MAM Americas Inc

Item 5: Fees and Compensation
A, B & C. Compensation

For the Sub-Advised Funds, the Relying Adviser receives an annual fee, payable in arrears, for
its services with respect to each Sub-Advised Fund based on the Relying Adviser’s direct and
indirect costs of providing the services to the Funds. The Relying Adviser does not receive a fee
based on the performance of the Sub-Advised Funds.

For the Funds receiving discretionary investment advice from the Relying Adviser, the Relying
Adviser is entitled to receive a quarterly management fee (“Management Fee”) payable in
advance, and an affiliate of the General Partner is entitled to receive carried interest (“Carried
Interest”), from the Fund as described in the Fund’s Governing Documents.

As detailed in the Funds’ Governing Documents, the Funds generally bear all fees, costs,
liabilities, expenses and obligations incurred in relation to, or in connection with, the establishment
of the Funds and the offering of interests to prospective investors up to a certain amount,
including, but not limited to, any financing, legal, auditing, accounting, advisory, consulting, other

Macquarie Real Estate Management (US), LLC                                               June 2026
Form ADV Part 2A                                                                            Page 6

third-party and/or any travel, accommodation, meal and entertainment expenses determined by
a General Partner in good faith to be reasonable, deposits funded thereon, brokerage
commissions, communication, research and quotation service fees and expenses, custodial
expenses, the costs of memberships and participation in industry associations and attending
industry conferences and events within the scope of a Fund’s investment objectives, as described
in the applicable Funds’ Governing Documents.

100% of any transaction fees, abort fees, director’s fees and/or other similar fees received by the
General Partner and/or the Relying Adviser and/or any other members of the Macquarie Group
(subject to certain exceptions) which are attributable to Portfolio Investments made by a Fund
will, after the deduction of any otherwise unrecoverable expenses incurred by them in connection
with such fees and an amount equal to any applicable tax thereon, be for the account of a Fund
or offset against the General Partner's management fee.

For the avoidance of doubt, any fees paid in respect of a Fund to a member of the Macquarie
Group (i) in return for services provided by such member on an arm's length basis, (ii) that are
advisory fees; (iii) as vendor/insurer/broker commissions and fees described in the Partnership
Agreement; (iv) as salary, bonus, stock options or other compensation granted or paid by or on
behalf of a portfolio company to or in respect of Macquarie employees who are seconded into (or
are subject to a similar arrangement with) the portfolio company to serve in a bona fide, non-
director management capacity at any such portfolio company; or (iv) which have been approved
by a Fund’s limited partner advisory committee (“LPAC”), shall not be subject to the offset
described above.

D. Compensation for Sale of Securities or Other Investment Products
Neither the Relying Adviser nor any of its supervised persons receives any compensation for the
sale of securities or other investment products.

Item 6: Carried Interest and Side-By-Side Management
The Relying Adviser does not receive any performance-based compensation, but typically
another Macquarie entity receives Carried Interest (or similar benefit) in respect of the
performance of their respective roles relating to the Fund, as well as the potential opportunity for
such entity and/or its personnel to participate in certain co-investment opportunities, with
respect to the Funds.

As a non-discretionary sub-adviser to the Sub-Advised Funds, the Relying Adviser has no
authority over final investment decisions or allocations of investment or co-investment
opportunities for a Sub-Advised Fund. Instead, such decisions are made by the relevant
Macquarie Portfolio Manager and/or any other investment fund manager and/or General Partner,
as applicable. While the Relying Adviser is permitted to make recommendations to the Macquarie
Portfolio Manager regarding investments for a Sub-Advised Fund, final investment and allocation
decisions are handled by the relevant Macquarie Portfolio Manager, and/or any other investment
fund manager, as appropriate, in accordance with Macquarie’s investment procedures and as
described in the Governing Documents of the relevant Sub-Advised Funds.

The existence of a General Partner’s or its affiliate’s Carried Interest could be viewed as an
incentive for such General Partner and the participants in such program, respectively, to make or
recommend riskier or more speculative investments for a Fund than would be the case in the

Macquarie Real Estate Management (US), LLC                                                  June 2026
Form ADV Part 2A                                                                               Page 7

absence of these arrangements. However, the capital commitment by Macquarie to the Funds
should help to mitigate such incentive and in instances where the governing documents include
terms requiring clawback or giveback of performance-based compensation amounts at the end
of the relevant Fund’s life or at certain interim intervals. In addition, the manner in which a General
Partner’s or its affiliate’s entitlement to Carried Interest is determined can result in a conflict
between its interests and the interests of investors in Funds with respect to the sequence and
timing of disposals of investments. If distributions are made of property other than cash, the
amount of any such distribution will be accounted for at the fair market value of such property as
determined by the applicable General Partner in accordance with procedures set forth in the
...

Item 7: Types of Clients
The Relying Adviser provides the investment advisory services described in Items 4 & 5 above,
directly to the Funds or, for the Sub-Advised Funds, to the relevant Macquarie Portfolio Manager.
Investment advisory services are not provided individually to a Fund’s limited partners.

While the Relying Adviser does not impose a minimum balance as a condition to providing
advisory services, each Fund generally imposes a $10 million minimum investment for its
investors, which may be, and has in the past been, waived in the sole discretion of the General
Partners, including for Macquarie Group personnel.