Pretium Single-Family Rental Manager III LLC

Item 5 – Fees and Compensation

       Pretium’s Clients are generally qualified purchasers, as defined in Section 2(a)(51)(A) of the
Investment Company Act. As such, a detailed Client fee schedule is not included in this Brochure.
However, most of the Investment Advisers’ Clients pay some or all of the following fees:

   (a) a management fee that is generally equal to 0.35% to 2.0% of the total capital committed or
       invested (which can include leverage in certain cases), or the net asset value, under
       management for the relevant Client (a “Management Fee”); and

   (b) a performance fee that is generally equal to 10% to 50% of the net capital appreciation of
       such Client’s account at the end of the relevant fiscal period, or upon realization, and in
       certain cases subject to, or only in excess of, specified performance thresholds (an “Incentive
       Allocation”).

       Pretium generally deducts fees from Clients’ assets on a monthly, quarterly or annual basis,
depending on the Client involved and the nature of the fee. Management Fee and Incentive
Allocation are prorated for any partial periods. More detailed information about specific fees and
expenses that Clients pay is provided in the Governing Documents of each Client.

          Management Fees and/or Incentive Allocation will not be paid by employees (or former
employees) of Pretium affiliates in connection with their direct investments in Clients or in
connection with their investments in the employee fund that invests in a Client. However, employees
are responsible for any applicable interest expenses. Notwithstanding the foregoing, employees who
are direct investors in a Client will pay for their pro rata share of Additional Fees and Expenses (as
further described below) incurred by the Client. If the employee is invested in the employee fund
that invests in a Client, the pro rata share of such Additional Fees and Expenses will be allocated to
the employee and paid for by the management company. Allocations will be calculated based on
capital commitments, invested capital, available capital or other metrics as determined by the
relevant general partner or affiliate in its sole discretion. Any such methodology involves inherent
conflicts and will, in certain circumstances, not result in perfect attribution and allocation of
expenses.

Additional Fees and Expenses

       The Clients (and therefore the investors in the Clients) will bear and be charged with all costs
and expenses relating to the activities and operations of the Clients including, but not limited to:

   (a) investment expenses, i.e., expenses that, in the Investment Adviser’s discretion, are related
       to the investment of the Clients’ assets, whether or not such investments are consummated,
       e.g., costs, fees and other out-of-pocket expenses directly related to:

           •   the discovery, investigation and diligence of investment opportunities and research-
               related expenses, including, without limitation, equipment and services and
               investment related computer hardware and software expenses (including proprietary
               software), market data services, fees to third-party providers of research and/or
               portfolio risk management services and software;
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Form ADV Part 2A: Firm Brochure

          •   the sourcing, negotiation, structuring, acquisition, closing, ownership, monitoring,
              holding, construction, restructuring, leasing, refurbishment, disposition, financing,
              hedging or sale of its investments and other transaction costs, including travel
              expenses for investment diligence, costs and expenses of accommodations, cellular
              phone expenses, meals and aircraft travel (including first or business class
              commercial airfare), and expenses of private air travel when deemed appropriate by
              the Client’s general partner in its reasonable discretion (subject to Pretium’s Travel
              & Expenses Policy), brokerage costs and fees relating to the sale, purchase or lease
              of a property (which services can be provided by affiliated service providers),
              transaction fees, broken-deal expenses (i.e., expenses incurred in pursuit of an
              investment or disposition that is not consummated), title fees, loan administration
              and loan servicing expenses, developer or construction fees, expenses incurred in
              collection of monies owed to the Clients, consulting (including sourcing, operating,
              research, industry expert, engineering or subject matter consultants) advisory,
              investment banking, sourcing, finder’s, legal, valuation, and other professional fees
              (and similar payments and compensation) relating to investments or contemplated
              investments or short sales, custodial fees, interest expenses, hedging, appraisal fees
              and expenses, and valuation and appraisal fees;

   (b) formation and organizational expenses, including expenses relating to the offer and sale of
       interests of the Clients, legal expenses, filing fees, costs and expenses of Pretium personnel,
       consulting expenses, capital raising expenses including the expenses of negotiating with
       investors and negotiating and drafting side letters, printing and documentation costs, cellular
       and long distance telephone charges, postage, travel and lodging costs, meals, late car
       services and other similar expenses relating to initial regulatory filings and registrations to
       the extent such reports and other documents relate to or are attributable to the offering of
       direct or indirect interests in the Partnership;
...

Item 7 – Types of Clients

        As described in Item 4 above, Pretium provides investment management services on a
 discretionary basis to Private Funds, single investor funds, Managed Accounts and Joint Ventures.
 The underlying investors in these Clients are typically institutional and high net worth investors.

        Investors in the Clients must be “accredited investors” as determined under Regulation D
 under the Securities Act of 1933, as amended, “qualified clients” as defined for purposes of Rule
 205-3 under the Advisers Act, and “qualified purchasers” or “knowledgeable employees” as
 defined and interpreted for purposes of Section 3(c)(7) of the Investment Company Act. The
 minimum capital commitment for investing in the Private Funds ranges from $2 million to $10
 million, which can be waived by a Client’s general partner. The minimum capital commitment for
 setting up a managed account or joint venture shall be described in the written investment
 management agreement entered into by and between the Investment Adviser and the client and is
 subject to negotiation.

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