Inland Advisory Services LLC

Item 5: Fees and Compensation

A.     Fee Schedule

The Firm will be entitled to reimbursement from Clients for all expenses attributable to such
Clients and paid or incurred by the Firm in providing services to such Clients, including all
expenses and costs of salaries and benefits of any persons employed by the Firm and performing
services for Clients, except for the salaries and benefits of persons who also serve as an executive
officer of the Firm or of Client. Without limiting the generality of the foregoing, costs eligible for
reimbursement will include out-of-pocket costs and expenses the Firm incurs in connection with
the services it provides related to legal, compliance, accounting, insurance and other expenses
attributable to the Firm’s organization, preparation of the Form ADV, and filing fees incurred by
the Firm.

Affiliates of the Firm, including IREIC, earn fees and are reimbursed for costs associated with
performing services for REITs and other real estate businesses and funds sponsored or managed
by IREIC or its affiliates, including the Other Inland Accounts (collectively, the “Inland
Investment Programs”). These fees may include, without limitation, acquisition fees, asset
management or advisory fees, property management fees, development fees, and disposition fees.
Affiliates of the Firm, including IREIC, also may be entitled to a performance participation
allocation or other incentive fees if certain performance hurdles are satisfied. Additionally, Inland
Securities Corporation, an affiliate of the Firm (“ISC”), earns fees for acting as the placement
agent or dealer manager for Inland Investment Programs.

B.     Payment of Fees

Each Client may elect to receive an itemized invoice for expense reimbursements or to authorize
the Firm to directly deduct such reimbursements from the Client’s accounts. Expenses generally
will be reimbursed on a monthly basis.

C.     Third Party Fees

All expenses relating to the investment of the assets of the Client’s account, including without
limitation, custodial fees, brokerage commissions, transfer taxes and expenses in the purchase,
sale, or other disposition of such assets, will be the sole responsibility of the applicable Client and
will be payable from the Client’s account. These expenses are separate and distinct from the
expenses that will be reimbursable to the Firm.

Inland has affiliates that sponsor partnerships and limited liability companies that offer non-
tradable securities for real estate projects that the Firm may identify to its Clients as Private
Placements. These securities are often referred to as proprietary products. The sponsors of
proprietary products, as well as other of the Firm’s affiliates, will earn fees and will be reimbursed
for costs associated with those investments including, without limitation, development fees, re-
development fees, asset and property management fees, leasing commissions and sales
commissions. The sponsor of proprietary products may have economic incentives that are
disproportionate to their investments in the proprietary product. The fees and other interests of
Inland affiliates create a conflict of interest in the Firm presenting the proprietary products to its
Clients as alternative investments.

Item 12 further describes the factors that the Firm will consider in selecting or recommending
broker-dealers for client transactions and determining the reasonableness of their
compensation (e.g., commissions).

D.     Prepayment of Fees

The Firm will not require or solicit prepayment or advance payment of fees or expense
reimbursement from any Client.

E.     Outside Compensation for the Sale of Securities to Clients

Neither the Firm nor any of its supervised persons will accept any outside compensation for the
sale of securities or other investment products to the Firm’s Clients.

Item 7: Types of Clients

The Firm’s Clients will consist of a publicly listed non-traded REIT, its operating partnership
and the Funds, which will be advised or sub-advised by the Firm and/or its affiliates.

Pursuant to an Investment Advisory Agreement with IPC Alternative Real Estate Advisor, LLC,
the Firm advises IPC Alternative Real Estate Income Trust, Inc., a public reporting, non-listed real
estate investment trust (“ALT REIT”), and IPC Alternative Real Estate Operating Partnership, LP,
the operating partnership for ALT REIT. ALT REIT expects to acquire a diversified portfolio of
stabilized, income-generating commercial real estate across alternative property types, with a non-
exclusive focus on self-storage facilities, student housing properties and healthcare-related
properties. ALT REIT may also invest in value-add or other development projects in these asset
classes, potentially through a variety of ownership structures including but not limited to direct
ownership, joint ventures, co-investment opportunities, preferred equity positions and others. ALT
REIT may invest in real estate-related securities as a cash management strategy.

Additional future Funds are expected to be limited partnerships, which will be managed by a
general partner (each, a “General Partner”), or limited liability companies, which will be managed
by a manager (each, a “Manager”), formed in Delaware and operating pursuant to one or more
exemptions from registration under the Investment Company Act of 1940, as amended (the
“Investment Company Act”). The Funds may include special purpose vehicles and/or parallel
structures established for tax, regulatory or other considerations. The minimum commitment by
investors in a Fund will be specified in the Fund’s Governing Documents. The General Partner or
Manager of a Fund is expected to reserve the right to enter into side letters or other agreements
(including the governing documents of any parallel investment entities) with particular investors

in connection with such investor’s investment in the Fund without the approval of any other
investor, which will have the effect of establishing rights under, or altering or supplementing the
terms of, the applicable partnership agreements with respect to such investor in a manner more
favorable to such investor than those applicable to other investors. Such rights or terms in any such
side letter or other similar agreement potentially may include (i) economic arrangements, (ii)
altered redemption rights, (iii) excuse rights applicable to particular investments (which may
increase the percentage interest of other investors in, and contribution obligations of other
investors with respect to, such investments), (iv) the General Partner’s or Manager’s agreement to
extend certain information rights or additional reporting to such investor, including to
accommodate special regulatory or other circumstances of such investor, (v) waiver or
modification of certain confidentiality obligations and/or documentation that might be requested
by the General Partner or Manager for the benefit of lenders or other persons extending credit to
or arranging financing for the Fund, (vi) consent of the General Partner or Manager to certain
transfers by such investor or other exercises by the General Partner or Manager of its discretionary
authority under the applicable partnership agreement for the benefit of such investor, (vii)
restrictions on, or special rights of such investor with respect to the activities of, the General
Partner or Manager and its affiliates, including restrictions on the General Partner or Manager’s
ability to exercise rights under the applicable Governing Documents with respect to such investor,
(viii) withdrawal rights (subject to consent of the General Partner or Manager) due to legal,
regulatory or policy matters, including matters related to political contributions, gifts and other
such policies, (ix) other rights or terms necessary in light of particular legal, regulatory or public
policy characteristics of an investor, (x) matters regarding such investor’s right to participate in
co-investment opportunities, (xi) alterations to the standard of care applicable to the General
Partner or Manager, or (xii) additional obligations, and restrictions of the Fund with respect to the
structuring of any investment (including with respect to alternative investment vehicles). Any
rights or terms so established in such agreement with an investor will govern solely with respect
to such investor (but not any of such investor’s assignees or transferees unless so specified in such
side letter or otherwise agreed to by the General Partner or Manager) and will not require the
approval of any other investor notwithstanding any other provision of the applicable Governing
Documents. Notwithstanding the fact that the applicable Governing Documents may contain a
“most favored nations” provision, investors would not, notwithstanding the terms of such side
letter provision, have the right to elect certain rights or benefits granted to other investors in their
side letters or other agreements.