Platform Investments LLC

Item 5 – Fees and Compensation
Management Fees

With regard to MREP IV, MREP IV A, MRRF, MRRF A, PV Opp Zone Fund I, PV Opp Zone
Fund I A, PV Opp Zone Fund I C, PV RES V, PV RES V A, PV RES V B, QOZB – Student
Housing, QOZB – RG Industrial, QOZB – Student Housing II, Botts 150, 3240 Wilshire, VCS
Holdings I, BFR Co-Invest, BFR Co-Invest II, Texas Fund, Botts 150 Holdings, VCS I and
Housing Fund I, these Funds each pay to Platform an annual management fee ranging from 0.75%
to 2% per annum, as described in each Funds’ offering documents (i.e., Private Placement
Memorandum, Limited Liability Company Agreement, and/or Limited Partnership Agreement, as
each may be amended from time to time (collectively referred to herein as “Offering
Documents”)).

With regard to MREM-BOT, its manager, an affiliate of Platform, is entitled to an administrative
fee equal to $15,000 per month (please refer to the MREM-BOT Offering Documents). With
regard to PV-V Lending, its manager, an affiliate of Platform, is entitled to a guaranty fee equal to
0.25% of the outstanding principal indebtedness on which the manager or an affiliate of the
manager provides a guaranty (please refer to the PV-V Lending Offering Documents).

With regard to PV Homes, until the termination of the Partnership, its general partner, an affiliate
of Platform, is entitled to a management fee in an amount equal to 0.816818% per annum of each
Limited Partners’ Effective Date Hypothetical Distribution Entitlement, payable monthly in
advance as of the first day of each month (please refer to the PV Homes Offering Documents).
With regard to PV 48th Place, an affiliate of Platform is entitled to an annual asset management fee
in an amount equal to three-quarters of a percent (0.75%) of the initial equity in the Property
(please refer to the PV 48th Place Offering Documents).

With regard to 1031 Exchange III, its asset manager, an affiliate of Platform, is entitled to receive
an annual investment management fee equal to 1% of the gross Offering Proceeds of 1031
Exchange III, payable quarterly (please refer to the 1031 Exchange III Offering Documents).
With regard to RES V Feeder, VCS Holdings Investors and PV Select VCS, its manager, an
affiliate of Platform, is not entitled to a management fee; provided that investors in those funds
will be responsible, on a pro rata basis, for the management fees and expenses of the underlying
entity in which they invest (Platform Ventures Real Estate Strategies V, LLC and Platform VCS
Holdings I, LLC, respectively) (please refer to the RES V Feeder, VCS Holdings Investors and
PV Select VCS Offering Documents, as applicable).
Generally, management fees are deducted from Fund assets. In certain circumstances, the Offering
Documents of certain Funds allow for the reduction, waiver, and/or modification of fees. For
additional information regarding management fees or expenses of the Funds, please see the
applicable Fund’s Offering Documents as they contain important information relating to the Funds.

Additional Fees
Some of the Funds will also pay to their manager, general partner, trust manager, asset manager
and/or their respective affiliates, or the manager, general partner, trust manager, asset manager
and/or the respective affiliates of an entity in which they invest, in each case an affiliate of Platform
(collectively, the “Managing Entity”), a one-time fee equal to a percentage of the gross purchase
price of each investment purchased by such Fund, which amount will be paid to the Managing
Entity as and when capital is invested by the Fund in the investment.
With regard to PV Homes, the Managing Entity received an administrative fee equal to $472,500
in consideration of certain pre-First Closing Date investment management and administrative
services and to defray certain pre-First Closing Date expenses incurred by the Managing Entity
(please refer to the PV Homes Offering Documents).
With regard to PV 48th Place, an affiliate of Platform is entitled to an acquisition fee in an amount
equal to three-quarters of a percent (0.75%) of the purchase price for the Property and any
refinancing fees or disposition fees which may be mutually negotiated (please refer to the PV 48th
Place Offering Documents).

With regard to PV Opp Zone Fund I, PV Opp Zone Fund I A and PV Opp Zone Fund I C, the
Managing Entity of each Fund is entitled to, with regard to certain entities formed to develop, re-
develop and/or own real property, guarantor fees equal to 0.25% of the gross amount of any
indebtedness, as well as property management fees, leasing commissions, construction
management fees and development fees (please refer to the applicable Fund’s Offering
Documents).

With regard to 1031 Exchange III, affiliates of the Managing Entity are entitled to retain operating
revenues from 1031 Exchange III properties that exceed rent due under the Master Leases for each
property (please refer to the 1031 Exchange III Offering Documents).
With regard to Botts 150, the Managing Entity (or its affiliate) is entitled to a fee equal to 0.25%
of the gross amount of any financing procured for Botts 150 or guaranteed by the Managing Entity,
as well as development fees, acquisition fees and warehousing fees (please refer to the Botts 150
Offering Documents).

With regard to 3240 Wilshire, the Managing Entity is entitled to a one-time acquisition fee of
$390,000 (please refer to the 3240 Wilshire Offering Documents).

With regard to VCS Holdings I, the Managing Entity may be entitled to development fees at a rate
equal to 3% of the total cost of the development services, as well as fees associated with property
management and leasing services, and incentive compensation for providing management services
to subsidiaries of VCS Holdings I (please refer to the VCS Holdings I Offering Documents).

With regard to BFR Co-Invest and BFR Co-Invest II, the Managing Entity is entitled to a
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Item 7 – Types of Clients

We provide investment advice to private real estate funds only.