A. General Overview Exeter Property Group LLC, a Delaware limited liability company, formed in March 2006 (“EPG” or the “Adviser”) has its principal place of business in the United States. Exeter is a wholly-owned subsidiary of EQT AB (together with its subsidiaries and affiliates “EQT”). EPG is the “Filing Adviser,” a registered investment adviser that is regulated by the Securities and Exchange Commission (“SEC”). Exeter US Advisor, LLC, Exeter Industrial Core Fund Management III, LLC and Exeter Core Industrial Club Fund Management II, LLC each are a “Relying Adviser.” Collectively, the Filing Adviser and each of the Relying Advisers are referred to herein as the “Investment Advisers” or “Exeter” and are all limited liability companies formed under the laws of the State of Delaware. Each Relying Adviser is registered under the Investment Advisers Act of 1940 (the “Advisers Act”) pursuant to the Filing Adviser’s registration as an investment adviser in accordance with SEC guidance. The Investment Advisers use a unified compliance program, employ one chief compliance officer and collectively conduct a single Form ADV regulatory filing with the SEC. The Investment Advisers generally operate an integrated investment advisory business, are subject to a single code of ethics and compliance manual and are under common control. The Investment Advisers offer investment advisory, management, administrative and other services to pooled investment vehicles, joint ventures and to institutional investors through managed accounts. The Investment Advisers do not operate or hold themselves out in the marketplace as investment advisers to individuals or as investment planners. For the private funds, Exeter generally uses controlled, affiliated entities to serve as the general partner or managing member. In addition, Exeter also has affiliated entities that provide related property management services. References to the Adviser in this brochure include, as the context requires, affiliates through which the Adviser provides investment advisory services or that act in any capacity referenced herein. In addition to Exeter, EQT has many subsidiaries that provide investment management, advisory, administrative, operational and other services to their clients, which focus on Global private equity, infrastructure, and private venture strategies. These subsidiaries have not been independently listed in the Firm’s Form ADV however information can be found on the SEC’s Investment Adviser Public Disclosure portal. Exeter also provides specific portfolio management services to certain investment vehicles managed by affiliated and unaffiliated alternative investment fund managers for the purpose of the European Union’s Alternative Investment Fund Managers Directive, through a series of delegation agreements. Exeter, whose senior management team averages over 29 years of real estate experience, is an alternative asset manager that acquires, manages, operates, monitors and disposes of real estate assets principally located in North America, Western Europe and the APAC region with a focus on industrial properties (big box warehouse, last mile, light industrial), flex/office properties and multi- family properties. In addition, Exeter is vertically integrated to acquire, develop, redevelop, reposition, operate, lease, manage and sell these real estate assets. From time to time, the funds acquire land for speculative or build-to-suit development opportunities. In limited circumstances, and in connection with certain investments, we employ limited hedging techniques designed to reduce the risks of adverse movements in interest rates and currency exchange rates, and we often assist in employing leverage in connection with investment activities on behalf of each Exeter Client. B. Clients - General Exeter offers its investment advisory, management, administrative and other services to pooled investment vehicles and to institutional investors investing through pooled real estate investment vehicles, including, private investment funds, real estate investment trusts, parallel partnerships, co- investment funds (each, an “Exeter Fund”), or separate accounts (each, an “Exeter Account”). For purposes of this Brochure the term “Exeter Clients” shall collectively refer to each Exeter Fund and each Exeter Account. Given the nature of the types of investments in which Exeter’s clients invest, these clients often own the assets indirectly through special purpose vehicle(s) which may include real estate investment trusts (“REITS”). Investors and prospective investors should refer to the relevant confidential private placement memorandum, limited partnership agreement, investment management agreement and other governing documents (the “Governing Documents”) for complete information on the investment objectives, policies and restrictions of a relevant Exeter Client. The terms of the Governing Documents may differ from client

