AECOM-Canyon Partners Real Estate Fund Advisors LLC (“AECOM-Canyon” or the “Adviser”) is a joint venture between AECOM Capital Real Estate, LLC (“ACRE”) and Canyon Partners Real Estate LLC (“CPRE” and together with ACRE, the “Sponsors”). AECOM-Canyon will provide discretionary advisory services to private investment vehicles (referred to hereinafter as a “Fund” or a “Client” or collectively as “Funds” or “Clients”). As of December 2022, AECOM-Canyon had three (3) Clients and regulatory assets under management of approximately $608 million. The Adviser will focus on capital appreciation primarily by investing in co-general partner equity (“Co-GP Equity”) opportunities in development and value-add commercial real estate projects located in the top ~25 markets across the United States. The Adviser will invest in high-quality, large scale “build- to-core” development projects that the Adviser believes have significant growth potential and/or strong long-term prospects for value creation. The term “Co-GP Equity”, sometimes known as “Co-Developer Equity”, refers to a part of the capital stack of a real estate project created when two general partners (“Co-GPs” or “Co-Developers”) enter into a joint venture (an “Operating Partner JV”) in order to co-develop and jointly lead the execution of a single real estate joint venture project (which may include multiple underlying properties) (a “Project JV”). (Typically, a Fund’s Operating Partner JVs will seek passive investment capital (i.e., capital with no control rights over project execution) for the Project JV that will generally be provided by a “Project LP”. In some cases, the Project JV may be a co-investment vehicle comprised of Fund investors.) While the terms of each Project JV are negotiated on a deal-by-deal basis, Co-GPs generally receive enhanced economics in exchange for bringing value to a Project JV in the form of complementary expertise and resources, and for contributing to the Project JV’s development responsibilities and obligations. Co-GP contributions may include any or all of the following: (a) identifying and sourcing the real estate development opportunity, (b) underwriting the real estate development, (c) negotiating a purchase and sale agreement to secure the real estate development, (d) conducting due diligence, (e) formulating the real estate development’s business plan, (f) securing financing for the real estate development, (g) providing any guarantees required by lenders, (h) closing the transaction, (i) managing the development post-closing, (j) executing the development’s business plan, which may include pre-development work, construction/renovation and/or leasing and stabilization, (k) managing the sales and marketing process for the realization or disposition of the developed real estate asset and (l) executing on the realization or disposition of the developed real estate asset in order to harvest returns. The Adviser will generally seek to partner with an experienced Co-GP Partner to form and capitalize an Operating Partner JV that will operate each project through a Project JV, but, in some instances, a Fund may act as the sole operating partner. A Fund will generally hold its interest in the Operating Partner JV through a special purpose entity formed for the purpose of serving as a Co-GP in the Operating Partner JV (the “Fund Co-GP SPE”). In addition, where practicable, the Adviser will seek to make arrangements with Co-GP Partners in particular Project JVs to offer certain Fund investors (as determined in the Adviser’s sole discretion) (“LP Co-Investors”) the opportunity to make investments in those Project JVs (“Co-Investments”) as traditional limited partners (“LP Equity”). Advisory services are generally not tailored to the individual needs of Fund investors and Fund investors are generally not permitted to impose restrictions on investing in certain investments or types of investments. The Adviser As noted above, the Adviser is a joint

venture between ACRE, a wholly-owned subsidiary of AECOM Capital, Inc. (“ACAP”), a wholly-owned subsidiary of AECOM (NYSE:ACM) (“AECOM”), and CPRE. The Adviser will bring together a combination of complementary areas of expertise and experience from the Sponsors and will leverage the Sponsors’ capabilities jointly across numerous functions. Each of ACRE and CPRE are registered investment advisers and more information about ACRE and CPRE is available on the SEC’s website at www.adviserinfo.sec.gov. AECOM AECOM is a premier global infrastructure consulting firm and a leading global provider of professional technical and management support services for governments, businesses and organizations throughout the world. Headquartered in Dallas, Texas, AECOM employs approximately 50,000 persons. AECOM provides planning, consulting, architectural and engineering design, construction management services, and investment and development services to commercial and government clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government markets. AECOM’s construction management arm includes Tishman Construction Corporation (“AECOM Tishman”) and Hunt Construction Group (“AECOM Hunt”). ACRE ACRE is a wholly-owned subsidiary of ACAP (described below), formed in 2018 to provide commercial real estate investment advisory services to pooled investment vehicles and other client accounts. ACAP ACAP was formed in 2013 to invest in and develop real estate, public-private partnership (P3) and infrastructure projects. ACAP focuses on investments that can leverage the expertise and value provided by AECOM’s fully integrated platform across design, engineering and construction services. ACAP’s investment strategy since its inception has been to focus on Co-GP Equity investments where ACAP can add value by providing investment capital, credit enhancement and design, development and construction expertise. ACAP has a team of professionals, with backgrounds in institutional investing, private equity, development and construction management, architecture and engineering services, accounting and law. ACAP also benefits from the financial backing, infrastructure and resources of AECOM. ACAP has offices in New York and Los Angeles. Canyon Partners Canyon Partners is headquartered in Dallas, Texas, with additional offices in Los Angeles, New York, London, Shanghai, Tokyo, Seoul, and Hong Kong. Canyon Partners is the majority owner of Canyon Capital Advisors LLC (“CCA”), a global alternative asset manager. The predecessor to CCA was founded in 1990 by Joshua S. Friedman and Mitchell R. Julis, while the predecessor to CPRE was founded in 1991. CPRE CPRE is a commercial real estate owner, lender and operator that acquires, finances, develops, manages and sells commercial real estate on behalf of its investors. CPRE is headquartered in Dallas, with an additional offices in Los Angeles and New York, and has investment personnel located Florida. CPRE’s investment approach is characterized by its due diligence and market research, structuring, and active in-house asset management, all of which are designed to mitigate downside risk and maximize the likelihood of positive returns at an investment’s realization. In addition, CPRE has entered into multiple joint venture fund relationships and has substantial experience working constructively with its joint venture partners to perform due diligence, underwrite investments, make investment decisions and perform asset management responsibilities. CPRE has a team of investment professionals dedicated to real estate originations/acquisitions and asset management. CPRE also benefits from the financial backing, infrastructure and resources of Canyon Partners. Messrs. Friedman and Julis provide active oversight of CPRE and its operations