Mesirow Re-Ia Inc

ITEM 5 | Fees and Compensation
The following is a general description of the fees, compensation, and other expenses of the Funds. Each Fund’s
Governing Documents generally will describe fees, compensation, and expenses in greater detail. Investors should refer
to such Governing Documents of the applicable Fund for a complete understanding of how the Adviser is compensated
for its advisory services.

MESIROW FINANCIAL REAL ESTATE VALUE FUND V, L.P. *
With respect to each Fund investor, annual asset management fees are paid quarterly in arrears, according to the
basic fee structure as follows:

During the Investment Period:
• The greater of 150 basis points per year of invested capital or 110 basis points per year of committed capital on
  commitments less than $25 million.

• The greater of 135 basis points per year of invested capital or 100 basis points per year of committed capital on
    commitments between $25 million and $50 million.

• The greater of 100 basis points per year of invested capital or 80 basis points per year of committed capital on
    commitments of $50 million or more.

After the Investment Period:
• 150 basis points per year of invested capital on commitments less than $25 million.
• 135 basis points per year of invested capital on commitments between $25 million and $50 million.
• 100 basis points per year of invested capital on commitments of $50 million or more.
*Minimum Investment: $5 million subject to the General Partner’s discretion to accept investments from qualified investors
below this amount.

Each Fund is generally responsible for payment of its organizational expenses (as more fully described in each Fund’s
Governing Documents) and shall bear and be charged with all costs and expenses of the Fund’s activities and operations,
including, without limitation: (i) expenses of the Fund and/or the General Partner incurred in developing, negotiating,
structuring, acquiring, holding, financing (including any portfolio debt and the repayment of such financings and the costs
related to establishing and maintaining any credit facility), refinancing, monitoring, disposing of, a proposed disposition or
valuation of any portfolio investments, whether or not the Fund actually invests therein, including, without limitation, “dead
deal” costs, any travel, legal, due diligence, telecommunications, investment banking, reporting, projections, tax and
accounting expenses and other fees and out-of-pocket costs related thereto; (ii) taxes of the Fund, fees of auditors,
counsel and other advisors of the Fund, insurance costs and litigation costs; (iii) administrative expenses related to the
operation of the Fund, (iv) interest expenses, brokerage commissions and other investment costs incurred by or on behalf
of the Fund; (v) the expenses associated with the advisory committee and partner meetings; (vi) certain litigation-related
expenses and indemnification expense; and (vii) all other customary expenses, including any taxes, fees or other
governmental charges levied against the Fund.

FUND INVESTORS SHOULD REVIEW THE APPLICABLE FUND’S GOVERNING DOCUMENTS FOR A COMPLETE
DESCRIPTION OF THE FEES AND EXPENSES.

Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial
Holdings, Inc. © 2026. All rights reserved.

Part 2A of Form ADV | Firm Brochure
Mesirow RE-IA, Inc.

Limited Negotiability of Advisory Fees
The Adviser retains the discretion to negotiate alternative fees on a Client-by-Client basis and on Fund investor-by-Fund
investor basis. Facts, circumstances and needs will be considered in determining fees. These facts, circumstances and
needs include, among other factors, the complexity of the Client or Fund investor; assets to be placed under
management; anticipated future additional assets; related accounts; portfolio style; account composition; and reporting
requirements. The specific fees will be identified in the contract between (i) the Adviser and each Client or (ii) between the
Fund investor and the applicable Fund or its General Partner.

Discounts, not generally available to advisory clients, are offered to employees, family members and friends of associated
persons of the Adviser.

Termination of the Advisory Relationship
Fund investors have limited liquidity and termination rights, which are based primarily on obtaining a significant majority of
the other investors’ consent. Essentially, a Fund investor cannot voluntarily withdraw any amount from a Fund or
voluntarily withdraw from a Fund except in limited circumstances described on the Governing Documents.

Additional Fees and Expenses
In addition to our advisory fees, Clients are also responsible for the fees and expenses charged by custodians. Fund
investors that invest in the Adviser’s private investment vehicles structured as limited partnerships are typically
responsible for certain expenses relating to the partnership including, but not limited to, the cost of audits, reporting and
certain legal expenses.

ERISA Accounts
In certain circumstances, the Adviser can be deemed to be a fiduciary to advisory clients that are employee benefit plans
or individual retirement accounts pursuant to the Employee Retirement Income and Securities Act of 1974 (“ERISA”). As
such, our firm is subject to specific duties and obligations under ERISA and the Internal Revenue Code that include,
among other things, restrictions concerning certain forms of compensation.

Commissions or Markups
In the event that the Adviser receives commissions or markups, advisory fees will be reduced to offset the commissions or
markups.

Advisory Fees in General
Fund investors should note that similar advisory services are available from other registered (or unregistered) investment
advisers.

Limited Prepayment of Fees
...

ITEM 7 | Types of Clients
The Adviser provides investment advisory services to Funds, which are its only clients. Interests in the Funds are offered
privately in accordance with Regulation D of the Securities Act and exemptions under the Investment Company Act.
Interests in the Funds are only offered to a limited number of sophisticated investors who qualify to invest in the Funds
because they have sufficient income and/or net worth, such investors typically include pension and profit-sharing plans,
charitable organizations, corporations or other businesses, and state or municipal government entities.

The Adviser typically imposes a minimum investment requirement in connection with investing in a Fund. This minimum
investment requirement varies and is dependent on certain factors such as the size of the Fund, among others.
Investment minimums can be waived at the discretion of a Fund’s General Partner.