Document:

Exhibit 4.5

 

CENTRICUS ACQUISITION CORP.

DESCRIPTION OF SECURITIES

 

The following summary of the material terms of
the securities of Centricus Acquisition Corp. (“we,” “us,” “our” or “the company”) is
not intended to be a complete summary of the rights and preferences of such securities and is subject to and qualified by reference to
our amended and restated memorandum and articles of association incorporated by reference as an exhibit to the company’s Annual
Report on Form 10-K for the year ended December 31, 2020, and applicable Cayman Islands law. We urge you to read our amended
and restated memorandum and articles of association in its entirety for a complete description of the rights and preferences of our securities.

 

Certain Terms

 

Unless otherwise stated in this Exhibit or the context otherwise requires,
references to:

 

		·	“Companies Act” are to the Companies Act (2020 Revision) of the Cayman Islands, as the same may be amended from time to
time;

 

		·	“founder shares” are to our Class B ordinary shares initially issued to our sponsor in a private placement prior to our
Initial Public Offering and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares
at the time of our initial business combination (for the avoidance of doubt, such Class A ordinary shares will not be “public shares”);

 

		·	“Initial Public Offering” are to our offering consummated on February 8, 2021 of 34,500,000 units (which includes units
issued pursuant to the exercise in full of the underwriter’s option to purchase additional units to cover over-allotments) at a
price of $10.00 per unit, each unit consisting of one Class A ordinary share and one-fourth of one redeemable warrant;

 

		·	“initial shareholders” are to our sponsor and each other holder of founder shares upon the consummation of our Initial
Public Offering;

 

		·	“management” or “our management team” are to our executive officers and directors;

 

		·	“ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares;

 

		·	“private placement warrants” are to the warrants that were issued to our sponsor in a private placement simultaneously
with the closing of our Initial Public Offering and to be issued upon conversion of working capital loans, if any;

 

		·	“public shares” are to our Class A ordinary shares sold as part of the units in our Initial Public Offering (whether they
were purchased in our Initial Public Offering or thereafter in the open market);

 

		·	“public shareholders” are to the holders of our public shares, including our sponsor and management team to the extent
our sponsor and/or members of our management team purchase public shares, provided that our sponsor’s and each member of our management
team’s status as a “public shareholder” will only exist with respect to such public shares; and

 

		·	“sponsor” are to Centricus Heritage LLC, a Cayman Islands limited liability company.

 

     

     

    

 

General

 

We are a Cayman Islands exempted company and our affairs are governed
by our amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman Islands. Pursuant
to our amended and restated memorandum and articles of association, we are authorized to issue 200,000,000 Class A ordinary
shares and 20,000,000 Class B ordinary shares, as well as 1,000,000 preference shares, $0.0001 par value each. The following
description summarizes certain terms of our shares as set out more particularly in our amended and restated memorandum and articles of
association. Because it is only a summary, it may not contain all the information that is important to you.

 

Units

 

Each unit consists of one Class A ordinary share and one-fourth
of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per
share, subject to adjustment as described in the final prospectus related to our Initial Public Offering (the “final prospectus”).
Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the company’s Class A
ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants will be
issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least four units, you will
not be able to receive or trade a whole warrant.

 

Ordinary Shares

 

Upon the closing of the Initial Public Offering, 43,125,000 of our
ordinary shares were outstanding including:

 

		·	34,500,000 Class A ordinary shares underlying the units issued as part of the Initial Public Offering; and

 

		·	8,625,000 Class B ordinary shares held by our initial shareholders.

 

Ordinary shareholders of record are entitled to one vote for each share
held on all matters to be voted on by shareholders. Except as described below, holders of Class A ordinary shares and holders of Class
B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law.
Unless specified in our amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies
Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve
any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law,
being the affirmative vote of at least two-thirds of our ordinary shares that are voted, and pursuant to our amended and restated memorandum
and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving
a statutory merger or consolidation with another company. Our board of directors is divided into two classes, each of which will generally
serve for a term of two years with only one class of directors being appointed in each year. There is no cumulative voting with respect
to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors
can appoint all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of
directors out of funds legally available therefor. Prior to our initial business combination, only holders of our founder shares will
have the right to vote on the appointment of directors. Holders of our public shares will not be entitled to vote on the appointment of
directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder
shares may remove a member of the board of directors for any reason. The provisions of our amended and restated memorandum and articles
of association governing the appointment or removal of directors prior to our initial business combination may only be amended by a special
resolution passed by not less than two-thirds of our ordinary shares who attend and vote at our general meeting which shall include the
affirmative vote of a simple majority of our Class B ordinary shares.

 

Because our amended and restated memorandum and articles of
association authorizes the issuance of up to 200,000,000 Class A ordinary shares, if we were to enter into a business combination,
we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which
we will be authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek
shareholder approval in connection with our initial business combination.

 

     

     

    

 

Our board of directors is divided into two classes with only one class
of directors being appointed in each year and each class (except for those directors appointed prior to our first annual general meeting)
serving a two-year term. In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting
until one year after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Act for us
to hold annual or extraordinary general meetings to appoint directors. We may not hold an annual general meeting to appoint new directors
prior to the consummation of our initial business combination. Prior to the completion of an initial business combination, any vacancy
on the board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior to the
completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors
for any reason.

 

We will provide our public shareholders with the opportunity to redeem
all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our
initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay
our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described herein. The
amount in the trust account is initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors
who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriter. The redemption
rights may include the requirement that a beneficial owner must identify itself in order to valid redeem its shares. Our sponsor and each
member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights
with respect to any founder shares and public shares held by them in connection with (i) the completion of our initial business combination
and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would
modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed
in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business
combination within 24 months from the closing of our Initial Public Offering or during any extended time
that we have to consummate a business combination beyond 24 months as a result of a shareholder vote to amend our amended and restated
memorandum and articles of association (“Extension Period) or (B) with respect to any other provision relating to the rights
of holders of our Class A ordinary shares. Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations
in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion
of such initial business combinations even when a vote is not required by law, if a shareholder vote is not required by applicable law
or stock exchange listing requirements, if a shareholder vote is not required by applicable law or stock exchange listing requirements
and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum
and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with
the SEC prior to completing our initial business combination. Our amended and restated memorandum and articles of association requires
these tender offer documents to contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is
required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other reasons,
we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules
and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if
we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders
who attend and vote at a general meeting of the company. However, the participation of our sponsor, officers, directors, advisors or their
affiliates in privately-negotiated transactions (as described in the final prospectus), if any, could result in the approval of our initial
business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business
combination. For purposes of seeking approval of the majority of our issued and outstanding ordinary shares, non-votes will have no effect
on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association
requires that at least five days’ notice will be given of any general meeting.

 

     

     

    

 

If we seek shareholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended
and restated memorandum and articles of association provides that a public shareholder, together with any affiliate of such shareholder
or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange
Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of shares sold in our Initial Public
Offering without our prior consent, which we refer to as “Excess Shares”. However, we would not be restricting our shareholders’
ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders’
inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such
shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders
will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a
result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required
to sell their shares in open market transactions, potentially at a loss.

 

If we seek shareholder approval, we will complete our initial business
combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of
a majority of the shareholders who attend and vote at a general meeting of the company. In such case, our sponsor and each member of our
management team have agreed to vote their founder shares and public shares in favor of our initial business combination. As a result,
in addition to our initial shareholders’ founder shares, we would need 12,937,500, or 37.5% (assuming all issued and outstanding
shares are voted), or 2,156,250, or 6.25% (assuming only the minimum number of shares representing a quorum are voted), of the 34,500,000
public shares sold in our Initial Public Offering to be voted in favor of an initial business combination in order to have our initial
business combination approved. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they
vote for or against the proposed transaction or vote at all.

 

Pursuant to our amended and restated memorandum and articles of association,
if we have not consummated an initial business combination within 24 months from the closing of our Initial Public Offering or during
any Extension Period, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but
not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to
us to pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive
further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our
obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our sponsor and
each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their rights to
liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate an initial business
combination within 24 months from the closing of our Initial Public Offering or during any Extension Period (although they will be entitled
to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business
combination within the prescribed time frame). Our amended and restated memorandum and articles of association provides that, if we wind
up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures with respect
to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter, subject to
applicable Cayman Islands law.

 

In the event of a liquidation, dissolution or winding up of the company
after a business combination, our shareholders are entitled to share ratably in all assets remaining available for distribution to them
after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares.
Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares,
except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not
previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, upon the completion
of our initial business combination, subject to the limitations described herein.

 

     

     

    

 

Founder Shares

 

The founder shares are designated as Class B ordinary shares and, except
as described below, are identical to the Class A ordinary shares included in the units sold in our Initial Public Offering, and holders
of founder shares have the same shareholder rights as public shareholders, except that: (a) prior to our initial business combination,
only holders of the founder shares have the right to vote on the appointment of directors and holders of a majority of our founder shares
may remove a member of the board of directors for any reason; (b) the founder shares are subject to certain transfer restrictions, as
described in more detail below; (c) our sponsor and each member of our management team have entered into an agreement with us, pursuant
to which they have agreed to (i) waive their redemption rights with respect to their founder shares, (ii) to waive their redemption rights
with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our amended and
restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of
our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100%
of our public shares if we do not complete our initial business combination within 24 months from the closing of our Initial Public Offering
or during any Extension Period or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares;
and (iii) waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail
to consummate an initial business combination within 24 months from the closing of our Initial Public Offering or during any Extension
Period (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold
if we fail to complete our initial business combination within the prescribed time frame); (d) the founder shares will automatically convert
into our Class A ordinary shares at the time of our initial business combination as described herein; and (e) the founder shares are entitled
to registration rights. If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval
of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and
vote at a general meeting of the company. In such case, our sponsor and each member of our management team have agreed to vote their founder
shares and public shares in favor of our initial business combination.

 

The founder shares are designated as Class B ordinary shares and will
automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption
rights or be entitled to liquidating distributions from the trust account if we do not consummate an initial business combination) at
the time of our initial business combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all
founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued
and outstanding upon completion of our Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed
issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection
with or in relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities
exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business
combination and any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion
of working capital loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

 

Except as described herein, our sponsor and our management team have
agreed not to transfer, assign or sell any of their founder shares until earliest of (A) one year after the completion of our initial
business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals
or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the
date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders
having the right to exchange their ordinary shares for cash, securities or other property. We refer to such transfer restrictions throughout
the final prospectus as the lock-up. Any permitted transferees would be subject to the same restrictions and other agreements of our sponsor
and our management team with respect to any founder shares.

 

     

     

    

 

Prior to our initial business combination, only holders of our
founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not be entitled to
vote on the appointment of directors during such time. In addition, prior to the completion of an initial business combination,
holders of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions of our
amended and restated memorandum and articles of association may only be amended by a special resolution passed by not less than
two-thirds of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple
majority of our Class B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any
vote in connection with our initial business combination, except as required by law, holders of our founder shares and holders of
our public shares will vote together as a single class, with each share entitling the holder to one vote.

 

Preference Shares

 

Our amended and restated memorandum and articles of association authorizes
1,000,000 preference shares and provides that preference shares may be issued from time to time in one or more series. Our board of directors
is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special
rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors is
able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power
and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to
issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of
us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although we do not currently
intend to issue any preference shares, we cannot assure you that we will not do so in the future. No preference shares are being issued
or registered in our Initial Public Offering.

 

Warrants

 

Public Shareholders’ Warrants

 

Each whole warrant entitles the registered holder to purchase one Class
A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of one
year from the closing of our Initial Public Offering and 30 days after the completion of our initial business combination, except as discussed
in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole
number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrantholder. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least four
units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial
business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated to deliver any Class A ordinary shares pursuant
to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities
Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current,
subject to our satisfying our obligations described below with respect to registration, or a valid exemption from registration is available.
No warrant will be exercisable and we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class
A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of
the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences
are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant
may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration
statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase
price for the unit solely for the Class A ordinary share underlying such unit.

 

     

     

    

 

We have agreed that as soon as practicable, but in no event later
than twenty business days after the closing of our initial business combination, we will use our commercially reasonable efforts to
file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable
upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60
business days after the closing of our initial business combination, and to maintain the effectiveness of such registration
statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified
in the warrant agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a
national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the
Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file
or maintain in effect a registration statement, but we will use our commercially reasonable efforts to register or qualify the
shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A
ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial
business combination, warrantholders may, until such time as there is an effective registration statement and during any period when
we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in
accordance with Section 3(a)(9) of the Securities Act or another exemption, but we will use our commercially reasonable efforts to
register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each
holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of
(A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied
by the excess of the “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market
value and (B) 0.361 per whole warrant. The “fair market value” as used in this paragraph shall mean the volume weighted
average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice
of exercise is received by the warrant agent.

 

No fractional Class A ordinary shares will be issued upon exercise.
If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number
of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a
security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in
our initial business combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for
a security other than the Class A ordinary shares, the company (or surviving company) will use its commercially reasonable efforts to
register under the Securities Act the security issuable upon the exercise of the warrants.

 

A holder of a warrant may notify us in writing in the event it elects
to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect
to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially
own in excess of 4.9% or 9.8% (as specified by the holder) of the Class A ordinary shares issued and outstanding immediately after giving
effect to such exercise.

 

Redemption of warrants for cash when the price per Class A ordinary
share equals or exceeds $18.00. Once the warrants become exercisable, we may redeem the outstanding warrants (except as described
herein with respect to the private placement warrants):

 

		·	in whole and not in part;

 

		·	at a price of $0.01 per warrant;

 

		·	upon a minimum of 30 days’ prior written notice of redemption to each warrantholder; and

 

		·	if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments
to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants
 — Public Shareholders’ Warrants — Anti-Dilution Adjustments”) for any 20 trading days within a 30- trading day
period ending three trading days before we send the notice of redemption to the warrantholders.

 

We will not redeem the warrants as described above unless a
registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the
warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day
redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to
register or qualify the underlying securities for sale under all applicable state securities laws.

 

     

     

    

 

We have established the last of the redemption criteria discussed above
to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing
conditions are satisfied and we issue a notice of redemption of the warrants, each warrantholder will be entitled to exercise his, her
or its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption
trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described
under the heading “— Warrants — Public Shareholders’ Warrants — Anti-Dilution Adjustments”) as well
as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

Redemption of warrants for Class A ordinary shares when the price
per Class A ordinary share equals or exceeds $10.00. Once the warrants become exercisable, we may redeem the outstanding warrants:

 

		·	in whole and not in part;

 

		·	at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise
their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based
on the redemption date and the “fair market value” of our Class A ordinary shares (as defined below) except as otherwise described
below;

 

		·	if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments
to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants
 — Public Shareholders’ Warrants — Anti-Dilution Adjustments”) for any 20 trading days within the 30- trading day
period ending three trading days before we send the notice of redemption to the warrantholders; and if the closing price of the Class
A ordinary shares for any 20 trading days within a 30- trading day period ending on the third trading day prior to the date on which we
send the notice of redemption to the warrantholders is less than $18.00 per share (as adjusted for adjustments to the number of shares
issuable upon exercise or the exercise price of a warrant as described under the heading “— Warrants — Public Shareholders’
Warrants — Anti- Dilution Adjustments”), the private placement warrants must also be concurrently called for redemption on
the same terms as the outstanding public warrants, as described above.

