Plymouth County Retirement Association

September 29, 2020

Meeting Materials

BOSTON CHICAGO LONDON MIAMI NEW YORK PORTLAND SAN DIEGO MEKETA.COM Plymouth County Retirement Association

Agenda

Agenda

1. Estimated Retirement Association Performance As of August 31, 2020

2. Performance Update As of July 31, 2020

3. Current Issues  Non-Core Real Estate RFP Respondent Review  Non-Core Infrastructure Finalist Presentations

4. Disclaimer, Glossary, and Notes

2 of 129 Estimated Retirement Association Performance As of August 31, 2020

3 of 129 Plymouth County Retirement Association

Estimated Retirement Association Performance

Estimated Aggregate Performance1

August2 QTD YTD 1 YR 3 YR 5 YR 10 YR (%) (%) (%) (%) (%) (%) (%) Total Retirement Association 2.7 6.3 0.5 7.8 5.0 6.4 7.9 Policy Benchmark 3.1 6.8 3.0 10.1 6.9 7.7 8.5 Benchmark Returns

August QTD YTD 1 YR 3 YR 5 YR 10 YR (%) (%) (%) (%) (%) (%) (%) Russell 3000 7.2 13.3 9.4 21.4 14.0 13.9 14.9 MSCI EAFE 5.1 7.6 -4.6 6.4 2.3 4.7 5.9 MSCI Emerging Markets 2.2 11.3 0.5 14.5 2.8 8.7 3.8 Barclays Aggregate -0.8 0.7 6.9 6.5 5.1 4.3 3.7 Barclays TIPS 1.1 3.4 9.6 9.0 5.7 4.6 3.7 Barclays High Yield 1.0 5.7 1.7 4.7 4.9 6.5 6.9 JPM GBI-EM Global Diversified (Local Currency) -0.3 2.7 -4.4 1.7 0.7 4.6 1.3 S&P Global Natural Resources 4.0 7.6 -13.0 -1.9 -0.1 5.6 1.5 Estimated Total Assets

Estimate

Total Retirement Association $1,106,611,546

1 The August performance estimates are calculated using index returns as of August 31, 2020 for each asset class. No performance estimate was included for , real estate, infrastructure, and private natural resources asset classes. 2 As of August 31, 2020.

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Performance Update As of July 31, 2020

5 of 129 Plymouth County Retirement Association

Total Retirement Association | As of July 31, 2020

Asset Class Net Performance Summary

Market Value % of 1 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date

_ Total Retirement Association 1,057,509,457 100.0 3.5 -2.1 3.5 4.3 5.2 7.4 7.6 Nov-89 Custom Benchmark - Policy Benchmark (Net) 3.5 0.0 6.0 6.2 6.4 8.0 -- Nov-89 Domestic Equity Assets 279,769,435 26.5 5.3 1.3 8.3 10.0 -- -- 12.3 Jan-16 Russell 3000 5.7 2.0 10.9 11.4 10.9 13.6 12.7 Jan-16 International Developed Market Equity Assets 53,727,590 5.1 3.6 -12.9 -4.8 -2.4 -- -- 2.6 Jan-16 MSCI EAFE 2.3 -9.3 -1.7 0.6 2.1 5.0 4.2 Jan-16 International Emerging Market Equity Assets 109,882,319 10.4 9.2 -0.8 7.4 1.9 -- -- 8.1 Jan-16 MSCI Emerging Markets 8.9 -1.7 6.5 2.8 6.1 3.3 9.5 Jan-16 Global Equity Assets 108,301,471 10.2 5.4 -1.5 4.3 ------2.7 Feb-18 MSCI ACWI 5.3 -1.3 7.2 7.0 7.4 8.9 2.8 Feb-18 Core Fixed Income 100,236,462 9.5 1.4 4.8 6.7 4.6 -- -- 4.4 Jan-16 75% Bbg Barclays Aggregate/25% Bbg Barclays US TIPs 1-10 year 1.5 7.2 9.4 5.3 4.2 3.6 4.7 Jan-16 Value Added Fixed Income (1) 85,680,671 8.1 3.3 -1.3 0.6 3.3 -- -- 5.9 Jan-16 Custom Benchmark 3.4 1.2 3.5 4.4 -- -- 6.7 Jan-16 Hedge Funds 60,175,059 5.7 0.9 -10.0 -5.9 -0.2 1.4 3.7 3.6 Feb-10 Custom Benchmark 1.2 -1.0 0.8 2.1 1.6 2.8 2.6 Feb-10 Real Estate (2) 106,106,970 10.0 0.0 -0.4 5.1 5.6 -- -- 5.1 Jan-16 80% NCREIF ODCE / 20% Wilshire REIT 0.9 -3.3 -0.5 4.3 -- -- 5.2 Jan-16 Private Equity (3) 70,052,245 6.6 0.0 -2.1 5.2 6.6 -- -- 4.3 Jan-16 Cambridge Associates FoF Composite 1Q Lagged 0.0 -1.3 4.0 10.1 9.0 11.2 8.6 Jan-16 Real Assets (4) 66,729,490 6.3 0.0 -3.7 0.2 0.8 -- -- -1.2 Jan-16 CPI + 3% 0.8 1.8 4.0 5.0 4.7 4.8 4.9 Jan-16 Cash and Cash Equivalent 16,847,745 1.6

