Fairfield Realty Advisors LLC

ITEM 5 – FEES AND COMPENSATION

Fees and expenses for each Fund vary. The Governing Documents for each Fund provide
a more extensive description of the fees and expenses associated with an investment in that
Fund. However, as a general matter, the Adviser is compensated for the services it provides
to a Fund through an annual management fee that is typically subject to the terms of the
Fund’s Governing Documents, some being paid quarterly in advance and others in arrears,
Investors should consult the relevant Governing Documents. An Investor in a Fund is
generally only permitted to withdraw from the Fund in limited circumstances as set forth in
the Fund’s Governing Documents. It is not expected that fees paid by a withdrawing Investor
will be refunded.

In addition, the General Partner of each Fund (is an affiliate of the Adviser) is generally
entitled to performance-based compensation, which typically is equal to a portion of the
distributions of investment proceeds attributable to each Investor in the Fund, subject to
the terms of the applicable Governing Documents. Each General Partner also reserves
the right to apply different fee and expense arrangements to Investors on an individual
basis.

Other Fees and Expenses Paid to and Services Provided by Fairfield

For some Funds, the Adviser and its affiliates are permitted to charge additional fees in
connection with an investment for a Fund or earn break-up fees in connection with
investments that are not consummated, in each case as outlined in the Fund’s Governing
Documents. Any Fairfield project fees, disposition fees and affiliate service fees paid by a
Fund (or a related investment vehicle or subsidiary thereof) will be in addition to, and will not
reduce, the management fee. The General Partner will provide the Fund’s Limited Partner
Advisory Committee (the “LPAC”) with notice of any such fees paid to Fairfield by the Fund
(or a related investment vehicle or subsidiary thereof) on a quarterly basis, unless previously
provided to the Investors. Such fees are also disclosed in the Fund’s audited financial
statements, which are provided to Investors within 120 days of the Fund’s fiscal year end.

Additionally, as and to the extent provided in the Governing Documents for each Fund, the
Adviser selects the Fund’s service providers and service providers for underlying investment
properties. While many of these services could be provided by third-parties, the Adviser has
typically retained, and expects in the future to retain, various affiliates to provide such
services as: operational, legal, financial and back office support; services related to
insurance, risk management, property tax services, information technology services,
financial advisory, and investment research; monitoring and other services with respect to
investments and potential investments; real estate brokerage services and such other
services as the Adviser determines are required or desirable in connection with the operation
of the Funds and the underlying investments. In addition, the Adviser expects, where it
deems appropriate, to delegate to affiliates, services related to the performance of

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administrative functions to the Funds. The use of the Adviser and its affiliates to provide
these services is expected to benefit the Funds by allowing them to take advantage of
Fairfield’s vertically integrated platform; however, as discussed herein, the Adviser and its
affiliates also benefit from the receipt of fees related to such services, creating a conflict of
interest for the Adviser in selecting service providers.

Any compensation received by the Adviser or its affiliates for such services will not be
required to be shared with the Funds or their Investor(s). The Adviser has a conflict of interest
with respect to the selection of service providers and the selection of investments or
transactions, where affiliates are selected or expected to provide services associated with
an investment or transaction as the potential fee stream, both current and future, inherent in
a particular service, investment or transaction provides an incentive for the Adviser to seek
to refer or recommend a transaction, to, or select a service provider for, a Fund or investment.
Moreover, the fees for such services are paid by the Funds, and the Adviser (or an affiliate)
both selects service providers and determines or negotiates fees and other contractual
provisions with the service provider (including the guaranteed maximum cost pursuant to
construction contracts). The benefit of any fees received by service providers, including the
Adviser and its affiliates, will not be shared with the Funds nor will such fees serve to offset
or reduce the Fund’s management fees. When the service provider is an affiliate, the Adviser
cannot negotiate fees on a truly arm’s length basis, as it has an interest in maximizing
revenue for Fairfield. To mitigate this conflict, certain fees such as property management
fees, general contractor, development and disposition fees are specifically set forth in the
applicable limited Partnership Agreement. In addition, as set forth in the Governing
Documents, the fees incurred by a Fund for services provided by affiliates are disclosed to
that Fund’s LPAC on a quarterly basis, unless such fees have previously been disclosed to
all limited partners in the affected Fund.

In addition to paying fees to the Adviser and its affiliates for services, the Funds and any
subsidiaries will reimburse or otherwise bear the cost of the allocable portion of certain
overhead and personnel expenses (including, without limitation, certain employee
compensation (salaries, annual bonus and/or incentive compensation, employee benefits
...

ITEM 7 – TYPES OF CLIENTS

We currently provide investment advisory services to pooled investment vehicles, joint
ventures and other entities including, without limitation, the Funds, that invest in real estate
structured as “securities” including real estate debt. We may, in our sole discretion, elect to
provide investment advisory and other services to one or more additional private pooled
investment vehicles and/or other types of clients in the future.

The Adviser’s clients are generally private investment funds structured as limited
partnerships or other form of entity formed under U.S. law and operated pursuant to one or
more exemptions from registration under the Investment Company Act of 1940, as amended
(the “Investment Company Act”). Some Funds employ a master-feeder structure and/or
include special purpose vehicles and/or parallel structures established for tax, regulatory or
other considerations. Such special purpose vehicles are structural entities and are generally
not considered to be an investment advisory client of the Adviser. The minimum commitment
by Investors to the Funds is specified in the Governing Documents.

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The Adviser provides investment advisory services to Private Funds investing in real estate
structured as “securities”, including debt as well as advising the Brookfield Fairfield U.S.
Multifamily Value Add Funds through a sub-advisory agreement with Brookfield. The
Investors in the Funds generally include public and corporate pensions, sovereign wealth
funds, insurance companies, financial institutions, corporations, foundations and high net
worth individuals. The Adviser’s affiliates provide a variety of services to various entities
holding real estate investments on a fee simple basis, as described in Item 4 above, those
entities are not “clients” of the Adviser as there is no investment advice on securities being
provided.