 

Beginning on the date the notice of redemption is given until the warrants
are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below represent
the number of Class A ordinary shares that a warrantholder will receive upon such cashless exercise in connection with a redemption by
us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding
redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined
for these purposes based on volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following
the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption
date precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrantholders with the final
fair market value no later than one business day after the 10-trading day period described above ends.

 

Pursuant to the warrant agreement, references above to Class A ordinary
shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have been converted or exchanged
for in the event we are not the surviving company in our initial business combination. The numbers in the table below will not be adjusted
when determining the number of Class A ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity following
our initial business combination.

 

     

     

    

 

The share prices set forth in the column headings of the table
below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price of a
warrant is adjusted as set forth under the heading “— Anti-Dilution Adjustments” below. If the number of shares
issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices
immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after
such adjustment and the denominator of which is the price of the warrant immediately prior to such adjustment. In such an event, the
number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the
number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the
number of shares deliverable upon exercise of a warrant as so adjusted. If the exercise price of a warrant is adjusted, (a) in the
case of an adjustment pursuant to the fifth paragraph under the heading “— Anti- Dilution Adjustments” below, the
adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator of which
is the higher of the Market Value and the Newly Issued Price as set forth under the heading “— Anti-Dilution
Adjustments” and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph
under the heading “— Anti-Dilution Adjustments” below, the adjusted share prices in the column headings will equal
the unadjusted share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment.

 

	Fair Market Value of Class A Ordinary Shares	 
	Redemption
    

    Date (period

    to expiration

    of warrants	 	≤
                                                                                                                                                  $10.00	 	11.00	 	12.00	 	13.00	 	14.00	 	15.00	 	16.00	 	17.00	 	≥
    18.00	 
	60 months	 	0.261	 	0.281	 	0.297	 	0.311	 	0.324	 	0.337	 	0.348	 	0.358	 	0.361	 
	57 months	 	0.257	 	0.277	 	0.294	 	0.310	 	0.324	 	0.337	 	0.348	 	0.358	 	0.361	 
	54 months	 	0.252	 	0.272	 	0.291	 	0.307	 	0.322	 	0.335	 	0.347	 	0.357	 	0.361	 
	51 months	 	0.246	 	0.268	 	0.287	 	0.304	 	0.320	 	0.333	 	0.346	 	0.357	 	0.361	 
	48 months	 	0.241	 	0.263	 	0.283	 	0.301	 	0.317	 	0.332	 	0.344	 	0.356	 	0.361	 
	45 months	 	0.235	 	0.258	 	0.279	 	0.298	 	0.315	 	0.330	 	0.343	 	0.356	 	0.361	 
	42 months	 	0.228	 	0.252	 	0.274	 	0.294	 	0.312	 	0.328	 	0.342	 	0.355	 	0.361	 
	39 months	 	0.221	 	0.246	 	0.269	 	0.290	 	0.309	 	0.325	 	0.340	 	0.354	 	0.361	 
	36 months	 	0.213	 	0.239	 	0.263	 	0.285	 	0.305	 	0.323	 	0.339	 	0.353	 	0.361	 
	33 months	 	0.205	 	0.232	 	0.257	 	0.280	 	0.301	 	0.320	 	0.337	 	0.352	 	0.361	 
	30 months	 	0.196	 	0.224	 	0.250	 	0.274	 	0.297	 	0.316	 	0.335	 	0.351	 	0.361	 
	27 months	 	0.185	 	0.214	 	0.242	 	0.268	 	0.291	 	0.313	 	0.332	 	0.350	 	0.361	 
	24 months	 	0.173	 	0.204	 	0.233	 	0.260	 	0.285	 	0.308	 	0.329	 	0.348	 	0.361	 
	21 months	 	0.161	 	0.193	 	0.223	 	0.252	 	0.279	 	0.304	 	0.326	 	0.347	 	0.361	 
	18 months	 	0.146	 	0.179	 	0.211	 	0.242	 	0.271	 	0.298	 	0.322	 	0.345	 	0.361	 
	15 months	 	0.130	 	0.164	 	0.197	 	0.230	 	0.262	 	0.291	 	0.317	 	0.342	 	0.361	 
	12 months	 	0.111	 	0.146	 	0.181	 	0.216	 	0.250	 	0.282	 	0.312	 	0.339	 	0.361	 
	9 months 	 	0.090	 	0.125	 	0.162	 	0.199	 	0.237	 	0.272	 	0.305	 	0.336	 	0.361	 
	6 months	 	0.065	 	0.099	 	0.137	 	0.178	 	0.219	 	0.259	 	0.296	 	0.331	 	0.361	 
	3 months	 	0.034	 	0.065	 	0.104	 	0.150	 	0.197	 	0.243	 	0.286	 	0.326	 	0.361	 
	0 months	 	—	 	—	 	0.042	 	0.115	 	0.179	 	0.233	 	0.281	 	0.323	 	0.361	 

 

The exact fair market value and redemption date may not be set
forth in the table above, in which case, if the fair market value is between two values in the table or the redemption date is
between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be
determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values and
the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume
weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice
of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration
of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A
ordinary shares for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in
the table above, if the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately
following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time
there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature,
exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable on a
cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to
adjustment). Finally, as reflected in the table above, if the warrants are out of the money and about to expire, they cannot be
exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature, since they will not be
exercisable for any Class A ordinary shares.

 

     

     

    

 

This redemption feature differs from the typical warrant redemption
features used in some other blank check offerings, which only provide for a redemption of warrants for cash (other than the private placement
warrants) when the trading price for the Class A ordinary shares exceeds $18.00 per share for a specified period of time. This redemption
feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above
$10.00 per public share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the
warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having
to reach the $18.00 per share threshold set forth above under “— Redemption of warrants for cash when the price per Class
A ordinary share equals or exceeds $18.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant
to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility
input as of the date of the final prospectus. This redemption right provides us with an additional mechanism by which to redeem all of
the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and
would have been exercised or redeemed. We will be required to pay the applicable redemption price to warrantholders if we choose to exercise
this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest
to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure
to remove the warrants and pay the redemption price to the warrantholders.

 

As stated above, we can redeem the warrants when the Class A ordinary
shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with
respect to our capital structure and cash position while providing warrantholders with the opportunity to exercise their warrants on a
cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at
a price below the exercise price of the warrants, this could result in the warrantholders receiving fewer Class A ordinary shares than
they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary
shares were trading at a price higher than the exercise price of $11.50.

 

Anti-Dilution Adjustments.If the number of outstanding Class
A ordinary shares is increased by a capitalization or share dividend payable in Class A ordinary shares, or by a split-up of ordinary
shares or other similar event, then, on the effective date of such capitalization or share dividend, split-up or similar event, the number
of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary
shares. A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares
at a price less than the “historical fair market value” (as defined below) will be deemed a share dividend of a number of
Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable
under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and
(ii) one minus the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the historical fair market
value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in
determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights,
as well as any additional amount payable upon exercise or conversion and (ii) “historical fair market value” means the volume
weighted average price of Class A ordinary shares as reported during the 10 trading day period ending on the trading day prior to the
first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the
right to receive such rights.

 

     

     

    

 

In addition, if we, at any time while the warrants are outstanding
and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially all of the holders of
the Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible),
other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other
cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period ending on the date of declaration
of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash
dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Class A ordinary shares issuable
on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less
than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial
business combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder
vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation
to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination
or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of our
Initial Public Offering or during any Extension Period or (B) with respect to any other provision relating to the rights of holders of
our Class A ordinary shares, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business
combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount
of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary share in respect of such event.

 

If the number of outstanding Class A ordinary shares is decreased by
a consolidation, combination, reverse share sub-division or reclassification of Class A ordinary shares or other similar event, then,
on the effective date of such consolidation, combination, reverse share sub- division, reclassification or similar event, the number of
Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary
shares.

 

Whenever the number of Class A ordinary shares purchasable upon the
exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise
price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A ordinary shares purchasable
upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Class A
ordinary shares so purchasable immediately thereafter.

 

In addition, if (x) we issue additional Class A ordinary shares or
equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price
or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good
faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any
founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”),
(y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions),
and (z) the volume weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading
day prior to the day on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20
per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value
and the Newly Issued Price, and the $18.00 per share redemption trigger price described above under “— Redemption of warrants
for cash when the price per Class A ordinary share equals or exceeds $18.00” and “— Redemption of warrants for Class
A ordinary shares when the price per Class A ordinary shares equals or exceeds $10.00” will be adjusted (to the nearest cent) to
be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described
above under “— Redemption of warrants for Class A ordinary shares when the price per Class A ordinary share equals or exceeds
$10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

 

     

     

    

 

In case of any reclassification or reorganization of the
outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary
shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger
in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding
Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property
of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in
lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. However, if
such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable
upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become
exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such
consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and
accepted by such holders (other than a tender, exchange or redemption offer made by the company in connection with redemption rights
held by shareholders of the company as provided for in the company’s amended and restated memorandum and articles of
association or as a result of the redemption of Class A ordinary shares by the company if a proposed initial business combination is
presented to the shareholders of the company for approval) under circumstances in which, upon completion of such tender or exchange
offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of
which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the
Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the
meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a
warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually
have been entitled as a shareholder if such warrantholder had exercised the warrant prior to the expiration of such tender or
exchange offer, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such
tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly
equivalent as possible to the adjustments provided for in the warrant agreement. If less than 70% of the consideration receivable by
the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor
entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to
be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises
the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as
specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The
purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction
occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full
potential value of the warrants.

 

The warrants have been issued in registered form under a warrant agreement
between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the
warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct any mistake, including
to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth
in the final prospectus, or defective provision, (ii) amending the provisions relating to cash dividends on ordinary shares as contemplated
by and in accordance with the warrant agreement or (iii) adding or changing any provisions with respect to matters or questions arising
under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the parties deem to not adversely
affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least 50% of the then-outstanding
public warrants is required to make any change that adversely affects the interests of the registered holders. You should review a copy
of the warrant agreement, which was filed with the SEC, for a complete description of the terms and conditions applicable to the warrants.

 

The warrantholders do not have the rights or privileges of holders
of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After the issuance of
Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters
to be voted on by shareholders.

 

     

     

    

 

No fractional warrants will be issued upon separation of the units
and only whole warrants will trade. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in
a share, we will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to the warrantholder.

 

We have agreed that, subject to applicable law, any action, proceeding
or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction,
which jurisdiction will be the exclusive forum for any such action, proceeding or claim. This provision applies to claims under the Securities
Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America
are the sole and exclusive forum.

 

Private Placement Warrants

 

Except as described below, the private placement warrants have terms
and provisions that are identical to those of the warrants being sold as part of the units in our Initial Public Offering. The private
placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable,
assignable or salable until 30 days after the completion of our initial business combination (except pursuant to limited exceptions as
described in the final prospectus under “Principal Shareholders — Restrictions on Transfers of Founder Shares and Private
Placement Warrants,” to our officers and directors and other persons or entities affiliated with the initial purchasers of the private
placement warrants) and they will not be redeemable by us (except as described under “— Warrants — Public Shareholders’
Warrants — Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”) so long as they are
held by our sponsor or its permitted transferees (except as otherwise set forth herein). Our sponsor, or its permitted transferees, has
the option to exercise the private placement warrants on a cashless basis. If the private placement warrants are held by holders other
than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and
exercisable by the holders on the same basis as the warrants included in the units being sold in our Initial Public Offering. Any amendment
to the terms of the private placement warrants or any provision of the warrant agreement with respect to the private placement warrants
will require a vote of holders of at least 50% of the number of the then outstanding private placement warrants.

 

Except as described above under “— Public Shareholders’
Warrants — Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00,” if holders of the private
placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants
for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary
shares underlying the warrants, multiplied by the excess of the “historical fair market value” (defined below) over the exercise
price of the warrants by (y) the historical fair market value. For these purposes, the “historical fair market value” shall
mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to
the date on which the notice of warrant exercise is sent to the warrant agent or on which the notice of redemption is sent to the holders
of warrants, as applicable. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they
are held by our sponsor and its permitted transferees is because it is not known at this time whether they will be affiliated with us
following a business combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly
limited. We expect to have policies in place that restrict insiders from selling our securities except during specific periods of time.
Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if
he or she is in possession of material non-public information. Accordingly, unlike public shareholders who could exercise their warrants
and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise,
the insiders could be significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise
such warrants on a cashless basis is appropriate.

 

In order to fund working capital deficiencies or finance transaction
costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers
and directors may, but are not obligated to, loan us funds as may be required. Up to $ 1,500,000 of such loans may be convertible into
warrants of the post business combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical
to the private placement warrants.

 

     

     

    

 

Dividends

 

We have not paid any cash dividends on our ordinary shares to date
and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends in
the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to
completion of our initial business combination. The payment of any cash dividends subsequent to our initial business combination will
be within the discretion of our board of directors at such time. Further, if we incur any indebtedness in connection with a business combination,
our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

Our Transfer Agent and Warrant Agent

 

The transfer agent for our ordinary shares and warrant agent for our
warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company
in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees against all
claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any claims and losses
due to any gross negligence or intentional misconduct of the indemnified person or entity.

 

Certain Differences in Corporate Law

 

Cayman Islands companies are governed by the Companies
Act. The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws applicable
to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions
of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

 

Mergers and Similar Arrangements.

 

In certain circumstances, the Companies Act allows for mergers or consolidations
between two Cayman Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction
(provided that is facilitated by the laws of that other jurisdiction).

 

Where the merger or consolidation is between two Cayman Islands companies,
the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information. That plan
or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 662/3% in value of the voting
shares voted at a general meeting) of the shareholders of each company; or (b) such other authorization, if any, as may be specified in
such constituent company’s articles of association. No shareholder resolution is required for a merger between a parent company
(i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent
of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement.
If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes certain other formalities)
have been complied with, the Registrar of Companies will register the plan of merger or consolidation.

 

Where the merger or consolidation involves a foreign company, the procedure
is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company are required to make a
declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i)
that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws
of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents
have been or will be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order
made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator
or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property
or any part thereof; and (iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction
whereby the rights of creditors of the foreign company are and continue to be suspended or restricted.

 

     

     

    

 

Where the surviving company is the Cayman Islands exempted company,
the directors of the Cayman Islands exempted company are further required to make a declaration to the effect that, having made due enquiry,
they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they
fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii)
that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent
or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance
with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to
the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective,
cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason
why it would be against the public interest to permit the merger or consolidation.

 

Where the above procedures are adopted, the Companies Act provides
for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the merger or consolidation
if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder must give his written objection to
the merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the
shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote; (b) within 20 days following
the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each
shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent
company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for payment
of the fair value of his shares; (d) within seven days following the date of the expiration of the period set out in paragraph (b) above
or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the
surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase his shares at a price
that the company determines is the fair value and if the company and the shareholder agree the price within 30 days following the date
on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree
a price within such 30 day period, within 20 days following the date on which such 30 day period expires, the company (and any dissenting
shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied
by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not
been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together
with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder
whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is
reached. These rights of a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding shares
of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the
relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange
or shares of the surviving or consolidated company.

