CSR Capital Partners LLC

FEES AND COMPENSATION

The Fund will pay Fund Manager an annual management fee, paid quarterly in advance, and calculated as
follows.

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Management Fee

For the Fund, the Manager is entitled to an annual management fee, calculated and payable quarterly as
follows: (i) from the initial closing to the date of the expiration of the Commitment Period, 1.75% of the
aggregate capital commitments of the Partners; and (ii) after the expiration of the commitment period until
the termination of the Fund, 1.75% of the aggregate capital contributions made to the Fund with respect to
investments that have not been liquidated, taking into account any write-offs and permanent write-downs
with respect to such investments. The General Partner, Fund III Investment (defined below) and their
Affiliates may elect not to be required to pay or otherwise bear the cost of the management fee. In addition,
the Manager and its Affiliates can earn certain leasing, sales, construction management, property
management and other fees to the extent they perform such services for the Fund’s investments. Subject to
the terms of the partnership agreement, the Manager and its Affiliates may also accept certain fees, rebates,
payments or reimbursements received from third parties relating to the Fund or its investments. The
Manager will have the right to waive irrevocably all or any portion of the management fees not yet earned
by it by giving written notice to the Fund prior to the fiscal year in which such management fees are payable
(“reduced fee contributions”). Such waived amounts will be credited as a deemed capital contribution of
the Manager and will reduce its required contribution.

The management fee is paid by the Fund in cash, and the Manager expects that the management fee will
continue to be paid in cash. The Manager deducts the management fee directly from the Fund’s account
and remitting it to the Manager. An affiliate of the General Partner is also entitled to performance-based
compensation from the Fund, as described in “Performance-Based Fees and Side-by-Side Management”
below.

Expenses

The Fund will pay all organizational expenses incurred in connection with the organization of the Fund
(including any Parallel Fund or Feeder Fund) and the General Partner and its Affiliates organized in
connection with the organization of the Fund, and the preparation, negotiation, execution and delivery of
the partnership agreement, the subscription agreements and any side letter or other agreement executed in
connection with such offering and sale, including legal, accounting, consulting, marketing and other start-
up costs and expenses, provided, that the Manager will bear (through an offset against the Management Fee
or otherwise) such expenses in excess of $1.75 million. The Fund will be responsible for all ongoing
expenses incurred by or on behalf of the Fund (other than overhead expenses of the General Partner and the
Manager), including but not limited to: (i) organizational expenses; (ii) the Management Fee; (iii) out-of-
pocket third party expenses incurred in connection with identifying, evaluating, acquiring, holding and
disposing of investments or prospective investments, including without limitation, Preqin or other
private equity markets databases, interest on money borrowed by the Partnership or on behalf of the
Partnership, private placement fees, sales commissions, appraisal fees, taxes, brokerage fees,
underwriting commissions and discounts, and legal, accounting, investment banking, consulting,
information services and professional fees; (iv) out-of-pocket third party expenses incurred in connection
with the carrying or management of investments, including Dakota or other portfolio management
software, custodial, trustee, record keeping and other administration fees; out-of-pocket third party
expenses incurred in connection with the preparation and distribution of the Fund’s and its
subsidiaries’ reports, financial statements, tax returns and K-1s; (v) out-of-pocket third party attorneys,
accountants and auditors fees and disbursements incurred in connection with operating the Fund
or its subsidiaries or performing the General Partner’s duties; (vi) out-of-pocket third party taxes and
other governmental charges levied against any real estate asset or the Fund or its subsidiaries; (viii) out-
of-pocket third party insurance, regulatory or litigation expenses and damages of the General Partner,

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the Manager, their respective Affiliates and related entities involved in the activities of the Partnership
(excluding expenses incurred in connection with registration under the Advisers Act and compliance
with the Advisers Act or other regulatory expenses not specifically related to the Fund or its operations);
(ix) out-of-pocket third party expenses related to debt of the Fund and its subsidiaries or relating to a
subscription line; (x) expenses incurred in connection with the winding up or liquidation of the Fund and
its subsidiaries; (xi) out-of-pocket third party expenses relating to defaults by partners in the payment of any
Capital Contributions; (xii) out-of-pocket third-party expenses for transactions not consummated; (xiii)
expenses incurred in connection with any restructuring or amendments to the constituent documents of the
Fund and related entities; (xiv) expenses incurred in connection with the formation of special purpose
investment vehicles; (xv) expenses incurred in connection with distributions to the Partners; (xvi) out-of-
pocket third-party expenses incurred in connection with any meetings with partners called by the General
Partner; (xvii) travel in connection with the foregoing (including, where appropriate, the cost of first class
commercial airfare and the cost of chartering private aircraft or other private air travel which shall not exceed
the cost of corresponding first class commercial airfare); and (xviii) all other non-recurring expenses
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TYPES OF CLIENTS