XXXXX (1) The custom benchmark is comprised of 25% BBgBarc US High Yield/ 25% Suisse Leveraged Loans/ 25% JP Morgan EMBI Global diversified/ 25% BBgBarc Multiverse TR (2) The market value and performance is one quarter lagged. (3) The market value and performance is one quarter lagged. (4) The market value and performance is one quarter lagged.

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Summary | As of July 31, 2020

Trailing Net Performance Market Value % of % of 1 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception ($) Portfolio Sector (%) (%) (%) (%) (%) (%) (%) Date

_ Total Retirement Association 1,057,509,457 100.0 -- 3.5 -2.1 3.5 4.3 5.2 7.4 7.6 Nov-89 Custom Benchmark - Policy Benchmark (Net) 3.5 0.0 6.0 6.2 6.4 8.0 -- Nov-89

Domestic Equity Assets 279,769,435 26.5 26.5 5.3 1.3 8.3 10.0 -- -- 12.3 Jan-16 Russell 3000 5.7 2.0 10.9 11.4 10.9 13.6 12.7 Jan-16

Rhumbline Russell 1000 Value 47,106,372 4.5 16.8 3.9 -12.9 -6.0 2.7 5.3 -- 7.6 Apr-13 Russell 1000 Value 4.0 -12.9 -6.0 2.7 5.4 10.1 7.7 Apr-13

Rhumbline Russell 1000 Growth 51,515,024 4.9 18.4 7.7 18.3 29.9 20.8 16.8 17.2 16.9 Jul-09 Russell 1000 Growth 7.7 18.3 29.8 20.9 16.8 17.3 17.0 Jul-09

Fisher Midcap Value 53,191,647 5.0 19.0 7.1 -0.1 6.8 7.6 9.0 12.0 7.6 Apr-07 Russell MidCap Value 4.7 -14.2 -8.4 0.6 4.3 10.0 5.7 Apr-07

Boston Company Small Cap Growth 68,340,307 6.5 24.4 4.9 26.8 30.2 23.4 16.2 17.2 16.8 Aug-09 Russell 2000 Growth 3.4 0.3 6.0 8.8 7.5 12.6 13.0 Aug-09

LMCG Small Cap Value 59,616,085 5.6 21.3 3.6 -18.9 -12.6 -2.9 2.6 -- 5.5 Mar-11 Russell 2000 Value 2.1 -21.9 -15.9 -3.9 2.2 7.3 5.2 Mar-11

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Summary | As of July 31, 2020

Market Value % of % of 1 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception ($) Portfolio Sector (%) (%) (%) (%) (%) (%) (%) Date

_ International Developed Market Equity Assets 53,727,590 5.1 5.1 3.6 -12.9 -4.8 -2.4 -- -- 2.6 Jan-16 MSCI EAFE 2.3 -9.3 -1.7 0.6 2.1 5.0 4.2 Jan-16

KBI Master Account 19,255,865 1.8 35.8 0.9 -13.3 -5.1 -3.7 -0.8 3.1 2.6 Jul-05 MSCI EAFE 2.3 -9.3 -1.7 0.6 2.1 5.0 4.0 Jul-05

HGK TS International Equity 22,643,043 2.1 42.1 4.4 -6.0 6.7 2.6 4.8 -- 5.9 Feb-11 MSCI EAFE 2.3 -9.3 -1.7 0.6 2.1 5.0 3.3 Feb-11