 

Moreover, Cayman Islands law has separate statutory provisions that
facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement will generally be more suited
for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a “scheme
of arrangement” which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the
procedures for which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the
United States), the arrangement in question must be approved by a majority in number of each class of shareholders and creditors with
whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or creditors,
as the case may be, that are present and voting either in person or by proxy at a general meeting, or meeting summoned for that purpose.
The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands.
While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the
court can be expected to approve the arrangement if it satisfies itself that:

 

     

     

    

 

		·	we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote
have been complied with;

 

		·	the shareholders have been fairly represented at the meeting in question;

 

		·	the arrangement is such as a businessman would reasonably approve; and

 

		·	the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount
to a “fraud on the minority.”

 

If a scheme of arrangement or takeover offer (as described below) is
approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash
for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders of United
States corporations.

 

Squeeze-out Provisions.

 

When a takeover offer is made and accepted by holders of 90% of the
shares to whom the offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining
shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this
is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.

 

Further, transactions similar
to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions,
such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an operating business.

 

Shareholders’ Suits.

 

Our Cayman Islands counsel is not aware of any reported class action
having been brought in a Cayman Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands
courts have confirmed the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach
of duty owed to us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However,
based both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied
by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:

 

		·	a company is acting, or proposing to act, illegally or beyond the scope of its authority;

 

		·	the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number
of votes which have actually been obtained; or

 

		·	those who control the company are perpetrating a “fraud on the minority.”

 

A shareholder may have a direct right of action against us where the
individual rights of that shareholder have been infringed or are about to be infringed.

 

Enforcement of Civil Liabilities.

 

The Cayman Islands has a different body of securities laws as compared
to the United States and provides less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before
the Federal courts of the United States.

 

     

     

    

 

We have been advised by our Cayman Islands legal counsel, that
the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of the United States
predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in
original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of
the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in
nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United
States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent
jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the
judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign
judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be
in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on
the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the
public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A
Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

 

Special Considerations for Exempted Companies.

 

We are an exempted company with limited liability under the Companies
Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the
Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements
for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

 

		·	an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;

 

		·	an exempted company’s register of members is not open to inspection;

 

		·	an exempted company does not have to hold an annual general meeting;

 

		·	an exempted company may issue shares with no par value;

 

		·	an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for
20 years in the first instance);

 

		·	an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

 

		·	an exempted company may register as a limited duration company; and

 

		·	an exempted company may register as a segregated portfolio company.

 

“Limited liability” means that the liability of each shareholder
is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving
fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared
to pierce or lift the corporate veil).

 

Amended and Restated Memorandum and Articles of Association

 

Our amended and restated memorandum and articles of association contains
provisions designed to provide certain rights and protections that apply to us until the completion of our initial business combination.
These provisions cannot be amended without a special resolution under Cayman Islands law. As a matter of Cayman Islands law, a resolution
is deemed to be a special resolution where it has been approved by either (i) the affirmative vote of at least two-thirds (or any higher
threshold specified in a company’s articles of association) of a company’s shareholders entitled to vote and so voting at
a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii)
if so authorized by a company’s articles of association, by a unanimous written resolution of all of the company’s shareholders.

 

     

     

    

 

Other than as described above, our amended and restated memorandum
and articles of association provides that special resolutions must be approved either by at least two-thirds of our shareholders who attend
and vote at a general meeting of the company (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written
resolution of all of our shareholders.

 

Our initial shareholders and their permitted transferees, if any, who
collectively beneficially own 20% of our ordinary shares upon the closing of our Initial Public Offering, will participate in any vote
to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose.
Specifically, our amended and restated memorandum and articles of association provides, among other things, that:

 

		·	If we have not consummated an initial business combination within 24 months from the closing of our Initial Public Offering or during
any Extension Period, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but
no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to
us to pay our income taxes that were paid by us or are payable by us, if any (less up to $100,000 of interest to pay dissolution expenses)
divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights
as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject
in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

 

		·	Prior to or in connection with our initial business combination, we may not issue additional securities that would entitle the holders
thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on our initial business combination
or on any other proposal presented to shareholders prior to or in connection with the completion of an initial business combination or
(b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate
a business combination beyond 24 months from the closing of our Initial Public Offering or (y) amend the foregoing provisions;

 

		·	If a shareholder vote on our initial business combination is not required by applicable law or stock exchange listing requirements
and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule
13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the

 

		·	SEC prior to completing our initial business combination which contain substantially the same financial and other information about
our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

 

		·	So long as our securities are then listed on Nasdaq, our initial business combination must occur with one or more target businesses
that together have an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the amount of deferred
underwriting discounts held in trust and taxes payable on the income earned on the trust account) at the time of the agreement to enter
into the initial business combination;

 

		·	If our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) that would
                                                                                                              modify the substance or timing of our obligation to provide holders of our 146 Class A ordinary shares the right to have their
                                                                                                              shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our
                                                                                                              initial business combination within 24 months from the closing of our Initial Public Offering or during any Extension Period or (B)
                                                                                                              with respect to any other provision relating to the rights of holders of our Class A ordinary shares, we will provide our public
                                                                                                              shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price,
                                                                                                              payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in
                                                                                                              the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding
                                                                                                              public shares, subject to the limitations described herein; and

 

		·	We will not effectuate our initial business combination solely with another blank check company or a similar company with nominal
operations.

 

     

     

    

 

In addition, our amended and restated memorandum and articles of association
provides that under no circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less
than $5,000,001.

 

The Companies Act permits a company incorporated in the Cayman Islands
to amend its memorandum and articles of association with the approval of a special resolution which requires the approval of the holders
of at least two-thirds of such company’s issued and outstanding ordinary shares who attend and vote at a general meeting or by way
of unanimous written resolution. A company’s articles of association may specify that the approval of a higher majority is required
but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its memorandum and articles
of association regardless of whether its memorandum and articles of association provides otherwise. Accordingly, although we could amend
any of the provisions relating to our proposed offering, structure and business plan which are contained in our amended and restated memorandum
and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers
or directors, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the
opportunity to redeem their public shares.

 

Anti-Money Laundering — Cayman Islands

 

If any person in the Cayman Islands
knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering
or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention
in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to
report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Law
(2020 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the
rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands,
if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach
of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

 

Securities Eligible for Future Sale

 

We have 34,500,000 Class A ordinary shares issued and outstanding
on an as-converted basis. Of these shares, the Class A ordinary shares sold in the Initial Public Offering are freely tradable without
restriction or further registration under the Securities Act, except for any Class A ordinary shares purchased by one of our affiliates
within the meaning of Rule 144 under the Securities Act. All of the outstanding founder shares (8,625,000 founder shares) and all
of the outstanding private placement warrants (6,266,667 private placement warrants) are restricted securities under Rule 144, in
that they were issued in private transactions not involving a public offering.

 

Rule 144

 

Pursuant to Rule 144, a person who has beneficially owned restricted
shares or warrants for at least six months would be entitled to sell their securities provided that (i) such person is not deemed
to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are subject
to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required reports under
Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports)
preceding the sale.

 

     

     

    

 

Persons who have beneficially owned restricted shares or warrants
for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would
be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of
securities that does not exceed the greater of:

 

		·	1% of the total number of ordinary shares then outstanding, which equals 431,250 shares immediately after the Initial Public
Offering; or

 

		·	the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks preceding the filing
of a notice on Form 144 with respect to the sale.

 

Sales by our affiliates under Rule 144 are also limited by manner
of sale provisions and notice requirements and to the availability of current public information about us.

 

Restrictions on the Use of Rule 144 by Shell Companies
or Former Shell Companies

 

Rule 144 is not available for the resale of securities initially
issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a
shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:

 

		·	the issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

		·	the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 

		·	the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months
(or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and

 

		·	at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its
status as an entity that is not a shell company.

 

As a result, our initial shareholders will be able to sell their founder
shares and our sponsor will be able to sell its founder shares and private placement warrants, as applicable, pursuant to Rule 144
without registration one year after we have completed our initial business combination.

 

Certain Anti-Takeover Provisions of our Amended and Restated Memorandum
and Articles of Association

 

Our amended and restated memorandum
and articles of association provides that our board of directors is classified into two classes of directors. As a result, in most circumstances,
a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general meetings.

 

Our authorized but unissued Class
A ordinary shares and preference shares are available for future issuances without shareholder approval and could be utilized for a variety
of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence
of authorized but unissued and unreserved Class A ordinary shares and preference shares could render more difficult or discourage an attempt
to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Registration and Shareholder Rights

 

The holders of the founder
shares, private placement warrants and any warrants that may be issued upon conversion of working capital loans (and any Class A
ordinary shares issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion of
working capital loans) are entitled to registration rights pursuant to a registration and shareholder rights agreement. The holders
of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In
addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed
subsequent to our completion of our initial business combination. However, the registration and shareholder rights agreement
provides that we will not permit any registration statement filed under the Securities Act to become effective until
termination of the applicable lockup period, which occurs (i) in the case of the founder shares, as described in the following
paragraph, and (ii) in the case of the private placement warrants and the respective Class A ordinary shares underlying such
warrants, 30 days after the completion of our initial business combination. We will bear the expenses incurred in connection with
the filing of any such registration statements.

 

     

     

    

 

In addition, pursuant to the registration and shareholder rights agreement,
our sponsor, upon and following consummation of an initial business combination, are entitled to nominate three individuals for appointment
to our board of directors, as long as the sponsor holds any securities covered by the registration and shareholder rights agreement.

 

Listing of Securities

 

Our units, Class A ordinary shares
and warrants are listed on Nasdaq under the symbols “CENHU”, “CENH” and “CENHW,” respectively.

 

The units will automatically separate into their component parts and
will not be traded following the completion of our initial business combination.EX-10.2

 EXHIBIT 10.2 

AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 INVESCO REIT
OPERATING PARTNERSHIP LP 
 A DELAWARE LIMITED PARTNERSHIP 

JANUARY 29, 2020 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 DEFINED TERMS
	  	 	1	 
			
	 1.1.
	 	Definitions	  	 	1	 
	 1.2.
	 	Interpretation	  	 	11	 
		
	 ARTICLE 2 PARTNERSHIP FORMATION AND IDENTIFICATION
	  	 	12	 
			
	 2.1.
	 	Formation	  	 	12	 
	 2.2.
	 	Name, Office and Registered Agent	  	 	12	 
	 2.3.
	 	Partners	  	 	12	 
	 2.4.
	 	Term and Dissolution	  	 	12	 
	 2.5.
	 	Filing of Certificate and Perfection of Limited Partnership	  	 	13	 
	 2.6.
	 	Certificates Representing Partnership Units	  	 	13	 
		
	 ARTICLE 3 BUSINESS OF THE PARTNERSHIP
	  	 	13	 
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS
	  	 	14	 
			
	 4.1.
	 	Capital Contributions	  	 	14	 
	 4.2.
	 	Class T Units, Class S Units, Class D Units, Class I Units, Class E Units and Class N Units	  	 	14	 
	 4.3.
	 	Additional Capital Contributions and Issuances of Additional Partnership Interests	  	 	14	 
	 4.4.
	 	Additional Funding	  	 	17	 
	 4.5.
	 	Capital Accounts	  	 	17	 
	 4.6.
	 	Percentage Interests	  	 	17	 
	 4.7.
	 	No Interest on Contributions	  	 	18	 
	 4.8.
	 	Return of Capital Contributions	  	 	18	 
	 4.9.
	 	No Third Party Beneficiary	  	 	18	 
		
	 ARTICLE 5 PROFITS AND LOSSES; DISTRIBUTIONS
	  	 	18	 
			
	 5.1.
	 	Allocation of Profit and Loss	  	 	18	 
	 5.2.
	 	Distribution of Cash	  	 	22	 
	 5.3.
	 	REIT Distribution Requirements	  	 	25	 
	 5.4.
	 	No Right to Distributions in Kind	  	 	25	 
	 5.5.
	 	Limitations on Return of Capital Contributions	  	 	25	 
	 5.6.
	 	Distributions Upon Liquidation	  	 	25	 
	 5.7.
	 	Substantial Economic Effect	  	 	25	 
		
	 ARTICLE 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER
	  	 	26	 
			
	 6.1.
	 	Management of the Partnership	  	 	26	 
	 6.2.
	 	Delegation of Authority	  	 	28	 
	 6.3.
	 	Indemnification and Exculpation of Indemnitees	  	 	28	 
	 6.4.
	 	Liability and Obligations of the General Partner	  	 	30	 
	 6.5.
	 	Reimbursement of General Partner	  	 	31	 

  
 i 

							
	 6.6.
	 	Outside Activities	  	 	31	 
	 6.7.
	 	Transactions With Affiliates	  	 	32	 
	 6.8.
	 	Title to Partnership Assets	  	 	32	 
	 6.9.
	 	Repurchases and Exchanges of REIT Shares	  	 	33	 
	 6.10.
	 	No Duplication of Fees or Expenses	  	 	33	 
		
	 ARTICLE 7 CHANGES IN GENERAL PARTNER
	  	 	33	 
			
	 7.1.
	 	Transfer of the General Partner’s Partnership Interest	  	 	33	 
	 7.2.
	 	Admission of a Substitute or Additional General Partner	  	 	35	 
	 7.3.
	 	Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner	  	 	35	 
	 7.4.
	 	Removal of a General Partner	  	 	36	 
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS
	  	 	37	 
			
	 8.1.
	 	Management of the Partnership	  	 	37	 
	 8.2.
	 	Power of Attorney	  	 	37	 
	 8.3.
	 	Limitation on Liability of Limited Partners	  	 	37	 
	 8.4.
	 	Ownership by Limited Partner of Corporate General Partner or Affiliate	  	 	37	 
	 8.5.
	 	Redemption Right	  	 	37	 
		
	 ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS
	  	 	40	 
			
	 9.1.
	 	Purchase for Investment	  	 	40	 
	 9.2.
	 	Restrictions on Transfer of Limited Partnership Interests	  	 	40	 
	 9.3.
	 	Admission of Substitute Limited Partner	  	 	42	 
	 9.4.
	 	Rights of Assignees of Partnership Interests	  	 	43	 
	 9.5.
	 	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	  	 	43	 
	 9.6.
	 	Joint Ownership of Interests	  	 	43	 
		
	 ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS
	  	 	44	 
			
	 10.1.
	 	Books and Records	  	 	44	 
	 10.2.
	 	Custody of Partnership Funds; Bank Accounts	  	 	44	 
	 10.3.
	 	Fiscal and Taxable Year	  	 	44	 
	 10.4.
	 	Annual Tax Information and Report	  	 	44	 
	 10.5.
	 	Partnership Representative; Tax Elections; Special Basis Adjustments	  	 	44	 
	 10.6.
	 	Reports to Limited Partners	  	 	45	 
		
	 ARTICLE 11 AMENDMENT OF AGREEMENT; MERGER
	  	 	45	 
		
	 ARTICLE 12 GENERAL PROVISIONS
	  	 	46	 
			
	 12.1.
	 	Notices	  	 	46	 
	 12.2.
	 	Survival of Rights	  	 	46	 
	 12.3.
	 	Additional Documents	  	 	46	 
	 12.4.
	 	Severability	  	 	46	 
	 12.5.
	 	Entire Agreement	  	 	46	 
	 12.6.
	 	Pronouns and Plurals	  	 	46	 
	 12.7.
	 	Headings	  	 	46	 
	 12.8.
	 	Counterparts	  	 	47	 
	 12.9.
	 	Governing Law	  	 	47	 

  
 ii 

	
	EXHIBITS
	
	EXHIBIT A – Partners, Capital Contributions, Units and Percentage Interests
	
	EXHIBIT B – Notice of Exercise of Redemption Right

  

  
 iii 

 AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 INVESCO REIT
OPERATING PARTNERSHIP LP 
 This Amended and Restated Limited Partnership Agreement (this “Agreement”) of Invesco REIT
Operating Partnership LP (the “Partnership”) is entered into as of January 29, 2020, between Invesco Real Estate Income Trust Inc., a Maryland corporation, as general partner (the “General Partner”) and as a Limited Partner,
Invesco REIT Special Limited Partner L.L.C., a Delaware limited liability company (the “Special Limited Partner”) and the Limited Partners party hereto from time to time. 

