April 27, 2018

City of Naples General Employees' Trust, Police Officers' Retirement Trust, and Firefighters' Retirement Trust

Disclosures AmericanAmerican Realty Realty Advisors Advisors | 3

This presentation is for your information only and is neither an offer to sell nor a solicitation of an offer to buy any securities or financial instruments. The securities to which this presentation relates have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, any other U.S. federal or state or non-U.S. securities laws or the laws of any non-U.S. jurisdiction. The information in these materials is intended solely for within the meaning of Rule 501 of Regulation D under the U.S. Securities Act of 1933. Any product or service referred to herein may not be suitable for any or all persons.

The information in this presentation has been obtained or derived from sources believed by American Realty Advisors to be reliable but ARA does not represent that this information is accurate or complete. Any opinions or estimates contained in this presentation represent the judgment of ARA at the time this presentation was prepared and are subject to change without notice. They should not be considered promises or advice. Performance analysis is based on certain assumptions with respect to significant factors that may prove not to be as assumed. You should understand these assumptions and evaluate whether they are appropriate for your purposes. Performance results are often based on mathematical models that use inputs to calculate results. As with all models, results may vary significantly depending upon the value of the inputs given. Models used in any analysis may be proprietary, making the results difficult for any third party to reproduce.

No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Photos used in this presentation were selected based on visual appearance, are used for illustrative purposes only, and are not necessarily reflective of all the investments in the fund or the investments the fund will make in the future. Investments discussed in this presentation are expected to involve the economic and business risks generally inherent in real estate investments of the type the Fund intends to make. A major risk of owning income-producing properties is the possibility that the properties will not generate income sufficient to meet operating expenses, to service any loans that are secured by the properties or to fund adequate reserves for capital expenditures. The income from properties may be affected by many factors, including, but not limited to, fluctuations in occupancy levels, operating expenses and rental income (which in turn may be adversely affected by general and local economic conditions); the supply of and demand for properties of the type in which the Fund invests; energy shortages; compliance by tenants with the terms of their leases; collection difficulties; the enactment of unfavorable environmental or zoning laws; Federal and local rent controls; other laws and regulations; and changes in real property tax rates. The marketability and value of any properties of the Fund will depend on a number of factors beyond the control of the Fund, including, but not limited to, those previously described. Furthermore, there can be no assurance that a ready market for the properties of the Fund will exist at any particular time, since investments in real properties are generally considered to be more illiquid than publicly-traded securities. Any return to the investors on their investment will depend upon factors that cannot be predicted at the time of investment, that may be beyond the control of the Fund, or that may be uninsurable or not economically insurable (such as losses caused by earthquakes, terrorism or floods). Such factors will also affect the return to the investors on their investment.

The description of certain risk factors in this presentation does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Fund. Investors should read the confidential offering memorandum and consult with their own advisors before deciding to subscribe or invest. In addition, as the investment markets and Fund develop and change over time, an investment may be subject to additional and different risk factors. No assurance can be made that profits will be achieved or that substantial losses will not be incurred.

American Core Realty Fund is authorized to borrow up to 40% of the total gross value of the real estate assets owned by the Fund and is not required to reduce debt in the event the total value of their real estate declines. Please review the applicable provisions in the limited partnership agreement and investment policy statement. The use of leverage introduces the risk that cash flow from properties so encumbered, or from other sources, may not be sufficient to service the secured debt and therefore could result in the loss of equity through foreclosure. This presentation should be considered confidential and may not be reproduced in whole or in part, and may not be circulated or redelivered to any person without the prior written consent of ARA. This presentation is intended for the investors, their consultants, and prospective investors only. Past performance is not a guide to or otherwise indicative of future results. As with all investments there are associated inherent risks. The investments made by the Fund and described herein are not FDIC insured, are not bank guaranteed, are not guaranteed by ARA and may lose value. Disclosures AmericanAmerican Realty Realty Advisors Advisors | 4

ARA will receive fees or other compensation in connection with capital invested in the Fund (the details of which are further described in the confidential offering memoranda). Accordingly, ARA has a financial interest which precludes it from providing impartial investment advice or making recommendations in a fiduciary capacity in connection with potential investments by investors investing assets of employee benefit plans or IRAs. You must exercise your own independent judgment in determining whether to invest in the Fund ARA is not acting and cannot act as your fiduciary under the Employee Retirement Income Security Act of 1974, as amended or the Internal Revenue Code of 1986, as amended in connection with a decision to invest in the Fund. This presentation (and any other information or discussion provided by ARA or its agents in conjunction therewith) is solely designed to provide information that may be helpful for investors to consider an investment in the Fund and not to provide you with any investment recommendation, suggestion or advice. Further, this presentation is not intended for ERISA plans or IRAs, other than a fiduciary of such plan or IRA that is an fiduciary with financial as described in 29 C.F.R. Sec. 2510.3-21(c)(1).

This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions. American Realty Advisors cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and ARA assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to factors previously disclosed in the disclosure documents and those identified elsewhere in this presentation, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies by ARA on behalf of the Fund and/or by others in its industry; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets; (3) the relative and absolute investment performance and operations of the investments; (4) the impact of increased competition in the financial, capital and real estate markets; (5) the impact of capital improvement projects in the real estate markets; (6) the impact of future acquisitions and divestitures by the Fund, its competitors and other participants in the financial, capital and real estate markets; (7) the favorable or unfavorable resolution of legal proceedings affecting the investments; (8) the impact, extent and timing of technological changes; (9) the impact of legislative and regulatory actions and reforms and increasing regulatory, supervisory or enforcement actions of government agencies relating to the investments; (10) terrorist activities, which may adversely affect the general economy, real estate, financial and capital markets and specific industries; (11) the ability of ARA to attract and retain highly talented professionals; and (12) the impact of changes to the tax code and tax legislation in general. American Realty Advisors | 5

American Realty Advisors

Committed to Excellence

“Our mission is to create and implement client-focused institutional real estate investment strategies designed to provide superior returns, capital preservation, and growth, delivered with a high level of integrity, communication, and service.”

Stanley L. Iezman Scott Darling Kirk Helgeson Jay Butterfield Executive Managing Director Chairman & CEO President Chief Investment Officer About ARA AmericanAmerican Realty Realty Advisors Advisors | 6 Today’s Presenter Jeff Miller Senior Vice President, Client Portfolio Manager

Years of real estate experience: 36 years Education: University of Virginia: B.S.; Pratt Institute: M.S.

Jeffrey Miller is Senior Vice President, Client Portfolio Manager, responsible for developing and maintaining new and existing relationships with institutional investors for the full range of real estate investment products. Prior to joining ARA, Mr. Miller co-founded Barrington Capital Partners, where he served as the Director and was responsible for the oversight of sourcing acquisitions, conducting due diligence, and the underwriting of investments for the Northeast, Mid-Atlantic, Midwest and Southeast U.S. regional markets. Prior to that, Mr. Miller also co-founded and served as a Director for Challenger Financial Services group, where he led their U.S. investment operations. About American Realty Advisors About ARA AmericanAmerican Realty RealtyRealty Advisors Advisors Advisors | | 88 We Are Leaders in Real Estate Investment Management

Accounting, Administration, Asset Management, Corporate, Los Angeles Investments, Legal/Compliance, (Headquarters) Marketing/Client Service, Portfolio Management, Research 23 Boston Investments YEARS 100% Asset Management, Dispositions, EMPLOYEE-OWNED Chicago Investments, Marketing/Client Service, Senior Management Portfolio Management average experience

Asset Management, Marketing/ Connecticut Client Service

Orange County Asset Management Orlando Marketing/Client Service 8 $8.2B Philadelphia Investments OFFICES in AUM San Francisco Asset Management, Investments across the U.S.

Note: All data as of December 31, 2017. American RealtyRealty Advisors Advisors | |99 ARA is a leading privately held real estate investment manager.

The firm is 100% employee owned and client-focused. AUM: $8,247 $7,390 $8.2 billion $6,762

$5,988

$5,227 Institutional Accounts: $4,526 $4,363 $4,219 502 $3,392 $3,417 $3,337 AUM at year end

USD USD Millions $2,523

$1,423

$1,194 $983 Number of accounts at year end

19 65 65 131 173 204 218 222 245 291 316 362 386 402 480 502

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Assets under management represent approximate gross market value of all assets and accounts managed by ARA excluding partners hare of equity About ARA AmericanAmerican Realty Realty Advisors Advisors | 10 Firm Structure

Investment Committee

Stanley L. Iezman Dan Robinson Michael Gelber Chairman & Chief Executive Officer Managing Director Executive Vice President 43 yrs. industry experience | 29 yrs. on I.C. 33 yrs. industry experience | 16 yrs. on I.C. 27 yrs. industry experience | 3 yrs. on I.C. Scott Darling Paul Vacheron Chris Macke President Managing Director Managing Director 37 yrs. industry experience | 21 yrs. on I.C. 34 yrs. industry experience | 13 yrs. on I.C. 25 yrs. industry experience | 3 yrs. on I.C. Kirk Helgeson Martha Shelley Chief Investment Officer Executive Vice President 28 yrs. industry experience | 15 yrs. on I.C. 34 yrs. industry experience | 2 yrs. on I.C.

