0001571049-16-011492 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 Master Fund • 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 MASTER FUND
Advisory Agreement • February 4th, 2016 • NorthStar Real Estate Capital Income Master Fund • 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 Master Fund, 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.

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