RECITALS: 
 WHEREAS, the
Partnership was formed on October 5, 2018 as a limited partnership under the laws of the State of Delaware when a Certificate of Limited Partnership was filed with the Secretary of State of the State of Delaware; 

WHEREAS, the General Partner and the Special Limited Partner entered into the Limited Partnership Agreement of the Partnership, dated as of
January 30, 2019 (the “Original Agreement”); and 
 WHEREAS, the General Partner and the Special Limited Partner desire to
amend and restate the Original Agreement in its entirety as set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the
foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINED
TERMS 
 1.1. Definitions. The following defined terms used in this Agreement shall have the meanings specified
below: 
 “Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. 

“Additional Funds” has the meaning set forth in Section 4.4. 

“Additional Securities” means any additional REIT Shares (other than REIT Shares issued in connection with a redemption
pursuant to Section 8.5) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.3(a)(iii). 

 “Administrative Expenses” means (i) all administrative and operating
costs and expenses incurred by the Partnership, (ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and
legal expenses of the General Partner, which expenses are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that
Administrative Expenses shall not include any administrative costs and expenses incurred by the General Partner that are attributable to assets that are not owned directly or indirectly by the Partnership. 

“Adviser” means the Person appointed, employed or contracted with by the General Partner and the Partnership and responsible
for directing or performing the day-to-day business affairs of the General Partner and the Partnership, including any Person to whom the Adviser subcontracts all or
substantially all of such functions. 
 “Advisory Agreement” means the agreement between the General Partner, the
Partnership and the Adviser pursuant to which the Adviser will direct or perform the day-to-day business affairs of the General Partner and the Partnership. 

“Affiliate” means, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding with
the power to vote 10% of more of the outstanding voting securities of such other Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such
other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, including any partnership in which such Person is a general partner; (iv) any executive officer, director,
trustee or general partner of such other Person; and (v) any legal entity for which such Person acts an executive officer, director, trustee or general partner. 

“Aggregate Share Ownership Limit” has the meaning set forth in the Articles of Incorporation. 

“Agreed Value” means the fair market value of a Partner’s non-cash Capital
Contribution as of the date of contribution as agreed to by such Partner and the General Partner. 
 “Agreement” means this
Limited Partnership Agreement, as amended, modified supplemented or restated from time to time, as the context requires. 

“Applicable Percentage” has the meaning provided in Section 8.5(b). 

“Articles of Incorporation” means the Articles of Amendment and Restatement of the General Partner filed with the Maryland
State Department of Assessments and Taxation on October 5, 2018, as further amended or supplemented from time to time. 

“Capital Account” has the meaning provided in Section 4.5. 

“Capital Contribution” means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset
(other than cash or cash equivalents) contributed or deemed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include
the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner. 

  
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 “Carrying Value” means, with respect to any asset of the Partnership, the
asset’s adjusted basis for federal income tax purposes or, in the case of any asset contributed to the Partnership, the fair market value of such asset at the time of contribution, reduced by any amounts attributable to the inclusion of
liabilities in basis pursuant to Section 752 of the Code, except that the Carrying Values of all assets may, at the discretion of the General Partner, be adjusted to equal their respective fair market values (as determined by the General
Partner), in accordance with the rules set forth in Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.5. In the case of any asset of the Partnership that has a Carrying Value
that differs from its adjusted tax basis, the Carrying Value shall be adjusted by the amount of depreciation, depletion and amortization calculated for purposes of the definition of Profit and Loss rather than the amount of depreciation, depletion
and amortization determined for federal income tax purposes. 
 “Cash Amount” means an amount of cash per Partnership Unit
equal to the applicable Redemption Price per Partnership Unit determined by the General Partner. 
 “Certificate” means any
instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by any of the Partners of the Partnership (either by themselves or
pursuant to the power-of-attorney granted to the General Partner in Section 8.2) and filed for recording in the appropriate public offices within the State of
Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners
as limited partners under the laws of the State of Delaware or such other jurisdiction. 
 “Class” means a class of REIT
Shares or Partnership Units, as the context may require. 
 “Class D Conversion Rate” means the
fraction, the numerator of which is the Net Asset Value Per Unit for each Class D Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 

“Class D REIT Shares” means the REIT Shares referred to as “Class D Common Shares” in the
Articles of Incorporation. 
 “Class D Unit” means a Partnership Unit entitling the holder thereof to
the rights of a holder of a Class D Unit as provided in this Agreement. 
 “Class E Conversion
Rate” means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class E Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 

“Class E REIT Shares” means the REIT Shares referred to as “Class E Common Shares” in the
Articles of Incorporation. 

  
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 “Class E Unit” means a Partnership Unit entitling the
holder thereof to the rights of a holder of a Class E Unit as provided in this Agreement. “Class I REIT Shares” means the REIT Shares referred to as “Class I Common Shares” in the Articles of
Incorporation. 
 “Class I Unit” means a Partnership Unit entitling the holder thereof to the rights of
a holder of a Class I Unit as provided in this Agreement. 
 “Class N Conversion Rate” means the
fraction, the numerator of which is the Net Asset Value Per Unit for each Class N Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 

“Class N Hurdle Amount” for any period during a calendar year means that amount that results in a 7%
annualized internal rate of return on the Net Asset Value of the Class N Units outstanding at the beginning of the then-current calendar year and all Class N Units issued since the beginning of the then-current calendar year, taking into
account the timing and amount of all distributions accrued or paid (without duplication) on all such Class N Units and all issuances of Class N Units over the period and calculated in accordance with recognized industry practices. The
ending Net Asset Value of the Class N Units used in calculating the internal rate of return will be calculated before giving effect to any allocation or accrual to the Class N Performance Allocation and any applicable stockholder servicing
fee expenses, provided that the calculation of the Class N Hurdle Amount for any period will exclude any Class N Units repurchased during such period, which Class N Units will be subject to the Class N Performance Allocation upon
such repurchase as described in Section 5.2(c). 
 “Class N Loss Carryforward Amount” shall
initially equal zero and shall cumulatively increase by the absolute value of any negative annual Class N Total Return and decrease by any positive annual Class N Total Return, provided that the Class N Loss Carryforward Amount shall
at no time be less than zero and provided further that the calculation of the Class N Loss Carryforward Amount will exclude the Class N Total Return related to any Class N Units repurchased during such year, which Class N Units
will be subject to the Class N Performance Allocation upon such repurchase as described in Section 5.2(c). 

“Class N Performance Allocation” has the meaning set forth in Section 5.2(c). 

“Class N REIT Shares” means the REIT Shares referred to as “Class N Common Shares” in the
Articles of Incorporation. 
 “Class N Total Return” for any period since the end of the prior calendar
year shall equal the sum of: (i) all distributions accrued or paid (without duplication) on all Class N Units outstanding at the end of such period since the beginning of the then-current calendar year plus (ii) the change in
aggregate Net Asset Value of such Class N Units since the beginning of such year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Class N Units, (y) any allocation or accrual to the
Class N Performance Allocation and (z) any applicable stockholder servicing fee expenses (including any payments made to the General Partner for payment of such expenses). For the avoidance of doubt, the calculation of Class N Total
Return will (i) include any appreciation or depreciation in the Net Asset Value of Class N Units issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Class N Units. 

  
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 “Class N Unit” means a Partnership Unit entitling the
holder thereof to the rights of a holder of a Class N Unit as provided in this Agreement. 
 “Class S
Conversion Rate” means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class S Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 

“Class S REIT Shares” means the REIT Shares referred to as “Class S Common Shares” in the
Articles of Incorporation. 
 “Class S Unit” means a Partnership Unit entitling the holder thereof to
the rights of a holder of a Class S Unit as provided in this Agreement. 
 “Class T Conversion
Rate” means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class T Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 

“Class T REIT Shares” means the REIT Shares referred to as “Class T Common Shares” in the
Articles of Incorporation. 
 “Class T Unit” means a Partnership Unit entitling the holder thereof to
the rights of a holder of a Class T Unit as provided in this Agreement. 
 “Code” means the Internal Revenue Code of
1986, as amended, and as hereafter amended from time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Common Share Ownership Limit” has the meaning set forth in the Articles of Incorporation. 

“Director” has the meaning set forth in the Articles of Incorporation. 

“Event of Bankruptcy” as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt
under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court
proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a
debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is
commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 

  
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 “Excepted Holder Limit” has the meaning set forth in the Articles of
Incorporation. 
 “General Partner” means Invesco Real Estate Income Trust Inc., a Maryland corporation, and any Person who
becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner, in such Person’s capacity as a General Partner of the Partnership. 

“General Partnership Interest” means any Partnership Interest held by the General Partner, other than any Partnership
Interest it holds as a Limited Partner. 
 “Hurdle Amount” for any period during a calendar year means that amount that
results in a 6% annualized internal rate of return on the Net Asset Value of the Partnership Units (excluding Class N Units and Class E Units) outstanding at the beginning of the then-current calendar year and all Partnership Units
(excluding Class N Units and Class E Units) issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Partnership Units
and all issuances of Partnership Units (excluding Class N Units and Class E Units) over the period and calculated in accordance with recognized industry practices. The ending Net Asset Value of the Partnership Units (excluding Class N
Units and Class E Units) used in calculating the internal rate of return will be calculated before giving effect to any allocation or accrual to the Performance Allocation and any applicable stockholder servicing fee expenses, provided that the
calculation of the Hurdle Amount for any period will exclude any Partnership Units (excluding Class N Units and Class E Units) repurchased during such period, which Partnership Units will be subject to the Performance Allocation upon such
repurchase as described in Section 5.2(c). 
 “Indemnitee” means (i) any Person made a party to a proceeding by
reason of its status as the General Partner or a director, officer or employee of the General Partner or the Partnership, (ii) the Adviser, (iii) the Special Limited Partner and (iv) such other Persons (including Affiliates of the
General Partner or the Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion. 

“Initial Private Placement” shall mean the offer and sale of Class N REIT Shares by the General Partner pursuant to the
Memorandum in a private offering not registered under the Securities Act. 
 “Joint Venture” means any joint venture or
partnership arrangement (other than the Partnership) in which the Partnership or any of its Subsidiaries is a co-venturer or partner established to acquire or hold assets of the Partnership. 

“Limited Partner” means the General Partner in its capacity as a Limited Partner, and any other Person identified as a
Limited Partner on Exhibit A, upon the execution and delivery by such Person of an additional limited partner signature page, and any Person who becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the
Partnership. 

  
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 “Limited Partnership Interest” means the ownership interest of a Limited
Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such
Limited Partner to comply with all the provisions of this Agreement and of such Act. A Limited Partnership Interest may be expressed as a number of Partnership Units. 

“Listing” means the listing of any class of the shares of the General Partner’s common stock on a national securities
exchange. Upon such Listing, the shares shall be deemed “Listed.” 
 “Loss” has the meaning provided in
Section 5.1(e). 
 “Loss Carryforward Amount” shall initially equal zero and shall cumulatively increase by the
absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward
Amount will exclude the Total Return related to any Partnership Units (excluding Class N Units) repurchased during such year, which Partnership Units will be subject to the Performance Allocation upon such repurchase as described in
Section 5.2(c). 
 “Memorandum” shall mean the General Partner’s confidential private placement memorandum with
respect to the offer and sale of Class N REIT Shares in the Initial Private Placement, as it may be supplemented, amended or restated from time to time. 

“Net Asset Value” means (i) for any Partnership Units, the net asset value of such Partnership Units, determined as of
the last business day of each month as described in the Memorandum or Prospectus, as applicable and (ii) for any REIT Shares, the net asset value of such REIT Shares, determined as of the last business day of each month as described in the
Memorandum or Prospectus, as applicable. 
 “Net Asset Value Per Unit” means, for each Class of Partnership Unit, the
Net Asset Value per unit of such Class of Partnership Unit. 
 “Net Asset Value Per REIT Share” means, for each
Class of REIT Shares, the Net Asset Value per share of such Class of REIT Shares. 
 “Notice of Redemption” means
the Notice of Exercise of Redemption Right substantially in the form attached as Exhibit B. 
 “Offer” has the
meaning set forth in Section 7.1(b)(ii). 
 “Original Agreement” has the meaning set forth in the recitals hereto.

 “Public Offering” means an offer and sale of REIT Shares to the public. 

“Partner” means any General Partner, Special Limited Partner or Limited Partner. 

  
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 “Partner Nonrecourse Debt Minimum Gain” means an amount with respect to
each Partner’s nonrecourse debt (as defined in Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a
nonrecourse liability (as defined in Regulations Section 1.752-1(a)(2)) determined in accordance with Regulations Section 1.704-2(i)(3). 

“Partnership” means Invesco REIT Operating Partnership LP, a Delaware limited partnership. 

“Partnership Interest” means an ownership interest in the Partnership held by a Limited Partner, the General Partner or the
Special Limited Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this
Agreement. 
 “Partnership Minimum Gain” has the meaning specified in Regulations Sections
1.704-2(b)(2) and 1.704-2(d). 
 “Partnership Record
Date” means the record date established by the General Partner for the distribution of cash pursuant to Section 5.2, which record date shall be the same as the record date established by the General Partner for a distribution to its
stockholders of some or all of its portion of such distribution. 
 “Partnership Representative” has the meaning described
in Section 10.5(a). 
 “Partnership Unit” means a fractional, undivided share of the Partnership Interests (other than
the General Partnership Interest and the Special Limited Partnership Interest) of all Partners issued hereunder. The allocation of Partnership Units of each Class among the Partners shall be as set forth on Exhibit A.

 “Percentage Interest” means the percentage ownership interest in the Partnership of each Partner, as determined by
dividing the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on Exhibit A. 

“Performance Allocation” has the meaning set forth in Section 5.2(c). 

“Person” means an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified
under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of
Section 509(a) of the Code, joint stock company or other legal entity. 
 “Profit” has the meaning provided in
Section 5.1(e) hereof. 
 “Property” means any Real Property, Real Estate Securities or other investment in which the
Partnership holds an ownership interest. 

  
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 “Prospectus” means the prospectus included in the most recent effective
registration statement filed by the General Partner with the Commission with respect to the applicable Public Offering, as such prospectus may be amended or supplemented from time to time. 

