Regulation and Fund Domiciles Study Question Title * 1. Which of the following domiciles will you choose for your next private fund launch/reallocation? (Please select all that apply) Australia Bermuda British Virgin Islands Canada Cayman Islands China Delaware Guernsey Hong Kong Ireland Jersey Luxembourg Singapore Other Europe Other US Other Americas (non-US) Question Title * 2. Which of the following domiciles offers the optimal regulatory framework in 2021? Please select the top three: First Second Third Australia Australia First Australia Second Australia Third Bermuda Bermuda First Bermuda Second Bermuda Third British Virgin Islands British Virgin Islands First British Virgin Islands Second British Virgin Islands Third Canada Canada First Canada Second Canada Third Cayman Islands Cayman Islands First Cayman Islands Second Cayman Islands Third China China First China Second China Third Delaware Delaware First Delaware Second Delaware Third Guernsey Guernsey First Guernsey Second Guernsey Third Hong Kong Hong Kong First Hong Kong Second Hong Kong Third Ireland Ireland First Ireland Second Ireland Third Jersey Jersey First Jersey Second Jersey Third Luxembourg Luxembourg First Luxembourg Second Luxembourg Third Singapore Singapore First Singapore Second Singapore Third Other Europe Other Europe First Other Europe Second Other Europe Third Other US Other US First Other US Second Other US Third Other Americas (non-US) Other Americas (non-US) First Other Americas (non-US) Second Other Americas (non-US) Third Question Title * 3. Which of the following domiciles offers the optimal tax framework in 2021? Please select the top three: First Second Third Australia Australia First Australia Second Australia Third Bermuda Bermuda First Bermuda Second Bermuda Third British Virgin Islands British Virgin Islands First British Virgin Islands Second British Virgin Islands Third Canada Canada First Canada Second Canada Third Cayman Islands Cayman Islands First Cayman Islands Second Cayman Islands Third China China First China Second China Third Delaware Delaware First Delaware Second Delaware Third Guernsey Guernsey First Guernsey Second Guernsey Third Hong Kong Hong Kong First Hong Kong Second Hong Kong Third Ireland Ireland First Ireland Second Ireland Third Jersey Jersey First Jersey Second Jersey Third Luxembourg Luxembourg First Luxembourg Second Luxembourg Third Singapore Singapore First Singapore Second Singapore Third Other Europe Other Europe First Other Europe Second Other Europe Third Other US Other US First Other US Second Other US Third Other Americas (non-US) Other Americas (non-US) First Other Americas (non-US) Second Other Americas (non-US) Third Question Title * 4. Which of the following domiciles offers the optimal conditions for doing business in 2021, such as local expertise? Please select the top three: First Second Third Australia Australia First Australia Second Australia Third Bermuda Bermuda First Bermuda Second Bermuda Third British Virgin Islands British Virgin Islands First British Virgin Islands Second British Virgin Islands Third Canada Canada First Canada Second Canada Third Cayman Islands Cayman Islands First Cayman Islands Second Cayman Islands Third China China First China Second China Third Delaware Delaware First Delaware Second Delaware Third Guernsey Guernsey First Guernsey Second Guernsey Third Hong Kong Hong Kong First Hong Kong Second Hong Kong Third Ireland Ireland First Ireland Second Ireland Third Jersey Jersey First Jersey Second Jersey Third Luxembourg Luxembourg First Luxembourg Second Luxembourg Third Singapore Singapore First Singapore Second Singapore Third Other Europe Other Europe First Other Europe Second Other Europe Third Other US Other US First Other US Second Other US Third Other Americas (non-US) Other Americas (non-US) First Other Americas (non-US) Second Other Americas (non-US) Third Question Title * 5. What is your growth forecast (based on % increase from now) for your AUM over the specified time horizon: More than 20% Between 10% and 20% Between 5% and 10% Between 1% and 5% 0% Between -1% and -5% Between -5% and -10% Between -10% and -20% More than -20% One year One year More than 20% One year Between 10% and 20% One year Between 5% and 10% One year Between 1% and 5% One year 0% One year Between -1% and -5% One year Between -5% and -10% One year Between -10% and -20% One year More than -20% Three years Three years More than 20% Three years Between 10% and 20% Three years Between 5% and 10% Three years Between 1% and 5% Three years 0% Three years Between -1% and -5% Three years Between -5% and -10% Three years Between -10% and -20% Three years More than -20% Five years Five years More than 20% Five years Between 10% and 20% Five years Between 5% and 10% Five years Between 1% and 5% Five years 0% Five years Between -1% and -5% Five years Between -5% and -10% Five years Between -10% and -20% Five years More than -20% Ten years Ten years More than 20% Ten years Between 10% and 20% Ten years Between 5% and 10% Ten years Between 1% and 5% Ten years 0% Ten years Between -1% and -5% Ten years Between -5% and -10% Ten years Between -10% and -20% Ten years More than -20% Question Title * 6. How do you expect your investor base to change in the next five years, by type of investor? Large Increase Small increase Remain the same Small decrease Large decrease Pensions Pensions Large Increase Pensions Small increase Pensions Remain the same Pensions Small decrease Pensions Large decrease SWF/Government SWF/Government Large Increase SWF/Government Small increase SWF/Government Remain the same SWF/Government Small decrease SWF/Government Large decrease Corporate Corporate Large Increase Corporate Small increase Corporate Remain the same Corporate Small decrease Corporate Large decrease Other Institutional Investor Other Institutional Investor Large Increase Other Institutional Investor Small increase Other Institutional Investor Remain the same Other Institutional Investor Small decrease Other Institutional Investor Large decrease Retail Retail Large Increase Retail Small increase Retail Remain the same Retail Small decrease Retail Large decrease Question Title * 7. How do you expect your investor base to change in the next five years, by location of investor? Large increase Small increase Remain the same Small decrease Large decrease Americas (North) Americas (North) Large increase Americas (North) Small increase Americas (North) Remain the same Americas (North) Small decrease Americas (North) Large decrease Americas (Central and South) Americas (Central and South) Large increase Americas (Central and South) Small increase Americas (Central and South) Remain the same Americas (Central and South) Small decrease Americas (Central and South) Large decrease China China Large increase China Small increase China Remain the same China Small decrease China Large decrease Middle East Middle East Large increase Middle