Sarofim Realty Advisors LLC

Item 5 – Fees and Compensation
Advisory Service Fees for Discretionary and Non-Discretionary Accounts

Sarofim Realty Advisors LLC fees generally consist of initial and quarterly investment
management fees calculated as a fixed percentage of funds under management. The advisory
fees are generally bespoke arrangements that are negotiated on a client-by-client basis based on
individual client objectives and may include non-recurring transaction and incentive fees as well
as recurring account advisory fees. The recurring account advisory fees may be based on
underlying property value, in which case, value is determined by either the internal or external
appraised value whichever is obtained for that quarter. The firm does not otherwise maintain a
universal fee schedule.

Advisory Services Fees for Funds

Sarofim Realty Advisors LLC receives a management fee (the “Management Fee”) and an
affiliate receives a carried interest or incentive allocation in connection with advisory services
provided to the Funds. The Funds are sub-advised by Swift Creek Real Estate Partners. As
permitted under the applicable governing document(s), the firm may reduce or waive the
Management Fee with respect to an investor in its sole discretion.

Certain investors in the Funds may not pay a Management Fee or carried interest or may pay
reduced amounts of a Management Fee or carried interest. Additionally, Wood Real Estate
Investors, LLC, an affiliate of the firm (“Wood Partners”), provides property management,
development management, construction management and other services to the Funds in
connection with certain investments to the extent Wood Partners is engaged by the Funds. In
connection therewith, the Funds will bear certain property management fees, development
management fees and construction management fees, as applicable. Such fees will be paid to
Wood Partners or its affiliate pursuant to a property management agreement, development
management agreement or construction management agreement, as applicable, each entered into
between the Funds and Wood Partners or its affiliate. All amounts payable for any such services
will be property-level expenses and will not reduce or offset the Management Fee. Investors in
each Fund also bear certain fund expenses with respect to such Fund, as set forth in the
applicable governing documents.

Generally, investors in the Funds pay a quarterly Management Fee calculated as the product of
the applicable annual rate in accordance with the governing documents, which rates range from
the following:
     0.9% to 1.1% for the first $25 million of capital commitments
     0.8% to 1.0% for the next $25 million of capital commitments
     0.7% to 0.9% for the next $50 million of capital commitments
     0.6% to 0.8% for further capital commitments

Investors in the Multifamily Income Fund will also pay Sarofim Multifamily Income SLP LP,
the special limited partner of the Multifamily Income Fund, an incentive allocation above a
hurdle rate of 7% and calculated in accordance with the governing documents.

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Our Billing Practices

The firm’s fees are billed according to the advisory agreement with the client. Current
arrangements include quarterly billing in arrears, quarterly billing in advance, and monthly
billing; however, the timing and frequency of billing varies by client.

Third Party Fees You May Incur

Sarofim Realty Advisors LLC does not provide custodial services, and we are not affiliated with
a brokerage firm. The firm’s brokerage practices are discussed in Item 12 of this brochure. The
advisory service fee you pay to us does not include other fees or charges you will incur in
connection with your account at Sarofim Realty Advisors LLC, including but not limited to,
custodial fees and brokerage commissions.

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Item 7 – Types of Clients
Sarofim Realty Advisors LLC serves as an investment adviser for a broad range of clients,
including:

      Private employer pension and profit-sharing plans
      State and local government retirement systems
      Endowment and foundation funds

We continue to seek new clients with these types of accounts. Any requirements for opening or
maintaining an account are generally negotiated on a client-by-client basis in connection with the
bespoke advisory services fees described in Item 5 and other considerations, as applicable. The
firm waives any such requirements in its sole discretion on a case-by-case basis.

Sarofim Realty Advisors LLC also serves as investment adviser to the Funds, which include
investment partnerships or other investment entities formed under U.S. domestic or non-U.S.
laws and operated as exempt investment pools under the Investment Company Act of 1940, as
amended (the “Investment Company Act”). The Firm does not provide investment advice
directly to investors in the Funds on an individual basis. Fund interests are offered and sold
generally to investors that are (a) “accredited investors” as defined under Regulation D of the
Securities Act of 1933, as amended, (b) “qualified clients” as defined under the Advisers Act or
other “knowledgeable employees” of the firm, and (c) “qualified purchasers” as defined in
Section 2(a)(51)(A) of the Investment Company Act.

Generally, the Multifamily Income Fund requires a minimum Commitment of $2 million, but
such amount may be reduced with the prior agreement of the firm, subject to applicable legal
requirements. Investors in the Sarofim Wood Partners Development Fund must make a minimum
Commitment of $5 million, but such amount may be reduced with the prior agreement of the
firm.

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