GCP Investment Advisor LLC

Item 5. Fees and Compensation

Compensation to GCP for investment advisory services provided to a Fund is and will be
outlined in the applicable Fund’s PPM and Governing Documents. Compensation earned
by GCP and its affiliates (including the Fund managers) for the provision of investment
advisory services to the Funds and any future fund clients is and will be comprised of fees
based on (1) a percentage of capital committed to Funds that are in their investment
periods, and/or (2) for Funds that are no longer in their investment periods, a percentage
of the fair value of the equity of such Funds (“Management Fees”), plus performance-
based interests (“Performance Fees”). Management Fees and Performance Fees vary
by Fund and as such, GCP does not have a fee schedule. Further, because the
Management Fees and Performance Fees of Funds are set and determined at the Fund
level, such fees will generally be non-negotiable. The Management Fees and Performance
Fees are disclosed in the PPM and Governing Documents for each Fund and are charged
accordingly.

Management Fees to GCP are paid monthly in arrears from available cash flow or from
capital contributions. The Management Fees are reflected as operating expenses in the
Fund’s quarterly financial statements.

GCP Investment Advisor, LLC                                               Part 2A of Form ADV

Performance Fees are generally equal to a percentage of net realized profits after
restoring any loss carried forward from prior years and achieving a threshold annual return
on invested capital. Performance Fees for each Fund, if any, are paid to GCP affiliated
entities as a distribution of the investment proceeds of the Fund.

In addition to the Management Fees and Performance Fees outlined above, GCP and its
affiliates are generally reimbursed for organizational costs (“Organizational Costs”)
associated with any new Sponsor-sponsored Fund. Organizational Costs are typically
limited, and the amounts and eligible expenses are outlined in a Fund’s PPM and
Governing Documents.

Each Fund is expected to bear all expenses related to its operations (“Operating
Expenses”), including travel costs, fees and other out-of-pocket expenses directly related
to the investigation of investment opportunities (whether or not consummated) or visits to
the investors, the Fund’s share of the acquisition, ownership, operation, financing
(including loan origination fees and cost and debt service payments), hedging or sale of
investments, taxes, fees of auditors, administrators, custodians, appraisers and counsel,
expenses of any investment committee, insurance, litigation expenses, expenses
associated with the preparation and distribution of reports to investors and any
extraordinary expenses. All Fund Operating Expenses are generally described in a Fund’s
PPM and/or Governing Documents.

GCP’s Funds do not pay fees in advance of their being incurred. Neither GCP nor any of
its supervised persons accepts compensation for the sale of securities or other investment
products, including asset-based sales charges or service fees.

Item 7. Types of Clients

GCP provides investment and real estate advice only to privately offered real estate funds
sponsored by Sponsor. Investors in such Funds include public and private pension funds,
endowments, foundations and high net worth individuals. However, any such Fund’s
managing member will have the discretion to waive or reduce the minimum commitment.

GCP Investment Advisor, LLC                                                  Part 2A of Form ADV