Star Asia Management LLC

Fees & Compensation
The following is a general description of our fees and other compensation. For additional
information, please refer to each Fund’s respective offering documents.

Star Asia’s Compensation
Star Asia is compensated for providing services to SACC pursuant to a management agreement
under which Star Asia receives a base management fee payable monthly. Such monthly
management fee will be equal to 1/12th of the product of two percent (2.0%) and the period-end
value of SACC's equity.

Additionally, if certain preferred return thresholds are met, Star Asia receives an annual
management incentive compensation in an amount up to 20% of SACC's net income distributed
in the following way:

      (i) for any amounts above the preferred return (8%), eighty percent (80%) will go to Star
Asia and twenty percent (20%) will go to SACC until Star Asia has received, on a cumulative basis,
20% of the preferred return and all distributions.

      (ii) any balance will be distributed twenty percent (20%) to Star Asia and eighty percent
(80%) to SACC.

Star Asia may also elect to receive up to one hundred percent (100%) of its compensation in the
form of Class B securities in SACC, subject to unanimous approval of the independent members
of SACC's board.

Compensation of Related Persons
Star Asia Advisors IV Ltd., SACM III, Star Asia Advisors V Ltd., Star Asia Advisors VI Ltd., SAJI
Advisors Ltd., SAJUR Advisors Limited and Star Asia Advisors VII Ltd. are each entitled to
management fees as set forth in the respective Fund’s offering documents.

In addition, each Related Person is entitled to carried interest as set forth in the respective Fund’s
offering documents.

Expenses and Allocation of Expenses
The Funds will pay, or reimburse us, for expenses including, but not limited to:

                                     Star Asia Management LLC

   •     expenses of third-party providers for transaction costs incident to the Funds’ acquisitions,
         the costs of legal, tax, accounting, consulting, auditing, administrative and other similar
         services rendered by third party providers;
   •     costs associated with the establishment and maintenance of any credit facilities and other
         indebtedness of the Funds;
   •     expenses incurred by managers, officers, employees and agents of our Company and its
         affiliates for travel and entertainment on the Funds’ behalf and other out-of-pocket
         expenses not otherwise required to be borne by our Company;
   •     the costs of compliance with all federal, state and local rules and regulations;
   •     taxes and license fees;
   •     all other costs and expenses relating to our Company’s business and investment
         operations, including, without limitation, the costs and expenses of acquiring, owning,
         protecting, maintaining, developing and disposing of investments, including appraisal,
         reporting, audit and legal fees not otherwise required to be borne by us;
   •     expenses connected with the payments of interest, dividends or distributions;
   •     any judgment or settlement of pending or threatened proceedings (whether civil, criminal
         or otherwise) against the Funds or any subsidiary, or against any trustee, director or officer
         of the Funds or of any subsidiary in his capacity as such for which the Funds or any
         subsidiary is required to indemnify such trustee, director or officer by any court or
         governmental agency, or settlement of pending or threatened proceedings or by the charter
         and bylaws of the Funds;
   •     all other expenses actually incurred by us, which are reasonably necessary for the
         performance of our duties and functions under the management agreement (other than
         employment expenses and officers dedicated to our Company, including, without limitation,
         salaries, wages, payroll taxes and the cost of employee benefit plans of such persons).

See the Funds’ respective offering documents or limited partnership agreements for further
discussion of expenses.

Termination of Services
Unless the management agreement is terminated by Star Asia or for cause, Star Asia will be paid
a termination fee under our management agreement of an amount equal to three times the sum
of (i) the average annual base management fee for the two 12-month periods immediately
preceding the effective date of termination plus (ii) the average annual incentive compensation
earned by Star Asia during the two 12-month periods immediately preceding the date of such
termination.

See each Fund’s respective offering documents or limited partnership agreements for further
discussion of termination of services.

Types of clients
Star Asia provides investment advice to SACC. SACC is a real estate fund which primarily invests
in Japanese and other Asian commercial real estate and real estate related investments. Star
Asia has no other clients. Star Asia Advisors IV Ltd. provides investment advice to SAJSS IV, a
real estate fund vehicle with a limited investment period and term that invests in Japanese real
estate and real estate-related investments. SACM III Ltd. provides investment advice to SAO III,
a real estate fund vehicle with a limited investment period and term that invests in Japanese real
estate and real estate-related investments. Star Asia Advisors V. Ltd. provides investment advice
to SAJSS V, a real estate fund vehicle with a limited investment period and term that invests in
Japanese real estate and real estate-related investments. Star Asia Advisors VI Ltd. provides
investment advice to SAJSS VI, a real estate fund vehicle with a limited investment period and
term that invests in Japanese real estate and real estate-related investments. SAJI Advisors Ltd.
provides investment advice to SAJIF, a real estate fund vehicle with a limited investment period
and term that invests in Japanese real estate debt and real estate-related investments. SAJUR
Advisors Limited provides investment advice to SAJUR, a real estate fund vehicle with a limited
investment period and term that invests in Japanese real estate and real estate-related
investments. Star Asia Advisors VII Ltd. provides investment advice to SAJSS VII, a real estate
fund vehicle with a limited investment period and term that invests in Japanese real estate and
real estate-related investments.

                                     Star Asia Management LLC