Management Committee Operations Committee Valuation Committee

Senior Management

Stanley L. Iezman Jay Butterfield Kristin Adrian Chairman & Chief Executive Officer Executive Managing Director General Counsel/Chief Compliance Officer Kirk Helgeson 39 yrs. experience 38 yrs. experience Chief Investment Officer Paul Vacheron Glenn Anderson Managing Director Chief Accounting Officer Scott Darling 26 yrs. experience President

Departments

Investor Relations Portfolio Management/Research Investments

Asset Management Legal/Compliance Accounting

As of December 31, 2017. About ARA AmericanAmerican Realty Realty Advisors Advisors | 11 Risk Management and Client Focus: The Foundation of Our Firm

> Extensive experience acting as an ERISA fiduciary investing in accordance with state and federal fiduciary guidelines

> Risk control forms the basis of our investment process • Legal/Compliance and Risk Management department involved in all aspects of transactions • Avoidance of conflicts of interest • No litigation with clients concerning investment management services provided by ARA

> Defined culture of teamwork and integrity

> Sole focus on institutional real estate investment builds strong alignment of interests with our investors

> Recognition of our role as a steward of the capital for plan participants and their beneficiaries About ARA American Realty Advisors | 12 Robust and Integrated Investment Process

Investment Investment Committee Legal/Compliance Process

> Forms framework for executing > Works with Investment and Asset acquisition and disposition strategies Management Teams • Determines key indicators to support • Develops portfolio mix implementation of strategy Research Portfolio • Actively manages portfolios • Identifies key market factors to Management Team • Establishes acquisition criteria and maximize long-term returns Team execution of the purchase and sale

> Involved throughout investment Portfolio cycle with Investment and > Coordinates with Portfolio Portfolio Management Teams Management and Asset Asset Management Teams • Executes the asset level business Investment plan Management • Sources, identifies, underwrites, Team Team performs due diligence, and closes • Supervises on-site property investments managers, leasing agents and other professionals • Provides feedback on capital market conditions • Oversees capital budget programs • Implements exit strategy About ARA AmericanAmerican Realty RealtyRealty Advisors Advisors Advisors | | 1313 Our Commitment to Sustainable Investing

Vision > To create a positive impact far beyond our buildings 7.5MM and operations. SQUARE FEET of ENERGY STAR Mission awarded assets

> To conduct our business and investment activities in a responsible and sustainable manner that adds value to our clients and communities.

Performance Targets | Over a 10 year period 5.3MM SQUARE FEET of LEED certified assets

72 2017 survey result, 3 years of Core Fund membership

Note: Data as of: December 31, 2017. References to Energy Star awarded & LEED certified assets relate to properties in all portfolios managed by ARA. The American Core Realty Fund American Core Realty Fund AmericanAmerican Realty RealtyRealty Advisors Advisors Advisors | | 1515 A Proven Core Real Estate Strategy

The American Core Realty Fund

> A diversified open-end commingled fund Diversified, high-quality, income- producing real estate assets > We invest primarily in high-quality core income-producing office, industrial, Stable investments with durable retail, and multi-family properties occupancy and resulting income coupled with upside potential

> We implement a research-based approach targeting well located Disciplined risk and financial properties in the top submarkets within management major metropolitan areas nationwide Primary market emphasis resulting in highly liquid assets > investors with broad based private commercial real estate exposure and Hands-on management and strong attractive risk-adjusted returns relationships with lenders, borrowers, sponsors, sellers, and the brokerage community > Target performance of 7-9% gross returns over a full market cycle

The performance target above is an estimate based on information available at the time of forecasting and is not a guarantee of future results. It is important to understand that investments of the type made by the Fund pose the potential for loss of capital over any time period. Many factors affect fund performance, including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any investment, will fluctuate, so that, when an investment is sold, the amount received could be less than what was originally invested. Please refer to disclosures at the beginning of this presentation. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 16 Fund Snapshot

As of December 31, 2017

Gross Asset Value $5,973 million

Net Asset Value $4,754 million

Number of Investments 68

Cash Position 2.4%

Leverage Ratio 19.5% Foundry III | San Francisco, CA Total Square Footage 16.2 million

Total Commercial Tenants 534

Units (multi-family) 2,676

Leased Percentage 93.5%

Inception Date 4Q 2003

Capital Flows

Number of Investors 410

Undrawn Commitments $105 million

Redemption Queue $0 million

Madison at Racine | Chicago, IL

Use of leverage may create additional risks. Please refer to disclosures at the beginning of this presentation. Square footage and units excludes developments. American Core Realty Fund AmericanAmerican RealtyRealty AdvisorsAdvisors | 1717 Key Business Plan Metrics

2017 Target 2017 Actual 2018 Target

Acquisitions $750M - $850M $641M $700 - $800M > The 2018 Core Fund business plan highlights our active fund

Dispositions $400M - $500M $651M $350 $450M management combined with the strength of completing our recent repositioning Percentage Leased 94.0% 93.5% 94.0% - 94.5%

> Strong portfolio leasing levels, Net Operating Income $220M - $225M $236M $235M - $244M in-place contractual rental rate escalations, and moderate NOI Growth (Same Store) 4.0% 2.3% 3.4% market rent increases are generating compelling net Income Return 3.75% - 4.00% 4.01% 4.00% - 4.25% operating income growth propelling our Core Fund Appreciation Return 2.75% - 3.50% 3.94% 2.50% - 3.25% income returns higher

6.50% - 7.50% 8.07% gross 6.50% - 7.50% Total Return > After a seven-year double gross 7.01% net gross digit return environment, core Weighted Average 5.3 yrs 5.8 yrs 6.1 yrs 6.0 yrs 6.5 yrs real estate yields are returning Lease Expiration to long-term average levels

Number of Tenants 550 650 534 450 550

Fund Leverage 20% - 23% 19.5% 21% - 23%

The income return and appreciation return projections above are estimates based on information available as of December 31, 2017. The 2017 actual total returns include leveraged returns before (gross) and after (net) the deduction of investment management fees and reflect the reinvestment of some income. The 2017 actual returns are calculated at the Core Fund level and may not be reflective of the actual performance returns experienced by any one investor. The projections and past performance are not a guarantee of future results. It is important to understand that investments of the type noted above pose the potential for loss of capital over any time period. Many factors affect asset performance including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any investment will fluctuate, so that when an investment is sold, the amount received and the actual returns realized could be less than what was originally invested or that estimated at the time the investment was made. Use of leverage may create additional risks. Please refer to disclosures at the beginning of this presentation. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 18 Fourteen Years of Strong Growth

> Number of Investments > Number of Investors

100 68 500 410 Current Investments 400 75 Current Investors 300 50 200 25 100

0 0

Dec-11

Dec-11

Dec-17

Dec-12

Dec-13

Dec-15

Dec-17

Dec-12

Dec-13 Dec-16

Dec-15

Dec-14

Dec-16

Dec-14

Dec-10

Dec-10

Dec-07

Dec-03

Dec-05

Dec-08

Dec-07

Dec-03 Dec-06 Dec-09

Dec-05

Dec-08

Dec-04

Dec-06 Dec-09 Dec-04

> Historical Growth GAV and NAV since Inception $5,973mm $6,000 Gross Asset Value $5,000

$4,000 $4,754mm $3,000 Net Asset Value

$2,000 USD Millions USD $1,000

$0

Dec-11

Dec-17

Dec-12

Dec-13

Dec-15

Dec-16

Dec-14

Dec-10

Dec-07

Dec-03

Dec-05

Dec-08

Dec-06 Dec-09 Dec-04

Data as of December 31, 2017. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 19 Balanced Portfolio Composition

Seattle Minneapolis Boston

New York Chicago Philadelphia Denver Baltimore San Francisco Bay Area Washington, D.C. Inland Empire Raleigh Los Angeles Orange County Atlanta San Diego Dallas Jacksonville

Houston South Florida

Investment Exposure per Market Geographic Diversification Sector Diversification

<$50M Midwest 12.2% Office 36.8% $50M-$150M Multi-Family East $150M-$300M West 34.7% 21.2% 41.7%

>$300M Retail Industrial South 21.6% 11.4% 20.4%

Portfolio diversification based on gross fair values as of December 31, 2017. Investment exposure by market and geographic diversification excludes investments in mortgage-backed certificates. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 20 Portfolio Holdings Consistently Within Target Ranges

> Property Type Mix 40% 37% 37% American Core Realty Fund vs. NFI-ODCE 30% 25% 20% 21% 22% 20% American Core Realty Fund 20% 14% NFI-ODCE 10% Core Fund Target Range 4% 0% Two Year Investment Plan Target 0% Industrial Multi-Family Retail Office Other

> Geographic Mix 50% 42% 39% American Core Realty Fund vs. NFI-ODCE 40% 35% 33% 30% American Core Realty Fund 18% 20% 12% NFI-ODCE 11% 9% 10% Core Fund Target Range

0% West South Midwest East

Source: NFI-ODCE Index as of December 31, 2017. This analysis represents the American Core Realty Fund portfolio as of December 31, 2017 using gross fair value. Geographic Mix excludes investments in mortgage-backed certificates. Information is taken from sources believed to be reliable but accuracy cannot be guaranteed. NFI-ODCE is the NCREIF Fund Index Open End Diversified Core Equity (value weight) and is an index published by the National Council of Real Estate Investment Fiduciaries (NCREIF). NFI-ODCE-Value Weighted % is based upon gross real estate value and excludes property types not included in the chart. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 21 Diversification Across Target Markets and Property Types

