Delancey Real Estate Asset Management Limited

Item	5	–	Fees	and	Compensation

Advisory	Services	Compensation

For its services to DV4, DREAM receives the following annual fees, payable quarterly in advance:

       An advisory fee of 0.85% of the gross value of unrealized investments together with any
        value added tax applicable, or

       A minimum advisory fee of 1.5% of total subscriptions plus value added tax if applicable.

In addition, DREAM or its affiliates may receive carried interest from DV4, and such arrangements
are further described in Item 6. DV4’s Information Memorandum identifies all applicable fees.
DREAM invoices these fees directly to DV4, and these fees are reviewed and formally approved by
DV4 Board on a quarterly basis before being paid.

  For the time being, and for the foreseeable future, all aspects of DQR’s services (other than those matters to be
undertaken by the DQR investment committee), will be provided by DREAM through the DQR Sub-Advisory
Agreements between DQR and DREAM (and all references herein to “DQR” in that context should be read to refer to
“DREAM”). DREAM is under common control with DQR.

 For the time being, and for the foreseeable future, all aspects of DREIM’s services (other than those matters to be
undertaken by the DREIM investment committee), will be provided by DREAM through the DREIM Sub-Advisory
Agreement between DREIM and DREAM (and all references herein to “DREIM” in that context should be read to refer to
“DREAM”), DREAM is under common control with DREIM.

For its advisory services to DOOR, DREAM is entitled to receive a fee based on the aggregate net
asset value of DOOR’s investments (as more fully described in the relevant Client Documents),
payable quarterly in advance, which it invoices to the general partner of DOOR. DREAM or its
affiliates may receive carried interest in accordance with the DOOR Client Documents.

For its services to the JV Clients, DREAM receives management fees based upon an amount as
agreed between the partner associated with the JV Client and the Fund, and such fees are paid in
advance as set forth in the relevant advisory agreement (each advisory agreement between
DREAM and a DREAM Client, an “Advisory	 Agreement”). DREAM reimburses DV4 for its
proportion of the fee as received by DREAM from each JV Client (to avoid any double charging to
the Funds).

DQR pays DREAM an annual fee on a quarterly basis in connection with the services rendered to
DCIF pursuant to the DQR Sub-Advisory Agreements. In addition, DREAM or its affiliates may
receive carried interest from DCIF. The Client Documents further describe the manner in which
such fees are calculated.

DREIM pays DREAM an annual fee on a quarterly basis in connection with the services rendered
to DREIM pursuant to the DREIM Sub-Advisory Agreement. In addition, DREAM or its affiliates
may receive carried interest from DREIM. The Client Documents further describe the manner in
which such fees are calculated.

Limited	Negotiability	of	Advisory	Fees

The fees paid to DREAM by the DREAM Clients may only be amended by agreement between the
parties. DREAM considers each JV Client’s circumstances and needs in determining the fees
applicable to each JV Client.

Termination	and	Fees

The events under which the DQR Sub-Advisory Agreements, DRIEM Sub-Advisory Agreement and
Advisory Agreements related to the Funds, DCIF and DV5 can be terminated and the resulting
impact on economic arrangements (e.g., advisory fees) is addressed in the relevant Client
Documents. The Advisory Agreements between the JV Clients and DREAM can be terminated as
set forth in such agreements, but would not result in the return of any fees paid to DREAM due to
the nature of the agreements.

Brokerage	Fees	or	Costs

Item	7	–	Types	of	Clients

As noted in Item 4 above, DREAM provides non-discretionary investment advisory and asset
management services to DV4, which is incorporated as a British Virgin Islands ‘Private Limited
Company’ and operates as an evergreen fund. Interests in DV4 and DV4 itself are not registered
under the U.S. Securities Act of 1933, as amended (“Securities	 Act”) or the U.S. Investment
Company Act of 1940, as amended (“Investment	 Company	 Act”), respectively. Accordingly,
interests in DV4 are offered exclusively to investors satisfying the applicable eligibility and
suitability requirements either in private placement transactions within the United States or in
offshore transactions, and DV4 is excluded from the definition of an “investment company” under
Section 3(c)(1) and/or 3(c)(7) of the Investment Company Act. There was no minimum
investment for participation in DV4.

In addition, DREAM provides non-discretionary and asset management services to DOOR, which
is established as an Alternative Investment Fund organized in Jersey. DOOR is registered with the
Jersey Financial Services Commission (“JFSC”), and currently has no U.S. investors. The minimum
commitment for an investment in DOOR is £100 million, subject to DOOR GP’s discretion to accept
commitments of a lesser amount.

DREAM also provides non-discretionary advisory services to: (i) DCIF (a real estate debt fund)
pursuant to the DQR Sub-Advisory Agreements with DQR; and (ii) DV5 (a real estate fund)
pursuant to the DREIM Sub-Advisory Agreement with DREIM. Currently, neither DCIF or DV5 have
any US investors.

Investors in the Funds, DCIF and DV5 were required to complete and submit agreements binding
them to the terms of the relevant Client Documents. Further, DREAM provides non-discretionary
investment advice and asset management services to DT Last Mile, which is registered in Jersey
with the JFSC, and currently has no U.S. investors. Currently, DV4 Limited and a JV partner form
the partnership.

Other DREAM Clients include the JV Clients (as described in Item 4 above).