Bridge Multifamily Fund Manager LLC

Item 5 – Fees and Compensation

of the Client, the General Partner or any of their related vehicles (including any parallel vehicle,
feeder vehicle, alternative investment vehicle or special purpose entity), (xv) costs of enforcement
related to defaults by Fund Investors in the payment of any capital contributions, (xvi) any
restructuring, modifications, revisions or amendments to the constituent documents of the Client
and related entities, including the respective General Partner, Investment Adviser, any parallel
vehicles, feeder vehicles, alternative investment vehicles and special purpose entities, (xvii)
hedging transactions for the Client, (xix) expenses incurred in connection with compliance with
side letters, (xx) fees, costs and expenses incurred in connection with retaining, meeting or
otherwise engaging with property brokers and other third parties in connection with sourcing,
acquiring, financing, disposing of or otherwise managing investments for Clients, including out-of-
pocket costs in respect of the foregoing (including travel consistent with the Investment Advisers
travel policies), meals, gifts and entertainment expenses, (xxi) other extraordinary, nonrecurring
matters, and (xxii) any other costs and expenses of the Client and related entities, including the
respective General Partner, Investment Adviser, any parallel vehicles, feeder vehicles, alternative
investment vehicles and special purpose entities, and such other fees (to the extent not otherwise
addressed in the Governing Documents) as may be approved by the LPAC or otherwise pursuant
to the Governing Documents. Out-of-pocket expenses associated with completed transactions are
generally capitalized as part of the acquisition price thereof.

Expense Allocation. Expenses are generally borne pro rata by Fund Investors in the applicable
Client. From time to time, there are certain fees, costs and expenses incurred for the account or
benefit of more than one Client. Under these circumstances, each Client will typically bear an
allocable portion of any such fees, costs or expenses in proportion to the relative size of the Client,
commitment to the activity or entity to which such expense relates, or in such other manner as
the Investment Adviser or Bridge considers fair and equitable under the circumstances in its
discretion, in each case, subject to the terms of the respective Governing Documents. Such
allocations take into account a variety of considerations and will vary depending on the type of
expense, including, without limitation, allocations based on assets under management, net asset
value, holdings percentages, number of positions held by different funds and accounts, number
of funds and accounts in a particular strategy, number of users of such resource within a strategy
and estimates on time spent relating to a particular Client. Despite the good faith judgment of the
Investment Advisers and their respective affiliates to arrive at a fair and reasonable expense
allocation methodology, the use of any particular methodology may lead one Client to bear
relatively more expense in certain instances and relatively less in other instances compared to
what such Client would have borne if a different methodology had been used to allocate such
expenses. From time to time, the Investment Advisers may revise or change previously determined
allocation methodologies in an effort to ensure that such expenses remain fairly and equitably
allocated among the Clients. The Clients are generally not responsible for the Investment Advisers’
normal and recurring routine operating expenses of managing the Client, including compensation
of employees, rent, utilities and other expenses of management (but not including any
“partnership expenses” or “organizational expenses,” as such terms are defined in the applicable
Governing Documents).

Item 7 – Types of Clients

The Investment Advisers generally provide investment advice to various commingled investment
funds and other vehicles, joint venture projects, separately managed accounts, and alternative
investment vehicles, including any parallel and feeder investment vehicles (each, a “Fund” and
collectively, the “Funds”). The Investment Advisers also serves as manager of various vehicles on
a non-discretionary basis or co-investment vehicles structured to facilitate participation by third-
party co-investors in certain investments, including investments alongside its Clients (“Co-
Investors” and with the Funds, each a “Client”). Investment advice is provided directly to the
Clients, subject to the discretion of the applicable General Partner, and not individually to Fund
Investors. Fund Investors include high-net-worth individuals, banks or thrift institutions, other
investment entities, endowments, foundations, sovereign wealth funds, family offices,
government or private pension and profit-sharing plans, trusts, estates or charitable organizations
or other corporations or business entities and include, directly or indirectly, principals or other
employees of the Investment Advisers and their affiliates.

Fund Investor Qualifications and Minimum Investments

Fund interests are generally offered and sold only to investors that are (i) “accredited investors”
as defined in Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), (ii)
“qualified clients” as defined under the Advisers Act, and (iii) “qualified purchasers” as defined in
Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), or “knowledgeable employees” of Bridge as defined in Rule 3c-5 under the
Investment Company Act. Minimum initial investment requirements vary by Client but generally
range from $250,000 to $5 million. Please see each Client’s Governing Documents for the
minimum initial investment requirement applicable to such Client. The applicable General Partner,
in its sole discretion, has waived, and is expected in the future to waive on occasion, the minimum
initial investment requirements for a particular Client, Fund or Fund Investor.