CBRE Investment Management [Real Estate - North America]

_{COMPLIANCE STATEMENT}

_{Senior management of CBRE Investment Management is responsible for ensuring compliance with a code of ethics, regulatory requirements, and fiduciary obligations.}

_{CBRE Investment Management is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. It also is authorized and regulated in certain European and Asian countries to undertake certain regulated activities in conjunction with its investment advisory and fund management services.}

_{The firm has designated compliance officers across the regions and has adopted, implemented, and provided for reviews of adequacy and effectiveness of its written policies and procedures.}

_{All employees are required to comply with the Investment Management Policies and Procedures, which include legal and compliance policies.}

_{This information is for informational purposes only. Past performance is not indicative of future results, and the value of investments can go down as well as up. Investing involves risk, including the loss of your entire investment.}