The following redemption penalties apply to eREIT and eFund shares. Our other funds typically do not have any redemption penalties — please consult the applicable offering circular or prospectus for more information.

Introductory Shares

Investors requesting to redeem shares within the 90-day introductory period should receive their full, initial purchase price.

Non-Introductory Shares

Investors requesting to redeem shares held for more than 5 years should receive 100% of the value of those shares. However, there are penalties associated with requesting to redeem shares held for more than 90 days but less than 5 years:

Age of shares Approximate penalty (% of total share value)

90 days to 3 years

3%

3-4 years

2%

4-5 years

1%

5+ years

None