Paramount Group Real Estate Advisor LLC

ITEM 5 – FEES AND COMPENSATION
Disclaimer applicable to all sub-items hereto: Investors in the Funds should refer to the appropriate
governing documents for a complete and detailed understanding of how PGREA is compensated for
its advisory services. In this regard, because PGREA may have been put in place after a given Fund’s
governing documents were executed, investors should assume that the general partner of each Fund
has subsequently engaged PGREA to provide asset management services and that any or all asset
management fees payable to such general partner (other than the carried interest) will therefore be
paid to PGREA. The information contained herein is a summary and is qualified in its entirety by
the relevant Fund’s governing documents.

Item 5.A              PGREA charges carried interest, management fees and other fees to the Funds.
                      The specific payment terms and other conditions of the management fee and
                      carried interest compensation are set forth in the relevant PPM and other
                      constituent documents of the Funds. All performance-based compensation
                      payable to PGREA will be consistent with the requirements of Section 205 of the
                      Investment Advisers Act of 1940 (“Advisers Act”) and Rule 205-3 thereunder.

                      Each investor in the Funds must meet certain eligibility provisions whereby
                      interests/shares are generally only offered to (i) investors who are (A) accredited
                      investors within the meaning of Regulation D of the Securities Act of 1933, as
                      amended (“Accredited Investors”), and (B) qualified purchasers within the
                      meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended
                      (“Qualified Purchasers”); and (ii) in the case of Funds organized outside the
                      United States, non-U.S. Investors. Admission to the Funds managed by PGREA
                      is not open to the general public. Investors and prospective investors in the Funds
                      should refer to the PPM for the Funds for a detailed description of the fee
                      schedules.

                      As detailed above in Item 4.C and below in Item 5.B, a Fund’s general partner
                      and/or PGREA, in its or their sole discretion, may effectively waive or reduce fees
                      to be paid by any investors in the Funds via reimbursement arrangements or
                      otherwise.
Item 5.B              The specific payment terms and other conditions of the fees payable to PGREA
                      and Paramount, as applicable, by the Funds are set forth in the relevant PPM and
                      other constituent documents of the Funds.

                      Asset Management Fees: Asset Management fees are generally payable on a
                      quarterly basis. Fund governing documents generally do not require PGREA to
                      generate an invoice; instead, the governing documents generally require the
                      general partner of a Fund to calculate the fees payable by the Fund and disburse
                      the funds from the Fund’s account to PGREA or the Fund’s general partner.

                      Servicing Fees: Servicing Fees are generally payable on a quarterly basis. In
                      connection with certain transactions, the servicing fee will be amortized from the
                      origination of the investment through a date determined by each Fund’s general
                      partner as set forth in the constituent documents of the Funds and, under certain
                      circumstances, may be accelerated. Fund governing documents generally do not
                      require PGREA to generate an invoice; instead, the governing documents
                      generally require the general partner of a Fund to calculate the fees payable by the
                      Fund and disburse the funds from the Fund’s account to PGREA or the Fund’s
                      general partner.

           Transaction Fees: Transaction Fees are payable within a certain period of time
           following the closing of a transaction. In connection with underwriting a given
           transaction, each Fund’s general partner will estimate transaction fees
           (specifically acquisition, origination, disposition, and structuring and/or financing
           fees) payable by the Fund to the general partner and will deduct these service fees
           at the pre-agreed (or in some cases, customary) rate from the proceeds of capital
           calls, financings or asset sales when received in connection with the transaction.

           Other Fees: The Funds bear other fees payable to Paramount for non-advisory
           services, including property management fees, loan commitment fees, design and
           construction fees, development fees and leasing commissions. These services are
           provided by Paramount in their capacity as property manager or other service
           provider of the applicable Fund’s underlying entities or assets.

           PGREA, in its sole discretion, may waive, defer or reduce fees to be paid by any
           of the Funds or, indirectly, investors therein. In addition, during any period where
           a Fund may not have sufficient cash to pay asset management fees, its general
           partner may agree to defer them, or to make the payment of such fees contingent
           on certain events.
Item 5.C   Transaction-Specific and Certain Ongoing Fees: As cited in Items 5.A and 5.B,
           Paramount performs services for the Funds and receives compensation and fees
           including without limitation, property management fees, acquisition fees,
...

ITEM 7 – TYPES OF CLIENTS
As noted previously, PGREA provides discretionary investment advisory services, managing and directing
the investment and reinvestment of assets, for the Funds. The Funds are typically limited partnerships with
a Paramount special purpose subsidiary serving as the general partner. These partnerships are most often
organized in Delaware, although some feeder and parallel co-investment vehicles are organized in other
jurisdictions such as Germany, Luxembourg, or the Cayman Islands. In addition, an alternative option
offered to investors for some products is to invest via a feeder vehicle that is typically a domestic partnership
or corporation intended to elect real estate investment trust (“REIT”) status under the U.S. Internal Revenue
Code.

Fund investors may include, but are not limited to, pension plans, insurance companies, banks, charities,
foreign institutions, corporate and business entities, endowments and foundations, trusts, and high net worth
individuals.

Admission to the Funds managed by PGREA is not open to the general public. Each investor in the Funds
must meet certain eligibility provisions whereby interests/shares are generally only offered to (i) investors
who are (A) Accredited Investors and/or (B) Qualified Purchasers; and (ii) for Funds organized outside the
United States, non-U.S. investors. In addition, certain knowledgeable employees may hold indirect interests
in the Funds or individual assets of the Funds via management units in the Fund’s general partners or
through investments in entities designed for the sole purpose of investing as a limited partner in one or more
of the Funds or in an individual asset.

The Funds may have minimum capital commitments for investors, typically $10 million, as specified in the
PPM for each respective Fund. However, the general partner of each Fund has discretion to negotiate the
terms of or waive this provision.

Each investor in a Fund must sign a comprehensive Subscription Agreement indicating that it meets the
legal and regulatory requirements imposed by Paramount, and confirm that it has reviewed the Fund’s PPM
and understands the nature of the investment and corresponding risks and conflicts of interest. Each
investor must also provide certain financial and tax information as part of its subscription, as well as
evidence of identity, including information about their organization and ownership structure for entities,
and source of funds, as required by applicable know-your-customer and anti-money laundering
requirements. Many of these duties are continuing, and investors may be required to update such
information periodically.