Thackeray Partners LP

Item 5: Fees and Compensation

A. Describe how you are compensated for your advisory services. Provide your fee schedule.
Disclose whether the fees are negotiable.

Thackeray provides portfolio management services to the Funds and is paid an annual management
fee (the “Management Fee”) payable quarterly in advance. During the investment period of the
Funds, Management Fees are charged based on capital commitments and thereafter based on
aggregate capital commitments actually paid to the Funds in respect of investments (after a
reduction of invested capital from fully realized or written off investments).

As set forth in Item 6 below, the General Partners are also eligible to receive performance
allocations or carried interest (“Carried Interest”) allocations in respect of realized investments and
current income generated by the real estate assets. The PPM, together with the partnership
agreement and the investment management agreement of each Fund, includes further details
regarding the fees and compensation received by Thackeray and the General Partners.

In addition, the governing documents of Fund IV and Fund V provide for the existence of Special
Limited Partners, which, in consideration of previously providing working capital and other
consideration to the Thackeray founders during Thackeray’s startup phase, are not subject to any
performance fees, but otherwise, such special limited partnership interest is identical to the limited
partnership interest in the Funds. The Special Limited Partners were entitled to acquire a limited
partnership interest of no more than $5 million for Fund V, and no more than $10 million for Fund
IV. The Special Limited Partners do not in any manner direct the investment strategy of the Funds
and are not involved in management decisions.

B. Describe whether you deduct fees from clients’ assets or bill clients for fees incurred. If clients
may select either method, disclose this fact. Explain how often you bill clients or deduct your fees.

Fees are deducted from the Funds’ assets quarterly.

C. Describe any other types of fees or expenses clients may pay in connection with your advisory
services, such as custodian fees or mutual fund expenses. Disclose that clients will incur brokerage
and other transaction costs, and direct clients to the section(s) of your brochure that discuss
brokerage.

Thackeray receives a Management Fee to pay all normal operating costs and expenses incidental to
the provision of the day-to-day administrative services to each Fund. Besides the Management Fee
and, if applicable, the performance-based Carried Interest set forth in Item 6 (which is earned by the
General Partners of the Funds), Thackeray receives no other fees or compensation. However,
Thackeray is reimbursed for certain Fund-related operational expenses, including but not limited to
fees, costs, and expenses of the Fund, the General Partner and the Adviser (and their respective
affiliates) incurred in connection with investments or potential investments, and the identification,
evaluation, acquisition, ownership, sale, hedging or financing of any investment or potential
investment (including, without limitation, costs for transportation, lodging, meals and
entertainment), fees and expenses of brokers, banks, custodians, financial advisers and other similar
persons, fees, costs and expenses relating to transactions that are not consummated, taxes, fees of

auditors and counsel, the cost of preparing the Funds’ financial statements, tax returns and K-1’s,
the costs of preparing or relating to reports made to Limited Partners (including use of an
information portal such as Juniper Square, or other similar electronic reporting service provider), the
cost of annual audits, custodial fees, taxes, other governmental fees and charges, expenses incurred
in connection with any indebtedness entered into by the Funds, expenses of each Fund’s advisory
committee and annual limited partner meetings, applicable research reports, insurance, travel,
litigation and indemnification expenses, administrative expenses and any extraordinary expense.
Thackeray is also reimbursed for certain organizational expenses related to the Funds, including but
not limited to legal expenses for the drafting, reviewing, and revising of the documents related to the
formation and organization of the Fund, the General Partners, and the Adviser.

For further details of a Fund’s fees and expenses, Limited Partners and prospective Limited Partners
in the Funds should refer to each Fund’s offering memorandum and limited partnership agreement.

D. If your clients either may or must pay your fees in advance, disclose this fact. Explain how a
client may obtain a refund of a pre-paid fee if the advisory contract is terminated before the end of
the billing period. Explain how you will determine the amount of the refund.

Management Fees are paid quarterly in advance. Limited Partners may not withdraw from the Fund
or make a demand for or receive paid-in capital until the termination of the Fund, except as
otherwise provided in a Fund’s limited partnership agreement, and, thus, the governing documents
of the Funds do not contain provisions that provide for refunds of fees paid in advance.

In cases which a Limited Partner in a Fund pays fees in advance and the Limited Partner’s
investment in such Fund is terminated in accordance with the termination provisions governing
such Fund prior to the expiration of the period for which the advance fee was paid, except as
otherwise agreed with the Limited Partner, Thackeray pays an appropriate pro rata refund to the
Limited Partner, or make a pro rata credit to the Limited Partner, designed to ensure that the
Limited Partner pays a fee only for the portion of the period preceding the effectiveness of the
termination.

With respect to Carried Interest assessed on current income, such fees are subject to a “true-up”,
...

Item 7: Types of Clients

Describe the types of clients to whom you generally provide investment advice, such as individuals,
trusts, investment companies, or pension plans. If you have any requirements for opening or
maintaining an account, such as a minimum account size, disclose the requirements.

Thackeray provides investment advisory services to the Funds. The underlying Limited Partners in
the Funds are primarily:

           •   Endowments,
           •   Charitable Foundations,
           •   High Net Worth Individuals,
           •   Trusts, and
           •   Corporate Pension Plans.

The underlying Limited Partners in the Funds are subject to applicable suitability requirements.
Thackeray requires that each Limited Partner in the Funds be an “accredited investor” within the
meaning of Regulation D of the Securities Act of 1933, as amended, and Qualified Clients as defined
under Rule 205-3 of the Advisers Act or a “qualified purchaser” as defined in Section 2(a)(51) of the
Company Act.

The minimum initial investment amount of Limited Partners in the Funds is generally $5 million.
This requirement can be waived at the discretion of the General Partner of each Fund.