Ivy Equities II LLC

Item 5:       Fees and Compensation
(A)    Ivy is compensated for its advisory services by payment of both a management fee and
       performance fee. The management fee that a Fund or client generally will pay is set forth
       in the limited partnership agreements, offering documents and advisory agreements of the
       respective Funds and in the advisory agreements with other clients. These general fee
       arrangements may also be negotiated. The management fee for each of the above-named
       Funds is:

           Ivy Realty Fund II, L.P.                                         The management fee is 2% per annum
                                                                            until the end of the investment period
                                                                            which is the fifth anniversary of the final
                                                                            closing of the initial sale of the interests in
                                                                            the Fund; after such investment period, the
                                                                            fee is 1.25% per annum on outstanding
                                                                            capital invested and reserves.

                          S:\CL2\1 - Ivy Equities II\SEC Advisor\Form ADV and Part 2A\ADV Part 2A\2020\2020 IVY EQUITIES II LLC ADV Part 2A FINAL.docx

 Form ADV: Part 2A

         Ivy Realty Fund III, L.P.                                        The management fee is 1.75% per annum
                                                                          until the end of the investment period
                                                                          which is the fourth anniversary after the
                                                                          final closing of the initial sale of the
                                                                          interests in the Fund; after such
                                                                          investment period, the fee is 1.75% per
                                                                          annum on outstanding capital invested and
                                                                          reserves.

         Ivy Realty Fund IV, L.P.                                         The management fee is 1.50% per annum
                                                                          until the end of the investment period
                                                                          which is the fourth anniversary after the
                                                                          final closing of the initial sale of the
                                                                          interests in the Fund; after such
                                                                          investment period, the fee is 1.50% per
                                                                          annum on outstanding capital invested and
                                                                          reserves.

         Ivy Halo I, LLC                                                  There is no management fee charged

       In addition, Ivy will hire an affiliate of Ivy (“Manager”) to operate some or all of the
       investments in the Real Estate Funds. The Manager will be compensated at market rates
       for its property management services, which may include but are not limited to, property
       and construction management fees, leasing commissions, refinancing fees, reimbursement
       of gross salaries, bonuses, taxes and benefits of property personnel employed by Ivy and/or
       affiliates to work onsite at the property and a proportionate share of other employees
       assigned to the property, and reasonable miscellaneous costs paid by the Manager that
       are directly related to the property operations.

(B)    Fees are deducted from the client’s assets. The management fee, if applicable, is
       calculated and paid quarterly in advance. Ivy may reduce or waive this and other fees with
       respect to one or more investors.

(C)    In addition to management fees, additional expenses that each respective Fund may incur
       include (but are not limited to) organizational and placement costs, expenses associated
       with investing in real estate (valuation and appraisal, advertising, zoning, property
       rehabilitation, disposition, taxes, insurance and investigation of investment opportunities)
       audit fees, legal fees, administrator fees (such as bookkeeping and accounting fees, tax
       advice, preparation of tax returns and partnership reporting and other expenses), custodian
       fees, transaction costs and expenses and meetings of Limited Partners or meetings of
       members of any advisory committee. Please see Item 6 in relation to the performance fee
       which may also be payable. Certain commissions or fees may be paid to third party
       intermediaries in connection with purchases or sales of real estate interests.

(D)    Ivy’s Fund clients, if applicable, pay management fees quarterly in advance. Investors may
       be credited for management fees paid in advance for any period in which they no longer
       have capital in a Fund.

(E)    Neither Ivy nor any of its supervised persons accepts compensation for the sale of
       securities or other investment products, including asset-based sales charges or service
       fees from the sales of mutual funds.

                        S:\CL2\1 - Ivy Equities II\SEC Advisor\Form ADV and Part 2A\ADV Part 2A\2020\2020 IVY EQUITIES II LLC ADV Part 2A FINAL.docx

    Form ADV: Part 2A

Item 7:       Types of Clients
Ivy currently provides discretionary investment advisory services to private investment funds. Ivy
provides such services directly to the Funds and not to the Funds’ investors. The minimum
investment required for Ivy Realty Fund II, L.P. was $250,000 for individual investors and $5 million
for institutional investors. Ivy Realty Fund III, L.P. minimum was $5 million, Ivy Realty Fund IV, L.P.
was $1 million for all investors and Ivy Halo I, LLC was $100,000, although Ivy may accept less than
the minimum amounts in its sole discretion. The Funds are limited to investors that meet certain
suitability standards.