Iron Point Partners LLC

Item 5: Fees and Compensation

Each of the Private Funds pays management fees to IPP. As fully described in the governing
documents for each Private Fund, management fees are typically payable to IPP quarterly in advance
with fees payable on a pro rata basis for any period that is less than a full quarterly period. Each of
the investment advisory agreements or other governing documents generally provide for a
management fee. Any management fee is indirectly borne by investors. The management fee for a
Private Fund is typically based on the capital commitments of such Private Fund during its
investment period and thereafter on the actively invested capital of the Private Fund for the
remainder of its expected life, although the management fees for any specific Private Fund may vary
and are negotiated with such Private Fund’s investors during the fund raising period of the Private
Fund. In addition, the General Partner of each Private Fund is entitled to carried interest or incentive
allocations (typically a percentage of profits derived from the disposition of such Private Fund’s
investments following a preferred rate of return to the Private Fund’s investors). IPP or the
applicable General Partner, as applicable, waives or reduces management fees and/or carried
interest or incentive allocations for certain investors including, without limitation, IPP’s employees,
“friends and family” investors, and Bass Entities (see discussion of side letters in Item 7 – Types of
Clients below). Management fees and carried interest or incentive allocations for each Private Fund
that is a co-investment vehicle are separately negotiated with such Private Fund’s investors.

Certain IPP clients invest in joint ventures or platforms with third parties. In addition, IPP clients
enter into other arrangements with third parties to facilitate the sourcing, development, and
management of investments made by the clients. In some cases, personnel affiliated with such third

parties will share or sub-lease office space from IPP. Through these joint ventures, platforms, and
other arrangements, clients (and, with respect to Private Funds, investors in the applicable Private
Fund) will bear a pro rata portion of the fees and expenses of the joint venture, platform, or other
arrangement, which will include various types of fees (e.g., development fee, property management
fee, asset management fee, acquisition fee, financing fee, accounting fee, and administrative fee)
and performance compensation (e.g., carried interest or “promote”) paid to the applicable third
party. The fees and performance compensation paid to such third parties are in addition to, and do
not offset, the management fee and the carried interest or incentive allocation paid to IPP by the
clients. In addition, the governing documents of Private Funds permit affiliates of IPP to be retained
to provide certain real estate related services and be paid a fee for doing so, which arrangements are
generally subject to review and approval by the investor advisory committee of the respective
Private Fund.

In addition, certain IPP clients engage service providers owned and controlled by private funds
managed by IPI in connection with certain data center Real Estate Assets held by the clients
(including data center Real Estate Assets in which the private funds managed by IPI co-invest) at
pre-determined fee rates and other terms, in accordance with the governing documents of each such
Private Fund. No IPP or IPI personnel participate in any of the fees or compensation payable to such
service providers (other than indirectly through their ownership interest, if any, in the private funds
managed by IPI). Such service arrangements may give rise to potential conflicts of interest between
IPP clients (and, with respect to Private Funds, the Private Funds’ investors), on the one hand, and
IPP, IPI, and their respective affiliates, on the other hand, and any fees or other compensation will
not be shared with the clients (and, with respect to the Private Funds, the Private Funds’ investors).

All costs and expenses related to the acquisition, carrying, or disposition of client investments
including, but not limited to, private placement fees, sales commissions, appraisal fees, taxes,
brokerage fees, underwriting commissions and discounts, accounting, legal, investment banking,
consulting, information services, professional fees, custodial, trustee, record keeping, partnership
reporting, taxes, insurance, telephone, travel, and other such expenses are either paid by or
reimbursed to IPP by its clients.

In order to achieve certain economies of scale, IPP engages independent and unaffiliated entities in
which Bass Entities have an ownership interest (including, without limitation, BEPCO, LP)
(collectively, “Bass Service Providers”) to provide certain administrative and back-office functions
and risk management services to IPP and its clients. The Bass Service Providers allocate to IPP and
IPP’s clients, collectively, costs and expenses relating to the services provided (including expenses
of compensation, benefits, support staff, rent and related expenses, communications, information
technology, human resources, recruiting costs, and other indirect and incidental expenses).
Investment vehicles managed by Safely Store also use Bass Service Providers for similarservices
and accordingly a portion of the costs of such services are also allocated to such investment vehicles
managed by Safely Store. The fees paid to Bass Service Providers do not offset the management
fees paid to IPP or the carried interest or incentive allocations (if any) paid to the General Partners
(in which affiliates of the Bass Service Providers also participate).

The governing documents for each Private Fund have provisions that allow such Private Fund to
borrow money for investment and other purposes. Such borrowings may be made prior to capital
...

Item 7: Types of Clients

IPP provides investment advisory services to clients that invest in Real Estate Assets. IPP’s current
clients are Private Funds, which are structured as limited partnerships that are exempt from
registration as an investment company under U.S. law by virtue of Section 3(c)(1) and/or Section
3(c)(7) of the Investment Company Act of 1940.

Investors in the Private Funds include a variety of institutional investors (e.g. trusts, employee
benefit plans, endowments, foundations, corporations and other types of entities, including private
funds of funds) and include high net worth individuals. All investors in the Private Funds are
required to be “accredited investors” (as defined in Regulation D promulgated under the Securities
Act of 1933) and must satisfy such other investor qualification requirements in order to satisfy
applicable securities laws.

IPP enters into side letter agreements or other similar agreements with certain investors in the
Private Funds, which agreements provide such investors with rights and terms (including, without
limitation, rights and terms relating to management fees, the performance allocations, co-investment
rights, access to information/reporting obligations, the ability to be charged fees associated with the
engagement of placement agents, “most favored nation” provisions, and rights or terms requested
or necessary in light of particular investment, legal, regulatory, or public policy characteristics of
an investor) that are different or in addition to the general terms of the governing documents of the
applicable Private Fund. Subject to potential regulatory changes, IPP is not currently obligated to offer
such additional and/or different rights or terms to all investors in the Private Funds.

IPP may in the future provide investment advisory services to additional clients that are not Private
Funds.