GTIS Partners LP

Item 5 – Fees and Compensation

In consideration for the investment management services provided to the Clients, an affiliate of
GTIS receives management fees (“Management Fees”) and GTIS affiliates receive an incentive fee
(“Incentive Fee” and together with Management Fees, “Compensation”) from the Clients. GTIS
also receives certain other fees as described below, which varies by Client but can include
development fees, acquisition fees and monitoring fees. The Clients are also responsible for
bearing certain expenses as detailed below and in each Client’s Governing Documents.

Investors should refer to the Governing Documents of the applicable Client for a complete
understanding of how GTIS is compensated for its advisory services. The information contained
herein is a summary only and is qualified in its entirety by such documents.

Management Fees

Generally, GTIS charges each Client a Management Fee of up to 1.75% as specified in each Client’s
Governing Documents. Management Fees are negotiated on a Client-by-Client basis during the
fundraising period of the applicable Client and are not subject to negotiation thereafter. For
certain Clients, the amount of Management Fees generally will not correspond with fluctuations
in a Client’s net asset value, including following the date that Management Fees step down, and
will not be reduced in connection with any write-downs, except in the case of investments that
have been permanently written down. Permanent write-down determinations are made in the
discretion of the Valuation Committee in accordance with the relevant Governing Documents
and GTIS’ valuation policy.

For certain Clients, Management Fees are reduced by an amount paid by GTIS in connection with
marketing or management of such Client in accordance with the Governing Documents of such
Client. Management Fees are not reduced, however, in connection with fees, compensation or

interests paid to an employee that was entered into prior to such person becoming an employee,
regardless of when the interest, compensation or amounts crystallize or vest.

GTIS is permitted in its sole discretion to reduce or waive all or a portion of the Management Fee,
and has done so for GTIS employees and their family members investing in a Client (although
such Investors generally pay their pro rata share of certain Client expenses). Management Fees
are often dependent upon the size of the Investor commitments within each Client.

GTIS has elected for some Clients, per the Governing Documents of such Client, to apply the
Management Fee payable by a Client to satisfy the capital contribution obligations of the Client
sponsor (GTIS). The Investors in such Clients are required to make a pro rata contribution
according to their respective commitments to fund any contribution that would otherwise be
required of the relevant sponsor in connection with any waiver and, as a result, the exercise of
such waiver has the potential to result in an acceleration of Investors’ capital contributions (e.g.,
during periods when GTIS no longer receives Management Fees and receives Compensation that
would otherwise be subject to offset, GTIS, depending on certain elections made by Client
Investors, can be entitled to retain such Compensation without remitting any such amounts to
the applicable Client or its investments).

Generally, Investors participating in a subsequent closing after the initial closing of a Fund are
responsible for paying the Management Fee as of the date of the initial closing of such Fund. In
addition, Management Fees are payable during term extensions unless otherwise notified to
Investors.

Management Fees are accrued and payable by the Clients either quarterly in advance or quarterly
in arrears, depending on the Client and as detailed in each Client’s Governing Documents. In the
case of certain Client arrangements, GTIS is afforded with the right to be paid in advance, but not
more than three months in advance. In most cases, Management Fees are either paid directly
by the Client as a result of a capital call to its Investors or deducted from distributions to Client
Investors and remitted to GTIS. Management Fees for the Separate Accounts are either paid as
described above or paid directly to GTIS. Other fees (as detailed below), are paid either as a
result of a capital call notice to Investors, as an investment expense, as a property level expense,
as a Fund or Client expense or deducted from distributions to Investors.

For closed-ended Clients, Management Fees are expected to be paid, except as otherwise
described in the relevant Governing Documents, over the term of the Clients, and Investors
generally are not permitted to withdraw or redeem interests in the Clients. For open-ended
Clients, Investors are permitted to invest or withdraw (entirely or partially and subject to various
redemption restrictions) on a quarterly basis, subject to a minimum investment period and
certain lock-up rights disclosed in the relevant Governing Documents. Withdrawing Investors

must provide GTIS with proper advance written notice as per the Governing Documents of such
Fund. For such open-end Investors, GTIS is only entitled to Management Fees for the time in
which they are Investors.

Incentive Fees

Incentive Fees to which GTIS may be entitled, depending on performance, are generally 10% -
20% of cumulative realized Client profits following the return of Client capital (and the exceeding
of a preferred return on such capital), as described briefly in Item 6 below and in full detail in
each Client’s Governing Documents.