“Real Estate Securities” means equity and debt securities of both publicly traded and private companies, including REITs and
pass-through entities, that own Real Property or loans secured by real estate, including investments in commercial mortgage-backed securities, and derivative instruments, owned by the General Partner or the Partnership directly or indirectly through
one or more of its Affiliates. 
 “Real Property” means land, rights in land (including leasehold interests) and any
buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. 

“Redemption Price” means the Value of the REIT Shares Amount as of the end of the Specified Redemption Date.
“Value” means, for any Class of REIT Shares: (i) if such Class of REIT Shares are Listed, the average closing price per share for the previous 30 trading days, or (ii) if such Class of REIT Shares are not Listed,
the Net Asset Value Per REIT Share for REIT Shares of that Class. 
 “Redemption Right” has the meaning provided in
Section 8.5(a). 
 “Regulations” means the federal income tax regulations promulgated under the Code, as amended and
as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. 

“Regulatory Allocations” has the meaning set forth in Section 5.1(g). 

“REIT” means a real estate investment trust as defined pursuant to Sections 856 through 860 of the Code and any successor or
other provisions of the Code relating to real estate investment trusts. 
 “REIT Expenses” means (i) costs and
expenses relating to the formation and continuity of existence and operation of the General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes of this defined term, be included within the definition of General Partner),
including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any director, officer, or employee of the General Partner or service providers to the General Partner (including service providers affiliated
with the Adviser), (ii) costs and expenses relating to the Initial Private Placement and any Public Offering and registration of securities by the General Partner and all filings, statements, reports, fees and expenses incidental thereto, including,
without limitation, underwriting discounts and selling commissions applicable to the Initial Private Placement and any such Public Offering of securities, any stockholder servicing fees, and any costs and expenses associated with any claims made by
any holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and
filing of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including filings with the Commission, (v) costs 

  
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and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange,
(vi) the management fee payable to the Adviser under the Advisory Agreement and other fees and expenses payable to other services providers of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any
issuing or redemption of Partnership Interests or REIT Shares, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership.

 “REIT Share” means a share of common stock of the General Partner (or successor entity, as the case may be), including
Class T REIT Shares, Class S REIT Shares, Class D REIT Shares, Class I REIT Shares, Class E REIT Shares and Class N REIT Shares. 

“REIT Shares Amount” means a number of REIT Shares having the same Class designation as the Class of Partnership
Units offered for exchange by a Tendering Party equal to such number of Partnership Units; provided that in the event the General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities
entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “rights”), and the rights have not expired at the Specified Redemption Date, then the REIT Shares Amount shall also
include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights. 

“Related Party” means, with respect to any Person, any other Person whose ownership of shares of the General Partner’s
capital stock would be attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor statute thereto. Reference
to any provision of the Securities Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

“Service” means the United States Internal Revenue Service. 

“Special Limited Partner” means Invesco REIT Special Limited Partner L.L.C., a Delaware limited liability company, which
shall be a limited partner of the Partnership and recognized as such under applicable Delaware law, but not a “Limited Partner” within the meaning of this Agreement (other than to the extent it owns Partnership Units). 

“Special Limited Partnership Interest” means the interest of the Special Limited Partner in the Partnership representing
solely its right as the holder of an interest in distributions described in Section 5.2 (and any corresponding allocations of income, gain, loss and deduction under this Agreement), and not any interest in Partnership Units it may own from time
to time. 
 “Specified Redemption Date” means the first business day of the month following the month of the day that is 45
days after the receipt by the General Partner of the Notice of Redemption. 

  
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 “Subsidiary” means, with respect to any Person, any corporation or other
entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Substitute Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3.

 “Survivor” has the meaning set forth in Section 7.1(c). 

“Tendered Units” has the meaning provided in Section 8.5(a). 

“Tendering Party” has the meaning provided in Section 8.5(a). 

“Total Return” for any period since the end of the prior calendar year shall equal the sum of: (i) all distributions
accrued or paid (without duplication) on all Partnership Units (excluding Class N Units and Class E Units) outstanding at the end of such period since the beginning of the then-current calendar year plus (ii) the change in aggregate
Net Asset Value of such Partnership Units (excluding Class N Units and Class E Units) since the beginning of such year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Partnership Units
(excluding Class N Units and Class E Units), (y) any allocation or accrual to the Performance Allocation and (z) any applicable stockholder servicing fee expenses (including any payments made to the General Partner for payment of such
expenses). For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the Net Asset Value of Partnership Units (excluding Class N Units and Class E Units) issued during the
then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Partnership Units. 

“Transfer” has the meaning set forth in Section 9.2(a). 

1.2. Interpretation. The definitions in Section 1.1 shall apply equally to both the singular and plural forms of the
terms defined. Wherever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine and neuter forms. For all purposes of this Agreement, the term “control” and variations thereof shall
mean possession of the authority to direct or cause the direction of the management and policies of the specified entity, through the direct or indirect ownership of equity interests therein, by contract or otherwise. As used in this Agreement, the
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” As used in this Agreement, the terms “herein,” “hereof” and
“hereunder” shall refer to this Agreement in its entirety. Any references in this Agreement to “Sections” or “Articles” shall, unless otherwise specified, refer to Sections or Articles, respectively, in this Agreement.
Any references in this Agreement to an “Exhibit” shall, unless otherwise specified, refer to an Exhibit attached to this Agreement, as such Exhibit may be amended from time to time. Each such Exhibit shall be deemed incorporated in this
Agreement in full. 

  
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 ARTICLE 2 

PARTNERSHIP FORMATION AND IDENTIFICATION 

2.1. Formation. The Partnership was formed as a limited partnership pursuant to the Act and all other pertinent laws of
the State of Delaware, for the purposes and upon the terms and conditions set forth in this Agreement. 
 2.2. Name, Office and
Registered Agent. The name of the Partnership is Invesco REIT Operating Partnership LP. The specified office and principal place of business of the Partnership shall be 1555 Peachtree Street, N.E., Suite 1800, Atlanta, Georgia 30309. The
General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is The Corporation Trust Company,
Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent. 

2.3. Partners. 

(a) The General Partner of the Partnership is Invesco Real Estate Income Trust Inc., a Maryland corporation. Its principal place of business is
the same as that of the Partnership. 
 (b) The Limited Partners are the General Partner (in its capacity as Limited Partner) and any other
Persons identified as Limited Partners on Exhibit A hereto. 
 (c) The Special Limited Partner is Invesco REIT Special Limited Partner
L.L.C., a Delaware limited liability company. Its principal place of business is the same as that of the Partnership. 
 2.4.
Term and Dissolution. 
 (a) The Partnership commenced upon the filing for record of the Certificate in the office of the
Secretary of State of the State of Delaware on October 5, 2018 and shall continue indefinitely, except that the Partnership shall be dissolved upon the first to occur of any of the following events: 

(i) The occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a
General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b); provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the
dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners, either
alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 

(ii) The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership
(provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or
notes are paid in full); or 

  
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 (iii) The election by the General Partner that the Partnership should be
dissolved. 
 (b) Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.3(b)),
the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in accordance with Section 5.6.
Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary to satisfy the Partnership’s
debts and obligations), or (ii) distribute the assets to the Partners in kind. 
 2.5. Filing of Certificate and Perfection
of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate(s) and all requisite fictitious name statements and notices in such places
and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business. 

2.6. Certificates Representing Partnership Units. At the request of a Limited Partner, the General Partner, at its sole
and absolute discretion, may issue (but in no way is obligated to issue) a certificate specifying the number and Class of Partnership Units owned by the Limited Partner as of the date of such certificate. Any such certificate (i) shall be
in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: 

“This certificate is not negotiable. The Partnership Units represented by this certificate are governed by, and transferable only in
accordance with, the provisions of the Limited Partnership Agreement of Invesco REIT Operating Partnership LP, as amended from time to time.” 

ARTICLE 3 
 BUSINESS
OF THE PARTNERSHIP 
 The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business
that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, and
in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code (to the extent the General Partner determines not being subject to such taxes is desirable), unless the General Partner otherwise
ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do
anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to qualify or cease qualifying as a REIT, the Partners acknowledge that
the General Partner intends to qualify as a REIT for federal income tax purposes and that such qualification and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General
Partner. Notwithstanding the foregoing, 

  
 13 

 
the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General
Partner on behalf of the Partnership shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704
of the Code. 
 ARTICLE 4 

CAPITAL CONTRIBUTIONS AND ACCOUNTS 

4.1. Capital Contributions. The General Partner and the Limited Partners have made Capital Contributions to the
Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A. Notwithstanding the foregoing, the General Partner may keep Exhibit A current through separate revisions to the books
and records of the Partnership that reflect periodic changes to the Capital Contributions made by the Partners and redemptions and other purchases of Partnership Units by the Partnership, and corresponding changes to the Partnership Interests of the
Partners, without preparing a formal amendment to this Agreement. 
 4.2. Class T Units,
Class S Units, Class D Units, Class I Units, Class E Units and Class N
Units. The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class T Units, Class S Units, Class D Units, Class I Units, Class E Units and Class N Units. Each
such Class shall have the rights and obligations attributed to that Class under this Agreement. 
 4.3. Additional
Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.3 or in Section 4.4, the Partners shall have no right or obligation to make any additional Capital Contributions or loans
to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.3. 

(a) Issuances of Additional Partnership Interests. 

(i) General. The General Partner is hereby authorized to cause the Partnership to issue such additional
Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall
be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners, including but not limited to, Partnership Units issued in connection with the issuance of REIT Shares of, or other interests
in, the General Partner, Class I Units issued to the Special Limited Partner with respect to payments made pursuant to the Performance Allocation or Class N Performance Allocation, Class I Units issued to the Adviser as a management
fee pursuant to the Advisory Agreement and Partnership Units issued in connection with acquisitions of properties. Any additional Partnership Interests issued thereby may be issued in one or more classes (including the Classes specified in this
Agreement or any other Classes), or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers

  
 14 

 
and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject
to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of
Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership
Interests shall be issued to the General Partner unless: 
 (1) the additional Partnership Interests are issued in connection
with an issuance of Additional Securities by the General Partner in accordance with Section 4.3(a)(iii); 
 (2) the
additional Partnership Interests are issued in exchange for property owned by the General Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests; or 

(3) the additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their respective
Percentage Interests. 
 Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue
Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 

(ii) Adjustment Events. In the event the General Partner (i) declares or pays a dividend on any
Class of its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of any Class of its outstanding REIT Shares in REIT Shares, (ii) subdivides any Class of its outstanding REIT Shares, or
(iii) combines any Class of its outstanding REIT Shares into a smaller number of REIT Shares with respect to any Class of REIT Shares, then a corresponding adjustment to the number of outstanding Partnership Units of the applicable
Class necessary to maintain the proportionate relationship between the number of outstanding Partnership Units of such Class to the number of outstanding REIT Shares of such Class shall automatically be made. Additionally, in the
event that any other entity shall become General Partner pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the “Successor Entity”), the number of outstanding Partnership Units of each
Class shall be adjusted by multiplying such number by the number of shares of the Successor Entity into which one REIT Share of such Class is converted pursuant to such merger, consolidation or combination, determined as of the date of
such merger, consolidation or combination. Any adjustment to the number of outstanding Partnership Units of any Class shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such
event; provided, however, that if the General Partner receives a Notice of Redemption after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, or such merger, consolidation or combination,
the number of 

  
 15 

 
outstanding Partnership Units of any Class shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the record date for such dividend,
distribution, subdivision or combination or such merger, consolidation or combination. If the General Partner takes any other action affecting the REIT Shares other than actions specifically described above and, in the opinion of the General Partner
such action would require an adjustment to the number of Partnership Units to maintain the proportionate relationship between the number of outstanding Partnership Units to the number of outstanding REIT Shares, the General Partner shall have the
right to make such adjustment to the number of Partnership Units, to the extent permitted by law, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances. 

(iii) Upon Issuance of Additional Securities. Upon the issuance by the General Partner of any Additional
Securities (including pursuant to the General Partner’s distribution reinvestment plan) other than to all holders of REIT Shares, the General Partner shall contribute any net proceeds from the issuance of such Additional Securities and from any
exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership in return for, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or
exchangeable securities of the Partnership having designations, preferences and other rights such that their economic interests are substantially similar to those of the Additional Securities; provided, however, that the General Partner is allowed
to issue Additional Securities in connection with an acquisition of assets that would not be owned directly or indirectly by the Partnership, but if and only if, such acquisition and issuance of Additional Securities have been approved and
determined to be in or not opposed to the best interests of the General Partner and the Partnership; provided further, that the General Partner is allowed to use net proceeds from the issuance and sale of such Additional Securities to
repurchase REIT Shares pursuant to a share repurchase plan. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership to issue to the
General Partner corresponding Partnership Interests, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. Without limiting the foregoing, if the General
Partner issues REIT Shares of any Class for a cash purchase price and contributes all of the net proceeds of such issuance to the Partnership as required hereunder, the General Partner shall be issued a number of additional Partnership Units
having the same Class designation as the issued REIT Shares equal to the number of such REIT Shares of that Class issued by the General Partner the proceeds of which were so contributed. 

(b) Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares,
to the extent that the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, if the proceeds actually received and contributed by the General Partner in respect of the REIT Shares the proceeds of which were
so contributed are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital
Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed 

  
 16 

 
simultaneously to have paid such offering expenses in accordance with Section 6.5 and in connection with the required issuance of additional Partnership Units to the General Partner for such
Capital Contributions pursuant to Section 4.3(a). In connection with any and all issuances of REIT Shares pursuant to the General Partner’s distribution reinvestment plan, the General Partner shall be deemed to have made Capital
Contributions to the Partnership in the aggregate amount of the distributions that have been reinvested in respect of the REIT Shares issued by the General Partner in return for an equal number of Partnership Units having the same
Class designation as the issued REIT Shares. 
 4.4. Additional Funding. If the General Partner determines that it
is in the best interests of the Partnership to provide for additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings,
(ii) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans, purchase of additional Partnership Interests or otherwise (which the General Partner or such Affiliates will have
the option, but not the obligation, of providing) or (iii) cause the Partnership to issue additional Partnership Interests and admit additional Limited Partners to the Partnership in accordance with Section 4.3. 

4.5. Capital Accounts. A separate capital account (a “Capital Account”) shall be established and maintained for
each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv), and a Partner shall have a single Capital Account with respect to all Partnership Interests held by such Partner. If (i) a new
or existing Partner acquires an additional Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis amount of Partnership property or money as
consideration for a Partnership Interest, (iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g), or (iv) the Partnership grants a Partnership Interest
(other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Partnership, the General Partner may revalue the property of the Partnership to its fair market value (as determined by the General
Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership’s property is
revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be
adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable
disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 

4.6. Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year,
each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the
aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the
adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) 

  
 17 

 
as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine
which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and
the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests. 
 4.7. No Interest
on Contributions. No Partner shall be entitled to interest on its Capital Contribution. 
 4.8. Return of Capital
Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise
provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence. 

4.9. No Third Party Beneficiary. No creditor or other third-party having dealings with the Partnership shall have the
right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be
solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership
shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt
or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However,
if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the
General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership. 

ARTICLE 5 
 PROFITS
AND LOSSES; DISTRIBUTIONS 
 5.1. Allocation of Profit and Loss. 