to client and investors may impose additional restrictions on certain types of investments by an Exeter Client for tax, regulatory, or other reasons. C. Exeter Clients - Private Funds The following is a list of the closed-end real estate funds in which either Exeter has been appointed as the investment manager or an affiliate of Exeter serves as the sponsor, general partner or managing member and provides discretionary management services: - Exeter Core Industrial Club Fund II, L.P., a Delaware limited partnership; - Exeter Industrial Core Fund III, LP, a Delaware limited partnership; - EQT Exeter Industrial Core-Plus Fund IV, LP, a Delaware limited partnership; - Exeter Industrial Value Fund III, L.P., a Delaware limited partnership; - Exeter Industrial Value Fund IV, L.P., a Delaware limited partnership; - Exeter Industrial Value Fund V, L.P., a Delaware limited partnership; - EQT Exeter Industrial Value Fund VI, L.P., a Delaware limited partnership; - Exeter Office Value Fund, L.P., a Delaware limited partnership; - Exeter Office Value Fund II, L.P., a Delaware limited partnership; - EM P28 Opportunities Fund, L.P., a Delaware limited partnership; - Exeter Europe Value Venture III S.C.Sp., a Luxembourg special limited partnership established under the laws of the Grand Duchy of Luxembourg; - Exeter Europe Value Venture III Feeder S.C.Sp., a Luxembourg special limited partnership established under the laws of the Grand Duchy of Luxembourg, which invests directly into EEVV III; - Exeter Europe Industrial Core Fund S.C.Sp., a Luxembourg special limited partnership established under the laws of the Grand Duchy of Luxembourg; - Exeter Europe Industrial Core Fund Feeder S.C.Sp., a Luxembourg special limited partnership established under the laws of the Grand Duchy of Luxembourg, which invests directly into EEIC; - Exeter Europe Logistics Value Fund IV S.C.Sp., a Luxembourg special limited partnership established under the laws of the Grand Duchy of Luxembourg; and - Exeter Europe Logistics Value Fund IV Feeder S.C.Sp., a Luxembourg special limited partnership established under the laws of the Grand Duchy of Luxembourg, which invests directly into EELV IV. Exeter also provides asset and property management services to certain pooled investment vehicles, joint ventures and managed account clients. These arrangements may not qualify as an investment company under Section 3(a) of the Investment Company Act (“ICA”) or are exempt from the registration requirements and, as such, are not considered to be ‘Private Fund(s)’ (as that term is defined by the SEC) and the assets of which do not constitute ‘securities portfolios’. As a result, the assets attributable to these arrangements do not constitute regulatory assets under management (“RAUM”) and are not included in RAUM. D. Property Management Services Exeter Property Group Advisor, LLC and Redwood Residential LLC, both affiliated entities of Exeter, and their affiliated entities provide property management services to certain US based Exeter Clients and these services generally include leasing, property management, maintenance, construction management, property-related legal, and similar services. Exeter US Advisor LLC provides these same property management related services to Exeter’s European based Exeter Clients. If Exeter’s property manager is appointed to manage a property located in areas that fall outside of its regional areas of expertise, then the affiliated property manager often outsources certain services to independent third-parties who provide these services subject to the oversight of the property manager. E. Additional Services In addition to asset management and property management services, Exeter also provides a range of back-office services which generally includes accounting, financial reporting and support services. These broad categories of services often include some or all of the following: (i) maintaining the books and records of each Exeter Client; (ii) preparing and reporting financial information to each Exeter Client and, if that Exeter Client is a Fund, then to each of its underlying investors; (iii) coordinating the audits with an independent public accounting firm; (iv) preparing, in consultation with an independent public accounting firm, required tax filings and disclosures; (v) selecting, evaluating and monitoring the services of independent administrators and depositaries for certain Exeter Clients; (vi) authorizing or executing the movement of capital; (vii) negotiating and managing credit facilities; and (viii) processing distributions as well as executing, to the extent necessary, derivative contracts designed to hedge exposure to interest rates. F. Wrap Fee Program Exeter does not participate in any wrap fee programs. G. Regulatory Assets Under Management As of December 31, 2023, Exeter managed approximately $26,610,669,375 in discretionary RAUM.