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or business, Valar believes these tailwinds will continue. Examples of geographies Valar intends to focus on for investment in the Fund include: • Western Europe (e.g., UK, Ireland, Germany, France, Netherlands) • Northern Europe (e.g., Sweden, Finland, Denmark, Estonia) • North America (e.g., Canada, US (

oportion to their relative Capital Commitments. iii. Third, after the aggregate amount distributed to each Limited Partner is equal to 300% of such Limited Partner's Capital Commitment as of the date of such distribution, 100% to the General Partner until it has received aggregate distributions totaling 25% of (x) the aggregate di

tries, including emerging countries that have legal and regulatory environments that are significantly different from those of the United States or Western Europe. Specifically, investments in such companies may be subject to (i) economic, market, political and local risks related to the governmental systems i

uch subsequent closing (determined in the manner set forth in the Partnership Agreement). This "buy-in" amount will not increase the later-admitted Limited Partner's Capital Commitment. However, if the Fund's initial investments appreciate in value before the Fund's Final Closing Date, later-admitted Limited Partners may have a sm

8% 4% 12.0% 3.6% '10 '11 '12 '13 '14 %SF ' Source: Property Market Analysis: Cushman & Wakefield. April 2015; CBRE. Q4 2014. Represents Western Europe national shopping center markets and II key office centers throughout Europe. Source: Includes UK, France. and Germany, weighted by 2015 investment

ars. During the Investment Period, the Management Fee with respect to a Limited Partner will equal the Applicable Management Fee Percentage of such Limited Partner's Capital Commitment. After the earlier of (i) the end of the Investment Period and (ii) the time management fees in connection with a successor fund have begun to accr