FIRM DESCRIPTION AND OVERVIEW TXRE Advisers, LLC, a Delaware limited liability company and private investment management firm (“TXRE,” “we,” “our,” or “us”), was formed in 2011. We provide and/or perform Investment Advisory Services (as defined below) to various affiliated pooled investment vehicles and other entities that invest, directly or indirectly, in real estate and real estate-related investments. As used herein, “Investment Advisory Services” means investment advice as to the value of securities or the advisability of investing in, purchasing or selling securities or any other services, activities or functions that would, absent an exclusion or exemption, cause a person to be an “investment adviser” within the meaning of Section 202(a)(11) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Certain of our affiliates provide investment management, administrative, property management and other services with respect to our clients and/or their real estate investments. We do not act as general partner or managing member with respect to any of our clients. Instead, we supervise, oversee and control any and all Investment Advisory Services provided with respect to our clients, and certain of our affiliates (including the general partners, managing members and investment managers of the Funds) rely on our investment adviser registration instead of separately registering as investment advisers with the Securities and Exchange Commission (the “SEC”) under the Advisers Act. See Item 10. Except as the context otherwise requires, any reference to “we,” “us” or “our” in this document includes TXRE Advisers, LLC and any affiliates relying on our registration. PRINCIPAL OWNERS The sole member of TXRE Advisers, LLC is Hillwood Development Company, LLC, whose sole member is Hillwood Development Group, L.P. Perot Investment Trust I ultimately owns over 25% of the limited partnership interests of Hillwood Development Group, L.P. For more information regarding our executive officers and ownership, please refer to Schedules A and B of Part 1 of Form ADV. For information relating to the executive officers and ownership of each adviser relying on our registration, please refer to Schedule R of Part 1 of Form ADV with respect to such affiliate. TYPES OF ADVISORY SERVICES We currently provide and/or perform Investment Advisory Services with respect to US Industrial Club IV, LP, a Delaware limited partnership (“Club IV”), US Industrial Club V, LP, a Delaware limited partnership (“Club V”), and US Industrial Club VI, LP, a Delaware limited partnership (“Club VI” and, together with Club IV and Club V and any successor clubs thereto, the “US Funds”), EU Industrial Club II SCS, a Luxembourg common limited partnership (“EU Club II”), EU Industrial Club III SCS, a Luxembourg common

limited partnership (“EU Club III”), and EU Industrial Club IV SCSp, a Luxembourg special limited partnership (“EU Club IV” and, together with EU Club II and EU Club III and any successors thereto, the “EU Clubs”), EU Industrial Club II UK AIV SCSp, a Luxembourg special limited partnership (“EU Club II UK”), UK Industrial Club II SCSp, a Luxembourg special limited partnership (“UK Club II”), EU Industrial Club IV (UK Holdings) SCSp, a Luxembourg special limited partnership (“EU Club IV UK” and, together with EU Club II UK and UK Club II, the “UK Clubs” and, together with the EU Clubs, the “European Funds”), EU Project, LLC, a Delaware limited liability company (“EU Project”), and EU Project IV, LLC, a Delaware limited liability company (“EU Project IV” and, together with EU Project, the “EU Projects”). The US Funds, the European Funds and EU Projects may be collectively referred to herein as the “Funds”, and each, a “Fund”. We monitor, supervise, oversee and control any and all Investment Advisory Services provided with respect to the Funds. We provide and/or perform Investment Advisory Services with respect to one or more pooled investment vehicles managed, established and/or sponsored by us or an affiliate with respect to investments in investment entities and projects that are managed, controlled, established, sponsored and/or advised by us and/or our affiliates (the “Employee Vehicles”). The investors in such Employee Vehicles are or will be limited to our officers, employees and personnel (and their respective affiliates or related persons). In addition, we perform and/or provide certain Investment Advisory Services to various joint ventures or special purpose investment vehicles that have one or more third party partners (“SPVs” and, together with the Funds and Employee Vehicles, our “clients”). The third-party investors in SPVs typically are more actively involved in reviewing and approving investments and related expenses than investors in our commingled funds. As noted in Schedule D – Miscellaneous of Part 1A of Form ADV, we generally do not provide “continuous and regular supervisory or management services” with respect to such SPVs. Certain SPVs, Employee Vehicles and other clients may and do directly or indirectly invest in, or acquire interests in, one or more Funds, other clients and/or other entities or ventures managed or controlled by us and our affiliates. We provide Investment Advisory Services to clients with respect to real estate and real estate-related investments (either directly or indirectly through one or more real estate investment trusts, limited partnerships, limited liability companies and/or other special purpose vehicles). Our Investment Advisory Services are provided in accordance with the investment objectives, policies and guidelines set forth in the applicable disclosure and governing documents. See