0001571049-16-011473 Sample Contracts

FORM OF INVESTMENT ADVISORY AGREEMENT BETWEEN NORTHSTAR REAL ESTATE CAPITAL INCOME MASTER FUND AND NSAM B-RECF LTD.
Investment Advisory Agreement • February 4th, 2016 • NorthStar Real Estate Capital Income Fund-T • New York

This Investment Advisory Agreement (this "Agreement") is made as of , 2016, by and between NORTHSTAR REAL ESTATE CAPITAL INCOME MASTER FUND, a Delaware statutory trust (the "Company"), and NSAM B-RECF Ltd., a Bermuda exempted limited company (the "Advisor").

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FORM OF INVESTMENT CO-ADVISORY AGREEMENT BY AND AMONG NSAM B-RECF LTD., NSAM US-RECF LLC AND NORTHSTAR REAL ESTATE CAPITAL INCOME FUND-T
Investment Co-Advisory Agreement • February 4th, 2016 • NorthStar Real Estate Capital Income Fund-T • New York

This Investment Co-Advisory Agreement (this “Agreement”) is made as of , 2016, by and among NSAM B-RECF Ltd., a Bermuda exempted limited company (the “Advisor”), NSAM US-RECF LLC, a Delaware limited liability company (the “Co-Advisor”), and NorthStar Real Estate Capital Income Fund-T, a Delaware statutory trust (the “Company”) that is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as a non-diversified, closed-end management investment company.

NORTHSTAR REAL ESTATE CAPITAL INCOME FUND-T Up to $189,376,000 in Common Shares, $0.001 par value per share FORM OF DEALER MANAGER AGREEMENT
Dealer Manager Agreement • February 4th, 2016 • NorthStar Real Estate Capital Income Fund-T • New York
NORTHSTAR REAL ESTATE CAPITAL INCOME MASTER FUND FORM OF DISTRIBUTION SUPPORT AGREEMENT
Distribution Support Agreement • February 4th, 2016 • NorthStar Real Estate Capital Income Fund-T • New York

WHEREAS, this Distribution Support Agreement (this “Agreement”), dated , 2016, is entered into by and between NorthStar Real Estate Capital Income Master Fund (the “Master Fund”) and NorthStar Realty Finance Corp. (“NorthStar Realty”); and

APPENDIX A FORM OF PARTICIPATING DEALER AGREEMENT NORTHSTAR REAL ESTATE CAPITAL INCOME FUND-T Up to $189,376,000 in Common Shares, $0.001 par value per share FORM OF PARTICIPATING DEALER AGREEMENT Dated:
Participating Dealer Agreement • February 4th, 2016 • NorthStar Real Estate Capital Income Fund-T • New York

NorthStar Securities, LLC, as the dealer manager (the “Dealer Manager”) for NorthStar Real Estate Capital Income Fund-T, a Delaware statutory trust (the “Trust”), invites you (“Participating Dealer”) to participate in the distribution of shares of beneficial interest of the Trust subject to the following terms:

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