Ram Realty Advisors LLC

ITEM 5: Fees and Compensation

The advisor is compensated with an asset management fee (either as a percentage of commitments, or as a
percentage of actively invested capital, as defined in the respective Partnership Agreements). Ram may also
charge certain other fees related to providing services to the underlying properties. The fees are generally
discussed below and in more detail in the relevant offering materials and organizational documents of each
Fund.

Asset Management Fees – The investment advisory agreements entered into between the advisor and each
Fund sets forth the Asset Management Fee (“AMF”). The AMF is generally 1.50% - 1.75% per year. During
the Investment Period, the AMF is paid quarterly and calculated on the commitment of each non-affiliated
Limited Partner. After the Investment Period, the AMF is calculated on a quarterly basis as set forth in the
Fund’s Partnership Agreement (generally, based on actively invested capital). The AMF is payable quarterly in
advance on the first business day of each quarter. The AMF may be paid through amounts otherwise
distributable to the Partners, or the AMF may be paid by the Partners within ten business days after receipt of
a call notice. If an AMF is paid, and the Fund is liquidated before the end of the quarter, any excess AMF paid
in advance will be returned to the client pro rata based on the days billable in the period.

Ram may be engaged to provide services to the underlying investments of the Fund, including leasing,
construction management, development and legal (leasing related) services. When the Fund utilizes Ram for
such services Ram will charge the Fund market rates consistent with local practices. The rates and terms of
these arrangements shall be disclosed annually to the Advisory Board. Fees paid to Ram for such services are
also disclosed annually in the audited financial statements of the Fund. Additionally, each Fund generally pays
all of its ordinary organizational, offering, administrative, and operating expenses. Additional fees (e.g., wire
transfer charges) may be imposed by service providers.

Expenses Charged to the Funds – Except as set forth in the governing documents of a Ram Fund, the Fund
shall pay or reimburse the General Partner or Ram, as applicable, for all reasonable organizational expenses of
the Fund and any (the “Organizational Costs”) which are typically set not to exceed $1,000,000 (any
Organizational Costs in excess of such amount, the “Excess Organizational Costs”); provided, however, that
Excess Organizational Costs may, in the General Partner’s sole discretion, be paid by the Fund. Organizational
Costs shall include fees and expenses of counsel to, accountants for and agents of the Fund and the General
Partner, reasonable travel expenses of personnel of the General Partner and its advisors, and other expenses,
in each case, incurred in connection with the formation of the Fund and any, compliance with applicable laws
or regulations and the offering of Fund interests (excluding placement fees but including printing costs). On
an ongoing basis, except as set forth in the governing documents of a Ram Fund, the Fund shall pay or
reimburse the General Partner or Ram, or any affiliate of any thereof, as applicable, for its payment of, to the
extent not paid by any investment or other person (including by amounts received in connection with the
termination, cancellation or abandonment of a potential investment that is not consummated):
                             (i) any and all costs and expenses incurred in connection with the evaluation,
            negotiation, acquisition, operation, maintenance, improvement, leasing, project management,
            renovation, hedging, financing, refinancing, monitoring or disposition of investments (whether
            or not consummated), including, without limitation, broken deal expenses (including for these
            purposes any expenses that would have been borne by any potential co-investors had such

investment been consummated), private placement fees, sales commissions, appraisal fees, taxes,
brokerage fees, project management fees, travel expenses, underwriting commissions and
discounts, and costs and expenses relating to environmental, property management, engineering
and appraisal services, insurance premiums, sales, leasing commissions, loan servicing fees, legal,
accounting, investment banking, consulting, information services and professional fees (which,
may include fees, costs and expenses payable to affiliates of the General Partner or Ram related
to the discovery, investigation, project management, making, management and disposition of
investments, whether or not consummated);

                  (ii) an amount equal to: (a) any costs and expenses incurred by an Existing Fund
in connection with identifying, evaluating, underwriting, negotiating or structuring an Investment
which is subsequently acquired by the Fund, plus (b) interest on such cost and expenses at a rate
equal to eight percent (8.0%) per annum, calculated from the date such cost and expenses were
originally incurred or paid by the applicable Existing Fund (such amounts, “Existing Fund
Investment Costs”);

                 (iii) any and all costs and expenses incurred in connection with the carrying of
investments, including, without limitation, custodial fees, trustee fees, maintenance and storage
costs of books and records and other administrative fees and expenses;

              (iv) any and all costs and expenses incurred in connection with the Fund’s
reports and financial statements, tax returns, K-1’s (or similar schedules) and any
communications with the limited partners;

                 (v) any and all fees and disbursements (and other costs and expenses) of
attorneys and accountants relating to Fund matters (to the extent not deal costs) including those
incurred in connection with any documents or agreements required by this Agreement;
...

ITEM 7: Types of Clients

Ram provides advisory and investment management services to a number of Funds. All of the Funds qualify
for exemption from the definition of “Investment Company” under the Investment Company Act of 1940, as
amended (the “Investment Company Act”) under Section 3(c)(1), Section 3(c)(6) or Section 3(c)(7) of the
Investment Company Act. Only qualified investors may acquire interests in the Funds.

The minimum investment amount for each RRP Fund is typically $10,000,000 and is disclosed in the Fund’s
offering documents. Minimum investment amounts may be waived in the sole discretion of the General Partner
for each Fund.

Side Letters – The Funds may enter into separate agreements, commonly referred to as “side letters”, or other
similar agreements with a particular Limited Partner in connection with its admission to the Fund without the
approval of any other Limited Partner, which would have the effect of establishing rights under or
supplementing the terms of the applicable Fund’s Partnership Agreement with respect to such Limited Partner
in a manner more favorable to such Limited Partner than those applicable to other Limited Partners. Such
rights or terms in any such side letter or other similar agreement may include, without limitation: (i) reporting
obligations, (ii) waiver of certain confidentiality obligations, (iii) “most favored nation” provisions or (iv) rights
or terms requested or necessary in light of particular investment, legal, regulatory, or public policy characteristics
of a Limited Partner.