TGM Associates LP

Item 5 - Fees and Compensation

In accordance with applicable documents, including but not limited to investment management
agreements, limited partnership agreements, and/or operating agreements (individually and
collectively, as amended, “Governing Document(s)”), TGM earns a base investment advisory
fee for providing investment advisory services of up to 1% of average daily equity invested in a
private fund. TGM or an affiliate earns property management fees for supervising site level
operations of the real estate properties owned by the Private Funds of up to 4% of collected
revenues, as defined in the relevant Governing Documents.

Fees described above are payable monthly, bi-monthly, or quarterly in arrears and are invoiced
to Investors, or paid directly from the Private Funds’ accounts, in accordance with the applicable
Governing Documents. TGM also earns an incentive fee in consideration for its investment
advisory services of up to 20% of a specified threshold paid annually during the relevant
investment holding period or upon the liquidation of the investment in accordance with applicable
Governing Documents. TGM considers all fees to be negotiable and does not require or solicit
pre-payment of fees. Each Governing Document specifies how a given Private Fund or
separately managed account can be terminated before its expiration date(s).

TGM is deemed to be a fiduciary to Clients and Investors that are employee benefit plans
pursuant to ERISA, and regulations under the Internal Revenue Code of 1986 (the “Internal
Revenue Code”), respectively. As such, TGM is subject to specific duties and obligations under
ERISA and the Internal Revenue Code that include, among other things, restrictions concerning
certain forms of compensation.

Expenses

The Private Funds or Investors generally bear their own expenses in accordance with their
Governing Documents, including but not limited to: fees and out-of-pocket costs and expenses
incurred in connection with the formation of the Private Fund entity; legal and other expenses
incurred in connection with the maintenance of the Private Fund entity; the out-of-pocket charges
and expenses of maintaining the Private Funds’ bank accounts or of any banks, custodians or
depositories, including without limitation the out-of-pocket charges and expenses for
administering the Private Funds to the extent that such charges relate to services typically
provided by third parties; extraordinary expenses relating to the Private Funds; and all out-of-
pocket costs incurred by TGM or its affiliates that are related to the Private Funds’ operations,
including without limitation travel costs, fees and other out-of-pocket expenses related to the
investigation of investment opportunities, whether or not consummated, including without
limitation all expenses incurred in connection with identifying, evaluating, structuring and
negotiating any potential investment and the acquisition, ownership, management, financing,
hedging, holding, sale, proposed sale, other disposition or valuation of any investment (i.e.
transaction expenses). With respect to K-Deals, in addition to the aforementioned fees, costs
and expenses, the Private Funds may also incur acquisition or disposition fees paid to a bond
market expert.

Property expenses related to TGM’s supervision of daily operations of the properties may include,
among other expenses as detailed in the relevant Governing Documents, salaries, bonuses,
commissions, taxes, insurance, and other payroll-related benefits for all personnel performing
functions related to property operations employed by TGM or its affiliates either directly or
indirectly. In certain instances, these costs and expenses are capped at a certain level and/or
may require preliminary approvals as specified in the respective Governing Documents. If fees
or expenses are shared among Clients, such fees and expenses are generally allocated to each
Client on a pro-rata basis or another method that TGM deems fair and equitable in its sole
discretion.

Clients may incur brokerage and other transactional costs. See Item 12.

In addition, it should be noted that TGM and its employees can be expected to receive certain
intangible and/or other benefits and/or perquisites arising or resulting from their advisory
activities on behalf of the Clients and their property investments. Consequently, the direct or
indirect costs of such activities may be incurred as Private Fund expenses, including property
management expenses, that are then allocated in a manner that is fair and equitable in TGM’s
sole discretion and that is consistent with disclosures to all affected Clients. Such benefits may
include, among other things, “miles”, “rewards” or “points” or other benefits of loyalty/status
programs. All such benefits and/or amounts, whether or not de minimis or difficult to value, will
inure exclusively to such employee (and not to Clients and/or asset level investments) even
though the cost of the underlying service is borne by the Client and/or the investments.

Item 7 - Types of Clients

TGM provides investment advisory services to institutional investors through investment vehicles
structured as private funds. Institutional investors participating in private funds may include
pension and profit-sharing plans, trusts, endowments, corporations or other business and
investment entities. Investors in the private funds are required to meet certain requirements,
including being accredited investors (as defined in Regulation D of the Securities Act of 1933,
as amended); qualified clients (as defined in the Investment Advisers Act of 1940, as amended
(the “Act”); and qualified purchasers (as defined in the Investment Company Act of 1940, as
amended), as applicable, in addition to meeting general sophistication requirements. TGM
maintains governing documents relating to its investment advisory services directly with the
underlying investors in the Private Funds in addition to the Private Fund entities.

Minimum investment requirements, if any, are disclosed in the relevant governing documents;
however, such minimums may be waived at the discretion of TGM.