Copper Rock International Small Cap 11,828,682 1.1 22.0 6.5 -15.2 -10.1 ------7.6 Nov-17 MSCI EAFE Small Cap 3.4 -10.2 0.4 0.4 4.3 7.5 -2.1 Nov-17

International Emerging Market Equity Assets 109,882,319 10.4 10.4 9.2 -0.8 7.4 1.9 -- -- 8.1 Jan-16 MSCI Emerging Markets 8.9 -1.7 6.5 2.8 6.1 3.3 9.5 Jan-16

LMCG Emerging Markets 38,381,394 3.6 34.9 8.1 -7.4 0.0 -1.6 3.0 -- 0.8 Sep-13 MSCI Emerging Markets 8.9 -1.7 6.5 2.8 6.1 3.3 3.8 Sep-13

ABS Emerging Markets 30,341,392 2.9 27.6 10.3 2.6 11.0 ------13.2 Dec-18 MSCI Emerging Markets 8.9 -1.7 6.5 2.8 6.1 3.3 7.8 Dec-18

Copper Rock Emerging Markets Small Cap 10,624,892 1.0 9.7 9.3 -6.4 0.3 ------3.9 Dec-18 MSCI Emerging Markets Small Cap 9.2 -4.7 1.1 -1.2 2.0 2.0 2.7 Dec-18

Driehaus Emerging Markets Growth 30,534,641 2.9 27.8 9.6 6.1 15.9 ------14.6 Mar-19 MSCI Emerging Markets 8.9 -1.7 6.5 2.8 6.1 3.3 4.7 Mar-19

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Summary | As of July 31, 2020

Market Value % of % of 1 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception ($) Portfolio Sector (%) (%) (%) (%) (%) (%) (%) Date

_ Global Equity Assets 108,301,471 10.2 10.2 5.4 -1.5 4.3 ------2.7 Feb-18 MSCI ACWI 5.3 -1.3 7.2 7.0 7.4 8.9 2.8 Feb-18

First Eagle Global Value Fund 20,308,968 1.9 18.8 4.2 -4.2 1.2 ------0.6 Feb-18 MSCI ACWI Value NR USD 3.0 -15.3 -8.7 -0.9 2.5 5.6 -5.5 Feb-18

Kopernik Global All Cap Fund 22,582,308 2.1 20.9 7.2 18.7 19.1 ------5.0 Feb-18 MSCI ACWI Value NR USD 3.0 -15.3 -8.7 -0.9 2.5 5.6 -5.5 Feb-18

Lee Munder Global Multi-Cap Strategy 29,736,596 2.8 27.5 4.5 -5.9 2.8 ------1.5 Mar-18 MSCI ACWI 5.3 -1.3 7.2 7.0 7.4 8.9 4.7 Mar-18

Wellington Durable Enterprises, L.P. 35,673,598 3.4 32.9 5.6 -6.4 -0.6 ------7.4 Mar-18 MSCI ACWI 5.3 -1.3 7.2 7.0 7.4 8.9 4.7 Mar-18

Core Fixed Income 100,236,462 9.5 9.5 1.4 4.8 6.7 4.6 -- -- 4.4 Jan-16 75% Bbg Barclays Aggregate/25% Bbg Barclays US TIPs 1- 1.5 7.2 9.4 5.3 4.2 3.6 4.7 Jan-16 10 year

IR&M Core Bonds 64,261,219 6.1 64.1 1.7 7.6 9.6 5.5 4.3 4.0 4.6 Nov-04 75% Bbg Barclays Aggregate/25% Bbg Barclays US TIPs 1.5 7.2 9.4 5.3 4.2 3.6 4.3 Nov-04 1-10 year

Lord Abbett Short Duration Credit Trust II 35,975,243 3.4 35.9 1.0 1.2 2.8 ------2.8 Aug-19 BBgBarc US Credit 1-3 Yr TR 0.4 3.0 4.7 3.2 2.7 2.3 4.7 Aug-19

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Summary | As of July 31, 2020

Market Value % of % of 1 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception ($) Portfolio Sector (%) (%) (%) (%) (%) (%) (%) Date

_ Value Added Fixed Income 85,680,671 8.1 8.1 3.3 -1.3 0.6 3.3 -- -- 5.9 Jan-16 Custom Benchmark 3.4 1.2 3.5 4.4 -- -- 6.7 Jan-16

