CBRE Investment Management Indirect Limited

Fees and compensation
For its real estate investment advisory services, CBRE IM Indirect is usually paid some or all of the following fees
(depending on the client): (i) an acquisition fee based upon the cost of an acquired asset; (ii) a disposition fee based
on the sales price of a sold asset; (iii) an asset management or investment advisory fee based upon the cost or fair
market value of assets under management, the investors’ committed equity, the investor’s market value of equity
(net asset value) under management or the historic cost of the equity invested; and (iv) a performance or incentive
fee when a pre-specified performance objective is met, either on liquidation, as earned based on returns or at pre-
specified intervals (such performance or incentive fees are calculated based on the excess return above the
performance objective for the separate account or investment fund). Performance fees are further described in the
‘Performance Fees and side-by-side management’ section below.
CBRE IM Indirect does not have a set fee schedule. Fees for separate account clients are generally individually
negotiated with the client upfront and are set forth in applicable separate account investment management
agreements with the client. No compensation is payable until services are rendered. Fee discounts for funds
managed by CBRE IM Indirect are typically set on a fund-by-fund basis, disclosed in the fund's private placement
memorandum or prospectus and set out in the constituent documents of those funds or in separate agreements with
the applicable investor.
CBRE IM lndirect's fees are exclusive of real estate brokerage commissions, service provider transaction fees,
underlying manager or joint venture partner management fees, property management fees, appraisal fees, custodial
fees, and other related service provider costs and expenses, all of which are liabilities of clients or funds.
CBRE IM lndirect's fees are exclusive of third-party fees, costs and expenses (including payments to CBRE IM
Indirect's affiliates) actually incurred in connection with the services provided directly or indirectly for our clients,
including, without limitation, those incurred for:
1. All legal and other organisational expenses incurred in the formation and organisation of an Investment Fund and
   associated entities (including the general partner entities) or, for certain Separate Account Clients, the Separate
   Account legal structure (in some cases, this may be capped, above which the Firm will bear the excess).
2. Identifying, investigating, acquiring, owning, financing, hedging, expanding, operating, originating, managing,
   maintaining, repairing, improving and disposing of assets of the Investment Fund or Separate Account and for
   providing services.
3. Property condition, architectural, engineering, environmental or other studies of or reports on proposed or
   existing investments, including for due diligence, for compliance with law and regulation, for tenant counterparty
   and other background checks and credit evaluations.
4. Legal counsel, accountants, appraisers, service providers and other consultants (including fees in connection
   with the provision of administration, financial, accounting and reporting services to the Investment Funds and
   their limited partners and to Separate Account clients, including any initial set-up fees and expenses, and
   maintaining the books and records of an Investment Fund or Separate Account).
5. Reasonable and necessary expenses of the members of the advisory board and investor participation in meetings
   of Investment Fund investors.
6. Insurance costs for properties and other assets, as well as insurance premiums for professional liability (including
   any directors’ and officers’, or "errors and omissions" liability insurance), including insurance of which CBRE IM
   Indirect and affiliates are beneficiaries, to the extent permitted under the applicable Advisory Agreements.
7. Taxes, assessments, utilities, and similar costs.
8. Litigation, judgment, enforcement, and other dispute resolution costs.

