Belveron Real Estate Partners LLC

ITEM 5 – FEES AND COMPENSATION

A.      Advisory Fees and Compensation

Belveron is generally compensated for its advisory services through a Management Fee (the “Management
Fee”) and performance-based compensation (“Carried Interest”) (as described in Item 6).

The Management Fee payable by the Funds is generally based on a percentage of (i) committed capital or
(ii) invested capital, as applicable, and is payable quarterly.

Belveron exempts certain investors in the Funds from payment of all or a portion of Management Fees
and/or Carried Interest. In Belveron Partners Fund III, LP, Belveron Partners Fund IV, LP, Belveron
Partners V, LP and Belveron, Partners Fund VI, LP if an affiliate of the Fund’s general partner makes a
cash capital contribution in an amount equal to twenty-five percent (25%) or more of its commitment, the
investor shall have the option, with the approval of the general partner, of funding any of its remaining
capital contributions, in whole or in part, by means of a promissory note.

Belveron has entered arrangements with joint venture partners, and may enter arrangements in the future,
where the joint venture partner can earn incentive-based compensation including acquisitions or
management fees as allowable by each Funds governing documents.

Additional Compensation

Belveron has entered arrangements with joint venture partners, unrelated to advisory client investments,
where the joint venture partner pays Belveron for management fees based on a percentage of actively
invested capital and is payable quarterly.

Belveron also provided management or developer services with respect to certain investments that are
unrelated to advisory client investments. Belveron charged commercially reasonable compensation that are
competitive with the fees that would otherwise be paid to third parties providing the same services in the
same real estate market.

The fees and payment terms applicable to each Advisory Client are governed by the Governing Documents.

Investors should refer to the Governing Documents for each Advisory Client for a complete understanding
of how fees are paid to Belveron or its affiliates. The information contained herein is a summary only and
is qualified in its entirety by such documents.

B.      Payment of Fees

The Management Fee and other applicable fees are generally paid directly from the assets of the relevant
Advisory Client. On occasion, Belveron may call capital from investors to pay certain expenses, including
fees, payable by the Advisory Clients.

C.      Other Advisory Client Fees and Expenses

The Advisory Clients will typically be responsible for all fees, costs, expenses, liabilities and obligations
relating to such Advisory Client’s and/or its subsidiaries’ activities, investments and business (to the extent
not borne or reimbursed by a portfolio company), including (i) legal, audit, tax, reporting software,
accounting, and consulting fees, (ii) expenses and taxes incurred in the distribution, transfer, and recording
of documents evidencing ownership of an interest in any asset acquired by the Advisory Clients, (iii)
expenses for travel costs incurred in connection with the administration of the Advisory Clients and their
interest in their assets; (iv) tax and accounting preparation costs with respect to the tax returns and other
reporting requirements of the Affiliated General Partners; and (v) brokerage, financing, property
management, construction management, and other fees incurred for services in connection with the
acquisition, operation, financing, or disposition of properties owned by the Advisory Clients directly or
through another entity.

Joint Venture Partner Compensation - Belveron periodically invests the assets of the Funds in other entities
that specialize in particular real estate investments. In certain cases, such entities and other pooled
investment vehicles are managed by unaffiliated third party managers (“JV Partners”). JV Partners engaged
by a Fund or the General Partner may receive management fees, carried interest, or other compensation for
their services that is paid by the property (and indirectly by the Funds). In certain instances, carried interest
will only be paid to the JV Partner after achieving a certain performance return threshold.

The Co-Investment Entities bear expenses related to their formation and operation, many of which are
similar in nature to those borne by the Funds.

In the event that a transaction in which a co-investment was planned, including a transaction for which a
co-investment was believed necessary in order to consummate such transaction, ultimately is not
consummated, all or certain broken deal fees relating to such unconsummated transaction may be borne by
the Fund(s) and not by any prospective co-investors that were to have participated in such transaction.
However, to the extent that such co-investors have already invested in a Co-Investment Entity or other
vehicle in connection with such transaction, such vehicle may bear its share of such broken deal fees.

Please refer to Item 12 of this Brochure for information regarding Belveron’s brokerage practices.

Refer to the relevant Governing Documents for each Advisory Client for a more detailed discussion of the
expenses borne by Advisory Clients and investors. The information contained herein is a summary only and
is qualified in its entirety by such documents.

D.      Advance Payment of Fees

Management Fees paid by certain Advisory Clients are paid quarterly in advance. To the extent Belveron
has received excess Management Fees, it will rebate or refund any such Management Fees to Advisory
Clients.

Carried Interest distributions are typically paid when earned; however, they are subject to final true-ups
based on overall performance and, if advanced and later determined unearned, they are repaid.

E.      Access Person Compensation for Sale of Securities

Not applicable to Belveron.

ITEM 7 – TYPES OF CLIENTS

Belveron provides investment advisory services to the Funds and to the Co-Investment Entities, each of
which is a pooled investment vehicle as described in Item 4, above.

Belveron has Advisory Clients that are currently open to new investors. The Advisory Clients are open
only to investors meeting certain suitability requirements. In addition, the Advisory Clients require a
significant minimum capital commitment from each investor, which could, however, be waived by
Belveron or the Affiliated General Partners, as applicable. Belveron anticipates the same would be required
of any future advisory client.

The Funds may enter into separate agreements, commonly referred to as “side letters”, or other similar
agreements with a particular Limited Partner in connection with its admission to the Fund without the
approval of any other Limited Partner, which would have the effect of establishing rights under or
supplementing the terms of the applicable Fund’s Partnership Agreement with respect to such Limited
Partner in a manner more favorable to such Limited Partner than those applicable to other Limited Partners.
Such rights or terms in any such side letter or other similar agreement may include, without limitation: (i)
reporting obligations, (ii) waiver of certain confidentiality obligations, (iii) “most favored nation”
provisions or (iv) rights or terms requested or necessary in light of particular investment, legal, regulatory
or public policy characteristics of a Limited Partner.