(a) General Partner Gross Income Allocation. There shall be specially allocated to the General Partner an amount of
(i) first, items of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period, before any other allocations are made hereunder, in an amount equal to the excess, if any, of the
cumulative reimbursements made to the General Partner under Section 6.5(b) (other than reimbursements that would properly be treated as “guaranteed payments” or which are attributable to the reimbursement of expenses that would
properly be either deductible by the Partnership or added to the tax basis of any Partnership asset) over the cumulative allocations of Partnership income and gain to the General Partner under this Section 5.1(a). 

  
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 (b) General Allocations. The items of Profit and Loss of the Partnership for
each fiscal year or other applicable period shall be allocated among the Partners in a manner that will, as nearly as possible (after giving effect to the allocations under Section 5.1(a), 5.1(c) and 5.1(g)) cause the Capital Account balance of
each Partner at the end of such fiscal year or other applicable period to equal (i) the amount of the hypothetical distribution that such Partner would receive if the Partnership were liquidated on the last day of such period and all assets of
the Partnership, including cash, were sold for cash equal to their Carrying Values, taking into account any adjustments thereto for such period, all liabilities of the Partnership were satisfied in full in cash according to their terms (limited with
respect to each nonrecourse liability to the Carrying Value of the assets securing such liability) and the remaining cash proceeds (after satisfaction of such liabilities) were distributed in full pursuant to Section 5.2, minus (ii) the
sum of such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would be obligated to contribute to the capital of the Partnership, all computed
as of the date of the hypothetical sale of assets. Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement, taking into account facts
and circumstances as the General Partner deems reasonably necessary for this purpose. 
 (c) Regulatory Allocations.
Notwithstanding any other provision of this Agreement: 
 (i) Minimum Gain Chargeback. If there is a net
decrease in Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain (determined in accordance with the principles of Regulations Sections 1.704-2(d) and
1.704-2(i)) during any Partnership taxable year, the Partners shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to their
respective shares of such net decrease during such year, determined pursuant to Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be
determined in accordance with Regulations Section 1.704-2(f). This Section 5.1(c)(i) is intended to comply with the minimum gain chargeback requirements in such Regulations Sections and shall be
interpreted consistently therewith, including that no chargeback shall be required to the extent of the exceptions provided in Regulations Sections 1.704-2(f) and
1.704-2(i)(4). 
 (ii) Qualified Income Offset. If any Partner
unexpectedly receives any adjustments, allocations, or distributions described in U.S. Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be
specially allocated to such Partner in an amount and manner sufficient to eliminate the deficit Capital Account balance created by such adjustments, allocations or distributions as promptly as possible; provided that an allocation pursuant to this
Section 5.1(c)(ii) shall be made only to the extent that a Partner would have a deficit Capital Account balance in excess of such sum after all other allocations provided for in this Article 5 have been tentatively made as if this
Section 5.1(c)(ii) were not in this Agreement. This Section 5.1(c)(ii) is intended to comply with the “qualified income offset” requirement of the Code and shall be interpreted consistently therewith. 

  
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 (iii) Gross Income Allocation. If one or more Partners has a
deficit Capital Account at the end of any fiscal year that is in excess of the sum of (i) the amount each such Partner is obligated to restore, if any, pursuant to any provision of this Partnership Agreement, and (ii) the amount each such
Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be
specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible (in proportion to the amount of such deficit); provided that an allocation pursuant to this Section 5.1(c)(iii) shall be made only if
and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article 5 have been tentatively made as if Section 5.1(c)(ii) and this Section 5.1(c)(iii) were
not in this Partnership Agreement. 
 (iv) Payee Allocation. If any payment to any person that is treated by
the Partnership as the payment of an expense is recharacterized by a taxing authority as a Partnership distribution to the payee as a partner, such payee shall be specially allocated, in the manner determined by the General Partner, an amount of
Partnership gross income and gain as quickly as possible equal to the amount of the distribution. 
 (v) Nonrecourse
Deductions. Nonrecourse Deductions shall be allocated pro rata based on the number of Partnership Units held by each Partner. “Nonrecourse Deductions” has the meaning specified in Regulations Sections
1.704-2(b)(1) and 1.704-2(c). 
 (vi)
Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated to the Partner who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are
attributable in accordance with Regulations Section 1.704-2(j). “Partner Nonrecourse Deductions” has the meaning specified in Regulations
Section 1.704-2(i)(2). 
 (vii) Any special allocations of income or gain
pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) hereof shall be taken into account in computing subsequent allocations pursuant to Section 5.1(b) and this Section 5.1(c)(viii), so that the net amount of any items so
allocated and all other items allocated to each Partner shall, to the extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) had
not occurred. 
 (d) Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership
Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the
Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such
fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss
between the transferor and the transferee Partner. 

  
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 (e) Definition of Profit and Loss. “Profit” and “Loss” and
any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments: (i) all items of
income, gain, loss or deduction allocated pursuant to Sections 5.1(a) and 5.1(c)(i) through (iii) shall not be taken into account in computing such taxable income or loss; (ii) any income of the Partnership that is exempt from U.S. federal
income taxation and not otherwise taken into account in computing Profit and Loss shall be added to such taxable income or loss; (iii) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes,
any depreciation, amortization, gain or loss resulting from a disposition of such asset shall be calculated with reference to such Carrying Value; (iv) upon an adjustment to the Carrying Value of any asset pursuant to the definition of Carrying
Value (other than an adjustment in respect of depreciation, amortization or cost recovery deductions), the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss; (v) if the Carrying Value of any
asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions with respect to such asset for purposes of Profit and Loss shall be an amount which bears the same
ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery
deduction is zero, the Partners may use any reasonable method for purposes of determining depreciation, amortization or other cost recovery deductions in calculating Profit and Loss; and (vi) except for items in (i) above, any expenditures
of the Partnership not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Profit and Loss pursuant to this definition shall be treated as deductible items. 

(f) Tax Allocations. All items of income, gain, loss, deduction and credit of the Partnership shall be allocated among the
Partners for federal, state and local income tax purposes consistent with the manner that the corresponding constituent items of Profit and Loss shall be allocated among the Partners pursuant to this Partnership Agreement in the manner determined by
the General Partner, except as may otherwise be provided herein or by the Code. Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this
Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose. 
 (g)
Curative Allocations. The allocations set forth in Section 5.1(c) of this Agreement (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to
offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any other provision
of this Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such
offsetting allocations are made, each Partner’s Capital Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items
were allocated pursuant to Sections 5.1(a) and (b). 

  
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 5.2. Distribution of Cash. 

(a) The Partnership shall distribute cash on a quarterly basis (or, at the election of the General Partner, more or less frequently), in an
amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in accordance with Section 5.2(b). The
Partnership shall be deemed to have distributed cash to the General Partner in an amount equal to the amount of distributions by the General Partner that are reinvested in REIT Shares issued by the General Partner pursuant to the General
Partner’s distribution reinvestment plan, and the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of such distributions in return for an equal number of Partnership Units having the
same Class designation as the issued REIT Shares. 
 (b) Except for distributions pursuant to Section 5.6 in connection with the
dissolution and liquidation of the Partnership and subject to the provisions of Sections 5.2(c), 5.2(d), 5.2(e), 5.3 and 5.4, all distributions of cash (including any deemed distributions pursuant to Section 5.2(a)) shall be made to the
Partners in amounts proportionate to the aggregate Net Asset Value of the Partnership Units held by the respective Partners on the Partnership Record Date, except that the amount distributed per Partnership Unit of any Class may differ from the
amount per Partnership Unit of another Class on account of differences in Class-specific expense allocations with respect to REIT Shares as described in the Memorandum or Prospectus, as applicable, or for other reasons as determined by the
Board of Directors of the General Partner. Any such differences shall correspond to differences in the amount of distributions per REIT Share for REIT Shares of different Classes, with the same adjustments being made to the amount of distributions
per Partnership Unit for Partnership Units of a particular Class as are made to the distributions per REIT Share by the General Partner with respect to REIT Shares having the same Class designation. 

(c) Notwithstanding the foregoing, so long as the Advisory Agreement has not been terminated (including by means of non-renewal), the Special Limited Partner shall be entitled to distributions, promptly following the end of each year (which shall accrue on a monthly basis commencing with the sixth full calendar month following
the month in which the initial closing in the Initial Private Placement occurs) in amounts equal to: 
 (i) With respect to
the Class D Units, Class I Units, Class S Units and Class T Units (the “Performance Allocation”): 
  

	 	(A)	 First, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for
that period and (ii) the Loss Carryforward Amount (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount allocated to the Special Limited Partner equals 12.5% of the sum of (x) the Hurdle Amount
for that period and (y) any amount allocated to the Special Limited Partner pursuant to this clause; and 

  
 22 

	 	(B)	 Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

 Any amount by which Total Return falls below the Hurdle Amount and that does not constitute Loss Carryforward Amount
will not be carried forward to subsequent periods. 
 (ii) With respect to solely the Class N Units (the
“Class N Performance Allocation”): 
  

	 	(A)	 First, if the Class N Total Return for the applicable period exceeds the sum of (i) the
Class N Hurdle Amount for that period and (ii) the Class N Loss Carryforward Amount (any such excess, “Class N Excess Profits”), 100% of such Class N Excess Profits until the total amount allocated to the Special
Limited Partner equals 10% of the sum of (x) the Class N Hurdle Amount for that period and (y) any amount allocated to the Special Limited Partner pursuant to this clause; and 

 

	 	(B)	 Second, to the extent there are remaining Class N Excess Profits, 10% of such remaining
Class N Excess Profits. 

 Any amount by which Class N Total Return falls below the Class N Hurdle Amount
and that does not constitute Class N Loss Carryforward Amount will not be carried forward to subsequent periods. 
 With respect to all
Partnership Units that are repurchased at the end of any month in connection with repurchases of REIT Shares pursuant to the General Partner’s share repurchase plan, the Special Limited Partner shall be entitled to such Performance Allocation
or Class N Performance Allocation, as applicable, in an amount calculated as described above calculated in respect of the portion of the year for which such Partnership Units were outstanding, and proceeds for any such Partnership Unit
repurchase will be reduced by the amount of any such Performance Allocation or Class N Performance Allocation, as applicable. 

Distributions on the Class N Performance Allocation may be payable in cash or Class N Units (or, after the commencement of the
General Partner’s initial Public Offering, Class I Units) at the election of the Special Limited Partner. Distributions on the Performance Allocation may be payable in cash or Class I Units at the election of the Special Limited
Partner. If the Special Limited Partner elects to receive such distributions in Class N Units or Class I Units, the Special Limited Partner will receive the number of Class N Units or Class I Units that results from dividing the
Performance Allocation or Class N Performance Allocation, as applicable, by the Net Asset Value per Class N Unit or Class I Unit at the time of such distribution. If the Special Limited Partner elects to receive such distributions in
Class N Units or Class I Units, the Special Limited Partner may request the Partnership to redeem such Class N Units or Class I Units from the Special Limited Partner at any time thereafter pursuant to Section 8.5. 

  
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 The measurement of the change in Net Asset Value Per Unit for the purpose of calculating the
Total Return and Class N Total Return is subject to adjustment by the Board of Directors of the General Partner to account for any dividend, split, recapitalization or any other similar change in the Partnership’s capital structure or any
distributions that the Board of Directors of the General Partner deems to be a return of capital if such changes are not already reflected in the Partnership’s net assets. 

The Special Limited Partner will not be obligated to return any portion of the Performance Allocation or Class N Performance Allocation
paid due to the subsequent performance of the Partnership. 
 In the event the Advisory Agreement is terminated (including by means of non-renewal), the Special Limited Partner will be allocated any accrued Performance Allocation and Class N Performance Allocation with respect to all Partnership Units as of the date of such termination. 

(d) To the extent the Partnership is required by law to withhold or to make tax payments (including interest and penalties thereon) on behalf
of or with respect to any Partner (“Tax Advances”), the General Partner may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of a Partner shall, at the option of the General Partner,
(i) be promptly paid to the Partnership by the Partner on whose behalf such Tax Advances were made or (ii) be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been
made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. Whenever the General Partner selects the option set forth in clause (ii) of the
immediately preceding sentence for repayment of a Tax Advance by a Partner, for all other purposes of this Partnership Agreement such Partner shall be treated as having received all distributions unreduced by the amount of such Tax Advance. Each
Partner hereby agrees to indemnify and hold harmless the Partnership and the General Partner and any member or officer of the General Partner from and against any liability with respect to Tax Advances required on behalf of or with respect to such
Partner. Each Partner shall furnish the General Partner with such information, forms and certifications as it may require and as are necessary to comply with the regulations governing the obligations of withholding tax agents, as well as such
information, forms and certifications as are necessary with respect to any withholding taxes imposed by countries other than the United States and represents and warrants that the information and forms furnished by it shall be true and accurate in
all respects. The amount of any taxes paid by or withheld from receipts of the Partnership (or any investment in which the Partnership invests that is treated as a flow-through entity for U.S. federal income tax purposes) allocable to a Partner from
an Investment shall be deemed to have been distributed to each Partner to the extent that the payment or withholding of such taxes reduced distribution proceeds otherwise distributable to such Partner as provided herein. 

(e) In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash
distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged. 

  
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 5.3. REIT Distribution Requirements. The General Partner shall use its
commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to make stockholder distributions that will allow the General Partner to (i) meet its distribution requirement for
qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 

5.4. No Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in
connection with any distributions by the Partnership. 
 5.5. Limitations on Return of Capital Contributions.
Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital
Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of
the Partnership’s assets. 
 5.6. Distributions Upon Liquidation. Immediately before liquidation of the
Partnership, Class T Units will automatically convert to Class I Units at the Class T Conversion Rate, Class S Units will automatically convert to Class I Units at the Class S Conversion Rate, Class D Units will
automatically convert to Class I Units at the Class D Conversion Rate, Class E Units will automatically convert to Class I Units at the Class E Conversion Rate and Class N Units will automatically convert to
Class I Units at the Class N Conversion Rate. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, and after payment of any accrued
Performance Allocation or Class N Performance Allocation to the Special Limited Partner, any remaining assets of the Partnership shall be distributed to each holder of Class I Units, ratably with each other holder of Class I Units,
which will include all converted Class T Units, Class S Units, Class D Units, Class E Units and Class N Units, in such proportion as the number of outstanding Class I Units held by such holder bears to the total number
of outstanding Class I Units then outstanding. 
 Notwithstanding any other provision of this Agreement, the amount by which the value,
as determined in good faith by the General Partner, of any property other than cash to be distributed in kind to the Partners exceeds or is less than the Carrying Value of such property shall, to the extent not otherwise recognized by the
Partnership, be taken into account in computing Profit and Loss of the Partnership for purposes of crediting or charging the Capital Accounts of, and distributing proceeds to, the Partners, pursuant to this Agreement. 

To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to
assure that adequate funds are available to pay any contingent debts or obligations. 
 5.7. Substantial Economic
Effect. It is the intent of the Partners that the allocations under Sections 5.1(a), 5.1(b), 5.1(c) and 5.1(g) have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the
allocation of losses attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be
interpreted in a manner consistent with such intent. 

