Yellowstone Capital Partners US LLC

Item 5.        Fees and Compensation

Investors should consult the Offering Documents for each Fund for more details regarding the
calculation of fees and expenses.

Fees and Allocations

Yellowstone US’s compensation is negotiable and varies, but typically, it charges an annual
management fee of 2% of either the capital contributions made by an Investor to fund investments
or, after the commitment period, the net invested capital, which amount is payable in quarterly
installments in arrears (pro-rated for partial periods). Each General Partner also typically receives
from each limited partner in an applicable investment limited partnership, a carried interest
distribution equal to up to 20% of distributions that exceed investors’ unreturned capital and a
hurdle return amount, as specified in the applicable Offering Documents. Carried interest
distributions are generally made on distributions from the applicable Fund following the return of
capital to such Fund’s Investors. Investors in the Funds, as provided for in the Offering Documents,
may make voluntary withdrawals under certain circumstances.

Yellowstone US complies with Rule 205-3 under the Investment Advisers Act of 1940, to the
extent required by applicable law. Carried interest distributions may create an incentive for
Yellowstone US to make more risky and speculative investments than it would otherwise make.

The General Partners serve as the general partners of each Fund. As such, the General Partners
deduct management fees from the applicable Funds and are distributed carried interest
distributions, as applicable.

Yellowstone US provides certain affiliated Investors special fee and carried interest arrangements
that it does not provide to other Investors. Yellowstone US may waive all or any portion of the
management fees or carried interest distributions with respect to any Investor.

Yellowstone US believes that its fees are competitive with fees charged by other investment
advisers for comparable services. Comparable services may be available, however, from other
sources for lower fees.

Expenses

In addition to the management fees and carried interest distributions described above, each Fund
bears the costs and expenses of its formation, investment activity and operations as more fully
disclosed in the Offering Documents, including all investment, legal, accounting, administration,
auditing and borrowing expenses, as well as any extraordinary expenses (such as litigation
expenses). Investors should review the applicable Fund’s Offering Documents for a more detailed
description of that Fund’s expenses.

Item 7.        Types of Clients

Yellowstone US only provides investment advice to investment funds and does not advise
individual accounts.

Yellowstone Housing Opportunities Fund III LP and Yellowstone Housing Opportunities Fund
III-A LP are closed to new Investors.