Griffin Capital QOZ Advisor LLC

Item 5:         Fees and Compensation
GCQA does not have a standard advisory fee or performance fee schedule. Advisory and performance fees are
subject to negotiation with each Fund. In general, the Adviser’s fees take the form of a percentage of the contributed
capital, as adjusted for any full or partial waiver of placement fees. The Funds may pay associated fees to affiliates
and third parties which can include, placement fees, account maintenance services fees, acquisition fees, advisory
and performance fees, direct Fund expenses, manager operating expenses, and other expenses, which are described
in detail in the applicable Fund Governing Documents or IMA. All such payments to GCQA are paid quarterly in
arrears.
The Adviser may specifically allocate expenses in another manner if it reasonably determines, in its discretion, that
it is equitable to do so. To the extent that expenses to be borne by a Fund are (or will be) paid by GCQA or its
affiliates, the Funds may reimburse the Adviser or its affiliates for such expenses.

Form ADV Part 2A Firm Brochure | Griffin Capital QOZ Advisor, LLC

Any expense common to any other Fund managed by GCQA or its affiliates generally is paid pro rata by such
entities based on the eligible Fund’s assets under management (or in any other manner deemed fair and equitable
by GCQA in its discretion).

Item 6:         Side-by-Side Management
GCQA maintains a policy regarding conflicts of interest among its clients as well as the Code that (i) reminds the
Adviser’s agents of their fiduciary duties and obligation to the Funds, (ii) memorializes and fosters GCQA’s general
standards of business conduct and requires compliance with both the letter and the spirit of federal securities laws,
(iii) provides guidance for dealing with certain potential conflicts of interest, (iv) requires certain of the Adviser’s
agents to report their personal securities transactions and holdings to GCQA’s chief compliance officer or his/her
designee (the “Chief Compliance Officer”) in accordance with the Investment Advisers Act of 1940, as amended
(the “Advisers Act”), (v) requires certain of the Adviser’s agents to pre-clear securities transactions, (vi) requires
GCQA agents to report violations, and (vii) imposes additional record keeping requirements.

Item 7:         Types of Clients
The Adviser provides investment advisory services to three Funds. GCQA does not have clients that are individual
(natural person) investors. Instead, the Adviser specializes in providing services exclusively to private real estate
funds. Each of GCQOZ, GCQOZII and GCQOZIII are private investment vehicles that are exempt from registration
under the Investment Company Act of 1940, as amended (the “1940 Act”) pursuant to Section 3(c)(5)(C) thereof.
The Funds’ assets are structured to be direct interests in real estate such that they do not constitute “securities.”