Nuveen Alternatives Advisors LLC

Item 5 – Fees and Compensation

The specific manner in which fees are charged by NAA is established in a client’s written agreement
with NAA. Fees are negotiable. As a general matter, fees paid to NAA for its services rendered in
connection with managing the following types of investment vehicles are also described below.

Fee Structures

NAA’s Fees in General

NAA may sponsor or otherwise manage separate accounts, unregistered investment funds and other
pooled vehicles, which pay to NAA their own investment management and other fees.

NAA may from time to time manage ‘feeder’ vehicles. Such feeder vehicles’ primary purpose and
design would be to invest in the types of underlying pooled investment vehicles described above,
whether managed by NAA or an affiliate of NAA.

NAA’s fees are exclusive of transaction costs related to buying, selling and managing the
underlying investments. For example, NAA may from time to time hire property managers or other
operators, asset managers and sub-advisers to manage certain assets who are paid management and
other fees. These fees may be tied to the value of the assets under management. Asset management
fees differ depending upon what asset classes and sectors are involved, and whether the portfolios
are actively or passively managed. Depending on investment mandate but in particular for real estate
or C-PACE investment funds, fees could include a base management fee, an incentive fee, and/or
transaction related (acquisition and disposition) fees.

In addition, clients may incur certain other charges imposed by custodians, fund administrators,
brokers, distributors and other third parties. Fees may include fees charged by managers, custodial
fees, accounting fees, audit fees, legal fees, compliance services fees, appraisal fees, deferred sales
charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees
and taxes on brokerage accounts and securities transactions. Also, when a client invests in other
investment companies and pooled vehicles such as private equity funds and other unregistered
pooled vehicles, the client bears a proportionate share of expenses charged by the investment
company or pooled vehicle in which it invests. The management fees for these third-party managed
vehicles are disclosed to clients, including in a fund’s private placement memorandum or relevant
offering document and/or applicable governing or operating agreement.

The charges, fees and commissions are exclusive of and in addition to NAA’s fee, and NAA shall
not receive any portion of these commissions, fees, and costs, although affiliates of NAA may
receive such fees from time to time.

Pooled Investment Vehicles Fees in General

NAA acts as an investment adviser to unregistered pooled investment vehicles (including joint
ventures and private funds) and receives fees for such services at a negotiated rate based on each
investment vehicle’s particular investments and circumstances. Fees for such services (which may
include acquisition or disposition fees related to investments, as well as incentive fees and service or
transaction fees) are set forth in the Private Placement Memorandum or other relevant offering
document and/or applicable governing or operating agreement.

From time to time, NAA may enter into negotiated fee arrangements with certain clients who are
qualified purchasers, including affiliates of NAA that, in light of a particular investor’s special
circumstances, may result in fee schedules that differ from the basic fee schedules referenced. Such
circumstances may include, without limitation, the type of relationship such client has with NAA;
the complexity and extent of services provided; whether a new account is expected to grow rapidly;
the number of different accounts and total assets under management or custody for that client (and
its affiliates); the investment product mix selected by the client, the geographic concentration of the
investments subject to the mandate, and other circumstances or factors that NAA deems relevant.

Separate Account Fees in General
NAA bills its clients for the management fees for separately managed accounts. The basic fee

schedules charged by NAA for separate accounts are typically based on a percentage of the assets of
each account (assessed and calculated on a periodic basis, which may be daily, monthly or quarterly)
and will vary per mandate and be influenced by the type of asset classes in multi-asset class separate
account mandates. Generally, NAA receives fees for advisory services offered in the range from
approximately 25 – 200 basis points on committed capital and/or assets under management and may
also receive incentive fees or service or transaction fees for activities such as acquisitions or
dispositions and financing of property and the administration of investments.

There is no formal minimum account size for mandates managed by NAA, but generally, account
sizes will not be less than $150 million.

Item 7 – Types of Clients

NAA provides portfolio management services to unregistered investment funds, separate accounts,
joint venture vehicles and collective investment trusts.

Please refer to Item 5 for more information regarding the account sizes of NAA’s unregistered
investment funds and separate account clients.