CA Adviser LLC

Item 5: Fees and Compensation

A. Fee Schedule

Investment Supervisory Services Fees
The Firm typically receives a portion of the annual management fee payable by each CA Fund to its
general partner, which annual management fee is equal to a percentage (referred to herein as the
“Management Fee Rate”) of the assets under management of each CA Fund. The assets under
management on which the fee is based during the CA Fund’s commitment period (typically three to
four years) is equal to the CA Fund’s aggregate investors’ committed capital regardless of how much
has been actually contributed by investors during the commitment period. After the commitment
period, the assets on which the fee is based typically will change to equal the outstanding amount of
capital (including investor capital contributions and outstanding debt) of the CA Fund that remains
invested in portfolio companies, subject to certain caveats. The specific fee arrangements for each CA
Fund may vary and are described in the applicable private placement memorandum and are set forth in
the CA Fund’s limited partnership agreement. The Management Fee Rate payable by both Campus
Real Estate Partners II, LP and Campus Real Estate Partners III, LP is 1.5%, subject to reduction for
certain limited partners as set forth in the limited partnership agreement and/or any side letter with a
limited partner. In addition, certain organizational expenses, brokerage fees, placement fees, break-up
fees, and/or other fees or expenses may be credited, in whole or in part, against the Management Fee
payable to the general partner of the CA Fund as provided in the partnership agreement or investment
advisory agreement with a particular CA Fund.

A CA Fund, the general partner of a CA Fund and/or the Firm may enter into side letters or other
written agreements with any limited partner of a CA Fund without the consent of any other person,
including any other limited partner. Side letters may give special rights under, or change or add to the
terms of, the CA Fund’s limited partnership agreement or offering materials with respect to a particular
limited partner. Each CA Fund, its general partner and the Firm reserve the right to alter its fee
arrangements applicable to a particular limited partner by entering into a side letter with that limited
partner. The capital invested by a CA Fund’s general partner and affiliates of the general partner and
CAA is not counted toward the amount of assets on which management fees and certain other fees are
charged.

B. Payment of Fees

Payment of Investment Supervisory Fees
Management fees, if any, are paid quarterly in advance by the CA Funds. The CA Funds draw capital
from their limited partners in order to pay the management fees. Prior to each payment of management
fees, each limited partner in the CA Fund is sent a capital draw down notice that shows the limited
partner’s share, if any, of the management fee. Once the limited partner pays the amount stated in the
capital draw down notice, the CA Fund’s general partner authorizes and makes payment of the
management fee, if any, to itself and the Firm. The calculation of the management fee payable, if any,
is disclosed to the limited partners in the CA Fund’s financial statements.

The CA Funds’ general partners or other CAA affiliates may receive a share of the profits generated
by CA Funds. This share of profits is often referred to as a “carried interest.” Carried interest

        payments, if any, typically are paid periodically when a real estate asset is sold from cash that otherwise
        would be distributed to limited partners of the particular CA Fund pursuant to the CA Fund’s limited
        partnership agreement. The carried interest is discussed in more detail in Item 6.

        C. Other Fees and Expenses

        Certain affiliates of CAA may receive other fees and compensation for services provided to the CA
        Funds as more particularly described in the applicable Offering Documents of each particular CA Fund.
        These other fees and compensation may include development or redevelopment fees, construction
        management fees, property management fees, guaranty fees, technology service fees, leasing fees and
        marketing fees.

        Each CA Fund is responsible for paying its own costs, expenses and liabilities that are incurred or arise
        out of the business and operations of the particular CA Fund. Such costs, expenses and liabilities
        include but are not limited to: costs and expenses relating to the actual or prospective acquisition,
        disposition, financing, development, redevelopment, management, leasing and ownership of the CA
        Fund’s investments in real estate and other assets, including travel expenses and costs to attend industry
        conferences; regulatory fees and costs, including attorney’s fees and expenses; accounting auditing,
        tax and similar service fees, costs and expenses; costs and expenses associated with internal valuations
        and third party appraisers and valuation experts; insurance costs; costs and expenses of third party
        service providers including custody, transfer agent, brokerage, administration and corporate agents;
        legal and consulting fees and expenses; software and technology systems; fees, costs and expenses
        associated with the Advisory Council; fees, costs and expense relating to investor relations and
        communicating with limited partners; extraordinary expenses, including litigation and indemnification
        costs; taxes or other governmental charges; and liquidation expenses.

        The Firm is responsible for paying its own normal operating overhead, including employee salaries,
        rent, furniture, fixtures, office equipment and other expenses incurred in maintaining its principle place
        of business (“CAA Overhead”). The Firm and/or the CA Fund’s general partner will be reimbursed
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Item 7: Types of Clients

The Firm provides investment advice and portfolio management services to each CA Fund, which is related to
the Firm because there is majority common ownership and control between the Firm and the general partner of
each CA Fund. Campus Real Estate Partners II, LP is a closed-end investment partnership that does not accept
additional capital after a stated offering period or offer redemption rights or periodic liquidity to limited
partners. Other CA Funds organized in the future may be closed-end or open-end investment partnerships or
other entities. Capital committed by limited partners to the CA Funds is drawn down and contributed over time
to purchase real estate investments or pay expenses, including CAA fees. Most CA Funds’ limited partners are
institutional investors and high net worth individuals. In certain cases, the CA Fund general partner may in our
its discretion provide co-investment and/or financing opportunities to limited partners and other third party
investors (including employees and other designees of the Firm) directly in an CAA real estate investment
rather than through a CA Fund.