Clarion Partners, LLC (the “Firm” or “Clarion”) provides investment advisory, subadvisory, and other services principally to institutional investors, focusing on sourcing, underwriting and managing real estate and real estate- related investments. The Firm was originally founded as Jones Lang Wootton Realty Advisors in 1982. From 1982 through 1996, the Firm operated as Jones Lang Wootton Realty Advisors, a venture between management and the UK-based brokerage firm, Jones Lang Wootton (“JLW”). In 1996, management bought-out JLW’s interest in the company and owned it privately until a sale to ING Group in 1998. The Firm was wholly owned by ING Group from 1998 to 2011 and managed autonomously as a real estate investment management business in the Americas. In June 2011, following the global financial crisis, ING Group exited the real estate business and the Firm executed a management buyout of its business. The Firm was capitalized by its senior management and an affiliate of Lightyear Capital (“Lightyear”), a private equity firm specializing in the financial services industry. In April 2016, the Firm became an investment management affiliate of Legg Mason, Inc. (“Legg Mason”). Legg Mason acquired the entire ownership position of the Firm’s prior financial partner, Lightyear, as well as a portion of Firm management’s position. Legg Mason, including its interest in Clarion, was subsequently acquired by Franklin Resources, Inc. (“Franklin Templeton”) on July 31, 2020. The existing management team of the Firm has retained an ownership stake in the business of approximately 18% and continues to maintain significant personal investments in various pooled investment vehicles advised or sponsored by Clarion. Through intermediate holding entities, Firm management and Franklin Templeton collectively own Clarion Partners Holdings LLC (“Holdings”), which wholly owns the Firm. Clarion retains significant management control over its strategic business and investment activities. Supervised by the Executive Board, Operating Committee, Investment Committees, and other governance forums, Clarion’s management team oversees the day-to-day operations and the investment processes of the Firm. In April 2019, the Firm acquired a majority stake in Clarion Partners Europe Limited (“Clarion Partners Europe”), a Jersey investment adviser focusing on European industrial assets. Clarion Partners Europe has its own management and investment

teams and operates separately from Clarion’s U.S. business. As of September 30, 2023, Clarion manages approximately $78,953,600,232 in assets on behalf of various types of commingled investment vehicles (e.g., private funds, funds of funds, registered funds, collective investment trusts or other types of pooled investment vehicles) (collectively, the “Funds”) and separately managed account (“SMA”) clients (collectively, the “SMA Clients”), including approximately $70,577,533,025 on a discretionary basis and approximately $8,376,067,207 on a non-discretionary basis. Clarion offers a range of real estate and real-estate related equity and debt investment vehicles, investing in strategies across the risk/return spectrum using both Funds and tailored SMAs. Each Fund has a prescribed investment strategy that includes the property type(s), geographic region(s), risk profile, and other specific investment guidelines. These Funds and SMAs generally invest in diversified, institutional quality real estate equity and debt assets within the United States and in Europe (and on a limited basis in Mexico). As permitted by their investment guidelines, certain Funds and SMAs additionally invest in other real estate-related investments (which could include certain publicly-traded securities). The Funds advised or subadvised by Clarion are primarily open-end and closed-end commingled private Funds designed to invest in real estate equity and debt assets and other real estate-related investments, but also include on a limited basis open-end and closed-end private funds of funds offered or distributed by business partners. In addition, Clarion acts as subadviser to a registered investment company advised by and distributed through its affiliate Franklin Templeton, which also invests part of its assets into a sub-portfolio advised by a Clarion affiliate. The Firm also provides subadvisory and investment services to its affiliate Clarion Partners Europe. Clarion does not offer any wrap fee programs. When selecting and managing assets for its clients, Clarion remains subject to the investment guidelines and restrictions outlined in either (i) the offering memorandum or prospectus and other governing documents of each Fund (together, the “Fund Documents”); (ii) the Investment Management Agreement and other governing documents of each SMA Client (together, the “IMA”); or (iii) the applicable subadvisory agreements.