Dune Real Estate Partners LP

Item 5          Fees and Compensation
   A. How Dune is compensated for advisory services. The following is a general description
      of fees, compensation, and expenses of the Funds. Dune’s fee and compensation
      arrangements vary depending on the particular Fund, and certain Funds do not charge
      certain fees, compensation, or expenses that other Funds charge. The specific terms of
      such arrangements are set forth in each Fund’s governing documents.
         Generally, Dune is entitled to receive, quarterly in advance, a management fee calculated
         and charged to or payable by the limited partners in the Funds (and, under certain
         circumstances, members of the General Partners and/or other affiliates of Dune).
         Generally, during the commitment period of a Fund, Dune is entitled to an amount equal
         to a fixed percentage per year of the total commitments to the Fund. Generally, after the
         expiration of the commitment period, or sooner as provided in the Funds’ governing
         documents, and for the remainder of the life of the Fund, Dune is entitled to an amount
         equal to a fixed percentage per year of the called capital, determined quarterly. In each
         case described above, such amounts are subject to certain reductions, adjustments or
         waivers. The management fee is specifically set forth in the governing documents for each
         Fund and is generally not negotiable except as provided in the governing documents of the
         Funds and the operating agreements of the General Partners or other applicable documents.
         Certain of Dune’s current and former employees and/or other affiliated personnel, as well
         as certain of their respective affiliates, have made (and in the future are likely to make)
         commitments to the Funds and, in such instances, generally do not pay (and are not
         anticipated to pay) management fees.
         In addition to the management fee, certain General Partners of a Fund are entitled to receive
         performance-based compensation as described in Item 6 of this brochure.
   B. Deduction of fees from Client assets. Dune is generally entitled to receive the
      management fee quarterly in advance. The management fee is generally deducted from
      the assets of the appropriate Fund, deducted from an investor’s share of distributable
      proceeds or capital is called from investors in respect of the management fee. In certain
      circumstances, investors in certain Funds are permitted to be separately billed or invoiced
      for such management fee by Dune. Each Fund’s General Partner approves the payment of
      the management fee on a quarterly basis in accordance with the governing documents for
      each of the Funds.
   C. Other types of fees or expenses.

         Fees: Generally, the Funds’ operating agreements and offering documents permit the
         Funds to engage Dune or any one of its affiliates (each referred to herein as a “Manager
         Entity” and, collectively, as the “Manager Entities”) as an agent in the acquisition, sale,
         financing or refinancing (or arrangement of financing) of a Fund’s assets and indebtedness
         or to provide ongoing development or advisory services, subject to the receipt of any
         approvals or consents required under the governing documents. To the extent any such
         engagement was contemplated by a Fund and subject to the receipt of any approvals or
         consents required under the governing documents, it is expected that the applicable
         Manager Entity would enter into an engagement letter with such Fund, describing the scope

of bona fide services and the fee arrangements for such services, and would receive fees,
expenses and indemnities in connection therewith on such basis as Dune reasonably
considers fair and equitable. If ever applicable, the fees charged by the Manager Entity
would generally be charged to, and payable by, the asset owning entities in which each of
the Funds invests.

To the extent Dune or its affiliates receive (as specified in a Fund’s governing documents)
certain supplemental fees and other amounts, including management, advisory or
consulting fees, transaction fees and other designated net fee payments, in connection with
Fund investments or prospective investments, then in such case, generally a Fund’s
allocable share of such fees and amounts will be applied as an offset to the management
fee otherwise payable to Dune in respect of such Fund.
In addition to the foregoing fees, to the extent Dune creates co-investment vehicles (or
managed accounts) to invest in certain Fund investments (as further described in Item 11.C.
of this brochure), Dune is generally entitled to earn certain fees (such as a management fee
or performance-based compensation) from any co-investor (including any co-investment
vehicle that is a Client) in connection therewith and such fees are neither payable to the
Funds nor credited against future management fees.

Support and Property Services: Subject to the Funds’ operating agreements and offering
documents, including, if and to the extent applicable under the relevant governing
documents, subject to the receipt of any approvals or consents required thereunder, a
General Partner and/or its affiliates are authorized to provide certain services to a Fund or
an investment on terms that are determined by the General Partner to be fair and equitable
to the Fund or such investment.

In certain such cases where services are being provided with respect to an investment, it is
intended that the General Partner and/or its affiliates will receive fees for providing such
services; provided that any such fees will not exceed the rate that would be payable by the
Fund or such investment if such service were provided by unaffiliated third parties in the
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Item 7         Types of Clients
Generally, Dune provides investment advisory services to the Funds, which are privately offered
pooled investment vehicles that are exempt from registration under the Investment Company Act
of 1940, as amended. Fund investors generally include, without limitation, high-net worth
individuals, pension plans, trusts, financial institutions, endowments, sovereign wealth funds,
family offices, and other U.S. and non-U.S. entities. Certain Dune personnel and/or their affiliates
also invest in certain of the Funds under certain circumstances. Each investor is required to meet
certain suitability requirements.

Typically, an initial commitment to a Fund must be at least $5 million, as set forth in the Funds’
governing documents. The General Partner of a Fund has the sole discretion to accept investments
of a lesser amount; this discretion has been exercised in the past and is expected to be exercised in
the future.