CenterSquare Investment Management LLC

Item 5. Fees and Compensation

Separate Account Fees

Publicly Traded Real Estate Equity Securities

CenterSquare provides investment advisory services to separate account clients for a fee. This fee
is typically charged as a percentage of an account’s assets under management. The assets under
management will include publicly traded real estate related securities and, to the extent applicable
to a client, PIPE Investments, and Private Company Investments. While this fee is expressed as an
annual percentage, it is typically calculated based on the average market value of the account’s
securities portfolio held during the quarter, based on the average of the month-end market values
in the quarter. The market values are generally based on the client’s custodian values. Fees are
billed on a quarterly basis in arrears, although certain client agreements require a different billing
cycle. A client’s investment advisory agreement provides further information on how
CenterSquare charges and collects fees along with expenses incurred by a client including
brokerage costs. Please see Item 12 of this Brochure for more information on our brokerage
practices.

Our standard annual fee schedules for our main strategies utilizing a segregated account structure
are stated below:

       Asset Size                               U.S.                        Global
       First $10 million                       0.70%                        0.75%
       Next $40 million                        0.65%                        0.75%
       Next $50 million                        0.55%                        0.65%
       In Excess of $100 million               0.50%                        0.60%

Fees for separate account advisory services may be pro-rated for partial periods and for client
contributions or withdrawals.

CenterSquare reserves the right, in our sole discretion, to negotiate or modify (either up or down)
the basic fee schedules set forth above for any client due to a variety of factors, including but not
limited to, the level of reporting and administrative operations required to service an account, the
investment strategy or style, the number of portfolios or accounts involved, and/or the number and
types of services provided to the client. Because CenterSquare’s fees are negotiable, the actual fee
paid by any client or group of clients could be different from the fees reflected in our basic fee
schedule set forth above. CenterSquare has agreed to “most-favored-nation” clauses in agreements
with certain clients.

Certain clients require inclusion of a performance fee in the investment advisory agreement in
addition to the asset-based management fee.

Representative fees payable to us for separate accounts that invest in our Private Company
Investment and PIPE Strategies:

   •   Asset Management fee: Up to .50% annually of net asset value and

   •   Performance fee: 15% of net profit, if any, subject to the return being above an agreed
       upon threshold.

Please see Item 6 below for more information on our performance fees.

Private Fund Fees

CenterSquare offers a Delaware Limited Partnership structure in our global publicly traded real
estate equity securities strategy. The standard annual fee schedule for the private fund (exempt
from registration in the United States), is as follows:

                       Asset Size
                       First $10 million                      0.75%
                       Next $40 million                       0.75%
                       Next $50 million                       0.65%
                       In Excess of $100 million              0.60%

Fees are calculated based on each underlying investor’s capital account balance and are charged
quarterly in arrears. The fund permits each investor to select whether it would like fees to be
deducted automatically from its capital account balance or billed separately. Private funds that
CenterSquare manages are also subject to additional charges such as custody, brokerage and other
transaction costs, administrative, professional (legal, audit, and tax preparation fees) and other
expenses. Such additional charges are paid by the fund and therefore are allocated pro-rata to
investors. A fee also may be charged on the full or partial redemption by an investor pursuant to
the fund’s redemption schedule. In addition, and at the discretion of the General Partner,
transaction costs will be borne by investors in connection with their contribution to, or withdrawals
from, the private fund which generally are in excess of 10% of the total value of the private fund’s
aggregate capital balance.

Any separate arrangements with investors, such as separately negotiated fee arrangements, are
subject to a written letter agreement between the private fund and the investor. Such arrangements
will cause some underlying investors or groups of investors to have terms or to pay fees that are
different from the basic fee schedules disclosed in fund offering materials. The fund’s offering
materials contain further information regarding fees and other charges. Fees assessed on
investments in the private fund by certain CenterSquare employees and related persons are reduced
or waived entirely.

Please see Item 12 of this Brochure for more information on brokerage practices.

Mutual Fund and Other Pooled Fund Fees

With a number of publicly traded real estate equity securities strategies, CenterSquare provides
advisory services to mutual funds (which are registered as investment companies pursuant to the
1940 Act), to other pooled investment vehicles exempt from such registration, as well as to other

investment advisers through investment advisory or subadvisory agreements. CenterSquare’s fee
is negotiated with the respective fund’s named investment adviser or sponsor.

Fees on mutual funds and other pooled funds are typically charged as a percentage of assets under
...

Types of Clients

CenterSquare provides advisory services to many types of U.S. and non-U.S. domiciled clients
including proprietary accounts, banks or thrift institutions, corporate pension and profit-sharing
plans, public/governmental pension plans, Taft-Hartley plans, 401(k) Plans, trusts, charitable
institutions, foundations, endowments, U.S. registered investment companies, U.S. private
investment funds, other non-U.S. regulated funds and separate accounts, and other U.S. and non-
US institutions.

CenterSquare also provides non-discretionary advisory services through certain unaffiliated
institutional clients and fund sponsors. The initial minimum investment amount accounts in funds
or the UMA or SMA programs vary depending on the platform and the sponsor.

Account Requirements

CenterSquare requires clients to execute a written investment management agreement, granting
the Firm authority to manage their assets. Generally, client accounts are subject to minimum
account sizes which vary depending upon the strategy of the account and account investment
vehicle.

               Account Strategy                               Minimum Account Size
               U.S. Real Estate Securities                          $5 Million
               Global Real Estate Securities                        $10 Million

CenterSquare sponsored pooled investment vehicles are generally subject to a $1 million minimum
account size, regardless of a particular strategy. Non-firm sponsored pooled vehicles in which
CenterSquare services as a sub-advisor have different minimum investment sizes. Please refer to
the offering documents or prospectuses of such funds for more information.

CenterSquare reserves the right to waive the minimum account size requirements.