Dream US Manager LLC

ITEM 5. FEES AND COMPENSATION

A. The specific terms of Dream’s fees and compensation arrangements are set forth in the
   Fund’s Offering Documents.

   The Firm generally charges a management fee to the Fund (“Fund Management Fee”)
   as a percentage of net asset value of the Fund. Dream may, in its sole discretion, reduce,
   waive or calculate differently the Fund Management Fee with respect to any Investors
   including, without limitation, Investors that are affiliates of Dream (in which the Fund
   Management Fee is waived).

   In addition to the Fund Management Fee, to the extent permitted under and in
   accordance with the Offering Documents, Dream and/or its affiliates receive fees for
   providing certain services such as property management, asset management,
   development and construction, leasing, and other related real-estate services on behalf
   of the Fund. Dream has policies and procedures to monitor the selection of affiliated
   service providers, and the fees charged by those service providers. Pursuant to these
   policies and procedures, Dream evaluates whether the fees and other terms and
   conditions comply with the requirements set forth in the Offering Documents.

   The General Partner of the Fund is also entitled to receive performance-based carried
   interest distributions as further discussed in Item 6 below.

B. The management fee is payable from the Fund’s accounts, quarterly in arrears, as
   further disclosed in the Fund’s Offering Documents.

C. In addition to the fees and carried interest distributions described above, the Fund will
   bear certain organizational and offering expenses and operating expenses. The
   organizational and offering expenses incurred in connection with the initial offering
   and sale of interests in the Fund and other similar expenses related to the Fund are
   subject to a cap specified in the Fund’s Offering Documents. Other Fund expenses
   generally include certain legal, regulatory and accounting fees and expenses, expenses
   relating to ongoing offering and sale of interests in the Fund, expenses of investor and
   investor advisory committee meetings, certain insurance and indemnification expenses,
   certain valuation and appraisal expenses, interest on Fund indebtedness and taxation
   expenses. Further details on the expenses the Fund will bear are contained in the Fund’s
   Offering Documents.

D. The Fund Management Fee is payable from the Fund’s accounts, quarterly in arrears, as
   further disclosed in the Fund’s Offering Documents.

E. Neither Dream nor any of the Firm’s supervised persons will accept compensation for
   the sale of securities or other investment products.

ITEM 7. TYPES OF CLIENTS

As described in Item 4 of this Brochure, the Firm provides investment management services
to the Fund, which is a private investment vehicle exempt from registration under the
Investment Company Act. Investors in the Fund include a variety of institutional investors
and may in the future also include high net worth individuals and family offices. All
Investors are required to be either “qualified purchasers” or “knowledgeable employees”
under the Investment Company Act or must otherwise be permitted to invest under
applicable securities laws.

Prospective Investors should refer to the Offering Documents of the Fund for information
on minimum investment requirements. Typically, Dream will require a minimum
investment of $5,000,000, although the Firm maintains discretion to waive, increase or
reduce the minimum investment required.