Heitman Fee Update

Hi John, 

I hope all is well with you.  I wanted to let you know about a fee incentive program that we are offering to clients who invest in two or more of the four value-add funds we have in the market now, or will have in the market very soon.

The attached slides will take you through the math of how an investor can take advantage of the fee discounts.  The funds in the program are:
- HVP V - first close targeted for December 15 with approximately $600 million (target raise $1 billion)
- HDP II - higher-yielding (10-12% net) debt fund with first close mid-late November with approximately $300 million (target raise $300-$500 million)
- HEVP - Europe value-add fund launching in a few weeks
- HAPI II - Asia-Pac value-add fund launching in Q1 2021

Please let me know if you have any questions or would like to discuss further.

Thanks,
- Ed