Trinity Fund Advisors LLC

ITEM 5 - FEES AND COMPENSATION

In general, Trinity earns an asset-based quarterly management fee from the Funds (the
“Management Fee”), calculated and payable as detailed in the governing documents of the Funds.

Trinity and affiliates of Trinity Investments have the potential to earn performance-based
compensation and certain fee income from JV Partners and any Co-Investment Vehicles. Except

as discussed in Development Fees below, the Main Fund Partnerships and the Feeder Funds will
not pay or bear any fees or carried interest or promote in connection with a Joint Venture.

The discussion in this Item 5 is qualified in its entirety by reference to the governing documents
of the Funds, which have been provided to each investor in the Funds.

Management Fees

Trinity is entitled to receive the Management Fee. The Management Fee is indirectly borne by the
investors in the Funds pursuant to the governing documents of each of the Main Fund Partnerships,
the Feeder Funds, any Alternative Investment Vehicles, and any Co-Investment Vehicles. The
Management Fee is generally payable quarterly in arrears. The Management Fee is 1.75% per
annum of aggregate commitments of unaffiliated investors during the commitment period.
Following expiration of the commitment period for the Funds, the Management Fee is payable
based on the amount of invested capital. Trinity has waived or reduced, and from time to time, in
its sole discretion, may waive or reduce, the Management Fee for certain investors, including those
who are employees or affiliates of Trinity.

The Management Fee generally is not reduced as a result of any extraordinary dividend, or any
merger, refinancing, recapitalization, capital restructuring or other similar transaction or
distribution related to an investment that does not result in the complete disposition of a Fund’s
interest therein (even in cases where the value of a Fund’s investment or the Fund’s ownership
percentage in such investment has been reduced (including substantially reduced) as a result of
such reorganization, restructuring, extraordinary dividend or similar transaction).

No Carried Interest or Promote Payable by the Main Fund Partnerships or the Feeder Funds

Investors in the Main Fund Partnerships and the Feeder Funds will not be assessed a carried interest
or promote by the Main Fund Partnerships or the Feeder Funds.

Offering and Organizational Expenses

The Funds will bear all legal, organizational, and offering expenses of the Funds, Fund I GP, Fund
II GP, and Trinity, and the offering of interests in the Funds, including legal and accounting fees,
printing costs, business development, travel, and other out-of-pocket expenses, up to amounts
specified in the governing documents of the Funds. The governing documents of the Main Fund
Partnerships and the Feeder Funds generally provide that any such organizational expenses in
excess of an applicable cap will be paid by the Main Fund Partnerships or the Feeder Funds and
borne by Trinity through a 100% offset against the Management Fees otherwise payable by the
Main Fund Partnerships or the Feeder Funds.

Interest Expenses

The applicable governing documents of each Fund have provisions that allow the Funds to borrow
money for investment and other purposes. Such borrowings may be made prior to capital being
called from the Funds’ investors. This mechanism may defer investor capital calls and provides a
form of leverage that can have the effect of amplifying the Funds’ reported net internal rate of
return, particularly in the early years of the Funds’ investment cycle. Such borrowings can also

accelerate the date upon which an investment’s preferred return, as agreed upon with the relevant
JV Partner, will be achieved for purposes of determining when the applicable general partner (or
affiliates which earn carried interest) are entitled to begin receiving carried interest payments on
distributions from an investment. In accordance with the terms outlined in the respective
management and operating documents in relation to each investment, interest payments and other
fees and expenses incurred in respect of such borrowings are Fund expenses and such expenses
will decrease a Fund’s net returns over time. The terms of the Funds’ borrowing arrangement and
borrowings outstanding, if any, are disclosed to the investors in the annual audited financial
statements for the Funds.

Acquisition Fees

In some instances where agreed upon with the relevant parties involved, affiliates of Trinity are
entitled to receive origination, acquisition, and/or similar fees in connection with Client
transactions. Generally, Trinity will receive these fees in relation to its role in administering the
sourcing and execution of an investment in the amount attributable to participations in an
investment entered into with another party. Accordingly, such fees are typically paid by the JV
Partner associated with the investment, as discussed below.

Development Fees

Affiliates of Trinity are entitled to receive a development fee (“Development Fee”), calculated as
a percentage of the hard costs and soft costs associated with the renovation and/or redevelopment
of an investment of the Funds (excluding land and financing costs). Hard costs generally include,
without limitation, the costs of all labor, materials, equipment, fixtures and furnishings necessary
for completion of the renovation and/or redevelopment. Soft costs are generally costs, other than
hard costs, necessary for completion of the renovation and/or redevelopment, and include, without
limitation, architects’ and attorneys’ fees, survey costs and insurance premiums. The Funds will
bear their pro rata share of any such Development Fees, and such Development Fees will not offset
the Management Fee or any other fees.

Promotes and Fees Payable to the Fund

In structuring investments for the Funds, affiliates of Trinity will receive additional fees in
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ITEM 7 - TYPES OF CLIENTS

Trinity’s only clients are the Funds, to which Trinity directly provides investment advisory
services. Trinity does not provide investment advisory services individually to the investors in the
Funds. Investors in the Funds are generally (i) “accredited investors” within the meaning of the
rules and regulations promulgated under the Securities Act, and (ii) ”qualified purchasers” or
“knowledgeable employees” within the meaning of the rules and regulations promulgated under
the 1940 Act, and may include, among others, high net worth individuals and institutional investors
such as banks, thrift institutions, pension and profit sharing plans, trusts, estates, charitable
organizations, university endowments, family offices, corporations, insurance companies,
sovereign wealth funds, and funds-of-funds.

The Funds impose a minimum investment commitment requirement. The confidential offering
materials for the Funds provide additional information about the Funds’ minimum investment
commitment, if any, which may be waived by Fund I GP or Fund II GP in its sole discretion.