Greystone Bridge Lending Fund Manager LLC

ITEM 5. FEES & COMPENSATION

Greystone Senior Debt Fund

Fund Management Fees, Carried Interest and Other Fees. The Greystone Senior Debt Fund pays Greystone
Adviser a management fee (the “Fund Management Fee”) calculated and payable quarterly in arrears as of the last
business day of each fiscal quarter. If applicable, the Fund Management Fee will be pro-rated for any partial periods
based on the number of days elapsed in such period and calculated on the basis of a fiscal quarter of three 30-day
months.

The Fund Management Fee is equal to the sum of the amounts calculated with respect to each investor in the Fund
as of the applicable quarter end by multiplying 25% by the product of (i) the applicable Per Annum Investment Man-
agement Fee Rate (as defined below) for such investor, and (ii) the amount of the Fund’s NAV (as defined below)
attributable to such investor’s interest in the Fund. The Fund Management Fee will be payable based on the Fund
NAV prior to giving effect to the accrual for the Fund Management Fee but after any reduction in Fund NAV arising
from accrued distributions. For purposes of this calculation:

    •   The “Per Annum Investment Management Fee Rate” applicable to each investor in the Greystone Senior
        Debt Fund is an annualized percentage rate applicable to each individual investor in the Fund, which rate
        decreases as the size of the investor’s interest in the Fund exceeds certain specified “breakpoints,” as set
        forth in the Greystone Senior Debt Fund’s Governing Documents.

    •   As of any measurement date, the “Fund NAV” is equal to (a) the Greystone Senior Debt Fund’s allocable
        share of the aggregate fair value of any investments and other assets held by the Greystone Senior Debt
        Fund and its subsidiaries, plus (b) the Greystone Senior Debt Fund’s allocable share of any unamortized
        Organizational Expenses (as defined below), and minus (c) the Greystone Senior Debt Fund’s allocable
        share of the fair value of all indebtedness and other liabilities of the Greystone Senior Debt Fund and its
        subsidiaries (including any accrued and unpaid Fund Management Fees or other accrued and unpaid distri-
        butions).

The aggregate Fund Management Fee payable by the Greystone Senior Debt Fund for any quarterly period will be
reduced by an amount equal to 100% of any net Special Fees (as defined below) received by the Greystone Senior
Debt Fund’s general partner, Greystone Senior Debt Associates LLC (the “Greystone General Partner”) or Greystone
or any of their affiliates, and allocable to the Greystone Senior Debt Fund in the reasonable determination of the
Greystone General Partner during the prior quarterly period. “Special Fees” are consulting fees, investment banking
fees, advisory fees, breakup fees, directors’ fees, closing fees, transaction fees, financing fees, monitoring fees, loan
exit fees, loan extension fees and similar fees, whether in cash or in kind, including options, warrants and other non-
cash consideration, paid to the Greystone or any of its affiliates in connection with actual or contemplated investments
by the Greystone Senior Debt Fund. Special Fees do not include the Fund Management Fee, the Other Fees (as
defined below) or any other fee that is not a Special Fee paid to Greystone or any of its affiliates by the Greystone
Senior Debt Fund.

The Greystone General Partner is also entitled to receive a priority incentive allocation (or “Carried Interest”) equal
to a specified percentage of the Greystone Senior Debt Fund’s annual appreciation in excess of a specified preferred
return. Carried Interest distributions are subject to a “high water mark” adjustment, such that any annualized losses
in previous years must be made up before the Greystone General Partner will be entitled to receive a Carried Interest.
Such Carried Interest distributions represent a portion of the Greystone Senior Debt Fund’s net investment profits.

The Greystone General Partner may, in its sole discretion, waive, reduce or modify the Fund Management Fee and/or
Carried Interest payable with respect to any investor in the Greystone Senior Debt Fund (but without any concurrent
increase in any other Greystone Senior Debt Fund investor’s share of such management fees).

                         Greystone Bridge Lending Fund Manager LLC
In addition to Fund Management Fee and Carried Interest distributions described above, Greystone or its affiliates
will be paid certain other fees (“Other Fees”) as follows:

    •   The “Servicing Fee” is payable monthly in arrears to Greystone Servicing Company LLC or other Greystone
        affiliates (the “Servicers”) who will provide loan administration services for an annual servicing fee equal to a
        specified percentage of the total principal balance of the loans and/or other assets held by the Greystone
        Senior Debt Fund. The Servicing Fee will be paid pursuant to one or more customary servicing agreements
        which will include the ability of the Servicers to provide protective advances (including, for the avoidance of
        doubt, with respect to payments of insurance premiums and property taxes). Any such advances will be repaid
        as a priority, including interest, to the Servicers by the Greystone Senior Debt Fund.

    •   “Origination Fees” are fees charged to the underlying loan borrowers in connection with the origination of a
        loan. Greystone or its affiliates retains the Origination Fees and provides a credit towards the purchase price
        of such underlying loan or loans that are acquired by the Greystone Senior Debt Fund.

    •   “CLO Fees” are collateral management fees equal to a percentage of the CLO portfolio balance, and/or ad-
        vancing agent fees of a percentage of the principal amount of the CLO bonds paid to Greystone Adviser,
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ITEM 7. TYPES OF CLIENTS

As noted in Item 4 above, Greystone Adviser’s Clients include the Greystone Senior Debt Fund, the CLOs, and the
GHI-BIO JV. In general, all investors in the Clients are either “qualified purchasers” or “knowledgeable employees”
as such terms are defined in the 1940 Act.

                        Greystone Bridge Lending Fund Manager LLC