JBG/Fund IX Manager LLC

Item 5 – Fees and Compensation

Each JBG Manager receives compensation from the applicable JBG Fund pursuant to the terms of
the limited liability company agreement pursuant to which such JBG Fund was formed (each, an
“L.L.C. Agreement” and collectively, the “L.L.C. Agreements”). The L.L.C. Agreements set forth
the forms and amounts of compensation to the JBG Managers, which generally include a
management fee (which may be a preset negotiated amount, but, in most cases, is calculated as a
percentage of committed capital or invested capital) and an ability to receive performance-related
compensation based on amounts available for distribution after certain return thresholds for the
applicable JBG Fund have been met.

Each L.L.C. Agreement includes details on the categories of expenses that are borne by the JBG
Funds. Investors in the JBG Funds negotiate the L.L.C. Agreements before committing capital to
the applicable JBG Fund, including with respect to the matters of management compensation,
preferential rate of return, performance-related compensation, and expenses. There is no
additional compensation to the JBG Manager or any affiliate for advising any REIT that may be
formed by a JBG Fund.

The projects in which the JBG Funds invest also contract with affiliates of the JBG Managers for
property-specific services, such as property development, property management, leasing, and other
services, for which those affiliates receive fees in amounts that are believed to be at or below
market rates. JBG SMITH will acquire these service providers in the Transaction and a subsidiary
of JBG SMITH will provide the related services thereafter.

Each JBG Fund is responsible for paying all of its expenses, including: organizational expenses;
fund maintenance expenses; costs of acquiring, owning, holding, improving, remodeling,
rehabilitating, redeveloping, leasing, developing, constructing, expanding, maintaining, managing,
operating, and disposing of portfolio investments; all financing and deal structuring costs;
valuation and appraisal costs; disposition expenses; accounting and legal fees (including
allocations of costs of in-house legal personnel); and a range of other expenses that are specifically
detailed in the applicable L.L.C. Agreement.

The information contained herein is a summary only and is qualified in its entirety by reference to
the detailed provisions of the applicable JBG Fund L.L.C. Agreement.

If a JBG Fund incurs transaction expenses in connection with an investment in which it co-invests
with another JBG Fund, those expenses are generally paid by each JBG Fund on a pro rata basis.
Each JBG Fund may also reimburse the applicable JBG Manager or any individual managing
member thereof, or any investor in the JBG Fund for any costs advanced on behalf of such JBG
Fund.

No JBG Manager or any of its supervised persons accepts compensation for the sale of interests in
the JBG Funds or any other securities or other investment products.

See Item 12 – Brokerage Practices, for further discussion with respect to fees associated with

Item 7 – Types of Clients

Types of Clients and Investment Vehicles

The JBG Managers provide investment advisory services to the JBG Funds in their capacities as
managing members of the respective JBG Funds. Each of the JBG Funds is a pooled investment
vehicle. The JBG Funds currently advised by the JBG Managers are set forth in Item 4 hereof.
The only client of each JBG Manager is the JBG Fund for which it is a managing member.

Minimum investment commitments may be established for JBG Fund investors. The JBG Manager
of each JBG Fund, in its sole discretion, may permit investments that are less than the required
minimum investment commitment set forth in the applicable L.L.C. Agreement.

Feeder Funds

One or more feeder funds are often formed for the purpose of facilitating an investment in a JBG
Fund by the investors in such feeder fund (each, a “Feeder Fund”). A Feeder Fund is a limited
partner of the JBG Fund whose interests in the Feeder Fund are held by the investors who elect to
participate in the JBG Fund through such Feeder Fund. The Feeder Funds organized by the JBG
Funds are typically used to aggregate the investments of individual and family-related investors.
Typically, institutional investors invest directly in the JBG Funds. A Feeder Fund invests strictly
in the JBG Fund for which it is formed, and has no other investments.