses

The ASBREI Fund and client real estate expenses will be borne by the ASBREI Fund or the client.
These expenses include, but are not limited to, development costs, construction costs, costs of tenant
improvements, property management fees, broker fees, legal expenses, environmental and impact
assessment, property-related taxes, dead deal expenses etc. From time to time, ASBREI will be

required to decide whether certain fees, costs and expenses should be borne by the ASBREI Fund or
other client, on the one hand, and/or whether certain fees, costs and expenses should be allocated
between or among clients and/or other parties. Certain expenses may be the obligation of one
particular client and may be borne by such client or, expenses may be allocated among multiple clients
and other entities. In exercising its discretion to allocate investment opportunities and fees and
expenses, ASBREI may be faced with a variety of potential conflicts of interest. Such allocation
determinations are inherently subjective and give rise to conflicts of interest due to the inherent biases
in the process.

ASBREI allocates fees, costs and expenses in accordance with a client’s governing documents. With
respect to allocating expenses among clients and other parties, as appropriate, to the extent not
addressed in a client’s governing documents, ASBREI will make any such allocation determination in
a fair and equitable manner using its good faith judgment, notwithstanding its interest (if any) in the
allocation (which such methodologies may include pro rata allocation based on the respective total
capital commitments of Funds pro rata allocation based on the respective investment (or anticipated
investment) of a client in an investment, relative benefit received by a client, or such other equitable
method as determined by ASBREI in its sole discretion). ASBREI will make any corrective allocations
and take any mitigating steps if it determines such corrections are necessary or advisable to ensure
allocations are equitable on an overall basis in its good faith judgment. Notwithstanding the foregoing,
the portion of an expense allocated to a client for a particular service will not always reflect the relative
benefit derived by such client from that service in any particular instance and a client will bear more
or less of a particular expense based on the methodology used, and a client will bear more or less of a
particular expense based on the number of parties ASBREI selects to bear the expense in its initial
allocation determination. When making expense allocation determinations, ASBREI generally will
allocate an expense to one or more clients and/or other parties that are in existence and identified as
such at the time the expense allocation determination is made. Accordingly, it can be expected that in
certain cases clients and/or other parties that were not in existence or otherwise identified as clients
and/or other parties that expenses could be allocated to at the time an expense is allocated will
ultimately benefit from a particular expense, without having borne any portion of such expense, and
...

ITEM 7: TYPES OF CLIENTS

ASBCM provides investment management services to high-net-worth individuals, qualified individual and
institutional clients that include Taft-Hartley plans, pension and retirement programs, separate
accounts, endowments and foundations, corporations and other types of accounts. ASBCM also
provides advisory services to Funds.

With respect to the ASBREI Fund, investment advice is provided directly to the ASBREI Fund (subject
to the direction and control of the general partner of the ASBREI Fund, if applicable) and not
individually to investors in such Fund. Interests in the Funds are offered pursuant to applicable
exemptions from registration under the Securities Act of 1933, as amended, and the Investment
Company Act of 1940, as amended. Investors in the Funds are generally “accredited investors” and
may include, among others, Taft-Hartley plans, pension and retirement programs, endowments and
foundations, corporations and other types of accounts. ASBCM does not currently have a minimum
asset size for a Fund, but minimum investment commitments may be established for investors in the
Funds. The general partner of each Fund may in its sole discretion permit investments below the
minimum amounts set forth in the organizational documents of such Fund.