1. Stated returns as of September 30, 2024, are gross of actual investment fees, trading costs, financing costs if any, operating expenses, foreign dividend withholding taxes and other applicable taxes, as well as performance-based fees. Returns include the reinvestment of income. A client’s returns will be reduced by the advisory fee and other expenses incurred in the management of its account. For example, the deduction of a 1% advisory fee over a 10-year period would reduce a 10% gross return to an 8.9% net return.

2. The investment objective underlying the Hazelview Global Real Estate Core Composite is to provide investors with exposure to high quality, institutional-grade real estate located in high barrier-to-entry markets. The composite reflects an investment strategy to seek to own a “best of breed” portfolio of investments made globally in developed markets around the world. The composite consists of a collection of client portfolios that follows the Hazelview global real estate core strategy. The composite was incepted in May 2009. The composite does not use leverage, but some client portfolios do use derivative contracts (currency forwards) to systematically hedge currency risks. The use of hedging will vary from period to period up to 100% of net foreign currency exposure. Performance Currency: USD. The one, three, five, ten year and since inception returns follow: 29.1%, 0.4%, 4.3%, 6.1% and 10.4%. The benchmark represents the weighted-average of their constituent’s benchmarks calculated on a monthly basis. The constituents of the composites generally use the FTSE EPRA/NAREIT Developed Index as their benchmark but some of the constituent accounts use a customized version of the FTSE EPRA/NAREIT index due to specific requirements mandated by the clients such as currency hedging. The benchmark returns over the same one, three, five, ten year and since inception of the strategy follow: 30.2%, 1.1%, 2.3%, 5.1% and 9.3%.

3. The investment strategy underlying the Hazelview Global Real Estate Focused Composite is to seek to provide a highly concentrated portfolio of our top risk-adjusted names in the Global Real Estate Securities Universe that balances total return, risk and income. The composite was incepted in January 2014. Some of the client portfolios contain a small allocation to non-equity securities from time to time to reduce risk and enhance yield. The composite includes only the equity component of these portfolios with allocated cash according to the GIPS® 2020 Standard. The composite does not use leverage or derivative contracts. Performance Currency: USD. The one, three, five, ten year and since inception of the strategy returns follow: 28.0%, -0.8%, 3.2%, 6.4% and 6.7%. The benchmark represents the weighted-average of their constituent’s benchmarks calculated on a monthly basis. The constituents of the composites generally use the FTSE EPRA/NAREIT Developed Index as their benchmarks but some of the constituent accounts could use a customized version of the FTSE EPRA/NAREIT index due to specific requirements mandated by the clients such as currency hedging. The benchmark returns over the same one, three, five, ten year and since inception of the strategy follow: 30.2%, 1.4%, 2.4%, 5.0% and 5.4%.

*As of September 30, 2024.

Hazelview Securities Inc. (“HSI”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy of quality of the content contained herein. HSI has been independently verified for the periods May 1, 2009 to December 31, 2019. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. List of composite descriptions, list of pooled fund descriptions for limited distribution pooled funds, and policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request. To obtain a report, please call 1.888.949.8439 or email us at info@hazelview.com.

Performance figures are based on historical information and do not guarantee future results. Prospective clients should recognize the limitations inherent in the composite strategies and should consider all information presented by HSI regarding the firm’s investment management capabilities. HSI is registered in the categories of Portfolio Manager, Investment Fund Manager and Exempt Market Dealer with the Ontario Securities Commission. Registration does not imply a certain level of skill or training.