CBRE Investment Management LLC

5.       Fees and Compensation

For its real estate investment management or advisory services, CBRE Investment Management is usually paid an
asset management, portfolio management or investment management or advisory fee based upon defined criteria,
including: the cost, gross asset value, or fair market value of assets under management; the amount of
committed equity, the amount of capital contributed, or equity invested; the net operating income generated by a
portfolio; or based on a development or construction budget for development assets. In some cases, this fee includes
a minimum or maximum management fee for a portfolio or a base asset management fee paid by the Investment
Fund’s real estate investment trust (“REIT”) subsidiary. Unless otherwise agreed with an Investment Fund’s
investors, asset management, portfolio management or investment or advisory fees will continue to be payable
during any term extensions.

In addition, CBRE Investment Management sometimes receives (i) an acquisition or onboarding fee based upon: (A)
the cost or purchase price of an acquired asset, or (B) for assets to be developed or under construction, a
development or construction budget for such assets; (ii) a disposition fee based on the sales price of an asset;
(iii) development fees, leasing fees, project management fees, financing fees and/or a due diligence, underwriting
or similar fees for diligence and underwriting related services as part of an acquisition of an asset; and (iv) certain
other miscellaneous fees (collectively “Transaction Fees”). These Transaction Fees can be substantial and may be
paid in cash or in securities or otherwise. The payment of Transaction Fees will, in some, but not all, circumstances
create a conflict of interest between CBRE Investment Management and its affiliates, and the Investment Funds and
their investors or Separate Accounts because the Investment Funds and their investors and Separate Accounts
generally do not have a direct interest in these fees and reimbursements. CBRE Investment Management
determines the amount and timing of these Transaction Fees for the services provided and reimbursements in their
own discretion, subject to agreements with the relevant sellers, buyers, and management teams. For a discussion
of material conflicts of interest created by the receipt of such fees, please see Item 11 below. Transaction Fees and
other fees and expenses are sometimes capitalized into the amount of invested capital contributions. Accordingly,

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to the extent that the relevant asset management, portfolio management, investment management or advisory fees
for an Investment Fund or Separate Account are calculated based on invested capital contributions, the amount of
asset management, portfolio management, investment management or advisory fees paid to CBRE Investment
Management would increase. Such amounts are in addition to the Transaction Fees paid to CBRE Investment
Management and/or its affiliates.

Additionally, as further described in Item 6 below, with respect to certain Separate Accounts and Investment Funds,
CBRE Investment Management may receive a performance or incentive fee based on certain criteria.

We do not have a set fee schedule. Fees for Separate Account clients are generally individually negotiated with the
client upfront and are set forth in the applicable Advisory Agreements. No compensation is payable until services
are rendered. Fees for our Investment Funds are typically set on a fund-by-fund basis, are disclosed in the fund’s
Private Placement Memorandum or prospectus, and set out in the organizational documents or Advisory
Agreements of those Investment Funds or in separate side letters or other agreements with the applicable investor.

CBRE Investment Management and certain of its affiliates (including CBRE) and employees (and any related entity
established by affiliates or employees, such as trusts, charitable programs, endowments or related programs, family
investment vehicles and other estate planning vehicles) (collectively, “Adviser Investors”) may also be an investor
in an Investment Fund, in which case they will receive their percentage interest of income, profits and gains/losses as
an investor in addition to the management fees, incentive distributions, Transaction Fees or other fees received by
the general partners (or analogous party), one of the Advisers or their affiliates. Furthermore, CBRE Investment
Management has in the past and may, from time to time in the future, establish certain investment vehicles through
which third parties may invest alongside one or more Investment Funds in one or more investment opportunities,
which generally do not pay management fees, performance/incentive fees or carried interest or pay reduced
management fees, performance/incentive fees or carried interest.

With respect to certain Investment Funds, Adviser Investors do not pay management fees in connection with their
investment in such Investment Fund. Notwithstanding that such Adviser Investors will not pay management fees,
Adviser Investors will pay for their pro rata share of certain Investment Fund expenses or the pro rata portion of
such Adviser Investors’ expenses will be allocated to the applicable Adviser or affiliate or the general partner of the
applicable Investment Fund.

Our fees are exclusive of third-party fees, costs and expenses (including payments to CBRE Investment
Management’s affiliates, as discussed in greater detail in Item 11 below) actually incurred in connection with the
services provided directly or indirectly for our Investment Funds or Separate Accounts, which may include, without
limitation, depending on the applicable Advisory Agreement, the following:

     1.   legal, regulatory, compliance, printing, travel, filing and other organizational expenses incurred in the
...

7.       Types of Clients

CBRE Investment Management’s Investment Fund clients are the Investment Funds themselves and CBRE
Investment Management’s Separate Account clients include U.S. and non-U.S. public and corporate pension plans,
sovereign wealth funds, insurance companies and other financial institutions, and may include endowments,
foundations, family offices, other institutions, and other real estate investment vehicles.

CBRE Investment Management also serves as an investment manager or adviser of Investment Funds formed in
order to facilitate investment by institutional and other investors. Such investors include banks, and other financial
institutions, insurance companies, investment companies (including interval funds), public and private pension
plans, sovereign wealth funds, high net worth individuals, employees of CBRE Investment Management, and certain
other business entities and organizations not listed above. The Investment Funds are typically formed as Delaware,
Luxembourg, or Cayman Islands limited partnerships or limited liability companies. Unless otherwise stated in a
prospectus or other constituent documents for an Investment Fund, the minimum required investment amount for
an investor in an Investment Fund is generally $5 million, although CBRE Investment Management and its affiliates
have discretion to accept a lower investment amount.

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