Pare Partners LLC

Item 5: Fees and Compensation

The fees applicable to each of the Funds are set forth in detail in the corresponding Governing Documents.
A brief summary of such fees is provided below.

Organizational and Offering Expenses

Organizational and offering expenses (the “Organizational Expenses”) include, with respect to any fiscal
year of the Funds and the Co-Invest Vehicles, all Fund´s and Co-Invest Vehicles’ expenses and other out-
of-pocket expenses for such fiscal year that are attributable to the organization and formation of the
respective Fund or Co-Invest Vehicles (as applicable), the respective general partner, any feeder fund or
Co-Invest Vehicle and the sale of interests in such Fund, Co-Invest Vehicle or feeder fund to potential
Limited Partners; including, without limitation, legal and accounting fees and expenses (whether from
internal or outside counsel), printing costs, filing fees, and the transportation, meal and lodging expenses
of the personnel of the respective general partner and the investment manager, but excluding any
placement fees. Generally, upon completion of the Funds’ or Co-Invest Vehicles’ initial drawdown, such
vehicle shall reimburse the investment manager, general partner and affiliates for all Organizational
Expenses incurred by any of them as of the initial drawdown. Thereafter, the Funds and the Co-Invest
Vehicles shall reimburse the investment manager, general partner and affiliates for all further
Organizational Expenses incurred (if any) as soon as reasonably practicable. In addition, the Funds and the
Co-Invest Vehicles may be subject to an expense cap as set forth in the respective Governing Documents.

Operational Expenses

Each of the Funds and the Co-Invest Vehicles shall be responsible for all ordinary day-to-day expenses
incidental to its operation and administration (the “Operational Expenses”); including, but not limited to:
all costs and expenses of the Fund or the Co-Invest Vehicles attributable to maintaining the vehicles, the
respective general partner, the portfolio companies and other legal entities established to facilitate the
Fund´s and Co-Invest Vehicles ‘ investment strategy in good standing under the laws in which such entities
were incorporated, formed, established or created, as the case may be, including, but not limited to,
appraising and valuing, acquiring, maintaining, financing, hedging and disposing of real estate investments
and portfolio companies, including broken deal expenses (to the extent not paid for or reimbursed by
portfolio companies), including, without limitation, taxes (including but not limited to any local non-income
taxes), fees, levies, excises, and other governmental charges levied against the Fund (other than those taxes
specifically allocable to one or more Investors or partners of the Fund); insurance to protect the Funds, the
respective general partners, a service provider, or the partners, members, shareholders, officers, directors
or employees of the foregoing in connection with the activities of the Fund, and members of the respective
advisory committee and investment committee (including, without limiting to, directors and officers
insurance); administrative and research fees; expenses of custodians, outside advisors, outside and in-
house counsel (including Funds and the general partners counsel), accountants, auditors, administrators
and other consultants and professionals; expenses associated with forming and operating Co-Invest
Vehicles and other holding vehicles related to a real estate investment (which, in the event the respective
general partner understand it appropriate, shall include operating expenses of feeder funds);
technological expenses (including, without limiting to, Juniper, CoStar and NIC Vision); interest on and
fees, costs and expenses arising out of all financings entered into by the Fund (including, without
limitation, those of lenders, investment banks, and other financing sources); travel expenses;
commissions, advisory or brokerage fees or similar charges incurred in connection with the investment or
disposition of projects; custodial expenses; all expenses relating to litigation and threatened litigation
involving the Funds, including indemnification expenses properly arising in connection with the

indemnification provisions in the Fund´s Governing Documents (including the amount of any judgments
or settlements paid in connection therewith); winding up and liquidation expenses; expenses incurred in
connection with the investigation, prosecution, defense, settlement, or review of any claims by or against
the Funds, including claims by or against a governmental authority; expenses incurred in connection with
any tax audit; the costs of any services provided by the respective general partner or its affiliates in
accordance with the respective Governing Document; expenses (if any) associated with meetings of the
advisory committee and the Limited Partners and other investors; the preparation and distribution of
reports, financial statements, tax returns and K-1s to the Limited Partners (amounts that could be, at the
discretion of the respective general partner, allocated only among those Limited Partners that benefit
from specific reports, tax returns, K-1s and/or other similar documents); indemnification and other
unreimbursed expenses; costs of any development services provided by an affiliate of the respective
general partner relating to a real estate investment held by a portfolio company (as set forth in the
respective Governing Documents); expenses the respective general partner incurs in serving as the Fund´s
representative; expenses relating to a defaulting partner; registration, filing, compliance, reporting,
depositary, commercial banking, accounting, appraisal, legal, custodial, or administrative fees and
expenses incurred for services provided to the respective Fund, including in each case services with respect
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Item 7: Types of Clients

As described in Item 4 above, the Advisers provide investment advice to the Funds and the Co-Invest
Vehicles which are exempt from registration as an investment company under the Investment Company
Act, and whose interests are not registered under the Securities Act. Investors in the Funds and the Co-
Invest Vehicles include institutions, sovereign wealth funds, pension funds, endowments, foundations,
family offices, health systems, consultants, private wealth platforms, insurance companies, high net-
worth individuals, trusts, funds of funds, and other sophisticated investors that meet certain qualification
requirements. The Funds and the Co-Invest Vehicles generally have a minimum investment amount as
further described in the respective Governing Documents for third-party Investors.