JRE Advisors LLC

Item 5:         Fees and Compensation
JRE Property Fund

Management Fees

The JRE Property Fund generally pays an annual advisory fee (“Management Fee”) equal to 1.5%
of the aggregate commitments during the investment period, and 1.5% thereafter of funded
commitments. The Management Fee is generally paid quarterly in arrears. JRE may waive or
reduce the Management Fee for certain limited partners, including those who are employees or
affiliates of the general partner or the manager, a key person or an affiliate of such person,

consultants to or family members of any such persons, or certain significant or strategic
investors (including feeder funds established primarily for such investors).

The offering documents set forth the full list of terms under which Management Fees will be
reduced, offset or otherwise be limited, and consequently investors should expect to bear the
full specified Management Fee rate in the offering documents until they are reduced in the
circumstances and on the date(s) specified therein.

Expenses

The Fund will be responsible for all expenses relating to its own operations (“Partnership
Expenses”), including: (a) organizational expenses, (b) the Management Fee, (c) all expenses
relating to the organization, operations and maintenance of any feeder vehicle, (d) all fees,
costs and expenses and liabilities directly related to investments (including follow-on
investments) or prospective investments, including legal, accounting, consulting, investment
banking and other professional costs, fees, costs and expenses related to the discovery,
evaluation, execution, acquisition, purchase, holding, development, management,
monitoring, maintaining, improving, leasing, developing, redeveloping, renovating, and sale
of Investments, including, without limitation, travel (at rates not exceeding a first-class
equivalent fare), accommodation, meal and entertainment expenses related to such
Investments or prospective investments, syndication fees, bank charges, underwriting
commissions and discounts, information services, closing and execution costs, sales
commissions, finders’ and brokers’ fees, appraisal fees and taxes, custody fees and costs of
other third-party services, fees, costs and expenses associated with environmental, property
management, engineering and appraisal services, insurance premiums (including for cyber-
security, directors and officers insurance, or similar insurance for the employees of the
manager), leasing commissions and loan servicing fees, expenses related to structuring and
maintaining investment vehicles, including the organization and operation of any alternative
investment vehicle or subsidiary investment vehicle, and any withholding, transfer or other
taxes imposed on the Fund (except as otherwise set forth in the partnership agreement), (e)
expenses associated with negotiating and structuring any investment, including, without
limitation, pursuing joint venture partners, forming joint ventures and syndicating
investments, (f) principal, interest, fees, costs and expenses and other amounts payable
relating to financings (including related legal expenses) made or entered into by the Fund or
other obligors thereunder, including, but not limited to, the arranging thereof and related
legal expenses, all fees, costs and expenses of any loan servicers and other service providers
and of any custodians, lenders, investment banks and other financing sources and all fees,
costs and expenses related to any financing, hedging, swaps (or other derivatives), ratings,
securitization or capitalization, (g) all fees, costs and expenses relating to third-party
services, including custody, administrative, REIT compliance, tax, depositary, safekeeping,
legal, audit, accounting and other professional costs and expenses, including those provided
by affiliates of the general partner or the manager, (h) any insurance or indemnity expenses
(including the cost of premiums with respect to any directors and officers or similar
insurance for the employees of the manager, it being understood that such policies may cover
liabilities in respect of any breach or alleged breach of fiduciary or similar duties), and fidelity
insurance and fidelity bonda (e.g., for ERISA and otherwise), (i) all fees, costs and expenses
relating to the Fund’s administration (including administrative services provided by fund
administrators that perform anti-money laundering or “know your customer” diligence in

connection with the participation of investors in the Fund), including preparation of its
financial statements and reports to limited partners, U.S. Internal Revenue Service Schedules
K-1 (and any similar or equivalent tax forms of an applicable jurisdiction), which services
may be provided by affiliates of the general partner or the manager, and fees, costs and
expenses associated with Fund-related statements, notices, any Freedom of Information Act
or Open Records statute (or similar) responses or other communications, including all
internal and third-party printing (including a flat service fee), publishing and reporting-
related expenses in respect of the Fund and its activities, the maintenance of books and
records of the Fund, and costs and expenses associated with the maintenance of data rooms,
(j) all fees, costs and expenses relating to meetings of partners and meetings with individual
partners, (k) all fees, costs and expenses relating to the Limited Partner Advisory Committee,
including out-of-pocket expenses of its members, (l) any taxes (except to the extent treated
as incurred by a partner for purposes of determining distributions or specifically chargeable
to a particular partner and, in each case, actually borne by such partner), fees or other
governmental charges levied against the Fund or any subsidiary investment vehicle of the
Fund, (m) all fees, costs and expenses relating to unconsummated transactions, including,
...

Item 7:         Types of Clients
The Adviser’s clients are the Funds. The investors in the Funds generally include U.S. and
non-U.S. institutional investors, family offices, and high net worth individual investors.

Interests in each of the Funds are offered (or were offered, during a Fund’s applicable offering
period) to qualified investors in reliance upon an exemption from the registration
requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Funds are
not registered under the Investment Company Act of 1940, as amended (the “Investment
Company Act”), in reliance upon one or more exclusions from the definition of “investment
company” therein. Certain employees can also invest in the Funds if they meet the definition
of “knowledgeable employee” in Rule 3c-5 of the Investment Company Act.

The minimum capital commitment of an Investor in a JPM Fund is generally $500,000
($1,000,000 for the JRE Property Fund) although lesser commitment amounts may be
accepted in the discretion of the Adviser. Third parties in joint venture entities may be subject
to minimum capital commitments, at the discretion of the Adviser.