Invesco Real Estate Management S RL

Item 5 - Fees and Compensation
          Description

          The fees described in this section are strictly for the provision of investment
          advisory services and do not include other fees that a client account may
          incur, such as custody fees or fees charged by other service providers
          retained by the clients’ accounts. IREM does not receive, or participate in
          the sharing of, custody fees or otherwise receive any benefit as a result of
          custodial arrangements entered into by its clients’ accounts.
          IREM is typically entitled to a management fee in relation to the Funds.
          Management fees vary from Fund to Fund. For most of them, they are
          calculated as a percentage of the net asset value (range from 30 bps to

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          170 bps) or of the gross asset value of the Funds on the last day of the
          respective period (quarter or month). IREM reserves the right to waive the
          management fee on a client account.
          Based on an investor’s eligible assets invested in certain real estate-related
          products managed by IRE or its affiliates, certain Fund investors will receive
          a discount on asset management fees. Further, Funds may provide different
          fee discounts based on objective criteria an investor may meet, e.g., based
          on the amount of committed investment in the Fund.
          IREM provides ancillary services (e.g., bookkeeping, administration,
          corporate secretarial, lease, directorship and review of financial information
          and accounts) to the Funds and their respective Luxembourgish subsidiaries
          it manages. The costs incurred by IREM in providing these services may be
          recharged to the Funds if they are not covered by the management fee as
          specified in the respective Fund offering materials.
          IREM-managed Funds may charge transaction-based fees and incentive
          fees, in addition to management fees, each as specified in the Fund offering
          materials. These fees may either be paid to IREM or to IRE affiliates
          advising the Fund in its investments.
          Finally, the Funds’ governing document(s) generally provide that funds will
          bear “dead deal” costs and expenses (such as due diligence, travel, legal
          and accounting) related to potential investments allocated thereto, even if
          the fund ultimately does not consummate the transaction. These “dead
          deal” costs are described further in the governing document(s) of each Fund
          along with its respective disclosure documents.

          Please refer to the relevant offering memorandum for further information.

          Fee Billing

          Management fees are billed at the end of the relevant period. Transaction,
          performance or incentive fees, if any, are billed when due. Fees are not
          payable before the service is provided. Payment in full is expected upon
          invoice presentation.

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Item 7 - Types of Clients

          IREM provides investment advice to Funds that are reserved for
          professional investors or “well-informed” investors as defined by applicable
          Luxembourgish law.
          Investors are mainly international institutional clients including insurance
          companies, pension funds, asset managers and fund of funds.
          The minimum investment in a Fund is typically EUR/USD/GBP 5-10 million,
          although the respective Fund documentation gives IREM the discretion to
          waive this requirement. For Funds targeting “well-informed” investors this
          could be lower, e.g. EUR 100,000. All investors in the Funds that are “U.S.
          persons” must meet certain minimum qualifications, including being
          “qualified purchasers,” as specified in the subscription materials for each
          Fund or Sub-Fund.