TSP Investment Advisers LLC

Item 5. Fees and Compensation
In general, TSP earns management fees, and certain of the Firm’s affiliates have the potential to earn
performance-based fees, from each of the Funds. The existence of the performance-based fees may
create an incentive for the Firm to approve, and cause the Funds to make, more speculative
investments than it would otherwise make, or to hold investments for longer than it would otherwise
hold them, in the absence of such performance-based fees.

The Funds are charged management fees as detailed in each Fund’s limited partnership agreement or
other governing documents. Management fees are generally payable by the Funds to the Firm or
General Partner(s), quarterly in advance each December 31, March 31, June 30 and September 30.
Management fees are indirectly borne by the Investors in such Fund. Payment of the management
fees for any partial period will be adjusted on a pro rata basis according to the actual number of days
in such period. The Firm may waive or negotiate lower fees for certain Investors at the General
Partner’s discretion.

Item 7. Types of Clients
TSP’s only Clients are the Funds to which TSP directly provides investment advisory services. TSP
does not provide investment advisory services to individual Investors within the Funds.

TSP generally imposes a minimum investment commitment requirement for each Fund. The offering
materials for each Fund provide additional information about the Fund’s minimum investment
commitment, if any, which may be waived by the Firm or its affiliates in its sole discretion.

In the future, TSP may provide separate account advisory services related to real estate related
investments for high-net-worth individuals and institutional clients.