VFPE Advisors LLC

ITEM 5: FEES AND COMPENSATION

A.     Describe how you are compensated for your advisory services. Provide your fee
       schedule. Disclose whether the fees are negotiable.

Fees and Compensation – Private Equity Funds
In most but not all cases, the General Partner, or its affiliate (including VFPEA) is entitled to
receive from each private equity Fund, a management fee (the “Management Fee”), which ranges
from 0.5% - 1.5% annually during the investment period, as more particularly described in relevant
Offering Documents. Typically, Management Fees are calculated on the aggregate capital
commitments to the Fund during the Fund’s investment period and thereafter are calculated on
actual capital contributions made by the Fund’s partners or the Fund’s capital that remains invested
in assets. A Fund’s investment period, as specified in the applicable Offering Documents, is the
limited period in which the Fund is permitted to enter into new investments (typically, four to six
years from the end of the Fund’s fundraising period, although there are exceptions). A portion of
the Management Fees are paid to VFPEA in consideration of its investment advisory services
pursuant to the written investment advisory agreement between VFPEA and each Fund and
General Partner.

In addition to the payment of ongoing Management Fees, the General Partner of each private equity
Fund is entitled to receive performance fees in the form of a carried interest in profits
(“Performance-Based Fees”) after the return of capital to limited partners and, typically, subject to
the payment of a priority return on limited partners’ capital. For additional details about such
performance-based compensation, please refer to Item 6 – Performance-Based Fees and Side-by-
Side Management.

Most private equity Fund limited partners are entitled to a priority return on their capital
contributions, which is an amount equal to a specified percentage per annum on the average daily
balance of each limited partner’s unreturned capital contribution. The priority return begins to
accrue on the date a capital contribution in respect of an investment is made and ends when the
limited partner’s unreturned capital contribution in respect of an investment has been reduced to
zero. Any priority return that remains unpaid typically compounds annually.

In addition, the independent private equity manager of each of the underlying PE Investment Funds
also receives management fees and performance-based fees from the applicable PE Investment
Fund and will generally receive management fees and performance-based fees with respect to any
Co-Investment. As a result, in the Fund of Funds structure, the limited partnership interests in a
private equity Fund will bear the costs of the management fees and performance-based fees
payable to the independent private equity managers of the underlying investments, as well as the

Management Fees and Performance-Based Fees payable to the General Partner and its affiliate.
After paying all fees and taxes on the investment, limited partners in a private equity Fund of Funds
will generally earn lower net returns than if they had invested directly in the underlying PE
Investment Funds, Co-Investments, or Direct Investments, assuming they would be able to access
such investments directly.

Fees and Compensation – Real Estate Funds
The General Partner or its affiliate (including VFPEA) of each real estate Fund typically is entitled
to receive an asset management fee (the “Asset Management Fee”) of 1% annually, as more
particularly described in relevant Offering Documents. Typically, Asset Management Fees are
initially calculated during the Fund’s investment period based on the aggregate capital
commitments to the Fund. At the end of the investment period, if the Fund has not called 100%
of the capital commitments during the investment period, Asset Management Fees are recalculated
at 1% of called capital as of the end of the investment period (with any amount collected in excess
of 1% of called capital reimbursed to the Fund) and reset thereafter to be calculated based on called
capital as of the end of the investment period. A Fund’s investment period, specified within the
Offering Documents, is the limited period in which a Fund is permitted to enter into new
investments (often four to six years from the end of the Fund’s fundraising period, although there
are exceptions). A portion of the Asset Management Fees are paid to VFPEA in consideration of
its investment advisory services pursuant to the written investment advisory agreement between
VFPEA and each Fund and General Partner.

The General Partner and/or its affiliates are expressly authorized to act as property managers in
connection with any Real Estate Asset and receive market rate property management fees from the
Fund or the asset holdings.

Certain real estate Funds employ a Fund of Funds structure whereby the Funds invest in other RE
Investment Funds. To this end, a Fund’s General Partner or its Affiliates will be entitled, without
the consent of the Limited Partners, to (i) invest in Real Estate Assets which are comprised of
limited partnership interests and limited liability company membership interests in other real estate
funds which may be similar to the Fund and in which the General Partner and/or its Affiliates may
have an interest and/or serve as a general partner, manager or managing member, (ii) invest in Real
Estate Assets with co-investors, which may include other persons and/or other real estate funds,
including those in which the General Partner and/or its Affiliates have an interest and/or serve as
a general partner, manager or managing member, (iii) receive and retain for its own account or the
accounts of its Affiliates, a share of fees and performance compensation payable to the general
partner, manager or managing member by any such other real estate funds or in connection with
...

ITEM 7: TYPES OF CLIENTS

Describe the types of clients to whom you generally provide investment advice, such as
individuals, trusts, investment companies, or pension plans. If you have any requirements
for opening or maintaining an account, such as a minimum account size, disclose the
requirements.

As noted in Item 4 above, VFPEA provides discretionary investment advisory services to the
Funds, which are clients of VFPEA. Limited partners of the Fund are not considered investment
advisory clients of VFPEA. Fund limited partners include high net worth individuals, other
investment entities, university endowments, family offices, trusts, estates or charitable
organizations or other corporations or business entities and in certain cases include, directly or
indirectly, principals or other employees of VFPEA and its affiliates and members of their families.

Investment minimums are set forth in each Fund’s Offering Documents. VFPEA may waive or
reduce minimum investment requirements in its discretion, including based upon certain criteria
as described in Item 5 above, and reserves the right to decline any investor in its sole discretion.