EQT Real Estate LLC

Item 5 - Fees and Compensation

A.      Management Fee

For its investment advisory services, EQT Real Estate or its affiliates generally receive one or more
of the following types of fees:

        -       a management fee generally based on the amount of committed equity, the amount
                of equity invested or a blend of these fee structures (for managed accounts, EQT Real
                Estate generally negotiates a management fee specific to that EQT Real Estate
                Client); and/or

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       -       a performance allocation that is generally calculated as a specified percent of the
               return that exceeds the preferred return identified in the relevant Governing
               Documents.

All investors and prospective investors should review the Governing Documents of the relevant Fund
in conjunction with this brochure for complete information on the fees and compensation or
expenses related to a particular Fund and the information contained herein is subject in its entirety
to the information provided in the relevant Governing Documents. Different Funds may be subject
to different management fees and performance-based compensation arrangements and fees may
differ among investors in the same Fund.

For certain EQT Real Estate Clients, management fees may be calculated based on total capital
committed during such EQT Real Estates Client’s investment period and after the investment period
the management fees are calculated based on invested capital. EQT Real Estate or such relevant
EQT Real Estate Client’s general partner has discretion to waive all or any portion of any
management fee or carried interest allocation payable in respect of any investor’s interest in a Fund,
including any investors affiliated with EQT Real Estate or its affiliates, or to aggregate the
commitments of one or more investors for the purposes of determining whether any applicable fee
break threshold has been met.

B.     Property Management and Related Services

In connection with an investment, each EQT Real Estate Client may retain EQT Real Estate’s affiliated
entities to perform certain leasing, property management, maintenance, construction management,
property-related legal, and similar services, and any agreements between a Fund and such affiliates
shall contain terms and conditions, including fee terms, that are generally available in arm’s-length
transactions with qualified independent third-party providers of comparable services. In certain
cases property management agreements may include a separate allocation for the reimbursement
of salaries of employees dedicated to a property, as well as other administrative costs.

C.     Additional Fees and Expenses

The Governing Documents of each EQT Real Estate Client provides a description of any additional
fees and expenses for which investors may be responsible in addition to the management fees and
any performance-based allocations or fees. Generally, and subject to any caps or offsets of EQT Real
Estate’s management fee, each investor will be responsible for all costs and expenses relating to the
organization of such EQT Real Estate Client and of maintaining the operations of such investment
vehicle and the investments paid by or on behalf of such EQT Real Estate Client. Such fees and
expenses may include legal, accounting and tax expenses, travel expenses, fees for outside services,
the cost of annual audits, custodial fees, insurance and litigation expenses, and taxes, fees and other

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governmental charges. If an alternative investment vehicle participates in an investment or would
have participated in an unconsummated investment with a Fund, any such expenses or costs
attributable thereto shall be shared in proportion to the investments each of them has or would have
made therein.

The following is a list of expenses that are typically borne by the Funds (and indirectly by the
investors in the Funds). This list is not intended to be exhaustive: legal fees (including costs for in-
house legal and tax advice and/or services charged or attributed or allocated by the Adviser and its
affiliates to the EQT Real Estate Clients on matters related to potential or actual Investments or
transactions of the EQT Real Estate Clients, as applicable; provided, that any such expenses, fees,
charges or related costs shall not be greater than what would be paid to an unaffiliated third party
for substantially similar advice and/or services); regulatory filing fees of the EQT Real Estate Clients,
including but not limited to compliance with U.S. federal and state securities laws and international
laws, such as AIFMD (including any costs associated with the AIFMD marketing passport); risk
management; administrative fees (including in-house administration/accounting costs), expenses
and charges, including overhead related thereto; administrator fees and due diligence of such
administrator or other service provider; organizational expenses; operating expenses; technology
expenses (including third-party as well as internally allocated charges); certain hardware expenses
and software fees; property, loan administration and servicing and other asset management fees;
audit and accounting fees; fees and expenses associated with brokerage services; fees and expenses
associated with borrowing, guarantees and other financing, including interest charges; expenses
associated with the development, negotiation, acquisition, settling, holding, monitoring and
disposition of investments and transaction fees; costs and expenses associated with vehicles through
which the EQT Real Estate Clients or their investors directly or indirectly participate in investments;
taxes, fees or governmental charges imposed on the EQT Real Estate Clients and expenses related
...

Item 7 - Types of Clients

As described in Item 4, EQT Real Estate provides investment supervisory services to Funds and
Accounts. EQT Real Estate generally provides its services and markets its Funds to a limited number
of institutional investors and high-net worth investors capable of understanding the risks inherent
in the investments made by the relevant investment product. EQT Real Estate’s investors consist of
sovereign wealth funds, family offices, non-US Pension plans, US pension plans, endowments,
foundations, high-net worth individuals, insurance companies, banks, financial institutions and other
institutional clients. Interests in the Funds are offered only to those investors who qualify as (i)
‘accredited investors’, as defined in Regulation D promulgated under the U.S. Securities Act of 1933,
as amended; (ii) ‘qualified purchasers’ within the meaning of Section 2(a)(51)(A) of the ICA; and (iii)
meet other suitability requirements (including, in some circumstances, a Person that is not a U.S.
Person as defined in Regulation S under the Securities Act). Generally, investors must invest a
minimum dollar amount as determined in the applicable General Partner’s sole discretion. The
General Partner reserves the right, in its sole discretion, to waive the minimum dollar amount.

This Brochure may be provided to prospective investors, together with the Governing Documents of
a relevant Fund, in connection with such investor’s consideration of an investment in that Fund.
While this Brochure may include information about the Funds, it does not represent a complete

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discussion of the features, risks or conflicts associated with those Funds. More complete information
about the relevant Fund is included in such Fund’s Governing Documents.