Eaton Vance High Yield 22,460,931 2.1 26.2 4.6 0.1 3.6 4.0 5.1 6.6 6.7 Apr-06 ICE BofA US High Yield TR 4.8 -0.2 3.1 4.2 5.7 6.6 7.0 Apr-06

First Eagle Bank Loan Select Fund 21,290,289 2.0 24.8 1.9 -3.2 -1.3 2.0 3.4 -- 4.7 Sep-10 Credit Suisse Leveraged Loans 1.9 -3.0 -1.2 2.5 3.3 4.4 4.3 Sep-10

Manulife Strategic Fixed Income 31,889,451 3.0 37.2 3.2 3.5 6.2 ------5.7 Jul-19 BBgBarc Multiverse TR 3.3 5.9 7.5 4.2 4.3 2.9 6.6 Jul-19

Mesirow High Yield 10,040,000 0.9 11.7 3.5 -2.8 0.4 ------0.4 Aug-19 BBgBarc US Corporate High Yield TR 4.7 0.7 4.1 4.5 5.9 6.8 4.1 Aug-19

Hedge Funds 60,175,059 5.7 5.7 0.9 -10.0 -5.9 -0.2 1.4 3.7 3.6 Feb-10 Custom Benchmark 1.2 -1.0 0.8 2.1 1.6 2.8 2.6 Feb-10

ABS Offshore SPC - Global Segregated Portfolio 23,064,281 2.2 38.3 2.1 0.3 5.7 3.8 2.9 -- 5.2 Aug-10 HFRI Composite Index 2.3 0.7 2.6 2.7 1.9 2.9 3.0 Aug-10

Entrust Special Opportunities Fund III, Ltd. 17,728,478 1.7 29.5 0.0 -18.1 -15.6 -4.1 -- -- 4.4 Oct-16 HFRI Fund of Funds Composite Index (QTR) 0.0 -1.6 0.5 2.3 1.5 2.8 2.8 Oct-16

Old Farm Partners Master Fund, L.P. 5,148,257 0.5 8.6 1.5 1.7 2.9 ------1.6 Oct-18 HFRI Fund of Funds Composite Index 2.3 0.7 2.6 2.7 1.9 2.9 2.0 Oct-18

EnTrustPermal Special Opportunities Evergreen Fund, 14,234,043 1.3 23.7 0.0 -17.0 -8.2 ------3.7 Jan-19 Ltd. HFRI Fund of Funds Composite Index (QTR) 0.0 -1.6 0.5 2.3 1.5 2.8 4.2 Jan-19

Note: The data for EntrustPermal Special Opportunities Evergreen Fund and Entrust Special Opportunities Fund III are based on June 30, 2020 market value, adjusted for subsequent cash flows.

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Summary | As of July 31, 2020 Market Value % of % of 1 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception ($) Portfolio Sector (%) (%) (%) (%) (%) (%) (%) Date

_ Real Estate 106,106,970 10.0 10.0 0.0 -0.4 5.1 5.6 -- -- 5.1 Jan-16 80% NCREIF ODCE / 20% Wilshire REIT 0.9 -3.3 -0.5 4.3 -- -- 5.2 Jan-16

Core Real Estate 67,528,067 6.4 63.6 0.1 1.3 5.3 6.3 -- -- 6.8 Jan-16 NCREIF-ODCE 0.0 -0.6 2.2 5.7 7.3 10.8 6.4 Jan-16

TA Realty Core Property Fund, L.P. 39,827,648 3.8 59.0 0.0 2.9 8.8 ------9.8 Apr-18 NCREIF ODCE 0.0 -0.6 2.2 5.7 7.3 10.8 4.6 Apr-18

JPMorgan Strategic Property 27,700,419 2.6 41.0 0.1 -0.8 1.4 ------1.5 Apr-19 NCREIF-ODCE 0.0 -0.6 2.2 5.7 7.3 10.8 2.4 Apr-19

Non-Core Real Estate 38,578,903 3.6 36.4 0.0 -3.0 4.9 2.8 -- -- 0.1 Jan-16

Private Equity 70,052,245 6.6 6.6 0.0 -2.1 5.2 6.6 -- -- 4.3 Jan-16 Cambridge Associates FoF Composite 1Q Lagged 0.0 -1.3 4.0 10.1 9.0 11.2 8.6 Jan-16

