Bridge Net Lease Fund Manager LLC

Item 5 – Fees and Compensation

with the Investment Adviser’s 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, the 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 Adviser and its 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 Adviser 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 Adviser’s 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).

Multiple Layers of Fees and Expenses for Certain Clients

In the event that an Apollo Client invests in a Client, subject to the Governing Documents of the
investing Apollo Client, to the extent the Governing Documents of the Client require the investing
Apollo Client to bear Management Fees but provide for an offset thereto in respect of all or a
percentage of the “transaction fees,” or other substantially similar offsetable amounts in
accordance with such Governing Documents and receivable by Bridge, such offsetable amounts
will, with respect to the investing Apollo Client, be treated in a manner in accordance with the
Governing Documents of the Client. No such offset will apply with respect to any “transaction
fees,” or substantially similar amounts if the applicable Governing Documents do not require such
an offset or the investing fund is not bearing Management Fees with respect to such investment

Item 7 – Types of Clients

The Investment Adviser generally provides investment advice to various commingled investment
funds and other vehicles, joint venture projects, separately managed accounts, REITs, and
alternative investment vehicles, including any parallel and feeder investment vehicles (each, a
“Fund” and collectively, the “Funds”). The Investment Adviser 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 Adviser and its 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)