East Small increase Middle East Remain the same Middle East Small decrease Middle East Large decrease Australia Australia Large increase Australia Small increase Australia Remain the same Australia Small decrease Australia Large decrease Asia (Excluding China, Middle East and Australia) Asia (Excluding China, Middle East and Australia) Large increase Asia (Excluding China, Middle East and Australia) Small increase Asia (Excluding China, Middle East and Australia) Remain the same Asia (Excluding China, Middle East and Australia) Small decrease Asia (Excluding China, Middle East and Australia) Large decrease UK UK Large increase UK Small increase UK Remain the same UK Small decrease UK Large decrease Europe (excluding UK) Europe (excluding UK) Large increase Europe (excluding UK) Small increase Europe (excluding UK) Remain the same Europe (excluding UK) Small decrease Europe (excluding UK) Large decrease Africa Africa Large increase Africa Small increase Africa Remain the same Africa Small decrease Africa Large decrease Question Title * 8. What will be the main barriers from meeting your objectives in 2021? (Please select the top three) First Second Third Geo-political events Geo-political events First Geo-political events Second Geo-political events Third Economic environment Economic environment First Economic environment Second Economic environment Third Regulation Regulation First Regulation Second Regulation Third Technology Technology First Technology Second Technology Third Competition Competition First Competition Second Competition Third COVID-19 pandemic and its consequences COVID-19 pandemic and its consequences First COVID-19 pandemic and its consequences Second COVID-19 pandemic and its consequences Third Other (please specify) Question Title * 9. Does your organisation intend on leveraging capital call facilities over the next 12 months? Yes No Don't know Question Title * 10. Does your organization use fund financing loans? Yes No Question Title * 11. How have regulatory changes affected the marketing of your real estate funds to retail investors? Agree Neither agree nor disagree Disagree They have standardized our marketing efforts and therefore helped us to better position our products to retail investors They have standardized our marketing efforts and therefore helped us to better position our products to retail investors Agree They have standardized our marketing efforts and therefore helped us to better position our products to retail investors Neither agree nor disagree They have standardized our marketing efforts and therefore helped us to better position our products to retail investors Disagree They have helped us increase our footprint in the retail market because retail investors now are more able to invest with us They have helped us increase our footprint in the retail market because retail investors now are more able to invest with us Agree They have helped us increase our footprint in the retail market because retail investors now are more able to invest with us Neither agree nor disagree They have helped us increase our footprint in the retail market because retail investors now are more able to invest with us Disagree They have increased our regulatory burden but the amount of retail capital in our products has not changed They have increased our regulatory burden but the amount of retail capital in our products has not changed Agree They have increased our regulatory burden but the amount of retail capital in our products has not changed Neither agree nor disagree They have increased our regulatory burden but the amount of retail capital in our products has not changed Disagree They have resulted in a lower level of retail capital in our products They have resulted in a lower level of retail capital in our products Agree They have resulted in a lower level of retail capital in our products Neither agree nor disagree They have resulted in a lower level of retail capital in our products Disagree Question Title * 12. What is your assessment of regulations that require the inclusion of greater information about liquidity risks in marketing materials for retail investors? Agree Neither agree nor disagree Disagree The regulatory burden is disproportionately high and the additional benefit provided not sufficiently significant for investors The regulatory burden is disproportionately high and the additional benefit provided not sufficiently significant for investors Agree The regulatory burden is disproportionately high and the additional benefit provided not sufficiently significant for investors Neither agree nor disagree The regulatory burden is disproportionately high and the additional benefit provided not sufficiently significant for investors Disagree While the regulatory burden is high, the information significantly helps investors and so the regulations are appropriate While the regulatory burden is high, the information significantly helps investors and so the regulations are appropriate Agree While the regulatory burden is high, the information significantly helps investors and so the regulations are appropriate Neither agree nor disagree While the regulatory burden is high, the information significantly helps investors and so the regulations are appropriate Disagree The regulatory burden is not high and so the regulations are appropriate The regulatory burden is not high and so the regulations are appropriate Agree The regulatory burden is not high and so the regulations are appropriate Neither agree nor disagree The regulatory burden is not high and so the regulations are appropriate Disagree We are already providing enough information about liquidity risks in our marketing materials We are already providing enough information about liquidity risks in our marketing materials Agree We are already providing enough information about liquidity risks in our marketing materials Neither agree nor disagree We are already providing enough information about liquidity risks in our marketing materials Disagree Question Title * 13. Generally speaking, how successfully do you feel hybrid institutional-retail real estate funds are structured to attract retail investors? Very successfully Successfully Moderately successfully Not successfully Question Title * 14. How prepared are you to avoid liquidity risks for open-ended real estate funds in case of a downturn? Very Quite Somewhat Not at all Question Title * 15. Do you think all regulatory barriers currently in place as well as possible future requirements for allowing retail capital to flow into fund products outweigh the benefits of attracting more capital? Yes No Question Title * 16. Where is your firm located? United States Europe Asia Other (please specify) Question Title * 17. What is the size of your firm in AUM? Less than $1 billion Between $1 billion and $2 billion Between $2 billion and $3 billion Between $3 billion and $5 billion More than $5 billion Done