Private Equity 63,182,547 6.0 90.2 0.0 -1.2 6.3 6.3 -- -- 3.3 Jan-16

Venture Capital 6,869,698 0.6 9.8 0.0 -9.6 -3.4 5.0 -- -- 5.6 Jan-16

Real Assets 66,729,490 6.3 6.3 0.0 -3.7 0.2 0.8 -- -- -1.2 Jan-16 CPI + 3% 0.8 1.8 4.0 5.0 4.7 4.8 4.9 Jan-16

IFM Global Infrastructure 37,503,242 3.5 56.2 0.1 -2.8 4.8 ------7.7 Oct-18 CPI+5% (1q Lagged) -0.3 2.7 6.3 ------6.0 Oct-18

Cash and Cash Equivalent 16,847,745 1.6 1.6

Cash 16,847,745 1.6 100.0

XXXXX

Note: The data for Real Estate, Private Equity, and Real Assets are based on March 31, 2020 fair market value, adjusted for subsequent cash flows.

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Prepared by Meketa Investment Group Plymouth County Retirement Association

Summary | As of July 31, 2020

Allocation vs. Target Current Current Within IPS Policy Policy Range Balance Allocation Range?

_ Domestic Equity $279,769,435 26% 26% 21% - 36% Yes International Developed Market Equity $53,727,590 5% 6% 1% - 16% Yes International Emerging Market Equity $109,882,319 10% 10% 5% - 20% Yes Global Equity $108,301,471 10% 10% 5% - 20% Yes Core Bonds $100,236,462 9% 9% 4% - 14% Yes Value-Added Fixed Income $85,680,671 8% 6% 2% - 12% Yes Private Equity $70,052,245 7% 13% 4% - 18% Yes Real Estate $106,106,970 10% 10% 5% - 15% Yes Real Assets $66,729,490 6% 6% 2% - 10% Yes Hedge Fund of Funds $60,175,059 6% 4% 2% - 8% Yes Cash $16,847,745 2% 0% 0% - 3% Yes Total $1,057,509,457 100% 100%

XXXXX

Current Current Within IPS Policy Policy Range Balance Allocation Range?

_ Total Equity $680,737,979 64% 69% 60% - 80% Yes Total Fixed Income $185,917,133 18% 15% 5% - 25% Yes Total Real Assets and Real Estate $174,006,600 16% 16% 13% - 19% Yes Cash $16,847,745 2% 0% 0% - 3% Yes

XXXXX

12 of 129 Plymouth County Retirement Association

Summary | As of July 31, 2020

13 of 129 Plymouth County Retirement Association

Summary | As of July 31, 2020

Annual Investment Expense Analysis As Of July 31, 2020 Name Fee Schedule Market Value Estimated Fee Value Estimated Fee

Domestic Equity Assets $279,769,435 0.05% of First 25.0 Mil, Rhumbline Russell 1000 Value 0.04% of Next 25.0 Mil, $47,106,372 $21,343 0.05% 0.03% Thereafter 0.05% of First 25.0 Mil, Rhumbline Russell 1000 Growth 0.04% of Next 25.0 Mil, $51,515,024 $22,955 0.04% 0.03% Thereafter 0.80% of First 25.0 Mil, Fisher Midcap Value 0.75% of Next 25.0 Mil, $53,191,647 $408,884 0.77% 0.67% Thereafter Boston Company Small Cap Growth 0.45% of Assets $68,340,307 $307,531 0.45% LMCG Small Cap Value 0.90% of Assets $59,616,085 $536,545 0.90% International Developed Market Equity Assets $53,727,590 KBI Master Account 0.65% of Assets $19,255,865 $125,163 0.65% HGK TS International Equity 1.00% of Assets $22,643,043 $226,430 1.00% Copper Rock International Small Cap 0.85% of Assets $11,828,682 $100,544 0.85% International Emerging Market Equity Assets $109,882,319 LMCG Emerging Markets 0.64% of Assets $38,381,394 $245,641 0.64% ABS Emerging Markets Performance-based 0.35 and 0.10 $30,341,392 $109,276 0.36% Copper Rock Emerging Markets Small Cap 0.85% of Assets $10,624,892 $90,312 0.85% Driehaus Emerging Markets Growth 0.55% of Assets $30,534,641 $167,941 0.55%

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Summary | As of July 31, 2020

