Rubenstein Partners LP

Item 5 – Fees and Compensation
Management Fees
Each General Partner (other than the General Partner Debt Fund) is entitled to receive an
annual management fee from its respective Fund (the “Management Fee”).                     The
Management Fee is generally payable quarterly and is equal to 1.5% per annum of
aggregate commitments during the applicable Fund investment period and 1.5% per annum
of the capital contributions invested in assets, subject to certain reductions described in the
applicable Fund’s Limited Partnership Agreement thereafter.

These reductions include adjustments for investments that are permanently impaired,
However, the Funds’ Limited Partnership Agreements do not detail the criteria that the
Adviser should use to evaluate an investment for permanent impairment. This situation
may create differing incentives for the Adviser and/or certain employees regarding specific
application of the criteria for determining permanent impairment. The Adviser has
attempted to implement policies, procedures and practices designed to address these

conflicts in a tailored and objective manner. In addition, reductions may also include
express agreement of the General Partner as part of a modifications to certain provisions of
the Limited Partnership Agreement.

The General Partner Debt Fund is entitled to receive an annual management fee from the
Debt Fund (the “Debt Management Fee”). The Debt Management Fee is generally
payable quarterly and is equal to 1.00% per annum of Debt Fund’s net asset value
attributable to the limited partners, subject to certain reductions described in the Debt
Fund’s Limited Partnership Agreement thereafter. Any references herein to a “Partnership
Agreement” or “Fund Partnership Agreement” shall refer to the applicable Fund’s (including
the Debt Fund’s) Limited Partnership Agreement.

The General Partner may be permitted to delegate all or part of its duties or services to the
Adviser, any other adviser affiliates or any other party and cause the Fund to enter into a
management contract with such party relating to such duties or services (which may provide
for the payment of all or a portion of Management Fees or the Debt Management Fee, as
applicable, directly to such party).

Affiliates of each General Partner and/or the Adviser are permitted to provide construction
management, property management, coworking management, leasing and legal services to
each Fund and its subsidiaries for a fee. The fees for such services are subject to the
provisions of the applicable Fund governing documents. While affiliates of each General
Partner and/or the Adviser are expected to provide construction, property and coworking
management services to each Fund and its subsidiaries as needed, in cases where such
services are to be provided by a third party, the arrangement is likely to be structured using
a management arrangement or a management and sub-management contractual
arrangement and the Adviser and/or its affiliates are entitled to receive the positive
difference between what the affiliate would have received under the Fund’s governing
documents and the amount actually paid to the third-party.

The Adviser may receive an administrative fee based upon a percentage of the aggregate
capital contributions made to the Co-Investment Entity. These fees are described in the
applicable Administrative Services Agreements.

The Adviser routinely enters into side letter agreements with certain investors in the Funds
providing such investors with customized terms, including preferred economic terms.

Carried Interest
In addition to the Management Fees or the Debt Management Fee, as applicable, each General
Partner is entitled to receive a carried interest or “promote” (“Carried Interest”) from its
respective Fund after such Fund’s limited partners have received a specified minimum
return. Details of carried interest is described in detail in the applicable Fund Partnership
Agreement.

Detailed descriptions of the manner in which the Management Fees and Debt Management
Fee are calculated and Carried Interest is allocated are set forth in the applicable Fund
Partnership Agreement.

Certain employees of the Adviser also are entitled to receive a promote from a Co-Investment
Entity or its investor(s) after such Co-Investment Entity investor has received a specified
minimum return.

Other Expenses
Each General Partner shall pay/reimburse or cause its Fund to pay/reimburse Adviser for all
costs and expenses incurred in performing the Fund Management Services, pursuant to each
Fund’s respective Fund Partnership Agreement (other than certain overhead expenses).

Adviser (or its affiliates) is (are) also entitled to reimbursement for certain costs and
expenses associated with providing administrative service for the Co-Investment Entities.

Please see the applicable Fund Partnership Agreement for detailed information regarding
fees and expenses.

Item 7 – Types of Clients
Adviser provides investment advisory services to each Fund, each a pooled investment
vehicle.

The REITs have common and preferred interest holders. The value of each preferred
interest is $1,000. The offering materials provided to the preferred interest holders make
clear that (i) the holders of the preferred interests will not be entitled to participate in or
otherwise direct the management of the REIT, nor will such holders be entitled to participate
in the appreciation of the value of the REIT; and (ii) all common interests of the REIT are
wholly-owned by its respective Fund (with the exception of the Sub-REIT which includes
outside investors).

Adviser provides administrative services for some Co-Investment Entities or their
investor(s). Based on the specific facts and circumstances, certain Co-Investment Entities

may be treated as clients of the Adviser, which are pooled investment vehicles.