CSR provides investment advice to the Fund. The fund has entered into separate agreements, commonly
referred to as “side letters,” with certain investors, which have the effect of establishing rights under,
altering, or supplementing the terms (including the economic terms) of the governing documents of the
Fund, in a manner more favorable to such investors than those applicable to other investors in the Fund.
Such rights or terms pursuant to such agreements may include, without limitation, reduced fees, access to
additional information, more favorable liquidity terms and rights to co-investment opportunities, or other
rights or terms deemed necessary in light of particular legal, regulatory or tax characteristics of an investor.

Interests in the Fund are offered privately to a limited number of sophisticated investors, including
institutional investors (for example, public and private pension funds, governmental plans, insurance
companies, banks, and funds of private equity funds, etc.) and other investors who qualify to invest in the
Fund because they have a sufficiently high income or net worth (for example, entities with at least $25
million in investments). The General Partner generally imposes a minimum capital commitment of

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$10,000,000 in connection with investing in the Fund, although such minimum may be waived at the
discretion of the General Partner.

CSR may, in its sole discretion, provide or commit to provide opportunities to co-invest alongside the Fund
to one or more limited partners in the Fund and/or other persons, in each case on terms to be determined by
the General Partner in its sole discretion. It is anticipated that such co-investors will also primarily consist
of sophisticated investors of the type described above.

CSR will be under no obligation to provide co-investment opportunities and may offer a co-investment
opportunity to one or more categories of co-investors without offering such opportunity to other categories.
Co-investments will generally be made, at the investment level, on economic terms substantially no more
favorable to co-investors than those on which the Fund invests. Any such co-investment generally will be
sold or otherwise disposed of at substantially the same time as the Fund’s disposition of its interest in such
investment (and in the case of a partial disposition, in substantially the same proportion) and on economic
terms substantially no more favorable to such co-investors than to the Fund.

             METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS

Investment Strategy

CSR pursues a value-add investment strategy focused on the acquisition, development, and operation of
network-critical colocation data center assets in edge markets. The Firm prioritizes investments that have
been sourced through proprietary channels, ensuring access to unique opportunities within the market. By
focusing on these network-critical facilities, CSR aims to build a portfolio that delivers long-term value.
The Firm employs a value-add investment strategy that seeks to identify assets with operational,
developmental, financial structuring complexities where value can be created through active ownership
and NOI growth. The Firm believes that this strategy broadens the opportunity set and allows for a highly
selective investment process. The execution of this strategy relies on the Firm’s experience and
operational expertise across the data center ecosystem and throughout the investment life cycle.
The Fund will seek to invest in properties requiring value-added services, which may include enhanced
management and operations, development, redevelopment, rehabilitation, repositioning, rebranding,
and/or financial restructuring. In order for an opportunity to be considered appropriate for investment, the
Firm generally seeks a predictable path to positive cash flow and long-term asset appreciation.
Investments that are speculative in nature or where such a path cannot be reasonably identified generally
will not be pursued. In addition, the Firm seeks investments with identifiable downside protection
intended to mitigate losses in the event that a project does not perform as anticipated.
While CSR's strategy is sector-focused, it seeks to construct a diversified portfolio for the Fund across
geographic markets in the United States and Canada and across a varied tenant base, drawing on the
Firm's operational and development expertise within the sector.

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Investment Focus

The Fund’s investment approach is designed to create value through a blended value-add strategy, which
may include:
   • Repositioning, rehabilitation, and expansion of underutilized or under-managed existing data center
       assets, including modernization of infrastructure and the repricing of in-place contracts and
       interconnections to market terms;
   • Expansion of power capacity and leasable footprint, on-site or on adjacent land parcels;
   • Conversion of existing commercial real estate into data center assets; and
   • Development of new data center assets with anchor tenants.

Because the Firm is vertically integrated, it is able to deploy internal capabilities across investment
sourcing, development, asset management, and operations, which may reduce reliance on third-party
service providers and streamline decision-making. For each investment, the Firm seeks to drive net
operating income growth while retaining flexibility to implement multiple project-level solutions
throughout the investment life cycle.

In implementing its strategy, the Fund generally evaluates opportunities based on the following criteria:
    • Investment aligns with the fund’s strategic goals, including geographic focus, data center types,
        and tenant profiles;
    • Due diligence performed to assess the physical condition, financial performance, and operational
        efficiency of potential acquisitions;
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