Trinity Investors Fund Advisors LLC

ITEM 5           FEES AND COMPENSATION
A. TYPES OF FEES
The Advisor generally is compensated for its advisory services to the Funds as described below. Not all methods apply
to all Funds. Please refer to each Fund’s respective Governing Documents for more detailed information about the
applicable fees, compensation, and expenses.

    1. ADMINISTRATIVE MANAGEMENT FEE

   Generally, as compensation for investment advisory services which include administering the investment,
   accounting, tax preparation, legal fees, compliance costs, and reporting costs rendered to the Funds, the Manager,
   Advisor, and/or one of their affiliates, receives from a Fund, an administrative management fee paid monthly or
   quarterly in arrears (the “Administrative Management Fee”). This fee is not negotiated by or agreed to by investors
   in the Funds. The precise amount, manner, and calculation, of the Administrative Management Fee for each Fund
   is negotiated, agreed, established, and is set forth in such limited liability company agreement (or analogous
   organizational document) and/or other documentation received by each investor prior to investment in such Fund.
   The Trinity Administrative Management Fee is an internal cost of the investment.

   Fees differ from one Fund to another. The Administrative Management fees paid by a Fund are indirectly borne by
   the investors in the applicable Fund. This fee is calculated differently for real estate and operating company
   investments.

       •   Real Estate Administrative Management Fees are charged at annual 65 basis points based on the total
           capital invested by Trinity. Most real estate projects pay this fee monthly; in a few cases, sponsors pay this
           fee quarterly.

       •   Operating Company Administrative Management Fees are charged at the greater of a) a percentage of
           monthly EBITDA or b) a flat dollar fee. Sponsors or the operating company pays this fee monthly or
           quarterly.

   Trinity does not charge a typical asset management fee.

   2. PROJECT LEVEL CARRIED INTEREST
   For some Funds, the Manager, Advisor, and/or one of their affiliates is entitled to receive an incentive distribution
   or project level carried interest paid by the real estate project or operating company in an amount equal to a specified
   percentage for each Fund. The specific percentage and amount of the incentive distribution or project level carried
   interest will vary depending on the terms arranged for each Fund. See Item 6 – Performance-Based Fees and Side-
   By-Side Management for a detailed discussion.

B. FEE DEDUCTION
The administrative management fee is paid monthly or quarterly as provided in each Funds’ Governing Documents.

C. OTHER FEES AND EXPENSES

   1. FUND EXPENSES
   Typically, each Fund shall be responsible for paying all costs and expenses of the Fund. The types of expenses the
   Fund shall be responsible for include any necessary travel costs, accounting costs, valuation expenses, legal
   expenses, cost of the offering to fund the Fund, all costs incurred directly or indirectly by the Manager for the benefit
   of the Fund, office supplies, and administrative support services, whether relating to the Fund directly or the
   management of the Fund Investments. If any such costs and expenses are or have been paid by a member, or any
   of its Affiliates, on behalf of the Fund, then the member (or its Affiliates) shall be entitled to be reimbursed for such
   payment so long as such cost or expense was reasonable and was approved by the Manager.

   2. AFFILIATE FEES
   For certain Funds, the Manager, the Advisor and/or affiliates will receive capital fees, cash and non-cash
   commitment fees, closing fees, monitoring fees, transaction fees, investment banking, closing or similar fees,
   portfolio management fees, professional fees, consulting fees, directors’ fees, insurance premium expenses,
   unconsummated transaction fees, break-up fees, termination fees, and other similar fees and expenses from
   portfolio companies of the Funds or otherwise in connection with portfolio investments or other investments of the
   Funds in connection with the purchase, monitoring, or disposition of investments of a Fund.

   More specifically, TPEG Securities, LLC (“TPEG”), a FINRA licensed broker-dealer and affiliate of the Manager,
   Advisor, and the Funds, will, generally, receive a transaction fee for underwriting, due diligence, and capital advisory
   services. The fee will be paid in conjunction with its efforts to assemble and sell interests in a Fund. TPEG will also
   pass on to a Fund, fees levied by the SIPC and will be reimbursed for reasonable legal expenses and other costs.

        Importantly, these fees and expenses do not reduce the value assigned to an investor’s principal investment. Thus,
        if an investor invests $100,000, that amount would be used for the purpose of calculating any interest or preferred
        returns due to the investor and would be the amount used for the purpose of distributions. However, the fees and
        expenses paid to TPEG and its affiliates (and any other costs described in the Governing Documents) will absolutely
        reduce the amount of your invested dollars that go to the subject project(s) associated with your investment. Among
        the fees that will reduce the amount available to the project entity are the underwriting fees paid to TPEG at closing,
        which are shared with your financial professional, and the ongoing Administrative Management Fees paid to a
        TPEG affiliate. It is common that TPEG receives underwriting fees equal to 7%-8% of the amount you invest, which
        are then partially shared with your financial professional. These underwriting fees are paid from the total amount
        invested in conjunction with the invested funds provided to the project entity. Further, the TPEG affiliate serving as
...

ITEM 7           TYPES OF CLIENTS
Advisor provides investment advice to pooled investment vehicles, the Funds. Each Fund is excluded from the definition of
an “investment company” pursuant to Section 3(c)(1), 3(c)(5) or Section 3(c)(7) of the Investment Company Act and thus
exempt from registration thereunder. Investors in the Funds are generally required to represent that they meet the
requirements of an “accredited investor” as such term is defined in Rule 501 of Regulation D of the Securities Act, as
amended and, if applicable, that they meet the requirements of a “qualified client” or a “qualified purchaser” as such terms
are defined in the Investment Company Act. The minimum required investment for each Fund is provided in the Fund’s
Governing Documents. The Manager for each Fund, in its sole discretion, has authority to waive such minimums.