Turnbridge RE Fund Management Company I LLC

Item 5 – Fees and Compensation

Costs and Expenses

The Adviser is entitled to charge a management fee in connection with managing the Funds. The
management fee will be agreed to within a Fund's governing documents. Some clients may not be
charged a management fee, therefore the firm charges between 0% and 1.45% in management fees.

Turnbridge and its affiliates may receive monitoring fees, transaction fees, acquisition fees, asset
management fees, development fees, disposition fees, financing fees, leasing fees, construction
management fees, property management fees, advisory fees, closing fees, director fees or other
similar fees in respect of services associated with investments or proposed investments or
commitments made by the Funds.

In addition to the fees discussed above, investors in the Fund bear indirectly the fees and expenses
charged to the Funds, including but without limitation, organizational, operating and broken deal
expenses. Organizational costs are capped up to $750,000 for Turnbridge Equities Real Estate Fund
I LP and up to $1,000,000 for Turnbridge Equities Real Estate Fund II LP. The Funds bears its own
operating costs and expenses, as well as costs and expenses relating to any “Alternative investment
Vehicle” or “Holding Vehicle” (which are vehicles formed to facilitate Fund investments) including
documentation related thereto, and all expenses, costs and liabilities incurred in connection with
the identifying, originating, evaluating, structuring, negotiating, underwriting, making, developing,
carrying, monitoring, managing, acquiring, hedging, financing, operating, sale, proposed sale, other
disposition or valuation of investments and temporary investments made or considered for the
Fund, including due diligence in connection therewith, appraisal fees, taxes, custodial fees, trustee
fees, record keeping and other administration fees, brokerage commissions and fees, underwriting
commissions and discounts, investment banking, research expenses, travel expenses (which may
include, inter alia, lodging (including luxury accommodations), meals and private air travel), fees
and expenses of legal counsel and other professionals such as accountants, tax consultants,
environmental consultants, research consultants, appraisers, engineers, architects, insurance
consultants, solvency experts and others retained by, or on behalf of the Fund, and fees and
expenses in connection with any acquisition services, project and entity accounting or financing
services performed by third parties (to the extent not subject to reimbursement), costs and liabilities
incurred in connection with litigation or other extraordinary events, D&O liability and other
insurance and indemnity expenses, including the amount of any judgments or settlements paid in
connection therewith, all taxes, fees and other governmental charges (including interest and
penalties) payable by the Funds or the General Partner on behalf of the Funds (in each case, except
to the extent such amounts are (x) allocable to, or indemnifiable by, an investor in the Fund and (y)
actually borne or paid by such investor in the Fund), all expenses incurred by the General Partner
or its designee in its role as tax matters representative, and all expenses incurred in connection with

any tax audit, investigation, settlement or review of the Funds, communications expenses and costs,
all expenses and costs associated with meetings with the limited partners of the Funds, all expenses
and costs of the limited partner advisory committee in connection with its services, including,
without limitation, travel expenses in connection with attendance at limited partner advisory
committee meeting, all expenses associated with permitted hedging transactions, all expenses and
costs of winding up and liquidating the Funds and its subsidiaries, fund administrative fees,
expenses and costs of the Funds or its subsidiaries, including, but not limited to, fees, expenses and
costs incurred in connection with the preparation and circulation of funding notices and distribution
notices (including, without limitation, fees, expenses and costs of third party service providers), the
maintenance of the Funds’ books of account and the preparation of required audited or unaudited
financial statements (including, without limitation, fees and expenses of independent auditors,
accountants, consultants and counsel, all costs associated with any fund administrator of the Fund,
the costs and expenses of preparing and circulating the reports, any software or online data portal
used in connection with such reporting and any fees or imposts of a governmental authority imposed
in connection with such books and records and statements) and other routine administrative
expenses of the Funds or its subsidiaries, including, but not limited to, the cost of the preparation
of tax returns, Schedule K-1s, cash management expenses and insurance and legal expenses, all
expenses and costs relating to a defaulting limited partner of the Funds, all expenses and costs
incurred in connection with any regulatory filings required to be made in respect of the Fund or any
Alternative Investment Vehicle (including those relating to AIFMD and Form PF, but excluding
Form ADV), interest on and all expenses and costs incurred in connection with any indebtedness
or bridge financings of the Funds or its subsidiaries or other credit arrangement (including any
guarantee, line of credit, loan commitment or letter of credit for the Funds or its subsidiaries or
related to any investment (or any underlying asset)) incurred in connection therewith and all legal,
audit, accounting, consulting, appraisal and other expenses (to the extent not subject to
reimbursement) incurred in connection therewith, expenses for business development and
entertainment directly related to the development and management of the investments and
...

Item 7 – Types of Clients

The Adviser provides discretionary investment advice to the Funds.

Interests in the Funds are offered pursuant to applicable exemptions from registration under the
Securities Act and the Funds is exempt from registration under the Investment Company Act.
Investors in the Funds are subject to qualification standards. Investors in the Funds may include,
among others, other private investment funds, pension plans, foundations, funds of funds, family
offices, trusts, other institutional investors and high net worth individuals. Each investor in the
Funds shall be an accredited investor (as defined in the Securities Act) and qualified purchaser (as
defined in the Investment Company Act). In general, an investor that is a natural person shall have
a net worth that exceeds $1,000,000 excluding its residence to qualify as an investor in a Funds.
The minimum initial investment in a Fund is generally $1,000,000 which is subject to change or
waiver at the discretion of the Adviser.