  
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 ARTICLE 6 

RIGHTS, OBLIGATIONS AND 

POWERS OF THE GENERAL PARTNER 

6.1. Management of the Partnership. 

(a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement and without limiting
any powers of the Adviser pursuant to the Advisory Agreement, the powers of the General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership: 

(i) to acquire, purchase, own, operate, lease and dispose of any Property; 

(ii) to construct buildings and make other improvements on the properties owned or leased by the Partnership; 

(iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including secured
and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests) of the
Partnership; 
 (iv) to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection
therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s
assets; 
 (v) to pay, either directly or by reimbursement, for all operating costs and general administrative expenses of
the Partnership to the Adviser, to third parties or to the General Partner or its Affiliates as set forth in this Agreement; 

(vi) to guarantee or become a co-maker of indebtedness of the General Partner or any
Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or
other lien on the Partnership’s assets; 
 (vii) to use assets of the Partnership (including, without limitation, cash
on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general administrative expenses of the General Partner, the Partnership or any
Subsidiary of either, to the Adviser, to third parties or to the General Partner as set forth in this Agreement; 

  
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 (viii) to lease all or any portion of any of the Partnership’s assets,
whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine; 

(ix) to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership,
on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the Partnership’s assets; 

(x) to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or
in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 
 (xi) to make or
revoke any election permitted or required of the Partnership by any taxing authority; 
 (xii) to maintain such insurance
coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such
amounts and such types, as the General Partner shall determine from time to time; 
 (xiii) to determine whether or not to
apply any insurance proceeds for any property to the restoration of such property or to distribute the same; 
 (xiv) to
establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the
General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefor such remuneration as the General Partner may deem reasonable and proper; 

(xv) to retain other services of any kind or nature in connection with the Partnership business, and to pay therefor such
remuneration as the General Partner may deem reasonable and proper; 
 (xvi) to negotiate and conclude agreements on behalf
of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; 
 (xvii) to
maintain accurate accounting records and to file all federal, state and local income tax returns on behalf of the Partnership; 

(xviii) to distribute Partnership cash or other Partnership assets in accordance with this Agreement; 

  
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 (xix) to form or acquire an interest in, and contribute property to, any
further limited or general partnerships, joint ventures or other relationships that the General Partner deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any
other Person in which it has an equity interest from time to time); 
 (xx) to establish Partnership reserves for working
capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose; 
 (xxi) to merge, consolidate
or combine the Partnership with or into another Person; 
 (xxii) to do any and all acts and things necessary or prudent to
ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 

(xxiii) to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform
any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent with allowing the
General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 

(b) Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third
parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require
the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 

6.2. Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder
to any Person, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person (which may include the Adviser) may, under supervision of the General Partner, perform any acts
or services for the Partnership as the General Partner may approve. 
 6.3. Indemnification and Exculpation of
Indemnitees. 
 (a) To the fullest extent permitted by law, the Partnership shall indemnify and hereby agrees to indemnify and hold
harmless an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, costs and expenses (including reasonable legal fees and expenses), judgments, fines, settlements, penalties and other amounts arising from
any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnitee and that relate to the
operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was
material to the matter giving rise to the proceeding and constituted willful misconduct or gross negligence; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii)

  
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in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any proceeding by settlement, judgment, order or
upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that an Indemnitee did not act in good faith and in a manner that the Indemnitee believed to be in or not opposed to the best interests of the Partnership or
that the Indemnitee’s conduct constituted fraud, willful misconduct, gross negligence, a material breach of this Agreement, a breach of its fiduciary duty or, with respect to any criminal action or proceeding, an Indemnitee had no reasonable
cause to believe his conduct was unlawful. Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 

(b) The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance
of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership
as authorized in this Section 6.3 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 

(c) The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person
may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 

(d) The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as
the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power
to indemnify such Person against such liability under the provisions of this Agreement. 
 (e) For purposes of this Section 6.3, the
Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan
or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken or omitted
by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is
not opposed to the best interests of the Partnership. 
 (f) In no event may an Indemnitee subject the Limited Partners to personal liability
by reason of the indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied indemnification in whole or
in part under this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement and the Articles of
Incorporation. 

  
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 (h) The provisions of this Section 6.3 are for the benefit of the Indemnitees, their
heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 6.4.
Liability and Obligations of the General Partner. 
 (a) Notwithstanding anything to the contrary set forth in this
Agreement, the General Partner shall not be liable for monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission not amounting to willful misconduct
or gross negligence. The General Partner shall not be in breach of any duty that the General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity
provided the General Partner, acting in good faith, abides by the terms of this Agreement. 
 (b) The Limited Partners expressly acknowledge
that the General Partner is acting on behalf of the Partnership, itself and its stockholders collectively, and that neither the General Partner nor its Board of Directors is under any obligation to consider the separate interests of the Limited
Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the
event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the
Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a
manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the stockholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by
Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith. 
 (c) Subject to its
obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or
through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 

(d) Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any
decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the General Partner to
continue to qualify as a REIT, (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, or (iii) to ensure that the Partnership will not be classified as a
“publicly traded partnership” under Section 7704 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 

  
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 (e) Any amendment, modification or repeal of this Section 6.4 or any provision hereof
shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification
or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 

6.5. Reimbursement of General Partner. 

(a) Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding
distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 

(b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and
absolute discretion, for all Administrative Expenses incurred by the General Partner. 
 6.6. Outside Activities. 

(a) Subject to Section 6.7 hereof, the Articles of Incorporation and any agreements entered into by the General Partner or its Affiliates
with the Partnership or any of its Subsidiaries, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner shall be entitled to and may have, directly or indirectly, business interests and engage in business
activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by
virtue of this Agreement in any such business ventures, interests or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any such
business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to communicate or offer any opportunities or interest in any such business ventures, interests and activities to the Partnership
or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person, even if it may raise a conflict of interest with the Limited Partners or the
Partnership. The General Partner will not be liable for breach of any fiduciary or other duty by reason of the fact that such party pursues or acquires for, or directs such opportunity or interest to another Person or does not communicate or offer
such opportunity or interest to the Partnership. 
 (b) No Limited Partner shall, by reason of being a Limited Partner in the Partnership,
have any right to participate in any manner in any profits or income earned or derived by or accruing to the General Partner and its respective Affiliates, or the respective members, partners, officers, directors, employees, stockholders, agents or
representatives thereof from the conduct of any business other than the business of the Partnership or from any transaction in instruments effected by the General Partner and its Affiliates or the respective members, partners, stockholders,
officers, directors, employees or agents thereof for any account other than that of the Partnership. 

  
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 6.7. Transactions With Affiliates. 

(a) Any Affiliate of the General Partner or the Adviser may be employed or retained by the Partnership and may otherwise deal with the
Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner
determines to be fair and reasonable. 
 (b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an
equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any
Subsidiary or any other Person. 
 (c) The Partnership may transfer assets to joint ventures, other partnerships, corporations or other
business entities in which it is or thereby becomes a participant, and in which any of its Affiliates may or may not be a participant, upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement,
applicable law, the Articles of Incorporation and the REIT status of the General Partner. 
 (d) Except as expressly permitted by this
Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are, in the General
Partner’s sole discretion, on terms that are fair and reasonable to the Partnership and in compliance with the Articles of Incorporation. 

6.8. Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or
intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets
may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets
for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement;
provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of
the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

  
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 6.9. Repurchases and Exchanges of REIT Shares. 

(a) Repurchases. If the General Partner repurchases any REIT Shares (other than REIT Shares repurchased with proceeds received
from the issuance of other REIT Shares), then the General Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units having the same Class designation as the redeemed REIT Shares for that
Class of Partnership Units on the same terms that the General Partner repurchased such REIT Shares (including any applicable discount to Net Asset Value). 

(b) Exchanges. If the General Partner exchanges any REIT Shares of any Class (“Exchanged REIT Shares”) for, or converts
any REIT Shares of any Class to, REIT Shares of a different Class (“Received REIT Shares”), then the General Partner shall, and shall cause the Partnership to, exchange or convert a number of Partnership Units having the same
Class designation as the Exchanged REIT Shares, for Partnership Units having the same Class designation as the Received REIT Shares on the same terms that the General Partner exchanged or converted the Exchanged REIT Shares. 

6.10. No Duplication of Fees or Expenses. The Partnership may not incur or be responsible for any fee or expense (in
connection with the Initial Private Placement, any Public Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner. 

ARTICLE 7 
 CHANGES
IN GENERAL PARTNER 
 7.1. Transfer of the General Partner’s Partnership
Interest. 
 (a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General
Partner except as provided in, or in connection with a transaction contemplated by, Section 7.1(b), (c) or (d). 
 (b) Except as
otherwise provided in Section 6.4(b) or Section 7.1(b), (c) or (d) hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its
assets, (other than in connection with a change in the General Partner’s state of incorporation or organizational form) in each case which results in a change of control of the General Partner (a “Transaction”), unless: 

(i) the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners is obtained; or

 (ii) as a result of such Transaction all Limited Partners will receive for each Partnership Unit of each Class an
amount of cash, securities, or other property equal to the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share having the same Class designation as that Partnership Unit in consideration
of such REIT Share; provided that if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of
Partnership Units shall be given the option to exchange its Partnership Units for the greatest amount of cash, 

  
 33 

 
securities, or other property which a Limited Partner holding Partnership Units would have received had it (1) exercised its Redemption Right and (2) sold, tendered or exchanged
pursuant to the Offer the REIT Shares received upon exercise of the Redemption Right immediately prior to the expiration of the Offer; or the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares
do not receive cash, securities, or other property in the Transaction or (B) all Limited Partners receive in exchange for their Partnership Units of each Class, an amount of cash, securities, or other property (expressed as an amount per REIT
Share) that is no less than the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares having the same Class designation as the Partnership Units
being exchanged. 
 (c) Notwithstanding Section 7.1(a), the General Partner may merge with or into or consolidate with another entity if
immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Survivor”), other than Partnership Units held by the General Partner, are contributed, directly or
indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Survivor in good faith and (ii) the Survivor expressly
agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this Section 7.1(c). The Survivor
shall in good faith arrive at a new method for the calculation of the Cash Amount and the REIT Shares Amount after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such
calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares of each Class or options, warrants or other
rights relating thereto, and which a holder of Partnership Units of any Class could have acquired had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for
adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for in Section 4.3(a)(ii). The Survivor also shall in good faith modify the definition of REIT Shares and make such
amendments to Section 8.5 so as to approximate the existing rights and obligations set forth in Section 8.5 as closely as reasonably possible. The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or
consolidations permitted hereunder. 
 In respect of any transaction described in the preceding paragraph, the General Partner is required to
use its commercially reasonable efforts to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction, provided such
efforts are consistent with the exercise of the Board of Directors’ fiduciary duties to the stockholders of the General Partner under applicable law. 

(d) Notwithstanding Section 7.1(a), a General Partner may transfer all or any portion of its General Partnership Interest to (A) a
wholly-owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner. 

  
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 7.2. Admission of a Substitute or Additional General Partner. A Person
shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 

(a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and
provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the
admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 in connection with such admission shall have been performed; 

(b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the
Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 

(c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel and the state or any other
jurisdiction as may be necessary) that (x) the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act and (y) none of the actions taken in connection with the admission of such
Person as a substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal tax purposes, or (ii) the loss of any Limited Partner’s limited liability. 

7.3. Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner. 

(a) Upon the occurrence of an Event of Bankruptcy as to the sole remaining General Partner (and its removal pursuant to Section 7.4(a)) or
the death, withdrawal, removal or dissolution of the sole remaining General Partner (except that, if the sole remaining General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to,
or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and
terminated unless the Partnership is continued pursuant to Section 7.3(b). The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 shall not be deemed
to be the withdrawal, dissolution or removal of the General Partner. 
 (b) Following the occurrence of an Event of Bankruptcy as to the sole
remaining General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of the sole remaining General Partner (except that, if the sole remaining General Partner is, on the date of such
occurrence, a partnership, the withdrawal of, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is
continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership by selecting, subject to Section 

  
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7.2 and any other provisions of this Agreement, a substitute General Partner by consent of the Limited Partners holding a majority of the Percentage Interests of all Limited Partners. If the
Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this
Agreement. 
 7.4. Removal of a General Partner. 

(a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be
removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death or dissolution of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall be deemed
not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 

(b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3, such
General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by the Limited Partners in accordance with Section 7.3(b) and otherwise admitted to the
Partnership in accordance with Section 7.2. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General Partnership Interest of such removed
General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and the Limited Partners holding a majority of the
Percentage Interests of all Limited Partners within 10 days following the removal of the General Partner. If the parties are unable to agree upon an appraiser, the removed General Partner and the Limited Partners holding a majority of the Percentage
Interests of all Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within 30 days of the General
Partner’s removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than
20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General
Partner’s General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two
appraisals closest in value. 
 (c) The General Partnership Interest of a removed General Partner, during the time after default until
transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be
entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to
retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 

  
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 (d) All Partners shall have given and hereby do give such consents, shall take such actions
and shall execute such documents as shall be legally necessary, desirable and sufficient to effect all the foregoing provisions of this Section. 

ARTICLE 8 
 RIGHTS
AND OBLIGATIONS OF THE LIMITED PARTNERS 
 8.1. Management of the Partnership. The Limited Partners shall not
participate in the management or control of Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the
General Partner. 
 8.2. Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its
true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to,
deliver, file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in
accordance with their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership
Interest. 
 8.3. Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts,
liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no
Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 

8.4. Ownership by Limited Partner of Corporate General Partner or Affiliate. No Limited Partner shall at any time, either
directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with other stock or other interests owned by other Limited Partners would, in the opinion of
counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as is required to establish
compliance by the Limited Partners with the provisions of this Section. 
 8.5. Redemption Right. 

(a) Subject to this Section 8.5 and the provisions of any agreements between the Partnership and one or more Limited Partners with respect
to Partnership Units held by them, each Limited Partner other than the General Partner, after holding any Partnership Units for at least one year, shall have the right (subject to the terms and conditions set forth herein) to require the Partnership
to redeem (a “Redemption”) all or a portion of such Partnership Units (the “Tendered Units”) in exchange (a “Redemption Right”) for REIT Shares issuable on, or the Cash Amount payable on, the Specified Redemption Date,
as determined by the General Partner in its sole 

  
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discretion. Any Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner) by the Limited Partner exercising the
Redemption Right (the “Tendering Party”). Within 15 days of receipt of a Notice of Redemption, the Partnership will send to the Limited Partner submitting the Notice of Redemption a response stating whether the General Partner has
determined the applicable Partnership Units will be redeemed for REIT Shares or the Cash Amount. In either case, the Limited Partner shall be entitled to withdraw the Notice of Redemption if (i) it provides notice to the Partnership that it
wishes to withdraw the request and (ii) the Partnership receives the notice no less than two business days prior to the Specified Redemption Date. Notwithstanding the foregoing, the Special Limited Partner and the Adviser shall have the right
to require the Partnership to redeem all or a portion of their Class I Units pursuant to this Section 8.5 at any time irrespective of the period the Class I Units have been held by the Special Limited Partner or the Adviser. The
Partnership shall redeem any such Class I Units of the Special Limited Partner or the Adviser for the Cash Amount unless the Board of Directors of the General Partner determines that any such redemption for cash would be prohibited by
applicable law or this Agreement, in which case such Class I Units will be redeemed for an amount of Class I REIT Shares with an aggregate Net Asset Value equivalent to the aggregate Net Asset Value of such Class I Units. 