> Top 10 Markets $700

$600

$500 Office

Retail $400

Multi-Family $300

Industrial Millions $200

$100

$0 New York, NY Chicago, IL San Francisco, Seattle, WA Washington, Boston, MA Los Angeles, San Miami, FL Inland Empire, CA DC CA Jose/Santa CA Clara, CA > Top 10 Properties Property Name Type MSA GFV Percentage of Fund 499 Park Avenue Office New York, NY $520,000,000 8.84% Foundry Square III Office San Francisco, CA $364,000,000 6.19% 1K Fulton Office Chicago, IL $309,000,000 5.25% 2201 Westlake Office Seattle, WA $287,000,000 4.88% University Station Retail Westwood, MA $216,000,000 3.67% Cupertino City Center I & II Office San Jose/Santa Clara, CA $193,000,000 3.28% 153 Townsend Street Office San Francisco, CA $188,000,000 3.20% Continuum Multi-family Boston, MA $168,032,311 2.86% ALARA Union Station Multi-family Denver, CO $156,000,000 2.65% Festival at Riva Retail Baltimore, MD $153,000,000 2.60% TOTAL: $2.55 billion 43%

Based on gross fair value as of December 31, 2017. American Core Realty Fund American Realty Advisors | 22 City of Naples General Employees Retirement Trust

Investment Summary Net Contributions to Date as of December 31, 2017 2017 $ 2,500,000 Inception-to-Date

Contributions $ 2,500,000

NET INVESTMENT $ 2,500,000 Redemptions - Net Income 42,735 Distributions - Appreciation 54,034

ENDING NET ASSET VALUE $ 2,596,769

| Performance History (%) Inception: 01/03/2017 Through December 31, 2017 4Q17 3Q17 2Q17 Income (Gross) 0.98 1.02 1.01 Appreciation 0.76 0.88 0.96 TOTAL PORTFOLIO (Gross) 1.73 1.90 1.97 NFI-ODCE (Gross) 2.07 1.87 1.70

TOTAL PORTFOLIO (Net) 1.45 1.62 1.69 NFI-ODCE (Net) 1.85 1.64 1.47

PERFORMANCE DISCLAIMER: The returns above are for the City of Naples General Employees Retirement investment in the American Core Realty Fund, include leveraged returns before (gross) and after (net) the deduction of investment management fees and include the reinvestment of some income. The sum of annualized component returns may not equal the total return due to the chain-linking of quarterly returns. The NFI-ODCE Value Weight is an unmanaged index published by the National Council of Real Estate Investment Fiduciaries. NFI-ODCE returns are shown before (gross) and after (net) the deduction of any investment management fees and include leverage. Although the Fund may invest in similar property types as the NFI-ODCE, the weighting of each property type will differ from the NFI-ODCE in any measurement period. The performance information is considered supplemental information and complements the attached Core Commingled Real Estate Investments Composite performance. Past performance is not a guarantee of future results and it is important to understand that investments of the type made by the Fund pose the potential for loss of capital over any time period. Many factors affect fund performance including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any investment will fluctuate, so that when an investment is sold, the amount received could be less than what was originally invested. Use of leverage may create additional risks. Please refer to disclosures at the beginning of this presentation. American Core Realty Fund American Realty Advisors | 23 City of Naples Police Officers' Retirement Trust

Investment Summary Net Contributions to Date as of December 31, 2017 2017 $ 2,200,000 Inception-to-Date

Contributions $ 2,200,000

NET INVESTMENT $ 2,200,000 Redemptions - Net Income 37,607 Distributions - Appreciation 47,550

ENDING NET ASSET VALUE $ 2,285,157

| Performance History (%) Inception: 01/03/2017 Through December 31, 2017 4Q17 3Q17 2Q17 Income (Gross) 0.98 1.02 1.01 Appreciation 0.76 0.88 0.96 TOTAL PORTFOLIO (Gross) 1.73 1.90 1.97 NFI-ODCE (Gross) 2.07 1.87 1.70

TOTAL PORTFOLIO (Net) 1.45 1.62 1.69 NFI-ODCE (Net) 1.85 1.64 1.47

PERFORMANCE DISCLAIMER: The returns above are for the City of Naples Police Officers' Retirement investment in the American Core Realty Fund, include leveraged returns before (gross) and after (net) the deduction of investment management fees and include the reinvestment of some income. The sum of annualized component returns may not equal the total return due to the chain-linking of quarterly returns. The NFI-ODCE Value Weight is an unmanaged index published by the National Council of Real Estate Investment Fiduciaries. NFI-ODCE returns are shown before (gross) and after (net) the deduction of any investment management fees and include leverage. Although the Fund may invest in similar property types as the NFI-ODCE, the weighting of each property type will differ from the NFI-ODCE in any measurement period. The performance information is considered supplemental information and complements the attached Core Commingled Real Estate Investments Composite performance. Past performance is not a guarantee of future results and it is important to understand that investments of the type made by the Fund pose the potential for loss of capital over any time period. Many factors affect fund performance including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any investment will fluctuate, so that when an investment is sold, the amount received could be less than what was originally invested. Use of leverage may create additional risks. Please refer to disclosures at the beginning of this presentation. American Core Realty Fund American Realty Advisors | 24 City of Naples Firefighters' Retirement Trust

Investment Summary Net Contributions to Date as of December 31, 2017 2017 $ 2,300,000 Inception-to-Date

Contributions $ 2,300,000

NET INVESTMENT $ 2,300,000 Redemptions - Net Income 39,316 Distributions - Appreciation 49,711

ENDING NET ASSET VALUE $ 2,389,027

| Performance History (%) Inception: 01/03/2017 Through December 31, 2017 4Q17 3Q17 2Q17 Income (Gross) 0.98 1.02 1.01 Appreciation 0.76 0.88 0.96 TOTAL PORTFOLIO (Gross) 1.73 1.90 1.97 NFI-ODCE (Gross) 2.07 1.87 1.70

TOTAL PORTFOLIO (Net) 1.45 1.62 1.69 NFI-ODCE (Net) 1.85 1.64 1.47

PERFORMANCE DISCLAIMER: The returns above are for the City of Naples Firefighters' Retirement investment in the American Core Realty Fund, include leveraged returns before (gross) and after (net) the deduction of investment management fees and include the reinvestment of some income. The sum of annualized component returns may not equal the total return due to the chain-linking of quarterly returns. The NFI-ODCE Value Weight is an unmanaged index published by the National Council of Real Estate Investment Fiduciaries. NFI-ODCE returns are shown before (gross) and after (net) the deduction of any investment management fees and include leverage. Although the Fund may invest in similar property types as the NFI-ODCE, the weighting of each property type will differ from the NFI-ODCE in any measurement period. The performance information is considered supplemental information and complements the attached Core Commingled Real Estate Investments Composite performance. Past performance is not a guarantee of future results and it is important to understand that investments of the type made by the Fund pose the potential for loss of capital over any time period. Many factors affect fund performance including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any investment will fluctuate, so that when an investment is sold, the amount received could be less than what was originally invested. Use of leverage may create additional risks. Please refer to disclosures at the beginning of this presentation. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 25 Superior Risk Adjusted Performance

> Core Returns with Less Volatility (4Q 2017)

7.00% > Over the last ten years the Core Fund has produced total returns in-line with the NFI-ODCE VW index 6.50% with a lower risk profile on average 6.00%

5.50% > Zero current or historical investments in hospitality, ARA self-storage, senior housing, medical office, or 5.00% manufactured housing 4.50%

> 4.00%

91% invested in the largest 13 metros in the U.S., Return Gross Year -

840 bps more than IPD 10 3.50%

> 97% invested in the largest 23 metros in the U.S., 3.00%

465 bps more than IPD 2.50%

2.00% > Historically lower non-core exposure than the index 6.00% 7.00% 8.00% 9.00% 10.00% 11.00% 12.00%

10-Year Standard Deviation > The Core Fund has averaged approximately 500 basis points lower leverage than the NFI-ODCE VW > Better Beta over the last ten years Beta is a measure of the volatility, or systematic risk, of a portfolio in comparison to the market as a whole. The market, or benchmark, beta is 1.0. A beta of less than 1.0 indicates that a fund is less volatile than the > Outperforming risk-return metrics in both up markets and down markets systematic risk than the benchmark. 5-Yr. 7-Yr. 10-Yr. Measure Value Value Value Core Fund Beta 0.89 0.87 0.90

Note: The above standard deviation table is derived from ARA internal research comprised of data for 12 of the 13 possible ODCE funds operating during the ten year period. Data as of December 31, 2017. PERFORMANCE DISCLAIMER: The returns for the American Core Realty Fund above include leveraged returns before (gross) the deduction of investment management fees and include the reinvestment of some income. The sum of annualized component returns may not equal the total return due to the chain-linking of quarterly returns. The NFI-ODCE Value Weight is an unmanaged index published by the National Council of Real Estate Investment Fiduciaries. NFI-ODCE returns are shown before (gross) the deduction of any investment management fees and include leverage. Although the Fund may invest in similar property types as the NFI-ODCE, the weighting of each property type will differ from the NFI-ODCE in any measurement period. The performance information is considered supplemental information and complements the attached Core Commingled Real Estate Investments Composite performance. Past performance is not a guarantee of future results ad it is important to understand that investments of the type made by the Fund pose the potential for loss of capital over any time period. Many factors affect fund performance including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any investment will fluctuate, so that when an investment is sold, the amount received could be less than what was originally invested. Use of leverage may create additional risks. Please refer to disclosures at the beginning of this presentation. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 26 Accretive and Outperforming Investment Strategy

