Homestead Capital USA LLC

Item 5 – Fees and Compensation

For services provided to each Fund, each Fund pays Homestead a management fee (a
percentage of commitments and/or capital investments under management) and a
performance-based carried interest (a percentage of the net profits from divestment of
portfolio holdings after capital is returned and a preferred return is distributed, as described
in Item 6, below). Homestead may also receive directors’ fees, transaction fees, investment
banking fees, advisory fees, monitoring fees, or similar fees, as described below.

Each Fund’s fees and expenses are detailed in the applicable PPM and should be consulted
for a complete description of fees, expenses and definitions of applicable terms.

Management Fees

The Funds pay Homestead a management fee (the “Management Fee”) up to the amount
specified in the Fund’s offering materials. Through the end of a Fund’s “investment period,”
the Management Fee is in an amount equal to approximately 1.5% - 1.75% of the aggregate
capital commitment of the Fund’s investors. After the end of the applicable investment
period (or upon such other events as may be specified in each Fund’s offering materials), the
Management Fee is equal to 1.5% to 1.75% of capital that is invested, budgeted or reserved.

The Management Fee is accrued and payable quarterly in advance. Each General Partner
generally causes payment of the Management Fee to be deducted from the Funds’ accounts
(as applicable) quarterly at the beginning of the quarter. In the event of an early termination
of a Fund, we will return to the Fund the proportionate amount of the Management Fee
attributable to the period after the termination date. The Management Fee is not negotiable.
However, Homestead reserves the right to waive all or part of the Management Fee and other
fees/allocations in its sole discretion. Homestead may elect to waive a portion of the
Management Fee in exchange for a reduction in the respective General Partner’s cash capital
contribution obligation.

The Management Fee will be reduced by 100% of any: (i) placement fees paid by the Funds
to third parties, (ii) transaction fees (including commitment fees, breakup fees, consulting
fees, directors’ fees) paid to Homestead or the General Partner with respect to any Fund
investment; and (iii) excess organizational expenses paid or reimbursed by the Fund.

Other Fees

Homestead has not historically collected any fees besides management fees. If in the future
Homestead collects any directors’ fees, financial consulting fees, advisory fees, transaction
fees or breakup fees, then these fees would reduce the Management Fee as described above.

Lending Program Fees

In connection with the Program described in Item 4, HCC, an affiliate of Homestead, receives
certain fees and other compensation. Such compensation may include (i) origination fees

(which may be subject to offsets or sharing arrangements with counterparties) in connection
with the sourcing and structuring of credit investments, (ii) ongoing servicing fees in
connection with the monitoring and administration of such investments, and (iii) contingent
performance-based fees. Any such performance-based fees are designed to align the
interests of HCC with those of its counterparties and are generally based on the performance
of the underlying credit investments. Certain of these fees may be received through an
affiliated entity, Homestead Capital Credit MMB I LLC.

The specific terms of such fees, including their calculation and timing, are governed by
applicable agreements with the relevant counterparties. These fees are separate from, and
in addition to, the Management Fee and carried interest described above with respect to the
Funds.

Additional Expenses

The investment strategies we employ for the Funds generally do not involve the purchase or
sale of publicly offered securities, and as such, do not typically entail expenses related to
securities related brokerage commissions, although other expenses may arise. Please refer
to Item 12 for additional information regarding the factors we consider in selecting real
estate brokers and other service providers for transactions, and in determining the
reasonableness of their compensation.

Each Fund will reimburse Homestead for the Fund’s and its affiliated entities’ organizational
and start-up expenses, including legal, travel, accounting, filing, printing, capital raising and
other organizational expenses. Homestead will bear the cost, if any (through an offset
against the Management Fee or otherwise), of all organizational expenses in excess of $1.25
million in the case of Fund I and Fund IV, $1.5 million in the case of Fund II and Fund III and
of any placement fees payable to any placement agent in connection with soliciting investors’
funds.

In addition to the Management Fee, each Fund will pay all other costs and expenses of the
Fund that are not reimbursed by portfolio investments (which reimbursements may be for
travel, including use of a private aircraft not to exceed $100,000 in the aggregate per year,
per Fund in the case of Fund II, Fund III and Fund IV, and any other out-of-pocket expenses
incurred in connection with the making, monitoring and/or disposing of such portfolio
investments, including follow-on investments), including legal, auditing, consulting,
financings and refinancings, accounting, administration and custodian fees and expenses;
expenses associated with the Funds’ financial statements, tax returns, Schedule K-1s and any
other Fund-related reporting or filing obligations; expenses incurred in connection with
transactions not consummated; expenses of the Fund advisory boards and annual meetings
of the limited partners; insurance (including directors and officers insurance); other
expenses associated with the acquisition, holding and disposition of its investments,
including extraordinary expenses (such as litigation, if any); costs and expenses (including
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Item 7 – Types of Clients

Homestead provides portfolio management services to the Funds, which are pooled
investment vehicles. In general, limited partnership interests in the Funds are offered on a
private placement basis and in reliance on Section 3(c)(7) of the Company Act, to persons
who generally are “accredited investors” as defined under the Securities Act of 1933, as
amended, and “qualified purchasers” as defined under the Company Act, and who are subject
to certain other conditions, which are fully set forth in the offering documents for the
applicable Fund. Underlying investors in the Funds may include, without limitation, state
and municipal entities, high net worth individuals, pension and profit sharing plans, trusts,
estates, charitable organizations, corporations, business entities, endowments, foreign
sovereign wealth funds and other types of investors.

The Funds generally require capital commitments of at least $5 million, although a Fund’s
constituent documents may allow for exceptions to these minimums in our discretion.

In addition, Homestead and its affiliates may provide advisory services to institutional
counterparties in connection with credit-related investment programs.