Heitman International LLC

Item 5 - Fees and Compensation
Advisory Services Compensation
For its services, the Firm or its Affiliates may receive one or more of the following fees:

       An annual portfolio management fee based on a percentage of invested capital, aggregate original
        investment costs, net assets value, carrying values and/or a percentage of net operating income (before
        or after debt service) or net cash flow. When such fees are based on invested capital, original investment
        cost, net assets value or carrying values, the fees generally range from 0.55% to 1.50% per annum.
        Alternatively, the Firm may charge a negotiated fixed annual portfolio management fee.

       Performance or incentive fees negotiated on an individual basis with the client, subject, if applicable, to
        the requirements of Section 205 and Rule 205-3 under the Advisers Act. Such fees are generally based
        upon the extent to which either realized or unrealized gains exceed either a national index, a predefined
        benchmark or investment return hurdle. If unrealized gains are included, they are typically based upon
        either an internal or independent appraisal generally subject to a reconciliation based upon actual results.

       A financing fee may be charged, should such services be provided as part of the mandate. This generally
        ranges from no fee to 1%, based on a percentage of the amount borrowed or refinanced. Alternatively,
        the Firm may charge a negotiated fixed fee for this service.

       In certain cases, the underlying contracts may allow the Firm to charge fees relating to acquisitions,
        dispositions or development.

       In cases where the Firm provides asset management services in conjunction with an arrangement that
        also requires the services of certain third-party advisors, a separate fee may be charged either based on
        income collected or net asset value, carrying value, invested capital or investment cost.

       In cases when an investment is syndicated to another party, the Firm is entitled to receive a fee equal to
        3% of the syndicated percentage of the total acquisition costs.

The Firm and its clients negotiate all fees concurrent with and prior to entering into an IMA or the offering
materials of limited partnerships or other pooled investment vehicles, as applicable. Each client’s IMA or the
offering materials of limited partnerships or other pooled investment vehicles identifies all applicable fees and
expenses. Generally, the Firm is paid in arrears. The Firm sends an invoice identifying the fees to each client
and, if applicable, to each client’s custodian in accordance with the client’s IMA. In certain circumstances, the
Firm is permitted to deduct portfolio management fees directly from client accounts.

From time to time, the Firm may give advice with respect to an investment in real estate operating companies or
the acquisition of stock or other securities and/or real estate issued by real estate companies. Fees for such
advice and situations where the Firm replaces another adviser (takeover portfolios) are negotiated with clients
on a case-by-case basis.

As described in greater detail in Item 15 of this Brochure, the Firm may establish bank accounts as an agent for
each client with unaffiliated financial institutions in order to administer investment activity for each client.

©2026 Heitman LLC. All rights reserved.                                                                       7 of 27

Part 2A of Form ADV: Firm Brochure

Limited Negotiability of Advisory Fees
In addition to the fee(s) described above, the Firm retains the discretion to negotiate alternative fees on a client-
by-client basis. The Firm considers each client’s circumstances and needs in reaching agreement on the fees
applicable to each client and investment mandate. Examples of these factors include, among other things, the
complexity of the client’s investment strategy, the amount and type of assets to be acquired and managed, and
reporting requirements.

Termination of the Advisory Relationship
In separate account relationships, either the client or the Firm typically may terminate an IMA for any reason by
providing written notice to the other party. Generally, the client must provide notice to the Firm no fewer than 30
days from the termination of services, and the Firm must provide notice no fewer than 90 days from the
termination of services. In addition, investors in Firm limited partnerships or other pooled investment vehicles
may terminate the Firm or any other Heitman Affiliate, as applicable, as the investment manager under the terms
of each such organizational document. Upon termination of any advisory relationship, an accounting
reconciliation will be completed to determine refunds required or amounts owed by the parties (if any).

Advisory Fees in General
Clients should note that similar advisory services may be available from other registered (or unregistered)
investment advisers for lower fees.

Brokerage Fees or Costs

Item 7 - Types of Clients
The Firm generally provides advisory services to clients who are:

       Pension and profit-sharing plans;

       Corporations or other businesses not listed above; and

       Commingled investment vehicles (Heitman Funds) where investors are any of the foregoing.

Item 5 of this Brochure discloses that the Firm has established certain initial minimum account requirements
based on the nature of the service(s) it provides.