Advisory Business Description of Firm Intercontinental is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Act”). Intercontinental serves as the investment manager of real estate funds (the “Funds”). Such Funds typically are structured as limited liability companies but may also be structured as limited partnerships. In such capacity, Intercontinental provides investment management services relating to the direct or indirect acquisition, ownership, operation, financing and sale of real estate and interests in real estate. These interests in real estate include, without limitation, the following: the purchase of real property through fee simple ownership; the acquisition of interests in real estate related joint ventures, partnerships or other investment vehicles; the making of mortgages encumbering real property; and the purchase, sale and management of performing and non-performing loans which consist primarily of loans secured by real estate. Time in Business Intercontinental initially registered with the SEC on July 23, 1999 and has been in the real estate business, together with its predecessor company, since 1959. Principal Owner Peter Palandjian is the principal owner of Intercontinental. Mr. Palandjian and a limited liability company, wholly owned by a trust for the benefit of Mr. Palandjian’s family, currently owns 100% of Intercontinental’s common stock. Advisory Services Intercontinental’s investment advice is limited to real estate related matters and investments. Intercontinental invests in real estate and real estate related investments on behalf of its clients and provides advice regarding real estate investments. Intercontinental does not generally limit the types of real estate investments it makes, but rather strategically invests across most property types. Intercontinental also enters into joint venture arrangements with strategic partners and makes loans, or enters into structured finance transactions secured, directly or indirectly, by real estate, on behalf of the firm’s clients. The various services Intercontinental provides to its clients are defined and described in more detail below, and in the offering materials of each Fund. Real Estate Funds Currently, Intercontinental serves as the manager for two open-end Funds. The investors in these Funds hold an ownership interest in the Fund and do not directly own real estate. Open-end Funds have an indefinite life and investors are allowed to invest and/or redeem their investment in the Funds, subject to the terms of the operating agreement for each

Fund. Separate Accounts From time to time, Intercontinental also provides real estate investment management services to eligible clients on a separate account basis. Typically, separate account clients grant Intercontinental discretionary authority to select the real estate investments to be made on behalf of such clients. Intercontinental generally also has discretion to determine when to sell such real estate investments. Fees for such services are negotiable. QPAM / Consulting Services From time to time, Intercontinental provides consulting services to various pension plans as a Qualified Professional Asset Manager (“QPAM”) under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), with regard to various matters in which the services of a QPAM are required. Such services often include:
• reviewing and advising on the client’s proposed real estate transactions;
• evaluating and advising on conflicts of interest in real estate related transactions;
• providing oversight of the development of real estate construction projects;
• conducting due diligence for potential real estate investments;
• providing analysis of various strategic decisions associated with leases, investments, development, dispositions and evaluation of investment decisions; and
• evaluating investments which have been completed to determine whether they meet various industry and fiduciary standards. Tailored Advisory Services Intercontinental provides advisory services to the Funds it manages tailored to the specific goals, objectives and operating guidelines of each Fund. Intercontinental’s advisory services for any separate account clients are tailored to each such client’s objectives and are outlined in the investment management agreement executed with each such client. Clients’ Assets Managed on a Discretionary Basis As of December 31, 2023, Intercontinental managed $12,836,940,804 in client assets on a discretionary basis, including uncalled capital commitments in the Funds. Intercontinental is deemed to manage client assets on a “discretionary” basis when its clients have given Intercontinental the discretion to determine the real estate investments to make and when to buy and sell those investments. However, even in these instances, Intercontinental’s discretion is subject to limitations and restrictions as outlined by the client (e.g., in the offering materials or governing documents of a Fund), the investment management agreement, in investment guidelines, or in an investment policy statement. Intercontinental does not currently manage any assets on a non-discretionary basis.