Harrison Street Advisors LLC

Item 5 - Fees and Compensation
Pursuant to the investment management agreements with our IA Fund Clients, we are entitled to
compensation for our services in the form of an investment management fee (the “Management
Fee”), payable quarterly in arrears. The Management Fee is determined on an Investor-by-Investor
basis and is billed and, in the discretion of the Investor, either payable by the Investors directly or
by withdrawal from their respective capital accounts, in addition to funding their commitments.
The respective Governing Documents include further details on fees and compensation and related
matters.

The Management Fee is calculated with respect to each IA Fund Investor’s share of the fund’s net
asset value (“NAV”) at the end of the applicable calendar quarter. An Investor’s Management Fee
rate may be negotiable at the discretion of Harrison Street Advisors.

With respect to the Core Fund and HSIF, the Management Fee with respect to an Investor’s NAV
generally is equal to the Investor’s portion of the IA Fund NAV multiplied by the applicable
Management Fee rate as set forth in the table below:

                                                                         Annual
                                                                     Management Fee
                                                                     Rate Applied to
                  Investor’s NAV                                     Investor’s NAV

 First $25 million                                                         1.15%

 In excess of $25 million to $50 million                                   1.05%

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 In excess of $50 million to $75 million                                0.95%

 In excess of $75 million to $100                                       0.90%

 In excess of $100 million                                              0.85%

For example, if an Investor’s NAV as of the close of a calendar quarter in a year was equal to $60
million, the Management Fee for such investor for such calendar quarter would be equal to
$161,250.00, computed as follows: (i) $71,875.00 (i.e., $25 million x 1.15% x 25%) for the first
$25 million of such Investor’s NAV; plus (ii) $65,625.00 (i.e., $25 million x 1.05% x 25%) for the
next $25 million of such Investor’s NAV; plus (iii) $23,750.00 (i.e., $10 million x 0.95% x 25%)
for the remaining $10 million of such Investor’s NAV.

With respect to CAREF Cayman Fund, the Management Fee with respect to an Investor’s NAV
generally is equal to the Investor’s portion of the IA Fund NAV multiplied by the applicable
Management Fee rate as set forth in the table below:

                                                                      Annual
                                                                  Management Fee
                                                                  Rate Applied to
                 Investor’s NAV                                   Investor’s NAV

 First CAD$25 million                                                   1.20%

 In excess of CAD$25 million to CAD$50 million                          1.10%

 In excess of CAD$50 million to CAD$75 million                          1.00%

 In excess of CAD$75 million to CAD$100                                 0.95%

 In excess of CAD$100 million                                           0.90%

For example, if an Investor’s NAV as of the close of a calendar quarter in a year was equal to
CAD$60 million, the Management Fee for such Investor for such calendar quarter would be equal
to CAD$168,750, computed as follows: (i) CAD$75,000 (i.e., CAD$25 million x 1.20% x 25%)
for the first CAD$25 million of such Investor’s NAV; plus (ii) $68,750 (i.e., CAD$25 million x
1.10% x 25%) for the next CAD$25 million of NAV; plus (iii) CAD$25,000 (i.e., CAD$10 million
x 1.00% x 25%) for the remaining CAD$10 million of such Investor’s NAV.

HSTA, in certain situations, expects to receive negotiated fees for providing asset management
services to a co-investment joint venture of which the IA Fund is a member but the IA Fund does
not pay separate Management Fees.

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Management Fees for Separate Accounts are negotiated between HSTA and the investor. The
applicable Management Fee will be set forth in HSTA’s Management Agreement with each
Separate Account.

Additionally, as further described in Item 6 below, with respect to the HSIF Fund, HSTA receives
an incentive fee based on certain criteria.

Additional Fees and Expenses

Harrison Street Advisors generally will bear its own costs of compensation of HSRE employees
that provide services to it and related overhead expenses, except as described below or in the
applicable Governing Documents.

Fund Investors will bear indirectly as partnership expenses any costs and expenses allocated by
Harrison Street Advisors or the General Partner to the applicable Fund, which costs and expenses
will be deducted directly from the applicable Fund. Those costs and expenses will vary but typically
include charges for professional services such as legal, tax, accounting and appraisal activities.
Limited partners in certain Funds will bear indirectly legal fees of HSAM in-house legal personnel
and fees of HSAM in-house tax professionals charged on either a time-incurred basis or project
basis for work related to the relevant Fund and its investments. Limited partners in non-US based
parallel vehicles and certain US-based Funds generally bear additional costs and expenses of local
agents and custodians, as well as any fee paid to an alternative investment fund manager (“AIFM”),
including any HSRE affiliate that serves as the AIFM, which shall be determined on an arm’s
length basis and shall not offset any Management Fee.

Each Fund will incur expenses for maintenance of books and records; maintenance of bank
accounts; custody fees; audit expense; tax preparation expense; financial statement preparation
...

Item 7 - Types of Clients
Harrison Street Advisors provides portfolio management services to the IA Fund Clients, Separate
Account Clients, and other investment vehicles. IA Fund Investors include large public and
corporate pension plans, insurance companies and trusts, endowments, foundations, and financial
institutions, and include high net worth individuals. HSTA generally requires IA Fund Investors to
be an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended
(“Securities Act”) and qualified purchaser as defined by the Investment Company Act of 1940, as
amended. HSTA generally request IA Fund Investors to make a minimum commitment of

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$10,000,000. Except with respect to “Series F” Units of the CAREF MFT, the Canadian Fund is
generally subject to a minimum commitment amount of $10,000,000 and, with respect to U.S.-
domiciled investors, restricted to investors who qualify as a Qualified Purchaser. In some instances,
the minimum commitment may be waived or modified in the General Partner’s discretion.

Harrison Street Advisors also expects to act as investment adviser or sub-adviser to other HSAM-
sponsored investment vehicles or separate accounts. In addition, we provide asset management
services to other real estate equity investment vehicles sponsored directly or indirectly by HSRE.

This Brochure may be provided to prospective Fund Investors and/or Separate Account Clients.
While this Brochure may include information about the vehicles managed by HSTA, it does not
represent a complete discussion of the features, risks or conflicts associated with the investment
vehicles. More complete information is included in the applicable Organizational Documents.

In no event should this Brochure be considered an offer of Units in an investment vehicle or be
relied upon in determining whether to invest in the vehicle. The Brochure is not an offer of, or
agreement to provide, advisory services directly to any Fund Investor. Rather, this Brochure is
designed only to provide information about us to comply with regulatory requirements under the
Advisers Act. Information in this Brochure may differ with information provided in the
Governing Documents. If there is any conflict between the information provided in this Brochure
and information in the Governing Documents, the information provided in the Governing
Documents shall control.