> 2017 Allocation Decisions > Unlevered Total Return Core Fund 2011+ Acquisitions / NFI-ODCE All Properties / NFI-ODCE 2011+Acquisitions • Property type allocation resulted in outperformance particularly overweight to industrial 11.00% • Primary market selection strategy also contributed to 140 outperformance particularly our 2.1x overweight to Seattle 10.00% 120

100 ODCE) -

> Asset Selection 9.00% NFI 80 -

• Recent Core Fund acquisitions have outperformed the bps in Difference (ACRF NFI-ODCE acquisitions as well as overall NFI-ODCE 8.00% 60 property returns 40

Unlevered Total Return Unlevered 7.00% • From 2015-2017, focus has been on newer and larger 20 assets, increasing urban exposure, increasing tenant creditworthiness increasing remaining lease term, and 6.00% 0 accretive income return profiles 1 Year 2 Year 3 Year 4 Year 5 Year

> Structured Investments/Manage-to-Core Core Fund 2011+ Acquisitions • Structured investments (averaging a 9% income return), together with manage-to-core investments comprised NFI-ODCE All Properties 8% of the fund and added to relative outperformance. NFI-ODCE 2011+ Acquisitions > Leverage 2011-2017 All Property Difference (bps) • Leverage position positively contributed to outperformance and near-term leverage levels are expected to be neutral weight

Note: 2011+ Acquisitions includes returns only for those properties acquired after January 1st, 2011. Data is as of December 31, 2017. PERFORMANCE DISCLAIMER: The returns for the American Core Realty Fund above include unleveraged returns before (gross) the deduction of investment management fees and include the reinvestment of some income. The sum of annualized component returns may not equal the total return due to the chain-linking of quarterly returns. The NFI-ODCE Value Weight is an unmanaged index published by the National Council of Real Estate Investment Fiduciaries. NFI-ODCE returns are shown before (gross) the deduction of any investment management fees and include leverage. Although the Fund may invest in similar property types as the NFI-ODCE, the weighting of each property type will differ from the NFI-ODCE in any measurement period. The performance information is considered supplemental information and complements the attached Core Commingled Real Estate Investments Composite performance. Past performance is not a guarantee of future results ad it is important to understand that investments of the type made by the Fund pose the potential for loss of capital over any time period. Many factors affect fund performance including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any investment will fluctuate, so that when an investment is sold, the amount received could be less than what was originally invested. Use of leverage may create additional risks. Please refer to disclosures at the beginning of this presentation. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 27 Conservative Debt Management

> Average Leverage Percentage > Staggered Debt Expiration Schedule Percentage of Fund GAV 1 Year 3 Year 5 Year 10 Year 10% American Core Realty Fund 19.9% 19.5% 19.8% 19.4% 9% NFI-ODCE-VW 21.4% 21.6% 21.8% 24.3% 8% 7% 6% 6.0 years of average remaining term 5% 4% 3.3% 3.5% 3.3% 3% 2.5% 2.5% 2.1% 2.2% 2% 1% rate 0.0% 0.2% 0.0% 0% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+

Staggered debt maturities over the next $ Millions ten years 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+ $125 $0 $12 $130 $198 $210 $0 $150 $150 $200 The weighted average cost of debt of the Core Fund is 3.73%

Current Debt Maturities above represent the Core Fund's effective ownership share of the debt principal balances having terminal maturities occurring in each year as a percentage of the total gross asset value of the Core real estate investments as of December 31, 2017. All leverage information above is as of December 31, 2017. Use of leverage may create additional risks. Please refer to disclosures at the beginning of this presentation. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 28 Consistently High Leasing Rates

Strong current occupancy levels Highly stable over the long term • Core Fund weighted average of 93.5% • The Core Fund average leased percentage over the last ten years is 91.8% • All property types at or above 91.8% • At the lowest quarter during the 2008-2009

percentage was 86%

> Percentage Leased > Percent Leased Q4 2017 10 Years Q4 2007 to Q4 2017

100% 100% 95.2% 93.2% 94.5% 91.8% 93.5% 80% 75% 60%

50% 40%

25% 20%

0% 0% Multi-family Office Industrial Retail Total

Portfolio

Jun-11

Dec-11

Jun-17

Jun-12

Jun-13

Jun-15

Jun-16

Jun-14

Jun-10

Dec-17

Dec-12

Dec-13

Dec-15

Dec-16

Dec-14

Dec-10

Jun-08

Jun-09

Dec-07

Dec-08 Dec-09

Percent Leased

ARA internal research. Q4 2007 to Q4 2017 percentage leased is based on its occupied percentage plus 1.16% which is the average delta between leased and occupied from Q4 2007 to Q4 2017. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 29 Stable and Diverse Tenancy

> Percentage of Total Base Rent > Over 55% of tenancy from companies each by Business Segment generating in excess of $1 billion in annual revenue Local Services - E-Commerce 7.82% Retail & Food Grocery Store 7.00% 7.84%

> 534 unique tenants, reduced from 820 at Transportation & Shipping 6.40% the beginning of 2016 National Retail 10.64% Durable Goods Manufacturing 6.17%

Consulting 4.15% > 6.1 years of weighted average lease Financial Services & Insurance Energy and Mining 3.93% expiration, up from 4.5 at the beginning of 12.20% Non-Profit 3.18% 2016 and above the NFI-ODCE peer set Large Retail Trade 3.01%

average of 6.0 years Technology 13.67% Real Estate Services 2.07%

National Chain Restaurant 2.13% Legal 1.72% > No single tenant comprises more than 5% Telecommunications 2.00%

Ten Largest Tenants by Base Rent

Top Five Office Tenants:

December 31, 2017. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 30 Investment Activity: Acquisitions Last Ten Acquisitions Built/ Acquisition Property Age at Leased Purchase Price/ Property Name MSA Renovated Date Sub-Type Acquisition Percentage Total Cost

1K Fulton 1923/2014 07/01/2016 Chicago, IL Office 2 95% $288,000,000

University Station 2015 08/16/2016 Boston, MA Retail 1 91% $211,600,000

Foundry III 2014 12/13/2016 San Francisco, CA Office 2 100% $350,000,000

Madison at Racine 2014 03/14/2017 Chicago, IL Multi-family 3 96% $99,600,000

King Mill Distribution Center 2016 04/18/2017 Atlanta, GA Industrial 1 100% $47,975,000

4th Street at Delray Beach N/A 05/16/2017 Delray Beach, FL Retail/Office N/A 65% $59,828,876

70 Bordnersville Rd. N/A 10/18/2017 Harrisburg, PA Industrial N/A N/A $4,727,078

Logan Logistics Center 2017 11/01/2017 Philadelphia, PA Industrial N/A 100% $113,000,000

Miami Free Zone 1979 12/15/2017 Miami, FL Industrial 38 85% $85,500,000

Central Park Commons 2016 12/20/2017 Minneapolis, MN Retail 1 99% $126,250,000

Averages 6.8 92% $138 million

Structured Investments During the Same Period

KFRED 25 Various 12/23/2016 National Portfolio Multi-family Various Various $75,203,881

KFRED 30 Various 05/25/2017 National Portfolio Multi-family Various Various $50,000,000

KFRED 39 Various 12/19/2017 National Portfolio Multi-family Various Various $35,000,000

Data as of December 31, 2017. American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 31 Investment Activity: Dispositions

Last Ten Dispositions

Built/ Disposition Property Age at Property Name MSA Sale Price Renovation Date Sub-Type Disposition Office 8300 Greensboro Drive 1981 02/16/2017 Tysons Corner, VA 36 $64,800,000 Suburban Industrial Texas Lombardy 1983 03/08/2017 Dallas, TX 34 $16,440,000 Warehouse Industrial Safari Business Center 1996 05/24/2017 Ontario, CA 21 $90,898,471 Warehouse Industrial 3555-3602 West Washington 1995 05/31/2017 Phoenix, AZ 22 $18,700,000 Warehouse Industrial Swift Center 2006 06/14/2017 Addison, IL 11 $23,300,000 Warehouse Office Newport Corporate Tower 1990 09/14/2017 Orange County, CA 27 $75,600,000 Suburban Multi-family ALARA Greenwood Village 1995 09/14/2017 Denver, CO 22 $91,000,000 Urban Office 1101 14th Street 1982 11/01/2017 Washington, DC 35 $61,750,000 Suburban Office 150 N. Wacker Drive 1970/1992 11/21/2017 Chicago, IL 25 $ 79,946,000 Urban Office Great America Tech Center 1979/2006 12/20/2017 San Jose, CA 11 $ 36,091,000 Suburban

Averages 24 $55.8 million

Data as of December 31, 2017. Recent Core Transactions AmericanAmerican Realty Realty Advisors Advisors | 32

10 Year Quarter Asset Year Built/ Size Leased Income Yield Unlevered Acquired Type Renovated King Mill IRR Q2 2017 Industrial 2016 846,496 SF 100% 4.87% 6.09%

Atlanta, GA Newly Built State-of-the-Art Industrial Asset -tech amenities including LED lighting and electrical charging stations for lifts.

Fully Leased to High Quality Tenant The occupant, Wayfair, signed a 7.2- largest e-commerce companies with $3.4 billion in annual revenue.

Strategic Location Atlanta serves as an economic engine of the South, one of the fastest growing regions in the country. Over 75% of Fortune 1000 companies have operations in Atlanta.

