White Oak Partners Investment Advisor LLC

Item 5:      FEES AND COMPENSATION

Fee arrangements are negotiated by WO with each Fund and vary by type and
amount. WO’s fee arrangements for each Fund are set forth in each Fund’s offering
documents and will typically include: (a) an acquisition fee equal to a percentage of
the total cost to acquire the properties WO acquires on behalf of each Fund, (b) an
asset management fee equal to either (i) a percentage per annum of contributed
capital to each Fund, generally charged monthly in arrears and paid from operating
cash flow rather than from investor capital, or (ii) a percentage per annum of the
gross revenues generated by the properties WO acquires on behalf of each Fund, or
(c) any combination of the foregoing. Fees charged in arrears are typically prorated
for any partial period of investment advisory service.

Generally, as set forth in Item 6 below, each respective fund general partner or
managing member is eligible to receive carried interest as a percentage of the net
profits of the respective Fund after certain specified returns have been achieved by
the limited partners on their contributed capital. The carried interest arrangements
are described in additional detail in the applicable Fund governing documents.

Investors in the Funds could pay fees in addition to those fees described above. For a
complete list of potential fees, please see the Funds’ offering documents. Performance-
based fees are discussed further in Item 6.

Management fees paid to WO and its affiliates are not inclusive of all the fees that
investors could bear. The Funds are responsible for costs and expenses incurred for
maintaining the operations of the Funds, including legal fees, accounting fees, other
out-of-pocket fees and expenses (as discussed below) and in connection with
organizing and raising capital for the Funds up to certain limits. This list is not
intended to be exhaustive; prospective investors in the Funds are advised to review
the applicable Fund offering materials and organization agreements for a more
extensive description of the fees and expenses associated with investments in the
Funds.

Out-of-Pocket Expenses. In addition to fees, clients could be responsible for certain
out-of-pocket expenses for reasonable and direct costs incurred by WOPIA and its
affiliates in the performance of its services for the client. Each Fund pays all expenses
incurred related to its operations, excluding the overhead expenses of WOPIA. These
expenses include, but are not limited to: (i) various travel expenses incurred by
employees in connection with identifying, negotiating, executing, researching,
financing, managing, rehabilitation, disposing, or leasing potential or actual
investment opportunities for the Funds; (ii) cost and expenses incurred in connection
with board, advisory committee, or investor meetings; (iii) cost and expenses related
to engagement of third party consultants, advisors, and service providers; (iv) cost

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ADV Part 2: Firm Brochure

and expenses related to insurance policies; and (v) any costs and expenses related to
indemnities, contributions, taxes, or litigation imposed or due by the Funds or their
subsidiaries. These fees include, but are not limited to, real estate broker fees, legal
fees, closing costs, accounting fees, custodial fees, transfer taxes, and other fees and
taxes related to the real estate transactions.

Item 7:      TYPES OF CLIENTS

WOPIA’s clients are the Funds, which are structured as limited partnerships and
limited liability companies, and which are exempt from registration as investment
companies under U.S. law by virtue of Section 3(c)(1), Section 3(c)(5) and/or

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ADV Part 2: Firm Brochure

Section 3(c)(7) of the U.S. Investment Company Act of 1940 and private real estate
investment vehicles organized as limited partnerships or limited liability companies
that exclusively hold real estate assets.

Each of the Funds has its own criteria for investors to participate, including but not
limited to requiring these investors to qualify as “accredited investors” (as defined in
the Securities Act of 1933, as amended) and “qualified clients” (as defined in the
Investment Advisers Act of 1940 (the “Advisers Act”), as amended). Investors also
are required to meet certain eligibility standards as set forth in the Fund’s respective
offering documents.