No Limited Partner, other than the Special Limited Partner and the Adviser, may deliver more than two Notices of Redemption during each
calendar year. A Limited Partner other than the Special Limited Partner and the Adviser may not exercise the Redemption Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the
Partnership Units held by such Partner. The Tendering Party shall have no right, with respect to any Partnership Units so redeemed, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or
after the Specified Redemption Date. 
 (b) If the General Partner elects to redeem Tendered Units for REIT Shares rather than cash, then
the Partnership shall direct the General Partner to issue and deliver such REIT Shares to the Tendering Party pursuant to the terms set forth in this Section 8.5(b), in which case, (i) the General Partner, acting as a distinct legal
entity, shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party’s exercise of its Redemption Right, and (ii) such transaction shall be treated, for federal income tax purposes, as a transfer by the
Tendering Party of such Tendered Units to the General Partner in exchange for REIT Shares. The percentage of the Tendered Units tendered for Redemption by the Tendering Party for which the General Partner elects to issue REIT Shares (rather than
cash) is referred to as the “Applicable Percentage.” In making such election to acquire Tendered Units, the Partnership shall act in a fair, equitable and reasonable manner that neither prefers one group or class of Limited Partners over
another nor discriminates against a group or class of Limited Partners. If the Partnership elects to redeem any number of Tendered Units for REIT Shares rather than cash, on the Specified Redemption Date, the Tendering Party shall sell such number
of the Tendered Units to the General Partner in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the Applicable Percentage. The product of the Applicable Percentage and the REIT Shares Amount, if applicable,
shall be delivered by the General Partner as duly authorized, validly issued, fully paid and non-assessable REIT Shares free of any pledge, lien, encumbrance or restriction, other than the Aggregate Share
Ownership Limit (as calculated in accordance with the Articles of Incorporation) and other restrictions provided in the Article of Incorporation, the bylaws of the General Partner, the Securities Act and relevant state securities or “blue
sky” laws. Notwithstanding the provisions of Section 8.5(a) and this Section 8.5(b), the Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited under the Articles of Incorporation. 

  
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 (c) In connection with an exercise of Redemption Rights pursuant to this Section 8.5,
the Tendering Party shall submit the following to the General Partner, in addition to the Notice of Redemption: 
 (i) A
written affidavit, dated the same date as the Notice of Redemption, (a) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and
(ii) any Related Party and (b) representing that, after giving effect to the Redemption, neither the Tendering Party nor any Related Party will own REIT Shares in excess of the Aggregate Share Ownership Limit (or, if applicable the
Excepted Holder Limit); 
 (ii) A written representation that neither the Tendering Party nor any Related Party has any
intention to acquire any additional REIT Shares prior to the closing of the Redemption on the Specified Redemption Date; 

(iii) An undertaking to certify, at and as a condition to the closing of the Redemption on the Specified Redemption Date, that
either (a) the actual and constructive ownership of REIT Shares by the Tendering Party and any Related Party remain unchanged from that disclosed in the affidavit required by Section 8.5(c)(1) or (b) after giving effect to the
Redemption, neither the Tendering Party nor any Related Party shall own REIT Shares in violation of the Aggregate Share Ownership Limit (or, if applicable, the Excepted Holder Limit); and 

(iv) Any other documents as the General Partner may reasonably require. 

(d) Any Cash Amount to be paid to a Tendering Party pursuant to this Section 8.5 shall be paid on the Specified Redemption Date; provided,
however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 180 days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be
used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of Tendered Units hereunder to occur as quickly as reasonably possible. 

(e) Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the
Limited Partners to exercise their Redemption Rights to prevent, among other things, (a) any person from owning shares in excess of the Common Share Ownership Limit, the Aggregate Share Ownership Limit and the Excepted Holder Limit, and
(b) the General Partner’s common stock from being owned by less than 100 persons, the General Partner from being “closely held” within the meaning of Section 856(h) of the Code, and as and if deemed necessary to ensure that
the Partnership does not constitute a “publicly traded partnership” under Section 7704 of the Code. If and when the General Partner 

  
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determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction Notice”) to each of the Limited Partners holding
Partnership Units, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid having the Partnership be treated as a
“publicly traded partnership” under Section 7704 of the Code. 
 (f) A redemption fee may be charged (other than to the
Adviser, Special Limited Partner or their Affiliates) in connection with an exercise of Redemption Rights pursuant to this Section 8.5. 

ARTICLE 9 
 TRANSFERS
OF LIMITED PARTNERSHIP INTERESTS 
 9.1. Purchase for Investment. 

(a) Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of his Partnership
Interest is made as a principal for his account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 

(b) Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether
voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer
such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 
 9.2.
Restrictions on Transfer of Limited Partnership Interests. 
 (a) Subject to the provisions of Section 9.2(b) and (c),
no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by
operation of law or at judicial sale or otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion; provided that the Special Limited
Partner may transfer all or any portion of its Limited Partnership Interest, or any of its economic rights as a Limited Partner, to any of its Affiliates without the consent of the General Partner. Any such purported transfer undertaken without such
consent shall be considered to be null and void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in
connection therewith. 
 (b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a
Transfer consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Interest pursuant to this Article 9 or pursuant to a redemption of all of its
Partnership Units pursuant to Section 8.5. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

  
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 (c) Notwithstanding Section 9.2(a) and subject to Sections 9.2(d), (e) and
(f) below, a Limited Partner may Transfer, without the consent of the General Partner, all or a portion of its Partnership Interest to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such
descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such Limited Partner or any such person(s), of which trust such Limited Partner or any such person(s) is a trustee, (ii) a corporation controlled by
a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial owners. 
 (d) No Limited
Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, without the consent of the General Partner, which may be withheld in its sole and absolute discretion, if, in the opinion of legal counsel for the Partnership,
such proposed Transfer would require the registration of the Limited Partnership Interest under the Securities Act or would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards).

 (e) No Transfer by a Limited Partner of its Partnership Interest, in whole or in part, may be made to any Person without the consent of
the General Partner, which may be withheld in its sole and absolute discretion, if (i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an association taxable as a
corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code and the General Partner determines such treatment would be in the best interest of the Partnership), (ii) in the opinion of legal counsel for
the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code, (iii) in the opinion
of legal counsel for the Partnership, the transfer would cause the Partnership not to qualify for the safe harbor described in Regulations Section 1.7704-1(h), or (iv) such transfer is effectuated
through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code. 

(f) No transfer by a Limited Partner of any Partnership Interest may be made to a lender to the Partnership or any Person who is related
(within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations
Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender may be required to
enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a
Partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code. 
 (g) Any Transfer in
contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership. 

(h) Prior to the consummation of any Transfer under this Article 9, the transferor and the transferee shall deliver to the General Partner such
opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 

  
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 9.3. Admission of Substitute Limited Partner. 

(a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be
understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and
upon the satisfactory completion of the following: 
 (i) The assignee shall have accepted and agreed to be bound by the
terms and provisions of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may require in order to effect the admission of such
Person as a Limited Partner. 
 (ii) To the extent required, an amended Certificate evidencing the admission of such Person
as a Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii) The
assignee shall have delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 

(iv) If the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence
satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement. 

(v) The assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.2
hereof. 
 (vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and
filing and publication costs in connection with its substitution as a Limited Partner. 
 (vii) The assignee has obtained the
prior written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 

(b) For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be
treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer
documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. 
 (c) The General
Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly
as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership. 

  
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 9.4. Rights of Assignees of Partnership Interests. 

(a) Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall not be obligated
for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 

(b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does not become a
Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an
assignment of its Limited Partnership Interest. 
 9.5. Effect of Bankruptcy, Death, Incompetence or Termination of a Limited
Partner. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not
cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies,
his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as
the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

 9.6. Joint Ownership of Interests. A Partnership Interest may be acquired by two individuals as joint tenants with
right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to
constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership
that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the
Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall have received notice
of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former
owners. 

  
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 ARTICLE 10 

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 

10.1. Books and Records. At all times during the continuance of the Partnership, the Partners shall keep or cause
to be kept at the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each
Partner, (b) a copy of the Certificate of Limited Partnership and all Certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local income tax returns and reports, (d) copies of this Agreement and
amendments thereto and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of
collection, duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours. 
 10.2.
Custody of Partnership Funds; Bank Accounts. 
 (a) All funds of the Partnership not otherwise invested shall be deposited
in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 

(b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested in any manner determined by the
General Partner in its sole discretion. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment permitted by this Section 10.2(b). 

10.3. Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year. 

10.4. Annual Tax Information and Report. Within 90 days after the end of each fiscal year of the Partnership, the General
Partner shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited Partner’s individual tax returns as required by law. 

10.5. Partnership Representative; Tax Elections; Special Basis Adjustments. 

(a) The General Partner shall designate itself or another Person to serve as the “partnership representative” of the Partnership
within the meaning of Section 6223(a) of the Code (as amended by the Bipartisan Budget Act of 2015) (the “Partnership Representative”) in accordance with Treasury Regulations
Section 301.6223-1 or any other applicable Service guidance. If the Person designated by the General Partner to serve as the Partnership Representative is not an individual, the General Partner shall also
appoint an individual (the “Designated Individual”) through whom the Partnership Representative acts in accordance with Treasury Regulations Section 301.6223-1 or any other applicable Service
guidance. The General Partner shall also designate a new Partnership Representative if the Partnership Representative resigns or appoint a new Designated Individual if the Designated Individual resigns. The General Partner is authorized to revoke
and replace from time to time the Partnership Representative or the Designated Individual in accordance with Treasury Regulations Section 301.6223-1 or any other applicable Service guidance. The General
Partner shall make all designations and appointments 

  
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under similar or analogous state, local or non-U.S. laws. The Partnership Representative shall have the right and obligation to take all actions authorized
and required, respectively, by the Code for the Partnership Representative. The Partnership Representative shall have the right to retain professional assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the Partnership Representative on behalf of the Partnership as Partnership Representative shall constitute Partnership expenses.
The taking of any action and the incurring of any expense by the Partnership Representative in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the Partnership
Representative, and the provisions relating to indemnification of the General Partner set forth in Section 6.3 of this Agreement shall be fully applicable to the Partnership Representative and its Designated Individual, if any, acting as such.

 (b) All elections required or permitted to be made by the Partnership under the Code or any applicable state, local or foreign tax law
shall be made by the General Partner in its sole and absolute discretion 
 (c) In the event of a transfer of all or any part of the
Partnership Interest of any Partner, the Partnership, at the option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership’s assets. Notwithstanding anything contained in Article 5, any
adjustments made pursuant to Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other
Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election. 

10.6. Reports to Limited Partners. As soon as practicable after the close of each fiscal year, but in no event later than
the date on which the General Partner mails its annual report to holders of the REIT Shares, the General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements of the Partnership, or of the General
Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial statements shall be audited by
accountants selected by the General Partner. 
 ARTICLE 11 

AMENDMENT OF AGREEMENT; MERGER 

The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the
Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a
transaction pursuant to Section 7.1(b), (c) or (d) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of Limited Partners holding more than 50% of the
Percentage Interests of the Limited Partners: 
 (a) any amendment affecting the operation of the Redemption Right (except as provided in
Section 8.5(d), 7.1(b) or 7.1(c)) in a manner adverse to the Limited Partners; 

  
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 (b) any amendment that would adversely affect the rights of the Limited Partners to receive
the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.3; 

(c) any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect to
the issuance of additional Partnership Units pursuant to Section 4.3; or 
 (d) any amendment that would impose on the Limited Partners
any obligation to make additional Capital Contributions to the Partnership. 
 ARTICLE 12 

GENERAL PROVISIONS 

12.1. Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed to
have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth in Exhibit A; provided, however, that any Partner may
specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 

12.2. Survival of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and
inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 

12.3. Additional Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver
all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. 

12.4. Severability. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any
jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 

12.5. Entire Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and
supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof, including, without limitation, the Original Agreement. 

12.6. Pronouns and Plurals. When the context in which words are used in the Agreement indicates that such is the intent,
words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require. 

12.7. Headings. The Article headings or sections in this Agreement are for convenience only and shall not be used in
construing the scope of this Agreement or any particular Article. 

  
 46 

 12.8. Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

 12.9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware. 

  
 47 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this
Agreement of Limited Partnership, all as of the date first set forth above. 
  

					
	 GENERAL PARTNER:

	
	 INVESCO REAL ESTATE INCOME TRUST

INC.

		
	 By:
	 	 /s/ R. Scott Dennis

		 	 Name: R. Scott Dennis

		 	 Title: President and CEO

	
	 SPECIAL LIMITED PARTNER:

	
	 INVESCO REIT SPECIAL LIMITED

PARTNER L.L.C.

	
	 By: Invesco Realty, Inc. its sole member

			
		 	 By:
	 	 /s/ R. Scott Dennis

		 		 	 Name: R. Scott Dennis

		 		 	 Title: President and CEO

 EXHIBIT A 
  

																																									
	 Partner
	  	Type of
Interest	 	  	Contribution	 	  	Agreed
Value of
Contribution	 	  	Class T
Units	 	  	Class S
Units	 	  	Class D
Units	 	  	Class I
Units	 	  	Class E
Units	 	  	Class N
Units	 	  	Percentage
Interest	 
	 GENERAL PARTNER
	  				  				  				  				  				  				  				  				  				  			
	 Invesco Real Estate Income Trust Inc.
 1555
Peachtree Street, N.E.
 Suite 1800
 Atlanta, Georgia
30309
	  	 

 
	General
Partnership
 Interest
	 
 
  
	  	 	N/A	 	  	 	$ N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 
		  	 
 
 
	Limited
 Partnership
 Interest
	 
  
  
	  	$	200,000		  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	8,000	 	  	 	100	% 
	 LIMITED PARTNER:
	  				  				  				  				  				  				  				  				  				  			
	 Invesco REIT Special Limited Partner, L.L.C.

1555 Peachtree Street, N.E.

Suite 1800

Atlanta, Georgia 30309
	  	 
 
 
	Limited
 Partnership
 Interest
	 
  
  
	  	 	N/A	 	  	$	 N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 
	 Totals
	  				  	$	200,000		  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	8,000	 	  	 	100	% 

  
 A-1 

 EXHIBIT B 

NOTICE OF EXERCISE OF REDEMPTION RIGHT 

In accordance with Section 8.5 of the Amended and Restated Limited Partnership Agreement (the “Agreement”) of Invesco REIT
Operating Partnership LP, the undersigned hereby irrevocably (i) presents for redemption Partnership Units in Invesco REIT Operating Partnership LP in accordance with the terms of the Agreement and the Redemption Right referred to in
Section 8.5 thereof, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner
deliverable upon exercise of the Redemption Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es)
specified below. 
 Dated: 
  

	
	 
	 (Name of Limited Partner)

	
	 
	 (Signature of Limited Partner)

	
	 
	 (Mailing Address)

	
	 
	 (City) (State) (Zip Code)

	
	 
	 Signature Guaranteed by:

  

			
	 If REIT Shares are to be issued, issue to:

	 Name:
                                         
                           

	
	 Social Security or

	 Tax I.D. Number:
                                        

  
 B-1

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