Seniors Housing Fund Manager LLC

Item 5:         Fees and Compensation
The Adviser receives an annual management fee from each Fund that is typically payable quarterly
in advance, as further described in the applicable Fund Governing Documents. The management fee
for any period in which the Adviser serves as manager for less than a full quarterly period shall be
prorated on the basis of the number of days in such period compared to the number of days the assets
were managed by the Adviser during such period. The general partner of a Fund generally makes
capital calls on Fund investors for the amount of the Adviser’s management fees and pay the amounts
received to the Adviser. In addition to the management fees described above, the applicable general
partner or its affiliate is generally also entitled to receive a carried interest allocation from a Fund
after certain performance hurdles have been met, as further described in the applicable Fund
Governing Documents. Such carried interest represents a portion of a Fund’s net investment profits.

It is anticipated that the Adviser may receive similar management fees and carried interests from co-
investment vehicles (each, a “Co-Investment Vehicle”) that it organizes in the future. Limited
partners in the Funds should review the applicable Fund Governing Documents carefully for a full
description of the fee revenues and other compensation that the Adviser may receive from such Fund.

Prior to making any investment decision, potential investors in the Fund or any Co-Investment
Vehicle should review the applicable Fund Governing Documents or Co-Investment Vehicle

governing documents, as applicable, carefully for a full description of the fee revenues and other
compensation that the Adviser can receive.

The management fees and carried interest are generally subject to waiver or reduction by the general
partner with respect to some or all of a Fund’s limited partners, in the general partner’s sole
discretion, including with respect to limited partners that are employees or affiliates of the Adviser
or general partner, consultants to or family members of any such persons, or certain significant or
strategic investors (including feeder funds established primarily for such investors), as further
described in the applicable Fund Governing Documents.

In general, each Fund will bear all costs and expenses incurred in connection with the organization
of the Fund, the Fund’s general partner and any parallel vehicles, and the offering of interests in the
Fund, including the costs of preparing the governing documents of the Fund’s general partner and
the Adviser, including but not limited to legal and accounting fees, Investor Onboarding (as defined
below), filing fees, printing costs, and business development, travel, accommodation and other out-
of-pocket expenses, and all costs and expenses incurred in connection with the marketing and
offering of interests in the Fund (“Organizational Expenses”), up to a maximum amount specified in
the applicable Fund Governing Documents. Organizational Expenses in excess of this amount, will be
paid by the Fund but borne by the Adviser through a 100% offset (but not below zero) against the
Fund’s management fee. Any placement fees will be paid by the applicable general partner or its
affiliate and will not be borne by the Fund.

In addition, a Fund will generally be responsible for all expenses relating to its own operations,
including, without limitation: (i) Organizational Expenses; (ii) the management fee, as discussed
above; (iii) all out-of-pocket costs of the administration of the Fund, which administrative services
may be provided by affiliates of the general partner or the Adviser (subject to certain limitations set
forth in the applicable Fund Governing Documents), including administrative, tax, accounting, audit,
legal, consulting, REIT compliance, investor onboarding (including review of investor questionnaires,
compliance checks including for anti-money laundering or “know-your-customer” purposes, and
other matters to confirm investors meet legal, tax, regulatory and other conditions to invest in the
Fund) (“Investor Onboarding”) (other than in connection with the organization of the Fund),
brokerage, custody, depositary, safekeeping, investment banking, information services and other
professional fees and expenses, costs of holding any meetings of partners, costs of any liability
insurance obtained with respect to any indemnified persons, costs associated with the maintenance
of data rooms, costs associated with reporting and providing information to existing and prospective
limited partners, including the preparation and dispatch to the partners of distributions, financial
reports, IRS Schedule K-1s and notices (and related printing and mailing costs) and other Fund-
related reporting obligations, and expenses associated with the maintenance of books and records of
the Fund and any subsidiary investment vehicle of the Fund and the preparation and filing of tax
returns; (iv) all appraisal and valuation expenses; (v) all registrations, fees and duties payable by the
Fund, including expenses incurred in connection with the registration, qualification or exemption of
the Fund under any applicable laws, lending licenses and all expenses incurred in connection with
the foregoing, including all expenses incurred in connection with any investigation or review of the
Fund or any settlement entered into by the Fund; (vi) all unreimbursed fees, costs and expenses
incurred in connection with the collection of amounts due to the Fund, including all fees, costs and

expenses relating to defaults by limited partners; (vii) all fees, costs and expenses incurred in
connection with any restructuring or amendment to the constituent documents of the Fund; (viii) all
fees, costs and expenses relating to the limited partner advisory committee, including the out-of-
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Item 7:         Types of Clients
The investors in the Funds generally include endowments, foundations, public and private pension
funds, sovereign wealth funds, funds-of-funds, corporations, U.S. and non-U.S. institutional investors,
family offices, and/or high net worth individual investors.