S2 Fund Manager LLC

Item 5 Fees and Compensation
Each Fund pays S2 Fund Manager LLC, as its manager, an investment management fee (the
“Management Fee”). These fees are calculated in accordance with the relevant governing documents
and are typically a percentage of capital commitments or capital contributions, or a percentage of net
asset value. Management Fees are generally payable quarterly in advance as a Fund expense.

In addition, the general partner of a Fund may reduce or eliminate the Management Fee with respect
to certain affiliates, their employees, such employees’ affiliates, or one or more other investors in the
general partner’s discretion. The general partners of the Funds are also entitled to receive
performance-based fees and distributions as further described under Item 6 below.

Additional Fees and Expenses
Additionally, each Fund will also bear certain organizational and offering expenses and operating
expenses. Organizational and offering expenses are subject to a cap specified in the Fund’s offering

materials and governing documents and include out-of-pocket expenses of the Fund's general partner
and its agents incurred in the formation of the Fund. Partnership expenses generally include certain
legal, regulatory and accounting fees and expenses, expenses of investor and investor advisory
committee meetings, certain insurance and indemnification expenses, certain valuation and appraisal
expenses, interest on Fund indebtedness and taxation expenses. Further details on the organizational,
offering, and operating expenses each Fund will bear are contained in the Fund's offering materials
and governing documents.

Performance-Based Fee payable upon Distribution/Realization of Proceeds
As described in more detail in Item 6 below, subject to a clawback, an affiliate of S2 Fund Manager,
LLC receives performance-based profit distributions (commonly referred to as "Carried Interest") from
the real estate funds, typically once all capital contributions have been returned to the Investors
(pursuant to the terms of the governing documents). An affiliate of S2 Fund Manager, LLC, after a
preferred return is distributed to investors, is entitled to receive Carried Interest allocation on the
investments of those Funds, respectively, including a "catch-up." It should be noted that with respect to
certain Investors, S2 Fund Manager, LLC has individually negotiated the terms of any performance
distributions. Any new Fund launched by S2 Fund Manager, LLC may have materially different terms
than those summarized above. It should be noted that the fees paid by the Fund are negotiable by
Investors prior to an investment in the Fund, at the discretion of S2 Fund Manager, LLC.

IT IS CRITICAL THAT INVESTORS REFER TO THE RELEVANT OFFERING AND FUND
GOVERNING DOCUMENTS FOR A COMPLETE UNDERSTANDING OF APPLICABLE FEES AND
EXPENSES. THE INFORMATION CONTAINED HEREIN IS A SUMMARY ONLY AND IS
QUALIFIED IN ITS ENTIRETY BY SUCH DOCUMENTS.

Item 7 Types of Clients
S2 Fund Manager, LLC provides investment advisory services as described in Item 4 above to
pooled investment vehicles operating as private real estate funds that are exempt from registration
under the Investment Company Act.

The Funds will offer interests only to certain qualified investors who meet qualification requirements
under applicable securities laws and other laws. Admission to the Funds is not open to the general
public.

There is a minimum investment commitment required of an investor for each real estate Fund. The
minimum investment amount in respect of each Fund varies and is outlined in the Fund’s offering
materials and governing documents but is subject to the relevant Fund’s general partner’s right to
accept investments of a lesser amount in its sole discretion.