Commonwealth Asset Management LP

Fees and Compensation

CWAM receives investment management fees based on a percentage of assets under management
and are, in general, payable either monthly or quarterly in arrears, as described in the applicable
governing documents. Fees are generally based on the market value of the securities and cash in
the portfolio on the appraisal date of the account. The management and performance fees paid may
differ based on investor, fund structure, account size, strategy, mandate, and liquidity terms.

CWAM may receive monitoring fees, transaction fees, acquisition fees, asset management fees,
development fees, disposition fees, financing fees, leasing fees, construction management fees,
property management fees, advisory fees, closing fees, director fees, or other similar or related
fees in respect of services associated with investments or proposed investments made by the Real
Estate Strategy. Such fees are fully detailed in the relevant governing documents.

CWAM receives performance and incentive fees which range up to 20% of any increase in the
asset value over and above a target percentage rate as of a fiscal year end or other such period as
described in the governing documents. For further details on performance-based fees, see Item 6
of this Brochure.

Certain limited partners may negotiate customized fee schedules, which include, but will not
necessarily be limited to, a fee schedule that includes no management fee and/or an agreed upon
preferred performance and incentive allocation fee.

CWAM, in its discretion, may offer to waive, reduce, or rebate all or any portion of the
management fee, performance or incentive fee, or certain other fees and expenses of employees,
relatives, or affiliates of CWAM. No such waiver, reduction, or rebate will entitle any other Client
or investor to such waiver, reduction, or rebate.

CWAM has entered into side letters, and may do so in the future, that supplement or alter the
terms, rights, or provisions, of applicable governing documents, including economic terms, fee
structures, excuse rights, information rights, co-investment rights (including the provision of
priority allocation rights to investors admitted to a fund within a prescribed period following the
initial closing thereof or making or holding aggregate commitments of a certain size to one or more
fund) and liquidity or transfer rights. While CWAM has no obligation to offer all such additional
rights, terms, or conditions to any other investor, CWAM may make such side letters available to
investors in a relevant fund at its sole and absolute discretion.

Management fees, performance fees, and other compensation payable to CWAM, together with
other terms governing management by CWAM, are established by CWAM at the time of the
establishment of the relevant Client accounts. Fees and compensation may be negotiated with
investors prior to their investment or at the beginning of the investment management relationship.
Specific details of such compensation and its method of calculation are set out in the governing
documents of the relevant funds or Client account which may include side letter agreements, if

any, and may vary as between the funds and other Clients. Employees of the Firm or its affiliates
may receive more favorable fee structures and liquidity terms.

Redemptions and Terminations

Redemptions are subject to the specific redemption provisions as provided for in the governing
documents. Investment management agreements may be terminated according to the terms stated
therein and as provided in the relevant governing documents. No withdrawals or transfers are
allowed except with the consent of CWAM unless otherwise agreed to and provided for in the
relevant governing documents. Redemptions are typically limited to once per month or quarter
with proper advance notice. Redemptions are made with written notice to the fund administrator
or directly to the Firm in accordance with the governing documents. Investors will bear
redemption-related costs, such as fund administrator fees for off-cycle redemptions, intra-month,
or intra-quarter redemptions.

Joint venture partners, holders, and members in the real estate investment vehicles, as applicable,
do not have redemption rights and have limited transferability rights as provided for in the relevant
governing documents. The real estate-focused investment vehicles are structured for a fixed term
and no withdrawals or transfers are allowed except in limited circumstances with the express
written consent of CWAM (or the applicable general partner affiliate).

Billing

Fees and expenses are automatically deducted in accordance with the applicable governing
documents. Managed accounts are either billed for fees and expenses incurred or will have the fees
and expenses deducted directly, depending upon the terms of the governing documents. With
respect to managed accounts, management fees and expenses may be paid quarterly or monthly,
in advance or in arrears, as agreed with the client. CWAM does not require or permit Clients to
pay any fees or expenses in advance.

Other Fees and Expenses

Clients and investors will incur other fees and expenses separate and apart from the investment
management and performance-based or incentive fees described in this Brochure and the relevant
governing documents. These fees and expenses typically include custody fees and other transaction
fees and expenses associated with the fund or investment vehicle in which assets are invested. The
exact fees and expenses paid are described in the relevant governing documents.

Clients will incur direct and indirect fees and ongoing expenses as described in the applicable
governing documents. Fees and expenses generally include, but are not limited to, all expenses
incurred in connection with the offering of any interests or shares (such as, legal and accounting
fees, printing and mailing costs and other expenses), any organizational costs (where applicable),
...

Item 7: Types of Clients
CWAM provides investment management services to onshore and offshore private funds and
pooled investment vehicles, special purpose vehicles, and single investor investment vehicles,
structured as domestic and foreign limited partnerships, limited liability companies, exempted
companies, or equivalent legal structures, as well as separately managed accounts. Such private
funds and pooled investment vehicles generally operate under an applicable exemption from
registration under federal securities laws. Underlying investors are accredited investors or
qualified purchasers, including knowledgeable employees, U.S. and non-U.S. pension funds,
insurance companies and policy providers, banks, foundations, endowments, trusts, estates, family
offices, high-net worth individuals, proprietary accounts, and other institutions.

CWAM also provides asset management and related services to real estate-focused joint venture
partnerships, special purpose vehicles, and conduit investment vehicles structured as limited
partnerships, limited liability companies, and certain other legal entities.

The minimum dollar amount ordinarily required for the establishment of an investment account is
generally $1,000,000. Smaller accounts may be accepted on an accommodation basis or when it is
deemed likely that the minimum dollar size will be achieved within a reasonable period or in
conjunction with other accounts, each as determined by the Firm in its sole discretion.