Client Expenses

As further detailed in the Governing Documents for each Client, Clients, investment joint
ventures or investments wholly-owned by Clients pay:

•   During an offering period, all organizational and marketing expenses, up to maximums, if
    applicable, as detailed in such Client’s Governing Documents.
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Item 7 – Types of Clients

GTIS provides investment advice to (i) Funds that are offered as private placements and organized
as limited partnerships or REITs, (ii) to Co-Investment Vehicles, and (iii) to Separate Accounts that
invest through limited partnerships (all such entities, GTIS’ Clients). Client Investors typically
include public pension plans, corporate pension plans, university endowments, foundations,
investment companies, insurance companies, sovereign wealth funds, fund-of-funds, banks,
trusts, family offices, investment advisers, other institutional Investors, and high net worth

individuals. Investment advice is provided directly to the Clients and not individually to Investors
in such Clients.

Each Client generally limits its Investors to persons who are “accredited investors” and/or
“qualified clients”, “qualified purchasers” or “knowledgeable employees”, in each case as defined
respectively in the Securities Act of 1933, the Advisers Act or the Investment Company Act of
1940 (“Investment Company Act”). In regard to the Funds, minimum subscription amounts and
other Investor suitability requirements are detailed in the respective Client Governing
Documents. However, such minimum amounts can be waived by GTIS in its discretion. In regard
to the Separate Accounts, the amount of capital to be invested is individually negotiated.

The Clients are not registered nor required to be registered under the Investment Company Act,
their securities are not registered nor required to be registered under the Securities Act of 1933
and interests are privately placed to qualified investors. Qualified investors include individuals
or entities to which interests are permitted to be sold, which generally includes (i) in the United
States, people or organizations who meet certain net worth, income and/or financial
sophistication requirements as described above or (ii) in other countries, as permitted by the
relevant securities laws in such jurisdiction and in compliance with any foreign offering provisions
applicable to GTIS and/or the Clients.

On occasion, GTIS offers co-investment opportunities for certain investors to invest alongside a
Fund in certain investments. GTIS in its discretion will determine whether it is in the best interest
of the Funds to solicit co-investment interests for a portfolio investment. GTIS generally will seek
co-investors when (i) an investment opportunity requires additional capital, (ii) an investment
opportunity is larger than the commitment amount a Fund is permitted to make under the
Governing Documents, (iii) the investment amount is larger than is prudent for the Fund to make,
(iv) allowing a co-investor is in the best interest of a Fund or (v) GTIS believes the Fund will benefit
from the participation of the co-investor(s). Co-investment opportunities are generally offered
first to those Investors who have indicated an interest in participating in co-investment
opportunities during the subscription process and then to all Investors in the applicable Fund,
although for some investments GTIS will determine in its sole discretion that it is in the best
interests of the Client to offer a co-investment opportunity to a third party. Subject to any
restrictions contained in the Governing Documents of the relevant Fund, any side letter or other
terms negotiated with respect to such Fund or agreements with lenders, in general no Investor
has a right to participate in any co-investment opportunity and co-investment opportunities may
be offered to some, and not all, Investors in the Funds.

In its sole discretion and in accordance with the Governing Documents and its policies and
procedures governing co-investment opportunities, GTIS can cause a Fund to invest side-by-side

with a co-investor without offering a co-investment opportunity to existing GTIS Investors.
Opportunities to co-invest are made available to any person or entity, including without
limitation, strategic investors, lenders, deal sources, co-sponsors, joint venture partners, other
investment advisers and other persons or entities affiliated, associated or otherwise known to
GTIS or its employees. In certain cases, determinations to allocate such amounts or investment
opportunities to vendors or service providers will be made prior to the determination of the
availability of the opportunity for other co-investors, and as such generally will decrease the
amount of co-investment opportunities available. Reasons for offering a co-investment
opportunity to a third party include, but are not limited to, instances where a co-investor
provides investment opportunities, operating capabilities, financing or other strategic or
competitive opportunities or advantages, as further detailed in the Firm’s policies and
procedures regarding co-investment. Some co-investors are offered rights not offered to other
co-investors, such as forced sale provisions. In some cases, the application of co-investment
allocation factors will result in favoring some potential co-investors over others, including with
respect to the frequency with which co-investment opportunities are offered. In other cases,
certain co-investors will receive a greater proportion of an investment opportunity than others
as a result of these factors. In addition, co-investments will not necessarily be made on the same
terms as a Fund’s investment in an investment.

Although co-investments typically involve investment and disposal of interests in the applicable
investments at substantially the same time and on substantially the same terms as the Fund
making the investment, co-investors are generally subject to different economic terms than the
Fund. From time to time, for strategic and other reasons, a co-investor or Co-Investment Vehicle
will purchase a portion of an investment from a Fund after such Fund has consummated its
investment (also known as a post-closing sell-down or transfer). Post-closing sell-downs are
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