The Roxborough Group LLC

Item 5 – Fees and Compensation

As an SEC-registered adviser, we are not required to include a fee schedule in a brochure that is delivered
only to qualified purchasers as defined in section 2(a)(51)(A). The terms for payment of management fees,
carried interest distributions, any offsets, etc. are set forth in the Governing Fund Documents.

With regard to other fees and expenses, Roxborough and each General Partner bear their own overhead
associated with each Fund’s activities (including compensation of officers and employees of Roxborough
and general office overhead). Each Fund (together with any parallel funds, allocated pro rata based on
capital commitments) bear all expenses (“Organizational Expenses”) incurred in connection with the
organization of the Fund, each parallel fund, and their respective General Partners.

Each Fund bears and is charged with all costs and expenses relating to the activities and operations of the
Fund, including, but not limited to those defined as “Partnership Expenses in the applicable Fund’s Limited
Partnership Agreement. These may include: (i) all costs related to the Fund’s operations, including (but,
for the avoidance of doubt, not limited to) (A) costs, fees and other out-of-pocket expenses related to the
investigation and evaluation of investment opportunities, whether or not consummated, and whether
incurred before or after the formation of a Fund; (B) costs and expenses related to the acquisition including
legal, regulatory, tax and/or compliance costs incurred in connection with structuring such acquisition),
ownership, management, operation, development (including hard and soft costs), improvement, servicing,
financing, refinancing, currency hedging costs, hedging of interest rates on financings, or sale or other
disposition of Fund assets, including costs relating to property operations and services, such as for example
direct application service costs (e.g., Nexus, MRI, etc.); (C) sales, leasing and brokerage commissions,
entitlement costs, development fees, construction management fees, loan servicing fees, costs of tenant and
capital improvements, custodial expenses and other costs incurred in connection with Fund Assets; (D)
expenses associated with the organization, documentation and/or restructuring of any operating entities or
special purpose vehicles (including with respect to obtaining preferred shareholders for any REIT
Subsidiaries); (E) costs and expenses of meetings with or reporting to the Limited Partners (including any
reports prepared upon the request of a Limited Partner and reasonable out-of-pocket costs and expenses
incurred by such Limited Partner to attend in person meetings of the Limited Partners); (F) fees, costs and
expenses for the following, whether, in each case as applicable, such fees, costs and expenses are charged
for services performed by third parties or Roxborough affiliates (e.g., accounting and tax and compliance
professionals): (1) accounting, bookkeeping, administration, auditing, Fund-related research, consulting,
and legal services, (2) any reports, studies or other materials prepared by such third-parties, including, for
example, environmental sustainability studies for the Fund’s investments, (3) maintaining bank accounts
or of any banks, custodians, depositories or administrators appointed for the monitoring and/or safekeeping
of the Fund assets or other property of the Fund or any subsidiary, (4) costs to implement and maintain data
sites and investor portals for Limited Partners, and (5) preparing and distributing financial statements, tax
returns and reports and audits (including reports prepared upon the request of a Limited Partner) to the
Partners; (G) costs and expenses of meetings of or reporting to any advisory board (including reasonable
out-of-pocket costs and expenses incurred by members of an advisory board to attend in person meetings;
(H) costs related to risk management services and insurance for a Fund, including insurance (which may
include blanket insurance policies procured by Roxborough) to protect the Fund, the General Partner,
Roxborough, the respective officers, directors, employees, partners, managers, and members of any of the
foregoing, the Limited Partners and the members of an advisory board or the Limited Partners that have
appointed such members of an advisory board in connection with the performance of activities related to
the Fund; (I) costs relating to the Fund’s indemnification obligations; (J) litigation expenses; (K) obligations
arising in connection with any borrowings of the Fund and its subsidiaries including legal expenses incurred
in connection with the negotiation, incurrence and maintenance thereof; (L) expenses incurred in
connection with dissolving and liquidating the Fund and any subsidiaries; (M) any taxes, fees or other
governmental charges levied against the Fund or its subsidiaries and all expenses incurred in connection

with any tax audit, investigation, settlement or review of the Fund or its subsidiaries other than “imputed
underpayments”; (N) travel costs associated with investigating and evaluating investment opportunities
(whether or not consummated), or making, monitoring, managing or disposing of investments (provided
that travel costs reimbursable by the Fund incurred in connection with flying shall not exceed the costs of
a commercial flight); (O) travel costs and expenses incurred in connection with meeting with the existing
Limited Partners to discuss the Fund’s investments, performance, and other Fund matters (provided that
travel costs reimbursable by the Fund incurred in connection with flying shall not exceed the costs of a
commercial flight); (P) all costs and expenses incurred by or on behalf of a Fund, including reasonable
attorneys’ fees and disbursements, in connection with any direct or indirect transfer by a Limited Partner
of its limited partnership interest in the Fund; (Q) expenses and costs incurred in connection with
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Item 7 – Types of Clients

Roxborough provides investment advisory services on a discretionary basis to the Funds, which are private
pooled investment vehicles that focus on investing in real estate transactions.

Investors in a Fund are required to complete and submit a subscription agreement binding them to the terms
of the Governing Fund Documents. In addition, as noted above under “Fees and Compensation,” a Fund
may enter into Side Letters with one or more investors that have the effect of establishing or otherwise
benefiting such investor in a manner more favorable than the rights and benefits under the applicable
Governing Fund Documents. In addition, the Side Letters address laws, policies and procedures only
applicable to specific investors and not all investors.

Investors are generally required to make certain representations when investing in a Fund, including, but
not limited to, that (i) they are acquiring an interest for their own account; (ii) they received or had access
to all information they deem relevant to evaluate the merits and risks of the prospective investment; and
(iii) they have the ability to bear the economic risk of an investment in the Fund. Details concerning the
applicable investor suitability criteria are set forth in the respective Governing Fund Documents and
subscription materials, which are furnished to each prospective investor.