DLJ Real Estate Capital Partners LLC

Item 5 – Fees and Compensation

Compensation and Fee Schedules

DLJ RECP’s fees and compensation arrangements vary among Clients. As compensation for its
services, DLJ RECP typically receives a management fee (the “Management Fee”) from each
Partnership of up to 2% annually, generally based on (i) a percentage of an investor’s committed
capital during the investment period and (ii) thereafter, net invested capital. In addition, affiliates of
DLJ RECP, as General Partners of the Partnerships, will receive a special allocation dependent upon
the Partnership’s overall performance. These special allocations will comply with Section 205 of the
Advisers Act and Rule 205-3 thereunder.

The JVs are typically structured as limited liability companies and certain Partnerships are also
Investors in JV’s. Fee terms are dependent on the services that DLJ RECP or an affiliate will perform
for the JV such as, but not limited to: development and construction management, asset
management, property management and leasing. Investors in JVs pay fees that are negotiated on a
transaction-by-transaction basis at the time capital is committed to the JV (for example,
development fees). Typically, these fees are paid directly by the Investors in the JV to the
appropriate affiliate of DLJ RECP. In certain situations, structuring considerations require the fees
to be paid at the property-level entity. With respect to asset management fees, DLJ RECP reduces
asset management fees charged to the Investors in Partnerships by such Client’s share of the asset
management fees paid at the property level to avoid a scenario where such Investors are paying for
similar services at two levels in the investment structure. This offset arrangement does not apply to
fees outside of asset management such as property management, development, construction and
leasing oversight, and similar property services.

As described above and bespoke to each Client, an affiliate of the Firm, DLJ Real Estate
Management, LLC is responsible for performing certain services for the Clients, including
Partnerships, JVs, co-investment vehicles, joint venture partners, third-parties and/or underlying
real estate investments, and collecting fees for such services. These services include, but are not
limited to: property management, asset management, development and construction management,
acquisition fees, partnership oversight, leasing, and EB5 Administration. Since most single asset JVs
are organized based on the specific circumstances of each development project requirements,
investment risk and Investor structuring requirements, JV Investors pay additional fees to DLJ
RECP, or an affiliate based on the structuring and economic conditions of each investment.

Fee Offsets

DLJ RECP will offset certain of these aforementioned fees against the management fees it is entitled
to receive from a Client depending on the specific Client´s terms as described in the respective
Offering Documents, and as negotiated.

All Investors in a Partnership should review the Offering Documents of such Partnership in
conjunction with this brochure for complete information on the fees and compensation payable
with respect to such Partnership.

Payment of Fees

Generally, no compensation is payable to DLJ RECP before services are provided; however, in
certain limited circumstances, DLJ RECP will receive compensation quarterly in advance. Because
the Partnerships invest in long-term private investments, any requirements for short-term
redemption could adversely affect the objectives of the Partnerships and the interests of Investors.
Accordingly, under the relevant partnership or similar agreements, no limited partner will have the
right to (i) receive any refund of the annual advisory fee or (ii) early termination of its obligations
under the partnership or similar agreement, provided that, under certain circumstances, limited
partners or other Investors subject to the Employee Retirement Income Security Act of 1974
(“ERISA”) may have withdrawal rights.

Fees paid by the JV’s are dependent on each development project and can be based on, but not
limited to: a percentage of costs, percentage of completion, percentage of leasing revenue and/or
contingent on an underlying cost or defined event of the JV.

Please refer to the Offering Documents of a Client for complete information on the timing of
advisory fee payments with respect to such Client.

Other Fees and Expenses

In addition to the management fees payable to DLJ RECP, each Partnership, pursuant to the
respective Offering Documents, will bear all expenses, including expense reimbursements related to
its operations, including, without limitation, fees, costs and expenses of the Partnership incurred in
connection with potential investments and the evaluation, acquisition, ownership, disposition,
conducting due diligence, costs of attending meetings held by the Partnership, hedging or financing
of any potential investment, taxes, fees of auditors, counsel and tax advisors, expenses of the
Advisory Committee and annual meetings, insurance, travel, litigation and indemnification
expenses, administrative expenses, and extraordinary expenses. These expenses shall include
certain charges, including (but not limited to): fees, costs and expenses of any custodians, attorneys,
accountants, auditors, tax advisors, consultants, brokers, agents, valuation experts or other
professionals and brokerage commissions, registration fees and expenses, custodial expenses, other

bank service fees and other investment costs, fees and expenses actually incurred in connection
with actual portfolio investments.

The Firm provides certain professional services such as, but not limited to: accounting, finance and
tax to certain Clients pursuant to the Fund Documents of such Clients. In these cases, the Firm will
be reimbursed by each Client for their allocated portion of the cost (a percentage of employee
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Item 7 – Types of Clients

DLJ RECP provides investment advice to pooled investment vehicles. Partnerships that are
commingled private equity style funds are generally privately offered to institutional investors and
high net worth individuals. Interests in the Partnerships are purchased only by certain eligible
Investors who are “qualified purchasers” for purposes of Section 3(c)(7) of the Investment
Company Act of 1940, as amended, and “accredited investors” as defined in Regulation D under the
Securities Act of 1933, as amended (the “Securities Act”).

In general, the current minimum investment commitment required of an Investor to participate in a
DLJ RECP Partnership is $10,000,000; however, the General Partner of each Partnership has
discretion to increase or reduce the minimum investment commitment.

DLJ RECP will form other parallel funds, alternative investment vehicles, co-investment vehicles
and/or special purpose vehicles (collectively, “SPVs”) for the purpose of facilitating certain
investments by one or more Partnerships and/or Investors. SPVs are formed to address tax, legal,
regulatory and/or other structural considerations.