Tremont Realty Capital LLC

ITEM 5: FEES AND COMPENSATION.

Management and Performance Fees

Compensation earned by the Firm for the provision of investment advisory services to Clients will
generally be comprised of management fees based on a percentage of the equity of a Client that is
a Fund and may also be comprised of performance-based fees or allocations. The Firm does not
have a fee schedule and fees are individually negotiated, which could include, for example,
renegotiations or full or partial waivers of Clients’ existing fees. The duration and extent of any
such renegotiated or waived fees would be expected to vary based on a Client’s individual
circumstances. The Firm expects that all of its Clients will be “qualified purchasers” as defined in
Section 2(a)(51)(A) of the Investment Company Act of 1940. Fees and compensation for each
Client will be described in the management agreement related to a Client. Management fees are
generally assessed monthly or quarterly in arrears and are either billed to Clients or deducted from
Client assets depending on the specific terms of the Firm’s agreement with such Client. The Firm,
in addition to the management fee, will be paid or reimbursed for certain costs in consideration of

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Tremont Realty Capital LLC                                                   Part 2A of Form ADV

business management services the Firm provides, including, among others as agreed with a Client,
providing executive and administrative personnel, office space and office services, regulatory, tax
and legal compliance services, auditing, investor relations services, administering the Client’s day
to day operations and liaising with the Client’s board of directors/trustees on a variety of
operational and compliance matters.

Other Fees and Expenses

Clients will bear administrative, operating and other expenses to the extent set forth in their
respective agreements with the Firm.

ITEM 7: TYPES OF CLIENTS.

The Firm’s Clients include a REIT, a privately-owned proprietary investment vehicle, and may in
the future include private funds and/or separately managed accounts.

The Firm has not currently established a minimum investment amount for clients.

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Tremont Realty Capital LLC                                                   Part 2A of Form ADV