Plante Moran Real Estate Investment Advisors LLC

Fees and Compensation
PMREIA charges clients asset-based, hourly, or flat-rate fees depending on the scope and nature of the engagement. The scope
and nauture of the engagement, as well as the fees agreed upon between the client and PMREIA are documented in the
Engagement Letter executed prior to the start of the engagement. Fees for investment advisory services are billed in arrears.
PMREIA receives its advisory compensation directly from PMFA, based on the type of service it provides, as agreed upon in the
subadvisory agreement. PMREIA charges an hourly fee based on the number of hours worked providing support services to
PMFA’s Alternative Investment Research Team and for Client-Specific Real Estate Consulting Services. PMREIA will also
receive 75% of the total fees collected by PMFA with respect to the PMFA monitored real estate securities investments and for
its continuous and regular supervision of PMFA monitored real estate securities investments.

Performance-based Fees and Side-By-Side Management
PMREIA does not offer a performance-based fee program for its RIA-Services (fees based on a share of capital gains on or
capital appreciation of the assets of a client). PMREIA does not manage or advise on any investment products or programs that
would result in side-by-side management with client accounts.

Types of Clients
PMFA primarily offers its RIA services under a subadvisory agreement to a registered investment adviser, but it also offers real
estate portfolio evaluation services to ultra-high net worth family offices and individuals.

Methods of Analysis, Investment Strategies, and Risk of Loss
Methods of Analysis and Investment Strategies
PMREIA provides non-discretionary investment advisory services for real estate securities-related investments as agreed upon
under its advisory agreement. Investment strategies are tailored to meet the needs and objectives of its client. PMREIA’s
methods of analysis include market and financial analysis, investment due diligence, operational due diligence, and appropriate
fit with its client’s needs and objectives.

In both its selection and monitoring process for real estate securities-related investments PMREIA generally considers:

    • strategy and market opportunity;
    • demonstrated management ability to execute on strategy and create value;
    • access to deal flow and ability to place capital;
    • management team and staff;
    • track record of performance; and
    • terms and conditions of the investment.

Sources of Information
Supporting its processes, PMRIEA utilizes various sources of information including those that are publicly available,
subscription-based, trade publications, information obtained from managers, as well as obtained from meetings and
conversations with market participants.

Risk of Loss
No guarantee or representation can be made that PMREIA will achieve its investment objective or that investors will receive a
return of their capital. All investing involves a risk of loss and the investment strategies pursued by PMREIA could lose money
over short or even long periods of time. PMREIA’s investment advice is exclusively focused on real estate, and client investment
advice will be limited to the real estate sector.

There are risks associated with investing that can result in the loss of principal which the client should be prepared to bear.
Initial investments are not guaranteed and past performance is not a guarantee of future results. Investing in a specific sector,

such as real estate, involves risk, both general, as well as, those inherent in real estate investments. These risks include, but are
not limited to:

    •    market risk (the risk that the market value of the investment will decline over the short or long-term);

    •    credit risk (including the risk that the counterparty to the transaction will default on its obligations);

    •    liquidity risk (the risk that the instrument will not be readily marketable and may be reliant on the manager providing
         liquidity. Additionally, many real estate investment vehicles have long-term time horizons or holding periods that
         further limit liquidity);
    •    valuation risk (the risk that because the instrument is thinly traded, it may have limited pricing sources);
    •    regulatory risk (legislative considerations, including tax law treatments, may impact investment valuations or the
         attractiveness of investment strategies);
    •    investment-specific risk (identifying attractive investment opportunities, trends and the right underlying fund
         managers and strategies, is difficult and involves a high degree of uncertainty);

    •    availability of investments (many investments are structured such that access to investments may be limited in
         availability or capacity and may impact a client's ability to invest or create reinvestment risk);

    •    real estate capital markets risk (real estate investments may employ leverage to seek to enhance returns, which makes
         them more sensitive to future interest rates, as well as financing availability and terms. In addition, capital market
         conditions may adversely affect real estate exit pricing);

    •    economic, political, natural disasters, or risk of other unforeseen events (adverse effects resulting from acts of God,
         including, but not limited to severe acts of nature or weather events, war, acts of terrorism, epidemics and acts of
         governmental authorities may adversely affect client investments).