Two Sigma Real Estate LP

Item 5. Fees & Compensation
       The Management Company receives a management fee (the “Management Fee”), and the
General Partners receive a carried interest in connection with advisory services provided to the
Funds. TSRE or other TSRE entities or affiliates receive additional compensation in connection
with management or other services performed for investments of the Funds and such additional
compensation offsets, subject to certain exceptions in whole or in part, the Management Fees
otherwise payable to the Management Company. Investors in each Fund also bear certain fund
expenses with respect to such Fund, as set forth in the applicable Governing Documents.

Management Fees and Carried Interest

        The Management Fee generally is treated as a Fund expense and can be paid out of the
current income and disposition proceeds of a Fund and, in the General Partner’s sole discretion
and to the extent applicable, from drawdowns that will reduce unfunded capital commitments made
by such Fund’s investors (collectively, “Commitments”). Investors in Fund I are generally assessed
the Management Fee on an annual basis, payable quarterly in advance to the Management
Company or its designated affiliate. Investors in Co-investment Funds are generally assessed a
Management Fee on an annual basis, payable monthly in arrears. As permitted under the applicable
Governing Document(s), TSRE may reduce or waive the Management Fee with respect to an
investor in its sole discretion.

         Generally, investors in Fund I pay a Management Fee between 1 and 1.5% of aggregate
Commitments until the end of Fund I’s commitment period; and, thereafter, 1.5% of the aggregate
investment contributions made and committed to be made in respect of investments to the extent
capital has not yet been called (the “Investment Contributions”). The Investment Contributions are
generally less the aggregate amount of investment contributions with respect to the portion of each
investment that has been completely disposed of or completely written off or suffered a permanent
and material impairment in value and permanently written down (such investments, “Impaired
Value Investments”) as set forth in the Governing Documents. The Management Fee may be
“offset” or reduced by an amount equal to certain fees (“Transaction Fees”) received by TSRE or
certain persons affiliated with TSRE, subject to certain exclusions. As described in greater detail
in the applicable Limited Partnership Agreement, Transaction Fees include directors’ fees,
monitoring fees, financial consulting fees or advisory fees paid to the General Partner or its
affiliates with respect to an investment and breakup fees with respect to Fund I transactions not
completed that are paid to the General Partner or its affiliates, in each case net of certain expenses
as set forth in a Limited Partnership Agreement. Various costs and expenses will reduce
Transaction Fees (and thereby the amounts by which the Management Fee will be reduced),
including out-of-pocket costs and expenses (including those attributable to the purchase or license
of data or other information and any due diligence costs and travel expenses).

        For Fund I, the Management Fee will be calculated and charged on a basis that generally
is not tied to the Fund’s then-current net asset value. As further specified in the Governing
Documents, Management Fees will initially generally be charged based on a formula tied to the
amount of the relevant Fund’s aggregate commitments. However, after a certain date specified in

the Governing Documents (the “Stepdown Date”) and subject to the applicable terms further
specified in such Governing Documents, Fund I’s Management Fee generally will be charged and
calculated based on a formula tied to the amount of contributed capital (including, where
applicable, a Fund borrowing component (including interest expenses) and the amount of any
capitalized Transaction Fees or expenses) made by Fund I relating to its aggregate investment(s)
in its portfolio investments that have not been realized or that are not Impaired Value Investments.
Due to differences in the criteria set forth in their respective Governing Documents, in the event
where more than one Fund participates in an investment, there is the possibility that an investment
will become an Impaired Value Investment for purposes of one Fund’s Governing Documents but
not those of one or more other Funds. Under Fund I’s Governing Documents, where the fair market
value of an investment exceeds the total amount of investment contributions relating to such
investment, post-Stepdown Date Management Fees will not be calculated based upon such
appreciated value, and will instead continue to be calculated based on the amount of applicable
investment contributions. Conversely, the Governing Documents do not require Management Fees
to be reduced or refunded following the occurrence of a writedown, decrease (including a
significant decrease) in fair value or other event not constituting a complete realization, such as a
partial sale or disposition, reorganization, recapitalization (including recapitalizations involving
dividends), roll-over investment in connection with a sale or dividend distribution, except in the
case of investments meeting the relevant Impaired Value Investment standard under the Governing
Documents. As a result, except where the Governing Documents expressly provide to the contrary,
the amount of Management Fees generally will not correspond with fluctuations in the net asset
value of individual investments or of a Fund, including where the fair market value of an
investment exceeds or falls below the total amount of contributed capital relating to such
investment, except in the case of Impaired Value Investments. In many circumstances, the post-
Stepdown Date Management Fee base will include capitalized transaction-specific fees and
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Item 7. Types of Clients
        TSRE provides investment advice to its Fund clients, and references throughout this
Brochure to “clients” and to TSRE’s related duties to and practices on behalf of its clients and/or
investors should be construed accordingly. The Funds generally include investment partnerships
or other investment entities formed under U.S. or non-U.S. laws and operated as exempt investment
pools under the U.S. Investment Company Act of 1940, as amended, and the rules and regulations
promulgated thereunder (the “Investment Company Act”). The investors participating in the Funds
have included and are expected to include individuals, banks or thrift institutions, other investment
entities, university endowments, sovereign wealth funds, family offices, pension and profit-sharing
plans, trusts, estates or charitable organizations or other corporations or business entities and often
include, directly or indirectly, principals or other personnel of TSRE and its affiliates and members
of their families, Service Providers, as well as Affiliated Service Providers, Strategic Data Science
personnel or Advisors. Fund interests are generally offered solely to investors who are qualified
purchasers (including knowledgeable employees) as defined under the Investment Company Act,
and accredited investors as defined under the Securities Act.

       Each General Partner is generally also permitted to establish Funds that are alternative
investment vehicles in order to permit certain investors to participate in one or more particular
investment opportunities in a manner desirable for tax, regulatory or other reasons. Generally, in
such event, each limited partner that participates in such an alternative investment vehicle would
do so on substantially the same terms and conditions as it participates in a Fund.

        Fund I generally has a minimum investment amount of $10 million for third-party
investors,. TSRE generally is permitted to waive such minimum investment amount in its sole
discretion, subject to applicable legal requirements.