LPC Realty Advisors I LLC

Item 5 – Fees and Compensation

Management fees are negotiable.

The specific manner in which fees are charged by and paid to LPCRA is established in the
client’s written agreement with the Firm. Clients may also elect to be billed directly for fees
or to authorize the Firm to directly debit fees from client accounts. If clients elect to authorize
the Firm to directly debit fees from their accounts, clients should review the billing invoice to
verify the fee calculation and the corresponding debit as reflected in their account statement.

LPC Realty Advisors’ fees may include base, acquisition and incentive fees.

Base fees are typically calculated on the basis of net operating income of the client’s portfolio
and are paid quarterly in arrears. But, upon client request, base fees may also be based on
assets under management and can be paid quarterly in advance or in arrears. Acquisition
fees are generally paid based on the purchase price less any debt and are paid at the time of
acquisition of a real estate asset. The incentive fee is generally received upon disposition of
an asset to the extent the return exceeds that of an agreed-upon hurdle rate, but may also be
contingent on the overall return earned by a client’s portfolio.

Termination

Investment management services are terminable by the client at the client’s discretion.
LPCRA may terminate investment management services upon 30-days advance written
notice. In the case of any termination, management fees will be determined on a pro rata
basis through the date of termination.

Accounts initiated or terminated during a calendar quarter will be charged a prorated fee.
Upon termination of any account, any prepaid, unearned fees will be promptly refunded, and
any earned, unpaid fees will be due and payable.

Other Fees and Expenses

LPCRA’s fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by clients. Clients will incur certain charges
imposed by banks, brokers, and other third-parties such as fees charged by property
managers, transfer taxes, wire transfer and electronic fund fees, all fees, expenses and
settlements related to hedging transactions, and other fees and taxes on transactions.

In certain instances, clients will also pay expenses to an LPCRA affiliate for services provided
to the properties in a client’s portfolio, such as property management or leasing agency
services, as established in the client’s written agreement with the Firm. Investments held by
clients will bear their own reasonable expenses related to the acquisition, financing, and
operation of such properties.

Item 12 further describes the factors that LPCRA considers in selecting or recommending
brokers for clients’ transactions and determining the reasonableness of their compensation.

Item 7 – Types of Clients

LPC Realty Advisors provides portfolio management services to a pension and profit-sharing
plan.