Sentinel Fund Advisors Inc

ITEM 5 - FEES AND COMPENSATION

The Governing Documents control the relationship between the Advisor and each Fund Client,
including the fees that each Fund Client pays the Advisor for investment advisory services.

Advisory Fee
The Fund Clients pay an advisory fee, asset management fee and/or management fee (herein
referred to as the “Advisory Fee”) which is based on a percentage of net asset value and/or capital
commitments and contributions for each Fund Client as described in the respective Fund Client’s
Governing Documents. The Advisory Fee for certain Fund Clients employs a blended rate on a
sliding scale based upon the net asset value of an Investor’s capital account. The Advisory Fee
does not exceed 1.5% of any Investor’s capital contributions or commitments, or net asset value
of an Investor’s capital account. The specific Advisory Fee and calculation scale applicable to a
Fund Client is described in the Fund Client’s Governing Documents.

Advisory Fees are generally paid quarterly in arrears or monthly in advance, as provided in the
applicable Fund Client’s Governing Documents, based on monthly estimates with quarterly
reconciliations, and are deducted from the respective Fund Client. Advisory Fee installments for
any period other than a full calendar quarter are adjusted on a pro rata basis according to the actual
number of days elapsed.

Sentinel Advisors agrees from time to time, through a side letter or otherwise, to negotiate, waive,
reduce, or rebate Advisory Fees, or compute Advisory Fees differently from the calculation
methodology provided in applicable Governing Documents, with respect to certain Fund Clients
or Investors.

The Advisory Fee is not inclusive of all the fees which a Fund Client’s Investors may bear;
additional fees applicable to an investment in a Fund Client, including custody, banking,
organization, and operating expenses, are described below and in the Fund Client’s Governing
Documents.

Property Management Fees
In addition to the Advisory Fee, and pursuant to a Fund Client’s Governing Documents, the
Advisor generally retains the services of an affiliate, for a fee, to provide property management
and capital improvement services to the real estate investments of Fund Clients. Fund Clients
which engage an affiliate of Sentinel Advisors for property management services pay property
management fees not exceeding 5% of the aggregate gross receipts from a particular property to
the affiliate of Sentinel Advisors in accordance with the terms of the property management
agreement. Certain Fund Clients utilize third-party property managers to whom the Fund Client
pays property management fees. Property management fees payable to a third-party property
manager vary and are described in additional detail in the Fund Client’s Governing Documents.

Those Fund Clients for which the investment strategy includes core-plus or value-added assets that
require the services of a Sentinel Advisors’ affiliate for capital improvement projects generally

pay 5% of the cost of any such capital improvement projects as a capital project oversight fee, as
detailed in the Fund Client’s Governing Documents.

Fees paid by Fund Clients to an affiliate of Sentinel Advisors for property management or capital
improvement services do not offset or reduce the Advisory Fee paid by the Fund Client to the
Advisor.

The Advisor, if deemed in the best interest of a Fund Client, will engage third parties to provide
any such services in lieu of having them provided by affiliates. Such costs shall be Fund Client
expenses to the extent set forth in the Fund Client’s Governing Documents.

The Advisor’s selection of an affiliate as a property manager or capital improvement service
provider results in a conflict of interest because the Advisor has a financial incentive for its affiliate
to receive direct or indirect compensation for providing property management or capital
improvement services, rather than an unaffiliated property manager or capital improvement service
provider. To address this conflict of interest, the Advisor has developed policies and procedures
designed to select property managers and capital improvement service providers with respect to a
Fund Client’s real estate investments in a manner that is consistent with the Advisor’s fiduciary
duty to its Fund Clients. To the extent the Advisor provides compensation to an affiliated service
provider, it is the Advisor’s policy that such compensation should be provided at rates which the
Advisor believes, based on its market experience and periodic market analysis, are no less
favorable than would customarily be charged by a third party. Refer to Item 10 of this Brochure
for more information about the Advisor’s relationships with its affiliates and the conflicts of
interest that arise from such relationships.

Other Fees and Expenses
Fund Clients bear directly or indirectly or reimburse the Advisor, the General Partner or their
affiliates, for all fees, costs, liabilities, expenses, and obligations (referred to collectively in this
section as “costs”) related to the activities or operations of the Fund including, without limitation:
(i) reasonable travel costs related to the research or investigation of investment opportunities
(whether or not consummated) and the acquisition, management, monitoring, and disposition of
investments; (ii) costs directly related to the research or investigation of investment opportunities
(whether or not consummated), the acquisition, ownership, management (including, but not limited
to, compensation and benefits of on-site property management personnel whether or not employed
by the General Partner or its affiliates), operation, redevelopment, monitoring, financing, leasing,
hedging, sale, and proposed sale of investments, costs related to cash management, and
commitment and broken deal costs; (iii) brokerage commissions, custodial costs, appraisal costs
...

ITEM 7 - TYPES OF CLIENTS

The Advisor provides advisory services to the Fund Clients, which are pooled investment vehicles
relying on an exclusion from the definition of “investment company” under the Investment
Company Act. Certain of the Fund Clients require a minimum investment prior to admitting any
prospective investor. The minimum capital commitment is set forth in the respective Fund Client’s
Governing Documents. The General Partner of a Fund Client has the discretion to waive or reduce
the minimum investment with respect to any Investor.

Interests in the Fund Clients are offered to certain eligible investors who are “accredited investors”
as defined in Regulation D under the Securities Act and/or “qualified purchasers” under the
Investment Company Act.

The Investors in the Fund Clients generally include institutional investors, including public
pension plans, high net worth individuals, family offices, sovereign wealth funds, and
endowments. The Investors in the Fund Clients can include other types of “accredited” investors,
from time to time.