Quarter Asset Income 10 Year Year built Size Leased Acquired Type Yield Unlevered IRR Logan Logistics Q4 2017 Industrial 2017 1,016,116 SF 100% Center 4.61% 5.50%

Durable Cash Flow with High Quality Tenant Long-Term Lease Philadelphia, PA The property is 100% leased to Amazon with a 1.5% contractual rent increase for 15 years.

Class A Construction The asset is a newly-developed 1 million square foot logistics building with a 36 clear height, 50 x 54 column spacing, 195 truck courts, 93 dock high loading doors 1,624 parking spaces, 364 trailer parking spaces, LED lighting.

Positive Regional and Submarket Momentum The Southern New Jersey submarket of Philadelphia has shown acceleration in industrial development as tenants desire a lower cost alternative to traditional regional distribution hubs located in the Northeast. In addition, the impact of e-commerce on the market continues to push tenants southward.

Data as of December 31, 2017. The IRR projections above are estimates based on information available as of December 31, 2017 and are not a guarantee of future results. It is important to understand that investments of the type noted above pose the potential for loss of capital over any time period. Many factors affect asset performance including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any investment will fluctuate, so that when an investment is sold, the amount received and the actual returns realized could be less than what was originally invested or that estimated at the time the investment was made. Please refer to disclosures at the beginning of this presentation. Recent Core Transactions AmericanAmerican Realty Realty Advisors Advisors | 33

10 Year Quarter Asset Year Built/ Size Leased Income Yield Unlevered Acquired Type Renovated Miami Free IRR

Zone Q4 2017 Industrial 1979 822,351 SF 85% 5.17% 6.95%

Miami, FL High Quality Tenants The property is 85% leased to 105 tenants; major tenants include: Lennox Industries, Cargo Express, and Expeditors International of Washington, Inc.

Additional Development Opportunity Upon completion, the industrial complex will be expanded from 3 to 5 free standing structures featuring 32 clear heights, 5-20% office components, and ample parking.

Irreplaceable Core Location The property is located within three miles of the Miami International Airport and just ten miles from the Port of Miami. The submarket is currently built out, with little opportunity for competitive development.

10 Year Quarter Asset Year built Size Leased Income Yield Unlevered Acquired Type Central Park IRR Commons Q4 2017 Retail 2016 402,598 SF 99% 5.51% 6.05%

Minneapolis, MN Brand New Asset A newly-constructed, centrally located Class A grocery-anchored center that serves as the strongest retail asset within the submarket.

Limited Near-Term Roll with Credit Tenancy The center is 99% leased to 26 strong credit tenants with a weighted average remaining lease term of 13 years.

Data as of December 31, 2017. The IRR projections above are estimates based on information available as of December 31, 2017 and are not a guarantee of future results. It is important to understand that investments of the type noted above pose the potential for loss of capital over any time period. Many factors affect asset performance including changes in market conditions and interest rates in response to other economic, political, or financial developments. Investment returns, and the principal value of any investment will fluctuate, so that when an investment is sold, the amount received and the actual returns realized could be less than what was originally invested or that estimated at the time the investment was made. Please refer to disclosures at the beginning of this presentation. Appendix:

Summary of Holdings American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 35 Summary of Holdings: Office As of December 31, 2017

Stated Net Gross Investments MSA Investment Date SF 1 2 Ownership Fair Value Fair Value Ballston Gateway Washington, DC 12/23/2003 145,388 100% $62,800,000 $62,800,000

Deerbrook Corporate Center Chicago, IL 07/01/2006 133,985 100% $16,700,000 $16,700,000

K Street Office3 Washington, DC 03/19/2007 120,778 85% $22,395,257 $35,057,949

Energy Center Houston, TX 06/27/2011 305,586 100% $97,400,000 $97,400,000

Cupertino City Center I & II San Jose/Santa Clara, CA 09/28/2011 311,240 100% $193,000,000 $193,000,000

The Quadrangle Dallas, TX 03/31/2012 194,332 100% $55,300,000 $55,300,000

153 Townsend Street San Francisco, CA 12/04/2012 173,322 100% $142,763,161 $188,000,000

499 Park Avenue New York, NY 06/28/2013 304,767 100% $520,000,000 $520,000,000

2201 Westlake Seattle, WA 07/21/2015 317,102 100% $287,000,000 $287,000,000

One Freedom Plaza4,5 Washington, DC 06/24/2016 283,481 100% $35,494,216 $35,494,216

1K Fulton Chicago, IL 07/01/2016 531,190 100% $309,000,000 $309,000,000

Foundry Square III San Francisco, CA 12/13/2016 292,069 100% $364,000,000 $364,000,000

TOTAL OFFICE REAL ESTATE INVESTMENTS $2,105,852,634 $2,163,752,165

1 gross fair value of the mortgage loan 2 3 Joint venture investment partnership accounted for using the equity method 4 Development 5 Investment in preferred equity American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 36 Summary of Holdings: Industrial As of December 31, 2017 Investment Stated Net Gross Investments MSA SF 1 2 Date Ownership Fair Value Fair Value California Rosslynn Orange County, CA 08/05/2005 257,246 100% $39,300,000 $39,300,000 Marshfield Business Park Baltimore, MD 08/05/2005 1,334,755 100% $110,000,000 $110,000,000 Marquardt Distribution Center Los Angeles, CA 12/13/2005 123,058 100% $22,300,000 $22,300,000 Broadway Center Business Park Los Angeles, CA 08/05/2008 189,270 100% $25,800,000 $25,800,000 Walnut Avenue Industrial Park Orange County, CA 08/05/2008 169,196 100% $28,300,000 $28,300,000 SouthWoods Business Center Atlanta, GA 12/31/2011 531,774 100% $41,500,000 $41,500,000 Rancho Cucamonga Distribution Center Inland Empire, CA 03/31/2012 434,871 100% $30,329,451 $48,100,000 10825 Production Avenue Inland Empire, CA 09/18/2012 753,170 100% $51,685,459 $81,300,000 Sumner 167 Logistics Center - Building 1 Seattle, WA 12/03/2013 234,750 100% $29,700,000 $29,700,000 Arrow Center I & II Inland Empire, CA 12/20/2013 430,972 100% $60,100,000 $60,100,000 Sumner 167 Logistics Center - Building 2 Seattle, WA 03/24/2014 358,598 100% $48,400,000 $48,400,000 3100 West Segerstrom Orange County, CA 06/11/2014 159,163 100% $26,600,000 $26,600,000 GSW Gateway 1 & 2 Dallas, TX 06/11/2014 423,330 100% $31,600,000 $31,600,000 McCook Logistics Center Chicago, IL 08/08/2014 365,359 100% $32,115,467 $46,600,000 Shoemaker Distribution Center Los Angeles, CA 12/18/2014 174,342 100% $30,400,000 $30,400,000 Chantilly Distribution Center Washington, DC 06/16/2015 351,456 100% $51,400,000 $51,400,000 Dulles Woods III Washington, DC 06/16/2015 102,427 100% $16,200,000 $16,200,000 I-88 Gateway Logistics Center Chicago, IL 11/13/2015 604,565 100% $51,100,000 $51,100,000 Crossroads Logistics Center3 Harrisburg, PA 11/20/2015 398,250 98% $23,703,549 $23,703,549 2 Ames Drive Harrisburg, PA 12/21/2015 700,000 100% $68,400,000 $68,400,000 Pacific Commons Logistics Center West3,4 East Bay, CA 12/28/2015 816,970 95% $64,661,380 $64,661,380 King Mill Distribution Center Atlanta, GA 04/18/2017 846,496 100% $49,300,000 $49,300,000 70 Bordnersville Rd. Harrisburg, PA 10/18/2017 345,600 100% $6,513,709 $6,513,709 Logan Logistics Center Philadelphia, PA 11/01/2017 1,016,116 100% $113,466,255 $113,466,255 Miami Free Zone3 Miami, FL 12/15/2017 822,351 98% $84,539,801 $84,539,801 TOTAL INDUSTRIAL REAL ESTATE INVESTMENTS $1,137,415,072 $1,199,284,695

1 gross fair value of the mortgage loan 2 3 Joint venture investment partnership accounted for using the equity method 4 Development American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 37 Summary of Holdings: Multi-Family As of December 31, 2017

Stated Net Gross Investments MSA Investment Date Units 1 2 Ownership Fair Value Fair Value

ALARA Links at Westridge Los Angeles, CA 12/14/2004 230 units 100% $49,534,895 $77,900,000

Weston Lakeside Raleigh, NC 02/22/2007 332 units 100% $40,650,827 $60,700,000

Mural Apartments Seattle, WA 03/22/2012 139 units 100% $40,017,448 $54,200,000

Link Apartments Seattle, WA 03/22/2012 199 units 100% $56,436,377 $80,400,000

111 Kent Avenue New York, NY 05/09/2012 62 units 100% $67,700,000 $67,700,000

ALARA Uptown Dallas, TX 09/30/2013 294 units 100% $54,603,537 $77,100,000

Continuum3 Boston, MA 03/14/2014 325 units 83% $100,502,224 $168,032,311

The Chrystie4 New York, NY 09/12/2014 361 units 100% $86,881,666 $86,881,666

Accent Los Angeles, CA 10/07/2014 196 units 100% $116,000,000 $116,000,000

330 13th Street3,5 San Diego, CA 03/04/2016 226 units 85% $43,350,648 $43,350,648

ALARA Union Station Denver, CO 05/03/2016 314 units 100% $86,000,000 $156,000,000

