Pennybacker Capital Management LLC

Item 5 - Fees and Compensation

A. Below is a discussion of how the Adviser is compensated in connection with providing advisory
   services to a Fund. The Adviser enters into different fee arrangements on a Fund by Fund basis.

   It is critical that investors and prospective investors refer to the respective Fund’s Offering
   Documents for a complete understanding of how the Adviser and/or the applicable related parties
   are compensated for advisory services. The information contained herein is a summary only with
   respect to current Fund client(s) and is qualified in its entirety by the applicable Fund’s Offering
   Documents.

   Capital Commitments

   Each Fund will seek capital commitments (“Commitments”) from limited partners in one or more
   closings up to an amount stated in the Offering Documents, if applicable. For closed-end Funds, capital
   calls have the ability to be required from time to time for a certain period after the initial closing of the
   relevant Fund, as set forth in the governing documents of the relevant Fund (the “Commitment Period”).
   For open-end Funds, capital calls have the ability to be required from time to time until a limited
   partner’s respective Commitment has been fully drawn, subject to applicable recycling and
   recontribution provisions, as set forth in the governing documents of the relevant open-end Fund.
   Thereafter, the limited partners will be released from any further obligation with respect to their
   undrawn Commitments, except to the extent necessary to: (i) fund the obligations and expenses of the
   Fund, including, but not limited to, indemnity obligations, payment of the Management Fee (defined
   below), and repayment of indebtedness of the Fund, (ii) complete investments by the Fund in respect
   of transactions that were in process as of the end of the Commitment Period in the case of closed-end
   Funds, and (iii) to effect follow-on investments in existing investments.

   Commitments will be drawn down pro rata based on original Commitments for closed-end Funds and
   pro rata based on Commitments in the applicable tranche for open-end Funds on an as-needed basis to
   fund investments and pay Fund expenses. Such contributions will represent each Partner’s “Capital
   Contributions.”

   Management Fees

   Each closed-end Fund will pay its respective general partner (“General Partner”) or to the Adviser
   directly an annual management fee (the “Management Fee”) of up to 2.00% of total Commitments for
   services provided by the Adviser to the Fund, payable quarterly from the date of the initial closing of a
   Fund until the end of the Commitment Period. Following the Commitment Period, no Fund will pay a
   Management Fee based on total Commitments but certain Funds will pay their General Partners or the
   Adviser an annual management fee of up to 2.00% of their invested capital with respect to investments
   which have not been fully disposed (including as a consequence of a permanent markdown of such
   investment). From and after the date on which the term of the Fund expires or terminates until the date
   on which the Fund is dissolved, certain Funds will pay their General Partners or the Adviser an annual
   management fee of up to 2.00% of their invested capital with respect to investments which have not
   been fully disposed. Such post-Commitment Period Management Fees are payable quarterly by the
   Funds. Each open-end Fund will pay an annual management fee to its respective general partner or the
   Adviser, in arrears on a quarterly basis, of up to 1.00% of the aggregate unit value of the units held.

   With respect to certain Funds, the Adviser indirectly receives Management Fees paid by certain Funds
   through its ownership interest in certain General Partners. At the General Partner’s discretion, and in

accordance with the Fund’s Offering Documents, certain limited partners in each Fund may pay
Management Fees at different rates than those noted above.

The Adviser receives sub-advisory Management Fees from certain Funds for which the Adviser serves
in a sub-advisory capacity.

The Adviser may receive a portion of management fees as a result of the Adviser’s investment in, and
ownership of, an operating platform.

Construction and Property Management Fees

Additionally, the Adviser or its affiliate may charge certain Funds or its affiliates fees for construction
management services (“Construction Management Fees”). Construction Management Fees charged
may vary and may be paid by the underlying joint venture, the Fund, or a combination of both.
Typically, such fees will be calculated in the following ways: 1) with respect to commercial real estate
investments, in an amount up to a certain percentage of the total costs incurred in connection with tenant
improvement services and capital improvement services, and 2) with respect to multifamily real estate
investments, in an amount up to a certain percentage of the hard costs incurred in connection with any
necessary repairs, alternations, and improvements to the property.

The Adviser or its affiliate may charge the Fund or its affiliates property management fees (“Property
Management Fees”). Property Management Fees charged may vary and may be paid by the underlying
joint venture, the Fund, or a combination of both. Typically, such fees will be calculated as an amount
equal to a certain percentage of gross rental receipts with respect to an investment.

In each case, the exact terms and conditions for the Construction Management Fees and Property
Management Fees that may be charged to the Funds or their affiliates are qualified and governed by the
applicable Offering Documents and any resolutions adopted under such Offering Documents.

The Adviser may receive a portion of construction management or property management fees as a result
of the Adviser’s investment in, and ownership of, an operating platform.

Technology and Research Fees
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Item 7 - Types of Clients

The Adviser provides investment advisory services on a discretionary basis and investment sub-advisory
services on a non-discretionary basis to private funds for sophisticated, qualified investors, including high
net worth individuals, pension plans, funds of funds, family offices, endowments, foundations, and other
institutions. The private funds are limited partnerships that focus on investing in real asset private equity
transactions.

Generally, limited partner interests in the private funds require a minimal capital commitment of
$1,000,000, although the General Partner is able to accept commitments of lesser amounts.