EII Realty Securities Inc

Item 5 – Fees and Compensation

Management Fee

Management fees with respect to separately managed accounts can be subject to
negotiation.

The specific manner in which fees are charged by and paid to EIIRS are fully documented in
the client’s written Investment Management Agreement with the Firm.

Separately managed account clients are always invoiced directly for investment
management services. Fees are never debited from the client’s account nor are any fees
billed in advance as all fees are billed in arrears. Management fees are calculated based on a
percentage of the market value of assets under management.

The standard fee schedule typically charged for a U.S. REIT separately managed account is:

                Assets Under Management                Fee

                First $10 Million                      0.75%

                Above $10 Million- $30 Million         0.65%

                Above $30 Million -$50 Million         0.50%

                Above $50 Million                      0.40%

The standard fee scheduled typically charged for a Global, Asia or International
Real Estate Securities separately managed account is:

               Assets Under Management               Fee

               First $10 Million                     1.00%

               Above $10 Million- $30 Million        0.90%

               Above $30 Million -$50 Million        0.75%

               Above $50 Million                     0.65%

The standard fee schedule typically charged for a REIT Income strategy separately
managed account is:

               Assets Under Management               Fee

               First $1 Million                      1.00%

               Above $1 Million - $5 Million         0.75%

               Above $5 Million - $10 Million        0.625%

               Above $10 Million                     0.50%

Subject to negotiation and proper documentation, separately managed accounts can be
charged a basis point fee. Clients are billed for investment advisory services in arrears at
the end of a calendar quarter for the three-month period then ended. Payment is due
within thirty days of billing.

Redemption and Termination

Clients invested through separately managed accounts can be charged a fee based on
performance if requested by the client and agreed to by the Firm. Performance fees are
subject to negotiation and are discussed further in Item 6. All separately managed account
clients will need to remit fees as referenced in the Investment Management Agreement.
Some custodians will remit fee payments directly to EIIRS after receiving instructions from
the client directly.

Generally, investment management services provided by EIIRS are terminable by either
party upon 30 days prior written notice, unless otherwise specified by the terms of the

Investment Management Agreement. In the case of any termination, management fees will
be determined on a pro rata basis through the date of termination.

Accounts initiated or terminated during a calendar quarter will be charged a prorated fee.
Upon termination of any account, any earned, unpaid fees will be due and payable.

Other Fees and Expenses

The Firm’s fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by the client. Clients can expect to incur certain
charges imposed by custodians, brokers, and other third parties such as fees charged by
other managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes,
wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and
securities transactions.

Item 12 further describes the factors that EIIRS considers in selecting broker-dealers for
client transactions and determining the reasonableness of their compensation (e.g.,
commission rates).

Item 7 – Types of Clients

EIIRS offers investment management services to a diverse group of institutions, including
public and corporate pension funds, investment companies, other investment advisers,

endowments, foundations, Taft-Hartley plans, state and municipal government entities,
bank and charitable organizations as well as high net worth individuals and families. EIIRS
also has the ability to manage accounts for pooled investment vehicles or act as a sub-
investment manager or sub-advisor to (non-proprietary) mutual funds.

The customary minimum portfolio amount considered for institutional discretionary real
estate securities portfolio management is $10,000,000. Minimum portfolio amounts are
subject to negotiation on a case by case basis.