Slate Advisory Service US LLC

Item 5 – Fees and Compensation

In connection with the provision of investment advisory services, the relevant Adviser receives a
management fee (as provided under the management services agreement) and other SLAM affiliated
entities receive, depending on the Fund, leasing fees, construction management fees, acquisition fees,
certain fixed fees and other fees as compensation for providing, respectively: (i) investment advisory
services to the Funds; (ii) services with respect to leasing assets; (iii) redevelopment or leasehold
improvement services; (iv) services related to, and initial payment of reimbursable expenses incurred
in association with, acquiring portfolio investments; and (v) certain other services as determined to be
in the best interest of the Funds. Additionally, an affiliate of SLAM will generally be allocated a carried
interest provided that certain return thresholds have been achieved for Fund limited partners.

The following is a general description of fees and compensation of the Funds. Differences exist from
Fund to Fund, and certain Funds do not charge certain fees, compensation or expenses that other
Funds charge or charge them in different amounts. Certain additional compensation amounts will be
in addition to the management fees otherwise payable to SLAM while other additional compensation
amounts will generally reduce the management fees otherwise payable to SLAM or its affiliates.
Limited partners in the Funds also bear certain expenses, as described below.

Limited partners should refer to the Governing Documents of the applicable Fund for a complete
understanding of how the Advisers and their affiliates are compensated for their advisory services; the
information contained herein is a summary only and is qualified in its entirety by such documents.

Management Fees

Each Adviser charges the applicable Funds for which it provides services a management fee (the
“Management Fee”) which is generally up to 2% of assets under management (which are measured
by committed capital, invested capital or net asset value, depending on the Fund and/or the point of
a Fund’s lifecycle) and is assessed quarterly in advance. Each Adviser has the ability to charge such

Management Fees directly to the Fund and/or institute a capital call from underlying limited partners
to pay such Management Fee; however, in certain circumstances, the Management Fee will be paid
directly to an Adviser by a portfolio investment. Management Fees were negotiated with the Fund’s
limited partners during the fundraising period of the applicable Fund and are not subject to negotiation
thereafter. In the event a Fund terminates its advisory contract with an Adviser in accordance with
such Fund’s Governing Documents, any pre-paid Management Fees will generally be prorated for the
period during which the Adviser has served as investment adviser to such Fund and a refund will be
issued for any remaining days in such period.

The amount of Management Fees pertaining to the Firm’s closed-ended Funds generally will not
correspond with fluctuations in the relevant Fund’s net asset value, including following the stepdown
date, and will not be reduced in connection with any write-downs, except in the case of investments
that have been permanently written down. Except where the Governing Documents expressly
provide to the contrary, Management Fees will not be reduced (in whole or in part) in the case of
partial distributions (e.g., those resulting from a dividend recapitalization) or partial sales of
investments. In addition, Management Fees generally will not be reimbursed or refunded under the
Governing Documents in the event of realizations, dispositions or partial write-downs that occur
partway through the relevant calculation period.

The Advisers are permitted, in their sole discretion, to reduce or waive all or a portion of the
Management Fee. Management Fees differ from one Fund to another, as well as among limited
partners in the same Fund. Such differences can arise from the size of a limited partner’s commitment
to a Fund, provisions of side letter agreements or other negotiated terms. Each Adviser is permitted
to waive fees for SLAM employees, affiliates and their respective families investing in a Fund and, in
some cases, certain business partners or their employees. Similarly, some investors in a co-investment
fund/vehicle will pay a reduced Management Fee on the co-investment portion of their investment.
However, as noted above, it is possible that the Management Fee or other fees are paid indirectly, at
the portfolio investment level.

Management Fees will generally be reduced by (i) costs incurred by SLAM US in connection with the
organization of such Fund that exceed a limit as specified in such Fund’s Governing Documents and
(ii) if applicable, certain supplemental fees and compensation with respect to portfolio investments,
including transaction, director, advisory, break-up and other similar fees that are payable to any SLAM
employee, the amount of which are paid by the Funds (directly, or indirectly by the portfolio
investments) and are determined by the Advisers on a transaction-by-transaction basis, subject to the
terms set forth in each Fund’s Governing Documents. To date, SLAM has not charged such
supplemental fees.

Each portfolio investment typically pays for or reimburses the Advisers for the travel of employees to
visit portfolio investments. Any reimbursement by a portfolio investment of out-of-pocket expenses
incurred by an Adviser, a General Partner or their respective affiliates will not be offset against the
Management Fee payable by the Funds.

