National Real Estate Advisors, LLC (“National”) provides investment management and advisory services focusing on investing in equity and debt interests in real estate and real estate related assets. National seeks to invest and reinvest its clients’ assets in commercial real estate properties, directly or at the entity level in companies which develop, own and operate real estate properties located in varying geographic areas in the United States. For a client's existing stabilized real estate assets, National seeks to maximize net income from rents and property operations and dispose of investments when it is believed that maximum value can be achieved. National seeks to invest its clients’ available cash (from investment activities and new capital contributions) primarily in equity and debt investments in new developments and redevelopments of properties that offer opportunities to create current income and capital appreciation, while also creating good jobs and incorporating responsible contractor policies relative to the use of union labor to the greatest extent possible consistent with fiduciary responsibility requirements under the Investment Advisers Act of 1940 (“Advisers Act”) and the Employee Retirement Income Security Act of 1974 (“ERISA”). Organization and Governance. National was initially formed as a limited liability company in October 2008. It is a wholly-owned subsidiary of NREA Holdings, LLC. NREA Holdings, LLC is wholly-owned by the National Electrical Benefit Fund (“NEBF”), a Taft-Hartley pension plan established to provide retirement benefits to electrical workers and contractors. National was established to make available both to NEBF and other pension plans and institutional

clients the real estate investment skills, experience and expertise developed over the years by what had been NEBF’s in-house real estate investment professionals. Before National commenced operations on January 1, 2010, most of National’s senior officers had been long-time employees of NEBF’s in-house real estate investment department, and all senior personnel involved in real estate investing within NEBF’s internal department became employees of National. National is governed by an independent Board of Directors appointed by NEBF. National’s executive officers are Jeffrey J. Kanne (President & CEO), Kevin Verdi (Chief Investment Officer), and Jeanne Ayivorh (Chief Operating Officer; Acting Chief Financial Officer). Nature of Advisory Services. National offers and provides discretionary real estate advisory services and expertise to eligible institutional clients, privately offered investment vehicles (the “Funds”) and other accredited investors. National identifies investment opportunities for its clients and, in its discretion, acquires, develops, manages and sells investments on behalf of its clients. National provides investment advisory services to its clients pursuant to the terms and conditions of an investment management agreement, which sets forth the nature of services to be provided to the client, fee arrangements, and any specific investment guidelines or restrictions. Any applicable guidelines or restrictions on National’s investment discretion on behalf of Fund clients are also set forth in each Fund’s respective governing documents. Amount of Client Assets. As of December 31, 2023, National managed approximately $4.7 billion of its clients’ assets on a discretionary basis.