KFRED 256 National Portfolio 12/23/2016 Various 100% $71,809,789 $71,809,789

Madison At Racine Chicago, IL 03/14/2017 224 units 100% $74,123,948 $102,000,000

KFRED 306 National Portfolio 05/25/2017 Various 100% $50,826,701 $50,826,701

KFRED 396 National Portfolio 12/19/2017 Various 100% $35,082,413 $35,082,413

TOTAL MULTI-FAMILY REAL ESTATE INVESTMENTS $973,520,474 $1,247,983,528

1 gross fair value of the mortgage loan 2 3 Joint venture investment partnership accounted for using the equity method 4 Investment in preferred equity 5 Development 6 Investment in mortgage backed non-guaranteed certificate ALARA is a registered service mark of American Realty Advisors and is used under license American Core Realty Fund AmericanAmerican Realty Realty Advisors Advisors | 38 Summary of Holdings: Retail As of December 31, 2017

Stated Net Gross Investments MSA Investment Date SF 1 2 Ownership Fair Value Fair Value

Waldorf Marketplace I Washington, DC 06/29/2005 205,285 100% $62,800,000 $62,800,000

South Loop Marketplace Chicago, IL 08/05/2005 102,266 100% $47,100,000 $47,100,000

Kendall Miami, FL 03/15/2007 288,152 100% $108,000,000 $108,000,000

Waldorf Marketplace II Washington, DC 06/28/2007 168,519 100% $43,600,000 $43,600,000

Jacksonville, FL 01/07/2010 98,900 100% $29,224,262 $44,300,000

Festival at Riva Baltimore/Towson, MD 12/29/2010 300,963 100% $100,917,617 $153,000,000

Shops at Waterford East Bay, CA 01/27/2011 124,826 100% $58,376,130 $93,900,000

Alexandria Commons Washington, DC 06/30/2011 154,248 100% $54,539,728 $84,100,000

Weston Lakes Plaza Miami/ Fort Lauderdale, FL 03/31/2012 96,451 100% $42,000,000 $42,000,000

@First Retail Center San Jose/Santa Clara, CA 05/03/2012 84,271 100% $57,500,000 $57,500,000

Mission Hills Vons San Diego, CA 07/24/2012 63,992 100% $21,292,891 $34,900,000

Admiral Safeway Seattle, WA 07/24/2012 67,992 100% $23,454,469 $38,000,000

Criterion on the Promenade Los Angeles, CA 12/10/2015 52,980 100% $101,000,000 $101,000,000

University Station Boston, MA 08/16/2016 401,402 100% $216,000,000 $216,000,000

4th Street at Delray Beach3,4 Delray Beach, FL 05/16/2017 98,400 92% $19,522,481 $19,522,481

Central Park Commons Minneapolis, MN 12/20/2017 402,598 100% $126,101,197 $126,101,197

TOTAL RETAIL REAL ESTATE INVESTMENTS $1,111,428,775 $1,271,823,678

1 gross fair value of the mortgage loan 2 3 Joint venture investment partnership accounted for using the equity method 4 Development Appendix:

Florida Investor List About ARA AmericanAmerican Realty Realty Advisors Advisors | 40 Florida Investor List

 Bartow General Employees Retirement System  Grace Contrino Abrams Peace Education Foundation  Baptist Health South Florida, Inc.   Cape Coral Municipal Firefighters' Retirement Plan  Greater Naples Fire Rescue District Firefighters' Pension Plan  Cape Coral Municipal Police Officers' Retirement Plan  H. Lee Moffitt Cancer Center and Research Institute, Inc.  Casselberry Police Officers' and Firefighters' Pension Plan  H. Lee Moffitt Cancer Center and Research Institute Foundation, Inc.  City of Auburndale Retirement Plan for General Employees    Jupiter Police Officers' Retirement Plan  City of Avon Park Police Officers' Retirement System  Key West General Employees' Pension Plan   Key West Utility General Employees Retirement System  City of Dania Beach General Employees' Retirement System  Kissimmee General Employees' Retirement Plan  City of Delray Beach Firefighters' and Police Officers' Retirement System    Lake Worth Firefighters' Pension Trust Fund  City of Homestead New Elected Officials & Senior Management Retirement  Lake Worth General Employees' Retirement System System  Lake Worth Police Officers' D1 Pension Fund  City of Marco Island Firefighters' Pension Fund  Lakeland Police Officers' Retirement System  City of Naples General Employees Retirement Trust  Lauderhill Firefighters Retirement System   Leesburg Municipal Firemen's Retirement Trust  City of Punta Gorda General Employees' Pension Fund  Miami Dade College Foundation  City of Quincy, Florida Police and Firemen's Supplemental Pension Plan  Miami Springs General Employees' Retirement System  City of Tamarac General Employees' Pension Trust Fund  Miami Springs Police and Firefighters' Retirement System   Milton General Employees' Retirement System   Milton Police Officers' Pension Fund  Clair T. Singerman  Miramar Fire Local 2820 VEBA Trust Fund   Miramar Management Retirement Plan  Cocoa General Employees' Retirement Plan  Miramar Police Officers' Retirement Fund  Cooper City General Employees Pension Plan  Miramar Retirement Plan for General Employees  Cooper City Police Pension Fund   Coral Springs Firefighters' Retirement Plan  North Brevard County Hospital District Operating Fund  Coral Springs Police Officers' Pension Plan  North Brevard County Hospital District Pension Plan  Dania Beach Fire and Police Pension Plan  North Miami Retirement System - Ordinance Number 748  Davie Firefighters' Pension Trust Fund  North Port Firefighters' Pension - Local Option Trust Fund  Davie Police Pension Fund  North Port Police Officers' Pension - Local Option Trust Fund  DeLand  Ocala Firefighters' Retirement System  Deerfield Beach Municipal Firefighters' Pension Trust Fund  Ocala Police Officers' Retirement System  Deerfield Beach Municipal Police Officers' Retirement Trust Fund  Ocoee Municipal General Employees' Retirement Trust Fund  Delray Beach Police and Firefighters' Retirement System  Ocoee Police Officers' and Firefighters Retirement Trust Fund  Destin Fire Control District Firefighters' Retirement Trust Fund  Okaloosa Island Fire District Firefighters' Retirement Trust Fund  Englewood Area Fire Control District Firefighters' Pension Trust Fund  Oviedo Firefighters' Pension Trust Fund   Palm Beach Gardens Firefighters' Pension Fund  Fernandina Beach Police Officers' & Firefighters' Pension Plan  Palm Beach Gardens Police Officers' Pension Fund  FOP Ft. Lauderdale Lodge #31 Insurance Trust Fund  Pembroke Pines Fire and Police Pension Fund    Fort Lauderdale Police and Fire Retirement System  Plant City Safety Employees Retirement Plan The above list includes public pension fund investors from Florida who have executed an agreement to invest in products sponsored by American Realty Advisors and whose name is not restricted from being included in this list. It is not known whether the listed investors approve or disapprove of ARA or the advisory services provided. The above list includes investors as of December 31, 2017. About ARA AmericanAmerican Realty Realty Advisors Advisors | 41 Florida Investor List

 Pompano Beach General Employees' Retirement System  Port Orange Fire and Rescue Pension Fund  Port St. Lucie Municipal Police Officers' Retirement Trust Fund  Riviera Beach Municipal Firefighters' Pension Trust Fund  Riviera Beach Police Pension Fund  Sanibel General Employees Pension Fund  St. Cloud General Employees' Retirement System  St. Cloud Police Officers' and Firefighters Retirement System  St. Lucie County Fire District Firefighters' Pension Trust Fund  St. Lucie County Fire District General Employees Retirement System  St. Pete Beach Firefighters' Retirement System  Tamarac Police Officers' Pension Trust Fund  Temple Terrace Police Officers Retirement Trust Fund  Titusville General Employees Pension Fund  Town of Bay Harbor Islands' Pension Fund  Town of Golden Beach Employees' Pension Plan  Town of Indialantic Police Officers' and Firefighters' Retirement System  Town of Longboat Key Consolidated Retirement System  Venice Municipal Firefighters' Pension Trust Fund  Vero Beach Police Officers' Pension Plan  Village of North Palm Beach Fire and Police Retirement Fund  West Manatee Fire and Rescue District Firefighters' Retirement Plan  West Palm Beach General Employees' Restated Defined Benefit Retirement System  Winter Haven Firefighters' Retirement System  Winter Haven General Employees' Retirement System  Winter Haven Police Officers' Retirement System  Winter Springs General Employee Retirement System

The above list includes public pension fund investors from Florida who have executed an agreement to invest in products sponsored by American Realty Advisors and whose name is not restricted from being included in this list. It is not known whether the listed investors approve or disapprove of ARA or the advisory services provided. The above list includes investors as of December 31, 2017. Appendix:

Biographies Appendix AmericanAmerican Realty Realty Advisors Advisors | 43 Key Professionals Stanley L. Iezman Chairman & Chief Executive Officer

Years of real estate experience: 43 years Education: University of California, Santa Barbara: B.A.; University of Southern California: J.D.

