Broadview Real Estate Partners LLC

Item 5. Fees and Compensation

The fee and compensation arrangements between the Adviser and the Funds are set forth in the
Funds’ Governing Documents, and generally will not be negotiated; provided, however, that if
permitted in the Fund’s Governing Documents, the fees applicable to an Underlying Investor in
the Funds may be reduced at the Adviser’s discretion.

Funds

BREP Fund - During the three (3) year investment period of the fund, the BREP Fund pays the
Adviser an annual asset management fee of 1.5%, paid quarterly in advance, based upon a
percentage of the committed capital. Following the three (3) year investment period, the 1.5% fee
is paid based upon a percentage of the invested capital.

BRV Fund I, BRV Fund II and BRV Fund III – The annual investment management fee shall be
paid quarterly in advance at an annual rate equal to one and one-half percent (1.5%) of (i) the
aggregate amount of the capital contributions of the Partners invested in Investments, reduced by
(ii) the portion of such capital contributions invested in investments (or a portion thereof) that have
been disposed of or subject to a permanent or complete write off.

Such fees are paid out of the Fund’s distributable proceeds, operating cash flows, borrowings, or
capital contributions from the Underlying Investors. The General Partner of the Funds may reserve
the right to waive all or a portion of any installment of an investment management fee, and the
waived portion of an investment management fee installment shall reduce the amount of capital
contributions that the General Partner would otherwise be required to contribute to the Funds after
the date such waived amount would otherwise be due.

In addition, the Adviser’s management fee may be reduced by an amount equal to (i) fees and
expenses paid by the Funds to any placement agent in connection with the placement of interests in
the Funds, and (ii) organizational and offering expenses paid by the Funds in excess of any
applicable cap set forth in the Governing Documents.

BREP GP, LLC, BRVP GP, LLC, BRVP II GP, LLC, and BRVP III GP, LLC are organized as
limited liability companies in the state of Delaware and serve as the general partner of the Funds,
respectively (the “General Partners”). The General Partners and/or the Adviser may be entitled to
receive distributions of “carried interest” (see Item 6 below) from the Funds. Such carried interest
distributions generally range up to 30% of the Fund’s profits after the Fund’s Underlying Investors
have received their applicable preferred return, if any, and all capital contributions have been
returned to such Underlying Investors.

Underlying Investors should review the Fund’s Governing Documents for detailed information
with respect to applicable fees.

Valuation

The Fund’s real estate assets are primarily “fair valued.” The Adviser’s valuation process includes
the use of internal valuation models. Valuation methodologies include, among others, real estate
appraisals using the direct capitalization method, discounted cash flow method, and/or the sales
comparison method.

Other Fees

In addition to the compensation described above, the Client may pay the Adviser, or its affiliates,
certain other fees for services rendered in addition to advisory services, including oversight and
monitoring fees, in each case as set forth in the Fund’s Governing Documents (and subject to
applicable caps, if any, included in the Fund’s Governing Documents).

The Adviser and its supervised persons do not accept any compensation for the sale of securities
or other investment products, including any interests or shares in the Funds.

Expenses

The Funds bear directly and/or reimburses the Adviser for the Fund’s various operating and other
expenses. Such expenses, as specified in the Fund’s Governing Documents, may include, but are
not limited to:

      Legal and other organizational and offering expenses incurred in connection with the
       Fund’s formation (and the formation of any entities affiliated with the Funds), subject to
       any related terms described in the Fund’s Governing Documents, including any applicable
       cap on such expenses.

      All costs and expenses incurred in maintaining the operations of the Funds and its
       investments, as further described in the Fund’s Governing Documents. Such costs and
       expenses applicable to the Funds may include, but are not limited to: (i) legal, auditing,
       consulting, third party administration, and accounting fees and expenses (including costs
       of reports to the Fund’s Underlying Investors, financial statements, tax returns and K-1s),
       and fees of any service providers; (ii) expenses of any meetings of the Fund’s Advisory
       Committee, if applicable, and of its Underlying Investors; (iii) all expenses (including
       travel expenses), whether the transaction is consummated or not, associated with the
       consideration, acquisition, holding and disposition of the Fund’s proposed or actual
       investments, including, without limitation, any and all costs associated with alternative
       investment vehicles and any holding vehicles, insurance, indemnification, and other
       unreimbursed expenses; (iv) all extraordinary expenses (such as litigation); (v) interest on
       and fees and expenses arising out of all permitted borrowings made by the Fund; (vi) all
       third party expenses relating to unconsummated transactions; (vii) all expenses of
       liquidating the Funds; and (viii) any taxes, fees, or other governmental charges levied
       against the Funds and all expenses incurred in connection with any tax audit, investigation,
       settlement, or review of the Funds.

      Brokerage and any other applicable transaction costs, and custodial fees, if any, applicable
       to the Fund’s investments. Please see Item 12 for a description of the Adviser’s brokerage
       practices.
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Item 7. Types of Clients

As referenced in Item 4, the Adviser’s advisory Clients are the Funds, each of which has the
investment objectives and strategies set forth in its Governing Documents, but is generally related
to operating real estate companies and real estate-related investments/platforms, which employs
one or more of the strategies described in Item 8.

The Funds

The Adviser’s primary advisory Clients are Broadview Real Estate Partners Funds, LP, BRV
Partners Funds I, LP, BRV Partners Funds II, LP, BRV Partners Funds III, LP and their associated
related feeder Funds. Interests in the Funds are offered to qualified investors in reliance upon an
exemption from the registration requirements of the Securities Act of 1933, as amended (the
“Securities Act”). The Funds are not registered under the Investment Company Act of 1940, as
amended (the “Investment Company Act”), in reliance upon one or more exclusions from the
definition of “investment company” therein.

The investors in the Funds include sophisticated investors, such as institutional investors, pension
and profit-sharing plans, endowments, charitable organizations, foundations, sovereign wealth
funds, funds of funds, financial institutions, trusts, family offices, and high net worth individuals.

Investors in the Funds must each be an “accredited investor” as defined in Regulation D under the
Securities Act or otherwise qualified to invest in the relevant Funds pursuant to an offering of
securities that is exempt from registration under the Securities Act. Investors in the Funds must
also each be a “qualified purchaser” as that term is defined in Section 2(a)(51) of the Investment
Company Act or knowledgeable employees.