Lynx Capital LLC

Item 5 - Fees and Compensation

The below describes how the Adviser is generally compensated in connection with providing
advisory services to its Clients. However, the Adviser may enter into different fee arrangements
on a Client by Client basis. A potential investor in the Fund or any potential Client should review
any and all Offering Documents in their entirety before making any investment decisions.

Management Fees. For its services to the Funds, the Adviser may receive a management fee at an
annual rate of 1.50% of capital commitments through the 3 year Investment Period (as defined in
PPM) and on unreturned capital balance thereafter. The fee is billed and may be paid by the Funds’
investors quarterly in advance. The Adviser may elect to waive any portion of the management fee
and may also deduct the fee from distributable cash due to investors.

Performance Fees. Funds may be charged a performance fee based on net profit (referred herein
as the “Promote”). In the case of the Funds, the Adviser of the Funds is entitled to receive an
allocation of net profits subject to limited partners receiving all capital contributions, a stated
preferred return and otherwise in accordance with other provisions of the applicable Funds’ limited
partnership agreements (“Partnership Agreements”). The Promote percentage is generally no
more than 20% with respect to the capital contribution account of each investor in a Fund.

Other Fees and Expenses. The Funds, and therefore their investors, are also generally responsible
for all fund level expenses. Expenses incurred are billed to the Fund that generated the expense. In
instances where expenses are incurred related to Adviser’s management of multiple funds (i.e.
insurance, third party compliance, etc), the expenses are allocated pro rata to each fund based on
AUM. Expenses billed will include but not be limited to:

   (i)     all reasonable fees and expenses of legal, accounting, investment banking, consulting,
           research and other professional service providers relating to the Adviser’s activities,
           investments or business and filing and similar fees paid by the Adviser on behalf of the
           Fund, including such out-of-pocket expenses with respect to transactions that are not
           consummated, to the extent that such expenses are not reimbursed by entities in which
           the Fund invests or proposes to invest;

   (ii)    all custody, transfer and similar expenses incurred by the Adviser or the Fund;

   (iii)   all interest on funds borrowed by the Fund, if any subject to the terms stated in each
           respective limited liability company agreement;

   (iv)    all taxes, if any, payable by the Adviser on behalf of the Fund;

   (v)     all travel in furtherance of the Adviser’s Fund management obligations (including
           without limitation travel to report to members), fund administration costs, government
           fees, audit costs, printing, legal, accounting, structuring, advisory and other fees, costs
           and expenses incurred in connection with investments or potential investments,

           whether or not consummated, including without limitation those related to
           contemplated parallel investment vehicles and their contemplated investors;

   (vi)    all third party expenses of operating the Funds, including taxes; fees and expenses for
           attorneys, accountants, tax advisors, administrators, consultants, custodians, brokers,
           banks, senior advisors, operating partners and other third-party professionals; expenses
           relating to compliance-related matters and regulatory filings relating to the Funds
           activities (excluding regulatory expenses of the Adviser related to registering and
           maintaining its registration under the Advisers Act and compliance expenses of the
           Adviser thereunder, other than those incurred in connection with regulatory filings
           relating to the Funds activities); expenses associated with auditing and reporting;
           expenses of other service providers; insurance; interest, and other expenses incurred in
           respect of Fund borrowings and other credit support obligations; and other expenses
           associated with the acquisition, settling, holding, monitoring, and disposition of
           investments (including any brokerage, custody or hedging costs);

   (vii)   the costs and expenses of any extraordinary expenses, such as litigation and
           indemnification costs and expenses, judgments and settlements involving a Fund or an
           asset entity and the amount of any judgments or settlements paid in connection
           therewith;

   (viii) to the extent not reimbursed by an asset entity, all third-party expenses incurred in
          connection with an investment; and

   (ix)    to the extent not reimbursed by a prospective asset entity, all third party expenses,
           including any liquidated damages, reverse termination fees or other similar payments,
           incurred in connection with a proposed investment that is not ultimately made or a
           proposed disposition that is not ultimately consummated (including the portion of any
           such expenses attributed to any parallel investment vehicle or proposed co-investment
           vehicle, to the extent not paid by such parallel investment vehicle or proposed co-
           investment vehicle).

The Funds will not bear any general overhead expenses of the Adviser with respect to the Adviser
providing its services to the Funds, including office rental and salary expenses.

For the Funds, all organizational and operating expenses are initially paid by the Adviser and these
Funds pay the Adviser a one-time fee (the “Formation Fee”) which the Adviser uses as
reimbursement of organizational and offering expenses incurred on behalf of these Funds in
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Item 7 - Types of Clients

The Adviser provides investment advisory services to the Funds, the private real estate investment
funds that principally invest in real estate projects. Investors in the Funds are “accredited investors”
as defined under Regulation D under the Securities Act of 1933, as amended (the “Securities Act”),
and “qualified clients” as that term is defined in Rule 205-3(d) promulgated under the Investment
Advisers Act of 1940, as amended (the “Investment Advisers Act”).

The minimum capital commitment for each Fund is set forth in the respective Fund’s Governing
Fund Documents, which further note that Adviser may accept capital commitments below the
minimum stated at its sole discretion.