Name Fee Schedule Market Value Estimated Fee Value Estimated Fee

Global Equity Assets $108,301,471 First Eagle Global Value Fund 0.75% of Assets $20,308,968 $152,317 0.75% 0.80% of First 50.0 Mil, 0.75% of Next 150.0 Mil, Kopernik Global All Cap Fund $22,582,308 $180,658 0.80% 0.70% of Next 250.0 Mil, 0.65% of Next 350.0 Mil Lee Munder Global Multi-Cap Strategy 0.45% of Assets $29,736,596 $133,815 0.45% Wellington Durable Enterprises, L.P. 0.60% of Assets $35,673,598 $214,042 0.60% Core Fixed Income $100,236,462 0.25% of First 50.0 Mil, IR&M Core Bonds 0.20% of Next 50.0 Mil, $64,261,219 $153,522 0.24% 0.15% Thereafter Lord Abbett Short Duration Credit Trust II 0.17% of Assets $35,975,243 $61,158 0.17% Value Added Fixed Income $85,680,671 Eaton Vance High Yield 0.42% of Assets $22,460,931 $94,336 0.42% First Eagle Bank Loan Select Fund 0.40% of Assets $21,290,289 $85,161 0.40% Manulife Strategic Fixed Income 0.35% of Assets $31,889,451 $111,613 0.35% Mesirow High Yield 0.40% of Assets $10,040,000 $40,160 0.40%

XXXXX

15 of 129 Plymouth County Retirement Association

Summary | As of July 31, 2020 Note: The value is based on March 31,2020 FMV.

16 of 129 Plymouth County Retirement Association

Summary | As of July 31, 2020

Note: The value is based on March 31, 2020 FMV.

Note: The value for IFM Global Infrastructure and JPMorgan Strategic Property is as of July 31, 2020.

17 of 129 Plymouth County Retirement Association

Summary | As of July 31, 2020

Cash Flow Summary Month Ending July 31, 2020 Beginning Ending Contributions Withdrawals Net Cash Flow Market Value Market Value

_ 1921 Realty, Inc $750,084 $0 $0 $0 $750,084 ABS Emerging Markets $27,519,303 $0 $0 $0 $30,341,392 ABS Offshore SPC - Global Segregated Portfolio $22,588,877 $0 $0 $0 $23,064,281 AEW Partners Real Estate VIII $13,127,573 $0 $0 $0 $13,127,573 Ascend Ventures II $53,458 $6,923 $0 $6,923 $60,381 Ascent Ventures IV $38,944 $0 $0 $0 $38,944 Ascent Ventures V $3,935,964 $100,000 $0 $100,000 $4,035,964 Audax Mezzanine Debt IV $3,402,349 $0 -$34,810 -$34,810 $3,367,539 Basalt Infrastructure Partners II $8,255,015 $0 $0 $0 $8,255,015 Boston Company Small Cap Growth $65,129,837 $0 $0 $0 $68,340,307 BTG Pactual Global Timberland Resources $2,745,650 $0 $0 $0 $2,745,650 Carlyle Realty Partners VIII $5,795,711 $0 -$369,293 -$369,293 $5,426,418 Cash $13,888,732 $2,959,013 $0 $2,959,013 $16,847,745 Charlesbank Technology Opportunities Fund $262,167 $907,973 $0 $907,973 $1,170,140 Copper Rock Emerging Markets Small Cap $9,716,803 $0 $0 $0 $10,624,892 Copper Rock International Small Cap $11,100,730 $0 $0 $0 $11,828,682 DN Partners II, LP $1,851,631 $0 $0 $0 $1,851,631 Driehaus Emerging Markets Growth $27,848,639 $0 $0 $0 $30,534,641 DSF Multi-Family Real Estate Fund III $16,540,510 $0 -$220,960 -$220,960 $16,319,551 Eaton Vance High Yield $21,467,030 $0 $0 $0 $22,460,931 Entrust Special Opportunities Fund III, Ltd. $17,728,478 $0 $0 $0 $17,728,478 EnTrustPermal Special Opportunities Evergreen Fund, Ltd. $15,227,454 $0 -$993,411 -$993,411 $14,234,043

18 of 129 Plymouth County Retirement Association

Summary | As of July 31, 2020

Beginning Ending Contributions Withdrawals Net Cash Flow Market Value Market Value