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9. Administrative expenses.
10. Costs related to any credit facility and debt (including principal and interest payments) and in connection with
    the origination, syndication or acquisition of real estate-related indebtedness and preferred equity.
11. Other costs and expenses that would not otherwise be operating expenses (subject to approvals as may be
    required under the applicable Advisory Agreements).
12. Portfolio management fees.
13. Asset management fees payable by a subsidiary.
14. Lease and tenant related matters, including leasing commissions, tenant improvements, tenant concessions,
    ownership costs, tenant retention expenses.
15. Travel, accommodation and related expenses.
16. Business development and marketing activities (including personnel providing marketing and related services for
    such investments from our or an affiliate's offices), training activities, hardware, software (including Yardi,
    Workspace, Hightower, and View the Space) and other applications, as related to the business or operations of
    Investment Funds and the investments of such Investment Funds and Separate Accounts.
17. All quotation and valuation costs and expenses, including, without limitation, the fees and out-of-pocket
    expenses of any appraiser.
18. All costs relating in any way to any offerings of interests in Investment Funds following the first closing
    (regardless of whether interests in such Investment Funds are ultimately issued), including costs relating to
    preparing offering documents, verifying investor or client suitability requirements, establishing any related
    vehicles and complying with any and all applicable laws, orders and regulations related thereto, as determined by
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Types of clients
CBRE IM Indirect advises institutional separate account clients on investments in commercial real estate that are
managed by an operator. The separate account clients include insurance companies, both public and corporate
pension plans, sovereign wealth funds, endowments, foundations, family offices, and other institutions, and other real
estate investment vehicles. Subject to CBRE IM Indirect’s discretion, the minimum size for a global real estate
separate account is generally USD $250 million.
CBRE IM Indirect also serves as an investment manager or adviser of investment funds, which were formed by CBRE
IM Indirect to facilitate investment in commercial real estate by institutional investors. Such investment funds are
typically formed as either limited partnerships or limited liability companies. CBRE IM Indirect provides management
services directly to the investment funds. CBRE IM Indirect does not provide investment advice to investors in such
pools based upon their individual needs. Unless otherwise stated in a prospectus or other constituent documents for
an investment fund, the minimum investment is generally USD $5 million, although CBRE IM Indirect have discretion
to accept a lower investment amount.
Investment management agreements between CBRE IM Indirect and separate account clients are bespoke but are
generally terminable by the client on short periods of notice, or immediately for certain cause events. For funds
managed by CBRE IM Indirect, termination provisions vary and are as defined in the applicable investment funds
constituent documents.

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    Methods of analysis, investment
    strategies and risk of loss
    CBRE IM Indirect’s investment approach is methodological and involves well-defined processes set in place to
    mitigate risks of not achieving client investment objectives. For risk assessment and monitoring, CBRE IM Indirect
    uses several in-house proprietary frameworks in a well-structured process.
    The CBRE IM Indirect investment approach relies on research that is systematic and comprehensive. Research is an
    integral component of the investment process. In undertaking research, CBRE IM Indirect look at broad economic
    and financial trends, employment outlooks and demographic shifts, combined with analysis of local real estate
    markets, occupancy rates and rents. As part of the world's premier real estate service provider, CBRE, CBRE IM
    Indirect is uniquely placed to harness global real estate market intelligence.
    Sources of risk and how they are quantified

    CBRE IM Indirect’s investment approach seeks to explicitly understand the sources of risk within real estate
    investment holdings and to position portfolios of investment holdings appropriately. We believe that investment risk
    is generated through market exposure, the property activity type that portfolios are exposed to and the financial
    structure. We believe these risks can be effectively managed through appropriate limits and reasonable
    diversification, guiding our approach to investment holding allocation. Furthermore, we believe that by assembling
    portfolios with investment holdings of mixed vintages and liquidity profiles, the overall diversification and liquidity of
    portfolios, and consequent risk profile, can be enhanced. We are also of the opinion that sustainability risk can have a
    material impact on performance and see sustainability risk as a key feature of investment risk. Therefore,
    consideration of sustainability risk is integrated into investment decision making and the monitoring of investments.
    For instance, we have identified financial risks linked to climate related risks specific to real estate, including, but not
    limited, to the following:
-      Access to insurance and loans for assets may be impacted by the exposure to climate-related physical risks, as
       well as the ability of assets to meet market and legislative requirements related to decarbonisation and energy
       efficiency.
-      Rental income may be affected by physical weather events causing chronic or acute disruption directly to assets
       or indirectly through the infrastructure or systems that investments depend on.
-      The valuations of assets may start reflecting investor’s appetite for incurring climate-related risks, which could
       be a downside or upside risk depending on the investment strategy.
-      Costs associated with necessary upgrades to buildings to meet decarbonisation targets or repair of physical
       damage could force premature sales at discounted prices in investment holdings with lower risk strategies.
    We believe the level of sustainability risk is highly dependent on the assets held within an investment holding and
    that these need to be carefully monitored through a comprehensive sustainability framework including, but not
    limited to, climate change risk assessment, which will allow sustainability risk to be tracked and managed. Therefore,
    consideration of sustainability risk is integrated into our investment decision-making and investment management.

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Investment philosophy

Our investment philosophy is based on the principle of finding value in markets and assets. This is achieved through
a well-established investment process and access to a wide range of transactions. As a value investor, we allocate
capital to markets which we believe offer fundamentally “good value” and avoid markets that have already fully
priced in future growth. We are a research-driven investment house with preferred strategies identified through our
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