Bison Capital Group LLC

ITEM 5. FEES AND COMPENSATION

As provided under the governing documents of each applicable Fund, Bison is or may be entitled
to receive management fees, carried interest, and other compensation. Although Bison has entered
into agreements with the Funds providing for these fees, Bison may negotiate alternative fees on a
case-by-case basis with other clients. The facts and circumstances of each Fund will be considered
in determining the fees received by Bison as compensation for advisory services, including the
client's investment strategy, assets under management, account composition, reporting
requirements, and any other factors that Bison deems relevant. While applicable fees and other
compensation are described in detail in the applicable Fund governing documents and/or service
agreements, a general overview of such fees and compensation is set forth below. The following
summary is qualified in its entirety by the applicable governing and offering documents of each
applicable Fund.

MANAGEMENT FEES

Bison is generally entitled to receive as compensation for advisory services to the Funds an asset
management fee of 0.75-1.50% annually of contributed equity or committed capital, a flat fee, or a
fee based on gross revenue, to cover overhead, in each case calculated and payable quarterly or
monthly, either in advance or arrears. Fees are deducted from Fund assets.

OTHER COMPENSATION

As disclosed in Fund governing documents and agreements, Bison or its related persons receive
additional compensation or other pecuniary benefits due to the nature of its business. The Funds
primarily invest in real estate projects through holding entities (“real estate investment entities”)
rather than traditional portfolio companies. While Bison does not typically maintain formal
agreements with these real estate investment entities, it has informal arrangements with the
operating partners of the underlying real estate projects. Under these arrangements, Bison may
receive a one-time acquisition fee from the operating partner, the amount of which varies based on
the specific project structure. In some cases, Bison may negotiate additional economic
arrangements with operating partners, which could include a share of certain fees or other
compensation related to the project. To date, Bison has not received any funds under such
arrangements. Importantly, Bison Fund investors are not responsible for any acquisition fees or
other compensation received by Bison pursuant to these agreements. Generally, Bison is entitled to
a disposition fee upon the sale of the property, ranging from 50 – 100 basis points, subject to a
hurdle rate of 1.25x invested capital.

OTHER EXPENSES

In addition to management compensation, consistent with Fund governing documents, each Fund
bears the expenses of its organization and the offering of its interests (including legal and
accounting fees, printing costs, travel, and out-of-pocket expenses) and operations. Additionally,
each Fund bears all costs and expenses directly related to its investment programs including
expenses incurred in the identification, evaluation, acquisition, ownership, sale, hedging or
financing of any investment or potential investment, including expenses incurred in evaluating
potential investments that are ultimately not pursued (“dead deal costs”). The Funds may pay
expenses directly or indirectly and may reimburse Bison for eligible Fund expenses, including
commercial, business class, first class or private travel expenses. A specific description of fees
and expenses charged to the Funds is contained in the agreements and offering documents for
such Funds.

Bison Capital Group, LLC                                                                           6

ITEM 7. TYPES OF CLIENTS

Our current clients are the Funds which are pooled investment vehicles. Investment advice is
provided directly to the Funds. Bison does not individually advise any of the investors in the Funds.
Interests in the Funds are offered pursuant to applicable exemptions from registration under the
1940 Act and the Securities Act.

The Funds generally have a minimum initial investment amount of $100,000 and investments are
made at the discretion of the general partner of each applicable Fund. The minimum initial
investment amount is generally $50,000 for BCG Real Estate Growth Fund 4 LP and BCG Real
Estate Growth & Income Fund 5, LP. Bison reserves the right to allow exceptions to any minimum
investment amount required. Bison does not have a minimum size for a Fund.

Bison Capital Group, LLC                                                                           8