BGO US Real Estate LP

Item 5:   Fees and Compensation

          Prior to investing in a Fund, each investor is asked to carefully read and review the
          particular Fund’s offering and/or governing documents for a complete
          understanding of the terms of the Fund, including, the compensation received by
          BGO and its affiliates and how such compensation is calculated, the expenses paid
          by the Fund and withdrawal rights and limitations. The information contained in
          this Brochure is only a summary and is qualified in its entirety by each such Fund’s
          offering and/or governing documents.

          Discretionary Clients:

          BGO and/or our affiliates typically receive a management fee from each Fund as
          compensation for advisory services, the terms of which are set forth in each Fund’s
          offering documents. The management fee paid by each Fund is in the range of 0.5-
          2%. During a Fund’s investment period, the fee is generally calculated on a base
          of aggregate commitments made by investors to such Fund. Afterwards, the base
          scales down to the amount of such Fund’s invested capital or net asset value. In
          some cases, invested capital includes amounts borrowed by the Fund. Investors in
          our Funds indirectly pay the management fees by way of capital contributions to
          the Funds. In addition, we generally are able to deduct fees from distributions
          otherwise payable to investors in our Funds.

          As set forth in greater detail in Item 6 below, the general partner of each Fund
          typically receives a performance-based profit allocation in the form of “carried
          interest,” entitling it to a prescribed portion of a Fund’s profits. Each Fund has
          established a distribution waterfall describing how distributions will be paid to the
          underlying investors in such Fund and to BGO. Generally, a carried interest
          represents a share of distributions made by a Fund in excess of the relevant
          investors’ invested capital and allocable fees and expenses. Carried interest
          distributions may be made each time an investment is realized or on a different
          basis as agreed to between the Fund and its investors and as set forth in the
          governing documents of such Fund.

          Carried interest allocations generally do not exceed 20% of profits and are generally
          subject to certain preferred return hurdles. The preferred return hurdle varies
          between Funds, but is generally 7-10%. As described below, certain investors in
          the Funds and/or affiliates of BGO pay a reduced (or no) carried interest in respect
          of their investment in the Fund. The manner of calculation and application of
          carried interest profit allocations are disclosed in the governing documents for each
          Fund.

          In our European lending platform, we also receive origination fees of up to 1.0%,
          which are generally paid by borrowers from the respective Fund (and not our
          investors).

Our compensation is subject to waiver and reduction. Our Firm, our affiliates and
certain of our professionals invest in investment vehicles advised by us. Our
principals and employees are subject to reduced or no management fees and/or
carried interest on their direct or indirect investment in our Funds.

From time to time, we or our affiliates enter into side letters or other written
understandings with individual investors that have the effect of establishing more
favorable rights under, or altering or supplementing, the terms of a particular Fund’s
offering documents. The altered terms include but are not limited to the
compensation we receive from our clients. Our Firm and our affiliates do not
impose a uniform schedule of management fees or performance-based
compensation for all Funds (and their respective investors).

We, from time to time, offer certain investors in our clients the ability to co-invest
in certain investment opportunities alongside our clients. In such cases, the fees
charged in connection with a co-investment are generally different than the
compensation we receive from other clients also investing in the same investment.
Certain investors in our Funds receive priority rights with respect to co-investment
opportunities based on objective criteria, and any priorities are generally disclosed
in the offering documents for such Funds.

The offering documents for certain Funds provide that BGO and its affiliates
receive additional fees (other than the management fees) in connection with the
affairs of a Fund and a Fund’s investments, including monitoring fees, topping fees,
break-up fees, director’s fees, and other similar transaction fees. The Fund’s
offering documents generally provide that such fees would be applied to reduce the
management fee. Any potential conflict of interest the Firm would have to the
extent it has the opportunity to earn such additional fees would be mitigated by the
management fee offset.

In addition, affiliates of BGO are retained by certain Funds or a portfolio company
owning an investment of a Fund to provide property and asset management
services, including construction management, leasing, development and other
similar services. Such services and fees are subject to restrictions set forth in the
offering documents of each Fund. Fees paid to affiliates are generally disclosed to
advisory committees of the relevant Fund and, where appropriate, in Fund financial
statements.

We charge management fees to our Funds quarterly in advance or in arrears as more
particularly set forth in the relevant Fund’s offering documents. Each client pays
management fees for the period commencing on the client’s initial closing date and
ending on the earliest of the next December 31, March 31, June 30 or September
...

Item 7:   Types of Clients

          Generally, our clients are closed-end real estate funds or are organized in a similar
          fund structure for pooled investments. Our clients rely on certain exclusions and
          exceptions from the definition of “investment company” in the Investment
          Company Act of 1940, as amended. Accordingly, none of our Funds are registered
          as investment companies with the SEC. We also provide investment advice to
          certain large corporate organizations on a non-discretionary basis and likewise,
          these clients are not “investment companies”.

          Our Firm determines in its sole discretion any requirements for entering into an
          investment advisory contract with a Fund or otherwise opening or maintaining an
          account, including whether a private fund client is large enough to implement its
          desired investment program. Each of our clients, in turn, may impose their own
          requirements, including minimum investment size and satisfaction of other relevant
          criteria, including requiring that each such investor in a Fund is both an “accredited
          investor” (defined in Regulation D under the Securities Act of 1933, as amended)
          and a “qualified purchaser” (defined in the Advisers Act).

Item 8:   Method of Analysis, Investment Strategies and Risk of Loss

          Below is a general summary of our investment strategies, methods of analysis and
          material risks. More information on each of the above can be found in the offering
          documents with respect to each Fund.

          In managing our Funds, we employ methods of analysis and investment strategies
          suitable for each Fund’s investment objective.

Investment Strategies

We employ various investment strategies, including investing in Asian, European
and North American real estate markets. Certain of our clients focus on acquiring
high quality real estate assets whose capital structures have been compromised.
Certain investment opportunities may result from existing owners (foreign and
domestic funds and/or financial institutions, for example), that are capital
constrained and lack the ability to refinance their existing mortgages. We also have
clients seeking to acquire more stable, high quality assets at different points in the
risk spectrum. We also invest in loans (generally senior loans secured by real estate)
in Europe.

Our clients’ investments will include corporate real estate assets, distressed debt,
distressed CMBS opportunities, and non-recourse syndicated and whole loans. We
source investments primarily in Asia, Europe and North America, although we may
invest elsewhere.

We vary the investment programs according to our clients’ needs. Among all of our
clients, we may engage in any combination of the following:

•   Investing in real estate markets through:

    o directly acquiring real estate properties,

    o indirectly participating in or acquiring general partnerships, limited
      partnerships, limited liability companies, or similar structures, and

    o acquiring any note, loan, loan agreement, debt security or similar obligation
      (or pools of obligations), including those having equity participation or
      conversion rights, with respect to property or ownership,

•   Borrowing/leveraging, including short-term bridge loans (on an unsecured
    basis),

•   Hedging equity, credit, currency, commodity price and/or interest rate exposure,
    and

•   Investing in or with other partnerships and entities.

Most of the above strategies involve medium to long-term investment in
commercial real estate.

From time to time, we will make short-term investments on behalf of clients for
cash management purposes that include investments in bank depository products,
commercial paper and government securities. Other investments take the form of
privately negotiated investment instruments, including unregistered equity and debt
from both foreign and domestic issuers.