Stanley Iezman is Chairman and Chief Executive Officer, responsible for the strategic planning and direction of investing and operational activities. ARA is a private equity real estate firm with over $8 billion of assets under management in equity, debt and preferred equity investments throughout the United States. He is a member of the Investment, Management, and Operations Committees and the Board of Directors. Mr. Iezman is a noted speaker on real estate investment and has authored numerous articles on related issues for real estate, pension, and legal industry publications. Mr. Iezman is an Adjunct Professor at the University of Southern Sol Price School of Public Policy, where he teaches real estate asset management in the Master of Real Estate Development Program and is a member of the Executive Committee of the USC Lusk Center for Real Estate. He also serves as a trustee of the Saint Health Center Foundation in Santa Monica, California, which provides leadership to the Saint Health Center and the John Wayne Cancer Institute, and on the Planning Committee for the USC Real Estate Law and Business Forum, as well as serving on the Board of Directors for The Center Theatre Group which is part of the Los Angeles Music Center. Mr. Iezman is actively involved in The Urban Land Institute, where he sits on the Board of Governors for the ULI Foundation and participates in the Industrial and Office Park Development Council. He is a member of the International Council of Shopping Centers; the National Association of Real Estate Investment Managers; the Pension Real Estate Association; the International Foundation of Employee Benefit Plans; the Los Angeles County Bar Association; the Real Estate Roundtable; the American Bar Association, and was the Chair of the NYU Real Estate Annual Conference on Pension Fund Investment in Real Estate for ten years.

Scott W. Darling President

Years of real estate experience: 37 years Education: Florida State University: B.S.; University of Southern California: J.D. Scott Darling is the President of ARA and leads the Portfolio Management Team where he oversees and is responsible for the investment strategy implementation of largest commingled fund, the American Core Realty Fund. Mr. Darling also serves as a member of the Investment, Management, and Operations Committees . Prior to joining ARA, Mr. Darling served as Director of Asset Management and Sales for the California office at Resolution Trust Corporation, where he was the senior asset officer responsible for the management and sale of over $60 billion in assets from savings and loan institutions. Appendix AmericanAmerican Realty Realty Advisors Advisors | 44 Key Professionals Kirk V. Helgeson Chief Investment Officer

Years of real estate experience: 28 years Education: University of Southern California: B.S.; University of Southern California: M.B.A. Kirk Helgeson is Chief Investment Officer and is responsible for overseeing all acquisition/disposition activity for the investment portfolios. Mr. Helgeson also manages the development, implementation and oversight of value-added strategy through its open-end commingled fund, the American Strategic Value Realty Fund, LP, as well as through separate accounts and closed-end commingled funds. Mr. Helgeson is the Chairman of the Investment Committee and a member of the Management and Operations Committees. Prior to joining ARA, Mr. Helgeson worked for AFP Properties USA, Inc. as the Investment Manager responsible for all aspects of the acquisition and disposition processes and asset management for a multi- class real estate portfolio in excess of $450 million. Prior to that, Mr. Helgeson was a Senior Appraiser for Eichel Inc., where he was responsible for completing complex appraisal and consulting assignments encompassing a wide range of property types.

Jay Butterfield Executive Managing Director, Head of Business Development

Years of real estate experience: 39 years Education: University of California, Berkeley: B.A.; University of California, Los Angeles: M.A., Economics Jay Butterfield is Executive Managing Director, Head of Business Development, responsible for overseeing the fund-level operations of commingled and separate accounts and for directing marketing and Investor Relations for real estate products and services to the institutional investment community. Mr. Butterfield also serves as a member of the Management Committee. Prior to joining ARA, Mr. Butterfield was a Vice-President with Prudential Investments, where he represented the firm's multi-asset investment capabilities to Taft-Hartley plans, public employee retirement systems and corporate plan sponsors in the Western United States and Canada. He has been a CFA® charterholder since 1984. Appendix AmericanAmerican Realty Realty Advisors Advisors | 45 Key Professionals Paul Vacheron Managing Director, Asset Management

Years of real estate experience: 34 years Education: University of California, Berkeley: B.S.; University of California, Los Angeles: M.B.A. Paul Vacheron is Managing Director, Asset Management, responsible for directing all aspects of the nationwide asset management operations. In this capacity, Mr. Vacheron is actively involved with the management, leasing, financing and disposition of assets within the real estate investment portfolio. He is also a member of the Investment and Management Committees. Prior to joining ARA, Mr. Vacheron was Senior Vice President - Asset and Portfolio Management for PM Realty Advisors, where he served as Co-Head of Asset Management for the national real estate investment portfolio, as well as Portfolio Manager for several pension fund separate accounts. Prior to that, he held the position of Senior Vice President - Asset and Portfolio Management for KBS Realty Advisors, where he served as Portfolio Manager for both commingled and separate accounts, as well as handling asset management responsibilities. Mr. Vacheron was a former Certified Public Accountant in the state of California.

Michael Gelber Executive Vice President, Asset Management

Years of real estate experience: 27 years Education: University of California, Los Angeles: B.A. Michael Gelber is an Executive Vice President on Asset Management Team, responsible for directing asset management services for a portfolio of commercial properties within the American Core Realty Fund. Mr. Gelber is also a member of Investment Committee. Prior to joining ARA, Mr. Gelber was Vice President of Titan Real Estate Investment Group, where he was responsible for asset management, financial underwriting and due diligence coordination for core plus and value-added real estate investments. Prior to that, Mr. Gelber was Vice President at Insignia Financial Group, where he handled asset management oversight for a 1.7 million square foot commercial real estate portfolio. In addition, he was responsible for financial due diligence of acquisitions for the Western U.S. Prior to this, Mr. Gelber was Senior Property Manager at Insignia, where he directed the management and leasing operations for several high rise office buildings in Los Angeles, serving both institutional and private clients. Mr. Gelber is a registered real estate salesperson in the state of California and serves as President of the Board for 2201 / Enso Owners Association. Appendix AmericanAmerican Realty Realty Advisors Advisors | 46 Key Professionals

Martha Shelley Executive Vice President, Portfolio Management

Years of real estate experience: 34 years Education: University of Nevada, Reno: B.S. Martha Shelley is an Executive Vice President, Portfolio Management responsible for assisting in the development and implementation of portfolio management, acquisition, and disposition activities of the American Core Realty Fund. Ms. Shelley is also a member of the Investment Committee. Prior to joining ARA, Ms. Shelley was a Senior Vice President and Portfolio Manager with OneWest Bank, where she supervised a team of 20 portfolio management professionals in the on-going management of the $7 billion wholesale loan portfolio. Prior to that, Ms. Shelley was Principal/Owner of Capstone Partners, LLC, involved with all aspects of the commercial real estate development, investment and advisory business. Before that, she was Executive Director with Morgan Stanley Real Estate Advisors, Inc. and Principal with Lendlease Real Estate Investments, Inc. in San Francisco, responsible for new equity investments.

David K. Hubbs Executive Vice President, Portfolio Management

Years of real estate experience: 37 years Education: University of Southern California: B.S. David Hubbs is an Executive Vice President, Portfolio Management responsible for the management of commercial real estate portfolios, with a leadership role in the acquisition and management of properties acquired on behalf of the separate account clients. In addition, Mr. Hubbs is responsible for the development and implementation of portfolio management, acquisition, and disposition activities of the American Core Realty Fund. Prior to joining ARA, Mr. Hubbs was a Principal of PM Realty Advisors, responsible for portfolio and asset management for properties located throughout the United States. Prior to that, Mr. Hubbs held positions in portfolio and asset management with The Garrett Group and with CRG West (a subsidiary of The Carlyle Group). Appendix AmericanAmerican Realty Realty Advisors Advisors | 47 Key Professionals Shelley Santulli Executive Vice President, Portfolio Management

Years of real estate experience: 26 years Education: Duke University: B.A.; University of Chicago: M.B.A. Shelley Santulli is an Executive Vice President, Portfolio Management and part of the team developing and executing strategy for value added fund. Shelley also works with senior leadership on new product development and strategic business initiatives. Most recently, she was Managing Director, Head of Strategy and Business Development at Berkshire Group where she was a member of the Berkshire Group Operating Committee, led strategic planning, product development and strategic business development initiatives and had oversight of economic and market research, corporate communications and corporate administration during her tenure. Prior to joining Berkshire Group, Ms. Santulli held senior real estate investment positions at The Congress Group, Inc., AEW Capital Management, and Fidelity Investments. Her institutional real estate investment experience is deep and broad covering is also a council member of the Urban Land Institute and member of the Pension Real Estate Association.

Christopher Macke Managing Director, Research & Strategy

Years of real estate experience: 25 years Education: University of Southern California: B.A.; Indiana University: M.B.A. Christopher Macke is Managing Director, Research and Strategy, responsible for leading the research efforts and working closely with the Investment and Portfolio Management Teams in developing investment analysis to support acquisitions and strategy implementation. Mr. Macke also serves as a member of the Investment Committee. Prior to joining ARA, Mr. Macke was a Senior Research Strategist with CB Richard Ellis Global Research & Consulting as part of the macroeconomic, property market, and capital market outlook and strategy efforts for clients. Mr. previous real estate experience includes working for large institutional investors such as G.E. Real Estate, providing investment strategy consulting services to large institutional investors such as CalPERS, and advising regulatory agencies, including the U.S. Federal Reserve. He has been a contributor to the Federal Beige Book and is a member of the PREA Research Advisory Council. Appendix AmericanAmerican Realty Realty Advisors Advisors | 48 Key Professionals

Daniel S. Robinson Managing Director, Finance and Investment Consulting

Years of real estate experience: 33 years Education: Utah State University: B.S.; Brigham Young University: M.B.A. Daniel Robinson is Managing Director, Finance/Investment Consulting, responsible for providing specialized real estate consulting services to institutional investors nationwide. He is also responsible for Qualified Professional Asset Manager (QPAM) services provided to Employee Retirement Income Securities Act of 1974, as amended (ERISA)-governed pension plans. Mr. Robinson oversees the origination, underwriting, and management of senior mortgage investment portfolios and manages all borrowing activity for the firm. He is also a member of the Investment Committee. Prior to joining ARA, Mr. Robinson held senior positions at American Real Estate Group and Metropolitan Life. Mr. Robinson is also a licensed real estate broker in the state of California.