Depending on the Fund, at the end of each quarter, a Fund will either (i) calculate the Management
Fee actually payable in respect of the preceding quarter, and either an Adviser or a Fund, as applicable,
will respectively either (a) reimburse the Fund(s) for such excess or (b) shall pay the Adviser the
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Item 7 – Types of Clients

The Advisers provide investment advice to their clients, which include the Funds, real estate
investment trusts, other similar investment vehicles and co-investment vehicles. Limited partners in
the Funds must meet certain suitability qualifications prior to making an investment in the Funds.
The Funds typically require capital commitments from each limited partner of at least $5 million, $10
million or $50 million, depending on the Fund, although the applicable Fund’s General Partner has,
in its sole discretion, accepted lesser amounts.

The limited partners participating in the Funds include high net worth individuals, other investment
entities, university endowments, family offices, pension and profit-sharing plans, trusts, estates or
charitable organizations, corporations, limited partnerships, limited liability companies or other
business entities, or other service providers retained by SLAM and typically include, directly or
indirectly, principals or other employees of SLAM and its affiliates and members of their families.

From time to time, the Advisers offer co-investment opportunities to certain limited partners and
third-party investors to invest alongside a Fund in certain investments. Opportunities to participate
in a co-investment transaction are made in SLAM’s sole discretion after taking into account the
applicable Fund’s investment limitations, the size of the investment opportunity and the demand
among potential co-investors. While one or more limited partners in the Funds are on occasion invited
to co-invest in a Fund’s portfolio investment, the Advisers are generally authorized in their sole
discretion to offer any or all of a co-investment opportunity to investors that are not limited partners
in the Funds. Such determinations are based on the provisions of the applicable Governing
Documents, side letter agreements and such other factors as the relevant Adviser will consider in its
sole discretion, including those specified in the Advisers’ policies on investment allocation and co-
investments. Subject to any restrictions contained in the Governing Documents of the relevant Fund
or any side letter or other terms negotiated with respect to such Fund, including lender requirements,
in general no investor has a right to participate in any co-investment opportunity. Opportunities to
invest in a portfolio investment are made available to select persons or entities, including, without
limitation, Fund limited partners, third-party investors, strategic investors, joint venture partners,
lenders, deal sources (including finders and consultants), other sponsors (including other real estate
and private equity firms), service providers, portfolio investment executives, other persons or entities
affiliated, associated or otherwise known to SLAM or its personnel. Additionally, certain individuals
who source transactions or provide financing on occasion negotiate co-investment rights or co-
investment priority rights as a component of their compensation or other arrangements with the
relevant Fund(s). When co-investment opportunities are permitted, it is possible that the size of the
investment opportunity otherwise available to a Fund will be less than it would otherwise have been
without the inclusion of such co-investors. SLAM’s exercise of discretion in allocating co-investment
opportunities will not result in proportional allocations among co-investors and such allocations can
be more or less advantageous to some co-investors relative to other co-investors.

Co-investments typically involve investment and disposal of interests in the applicable portfolio
investment at the same time and on the same terms as a Fund making the investment. However, from
time to time, for strategic and other reasons, a co-investor or co-investment fund purchases a portion
of an investment from a Fund after such Fund has consummated its investment in the portfolio
investment (also known as a post-closing sell-down or transfer). Any such purchase from a Fund by
a co-investor or co-investment fund generally occurs shortly after the Fund’s completion of the
investment to avoid any changes in valuation of the investment; however, in certain instances, a post-
closing sell-down or transfer could occur well after the Fund’s initial purchase. When co-investors
purchase their interest from a Fund after the Fund has consummated the investment, the price paid
by co-investors is typically determined by the Fund’s General Partner in its sole discretion. Where
appropriate, and in the Advisers’ sole discretion, the Advisers reserve the right to charge interest on
the purchase to the co-investor or co-invest vehicle (or otherwise equitably to adjust the purchase
price under certain conditions), and to seek reimbursement to the relevant Fund for related costs.
However, to the extent such amounts are not so charged or reimbursed, they generally will be borne
by the relevant Fund. The price may not reflect the full cost incurred by the Fund in connection with
the investment, any interest charge on the co-investment amount, the cost of establishing the credit
facility utilized to acquire the portfolio investment (if applicable) or the risk borne by the Fund in
connection with purchasing and warehousing the investment. The Funds will bear the risk that any
co-investors acquiring an interest in an investment after the closing of such investment will acquire
such interest on terms that do not reflect the then-current value of such investment.

In the event an Adviser is not successful in offering a co-investment opportunity to potential co-
investors, in whole or in part, it is possible that a Fund will consequently hold a greater concentration
and have greater exposure in the related investment opportunity than was originally intended, which
could make the Fund more susceptible to fluctuations in value resulting from adverse economic
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