Kristin Adrian General Counsel and Chief Compliance Officer

Years of legal experience: 38 years Education: University of California, Irvine: B.A.; University of California, Hastings College of Law: J.D. Kristin Adrian is General Counsel and Chief Compliance Officer, responsible for overseeing compliance with the Investment Advisers Act of 1940, with the Employee Retirement Income Securities Act of 1974, and with the policies and procedures. She is also responsible for overseeing legal issues related to the operations and the commingled funds sponsored by ARA, for the SEC filings, its business recovery plan, its records retention program, and for engaging and oversight of outside counsel. Prior to joining ARA, Ms. Adrian was Senior Vice President, General Counsel for Nestlé USA, responsible for legal matters associated with its U.S. operations, including those related to acquisitions and divestitures. Prior to that, Ms. Adrian was a Partner with the law firm of Bronson, Bronson & McKinnon, where she provided legal advice in the areas of real estate syndications, private placements, and general Advisers Act issues. Ms. Adrian is a member and past chair of the Executive Committee of the Corporate Law Departments Section of the Los Angeles County Bar Association and has been elected to the Board of Trustees of the Association. Appendix AmericanAmerican Realty Realty Advisors Advisors | 49 Key Professionals

Glenn Anderson Chief Accounting Officer

Years of accounting experience: 26 years Education: California State Polytechnic University, Pomona: B.S.; University of Southern California: M.B.A. Glenn Anderson is Chief Accounting Officer, responsible for the oversight and management of the accounting, reporting and treasury functions. Prior to joining ARA, Mr. Anderson served as Funds Controller for Colony Advisors with similar responsibilities. Prior to that, he worked as Assistant Controller for The Ryland Group and as an Assistant Vice President in the Commercial Services division of The CIT Group. Mr. Anderson is an alumnus of Deloitte & Touche, holds a Certified Public Accountant license, is a member of the American Institute of Certified Public Accountants, and represents the firm on the Accounting Committee of the National Council of Real Estate Investment Fiduciaries. Appendix AmericanAmerican Realty Realty Advisors Advisors | 50 Core Commingled Real Estate Investments Composite COMPOSITE RETURN DATA NCREIF NFI-ODCE COMPOSITE STATISTICS AT YEAR-END

Gross-of-Fees Net-of-Fees Equal Weight (2003-2015) # Of Composite Total Firm % Total Value Weight (2016 Forward)Total Accounts Assets Net Assets* Externally Year Return Income Appreciation Total Return Income Appreciation Return ** ($ Millions) ($ Millions) Valued 2016 7.09% 3.96% 3.04% 6.04% 4.50% 4.12% 8.77% 1 4,488 6,067 93% 2015 15.35% 4.76% 10.23% 14.22% 4.83% 9.97% 15.17% 1 3,935 5,588 95% 2014 11.61% 5.23% 6.13% 10.51% 5.07% 7.03% 12.38% 1 3,458 5,083 95% 2013 12.36% 5.24% 6.85% 11.25% 5.28% 7.74% 13.34% 1 2,935 4,385 98% 2012 11.26% 5.14% 5.89% 10.18% 5.40% 5.38% 11.03% 1 2,576 3,853 97% 2011 15.04% 5.29% 9.39% 13.91% 5.52% 9.99% 15.96% 1 2,168 3,496 100% 2010 11.21% 5.79% 5.19% 10.18% 6.55% 9.11% 16.14% 1 1,339 2,718 95% 2009 -29.99% 5.50% -34.02% -30.68% 5.98% -34.90% -30.65% 1 1,131 2,560 100% 2008 -5.30% 4.38% -9.37% -6.19% 4.71% -14.54% -10.37% 1 1,694 3,451 92% 2007 17.25% 5.21% 11.60% 16.20% 5.12% 10.53% 16.08% 1 1,781 3,566 64% * Assets under management represent the net value of all assets and accounts managed by American Realty Advisors (excluding partners' share of equity and debt on partnership Annualized Returns investments and non-real estate debt assets through 12/31/10). Prior to March 31, 2008, ARA 3 year 11.30% 4.65% 6.43% 10.20% 4.80% 7.01% 12.08% reported total firm assets as the amount of assets under management plus undrawn capital commitments and noted the amount of such undrawn commitments in a footnote. Effective 5 year 11.50% 4.87% 6.40% 10.41% 5.02% 6.83% 12.12% March 31, 2008, ARA restated year-end total firm assets from 2001-2007 to omit such undrawn 10 year 5.54% 5.05% 0.46% 4.52% 5.29% 0.26% 5.58% commitments. ** The portfolio in the composite represents an open-end commingled fund. Since 7.34% 5.04% 2.21% 6.31% 5.56% 2.30% 7.96% Inception 11/21/2003 COMPLIANCE STATEMENT: American Realty Advisors claims compliance with the does not exceed 40% of the gross fair value of such portfolio. Some debt may be hedged using Global Investment Performance Standards (GIPS®) and has prepared and presented this report in derivative securities, may require interest-only payments, or may mature before it is fully compliance with GIPS. ARA has been independently verified for the periods January 1, 2001 amortized. through December 31, 2016. The verification report is available upon request. Verification CALCULATION OF PERFORMANCE RETURNS: Performance is stated in U.S. Dollars, is assesses whether (1) the firm has complied with all the composite construction requirements of presented both gross and net of management fees, and includes the reinvestment of some income the GIPS standards on a firm-wide basis and (2) the policies and procedures are designed to and the effect of cash and cash equivalents. Net of fee returns are reduced by actual asset calculate and present performance in compliance with the GIPS standards. Verification does not management fees, and other expenses incurred in the operation of the real estate and the sole ensure the accuracy of any specific composite presentation. portfolio included in the composite. Performance returns are computed using investment level THE FIRM: ARA is an investment advisor registered with the U.S. Securities and Exchange return formulas, which calculate time-weighted returns for real estate investments by Commission under the Investment Advisers Act of 1940, as amended. geometrically linking component returns and have been adjusted for external cash flows. The sum THE COMPOSITE: The Core Commingled Real Estate Investments Composite, created on of income and appreciation may not equal the total return for annualized periods due to the November 21, 2003, consists of all fully discretionary open-end commingled portfolios managed chain-linking of quarterly returns. Past performance is not a guarantee of future results. by the firm using a core strategy. ARA defines a Core portfolio as one consisting primarily of VALUATIONS: The sole portfolio included in the composite consists primarily of real estate, direct or indirect investments in institutional quality, stabilized, income-producing office, investments in joint ventures invested in real estate, debt investments secured by real estate, and industrial, retail and multi-family properties and other similar investments nationwide. ARA some cash. Real estate values are based upon independent appraisals performed quarterly by a defines a discretionary portfolio as any portfolio over which ARA has full discretion regarding third-party valuation manager/appraiser in three quarters in any given year and by a third-party investment decisions. The firm defines a non-discretionary portfolio as any portfolio over which appraiser in the remaining quarter of such year. The third-party valuation manager/appraiser and ARA does not have full discretion regarding investment decisions. The firm maintains a complete the third-party appraiser are not affiliated with ARA or each other. Consistent with list and description of composites, which is available upon request. methodologies used by typical institutional investors, various approaches are considered during BENCHMARK: For the period beginning January 1, 2007 through December 31, 2015 the the determination of fair value, including the Income Approach, Sales Comparison Approach, composite was benchmarked against the NCREIF Fund Index Open-End Diversified Core Equity and/or Cost Approach or methods applicable to the asset class and geographic region. (NFI-ODCE) Equal Weight Index. NFI-ODCE Equal Weight Index returns were equal-weighted Valuations of real estate involve subjective judgments and unobservable inputs, as the actual fair and shown leveraged before the deduction of any fees. As of January 1, 2016, the value price of real estate can be determined only by negotiations between independent parties in benchmark for performance is the NFI-ODCE Value Weight Index. NFI-ODCE Value Weight Index sales transactions. Policies for valuing portfolios, calculating performance, and preparing returns will be value-weighted and shown leveraged before the deduction of any fees. The compliant presentations are available upon request. change conforms the benchmark to a majority of the other core commingled funds FEES: Asset management fees are paid to ARA quarterly in arrears, are calculated separately for included in the Index. each investor in the fund at an annual rate determined based on capital commitments by each LEVERAGE: The sole portfolio in this composite includes portfolio-level debt and assets that are investor admitted to the fund prior to January 1, 2015 and commitment amount less amounts leveraged using either fixed or variable debt. Total leverage on the portfolio in this composite redeemed to date for investors admitted after January 1, 2015 (ranging from 1.10% down to .80%). For More Information, Please Contact:

Jay Butterfield Executive Managing Director, Head of Business Development 213.233.5743 [email protected]

Scott Beltz | Los Angeles, CA Todd Fowler | Chicago, IL Richelle Hayes | Orlando, FL 213.233.5845 312.905.2002 407.342.1432 [email protected] [email protected] [email protected]

Jon Lulu | Chicago, IL Jeff Miller | East Haddam, CT James Mitchell | Chicago, IL 312.216.4712 857.472.9080 312.216.4715 [email protected] [email protected] [email protected]

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