_ Euro Choice V Programme $3,993,924 $0 $0 $0 $3,993,924 First Eagle Bank Loan Select Fund $20,891,272 $0 $0 $0 $21,290,289 First Eagle Global Value Fund $19,482,535 $0 $0 $0 $20,308,968 Fisher Midcap Value $44,656,721 $5,000,000 $0 $5,000,000 $53,191,647 FS Equity Partners VIII, L.P. $3,034,477 $101,436 -$3,243 $98,193 $3,132,670 Global Infrastructure Partners III $7,000,840 $460,590 $0 $460,590 $7,461,430 Global Infrastructure Partners IV, L.P. $179,011 $45,394 $0 $45,394 $224,405 Globespan Capital V $2,734,409 $0 $0 $0 $2,734,409 HarbourVest Partners Co-Investment V $3,818,608 $1,200,000 $0 $1,200,000 $5,018,608 HGK TS International Equity $21,670,918 $0 $0 $0 $22,643,043 IFM Global Infrastructure $37,476,802 $0 $0 $0 $37,503,242 IR&M Core Bonds $53,280,126 $10,000,000 $0 $10,000,000 $64,261,219 Ironsides Direct Investment Fund V, L.P. $10,424,721 $0 $0 $0 $10,424,721 JP Morgan Global Maritime Investment $5,361,845 $0 $0 $0 $5,361,845 JPMorgan Strategic Property $27,709,395 $0 -$70,877 -$70,877 $27,700,419 KBI Master Account $19,086,939 $0 $0 $0 $19,255,865 Kopernik Global All Cap Fund $21,059,812 $0 $0 $0 $22,582,308 Landmark Equity Partners XIV $1,010,999 $3,605 -$10,372 -$6,767 $1,004,232 Lee Munder Global Multi-Cap Strategy $28,436,734 $0 $0 $0 $29,736,596 Leeds Equity Partners IV $9,590 $0 $0 $0 $9,590 Leeds Equity Partners IV-A $50,875 $0 $0 $0 $50,875 Leeds Equity Partners V $1,565,199 $0 $0 $0 $1,565,199 Lexington Capital Partners VII $2,058,177 $0 -$37,294 -$37,294 $2,020,883 LLR Equity Partners V, LP. $8,237,631 $0 $0 $0 $8,237,631 LMCG Emerging Markets $35,489,916 $0 $0 $0 $38,381,394

19 of 129 Plymouth County Retirement Association

Summary | As of July 31, 2020

Beginning Ending Contributions Withdrawals Net Cash Flow Market Value Market Value

_ LMCG Small Cap Value $57,518,661 $0 $0 $0 $59,616,085 Lord Abbett Short Duration Credit Trust II $35,630,982 $0 $0 $0 $35,975,243 Manulife Strategic Fixed Income $30,928,070 $0 -$26,541 -$26,541 $31,889,451 Mesirow Financial Capital Partners IX, LP $87,079 $0 $0 $0 $87,079 Mesirow Financial International Real Estate Fund I $1,450,007 $0 $0 $0 $1,450,007 Mesirow High Yield $9,700,000 $0 $0 $0 $10,040,000 New Boston Institutional Fund, LP VII $25,675 $0 $0 $0 $25,675 Old Farm Partners Master Fund, L.P. $5,071,481 $0 $0 $0 $5,148,257 Rhumbline Russell 1000 Growth $47,832,942 $0 $0 $0 $51,515,024 Rhumbline Russell 1000 Value $35,806,921 $9,997,137 $0 $9,997,137 $47,106,372 Ridgemont Equity Partners III, L.P. $2,535,883 $0 $0 $0 $2,535,883 RIMCO Royalty Partners, LP $1 $0 $0 $0 $1 Rockpoint Real Estate Fund VI, L.P. $1,569,936 $0 -$90,341 -$90,341 $1,479,595 Siguler Guff Distressed Opportunities Fund III, LP $865,511 $0 $0 $0 $865,511 Summit Partners Growth Equity Fund IX $11,454,716 $0 $0 $0 $11,454,716 TA Realty Core Property Fund, L.P. $39,827,648 $0 $0 $0 $39,827,648 Timbervest Partners III, LP $5,177,904 $0 $0 $0 $5,177,904 TRG Growth Partnership II $834,797 $0 $0 $0 $834,797 Trilantic Capital Partners VI, L.P. $2,098,297 $0 $0 $0 $2,098,297 Wellington Durable Enterprises, L.P. $33,795,017 $0 $0 $0 $35,673,598 Wellspring Capital Partners VI $3,458,619 $0 $0 $0 $3,458,619 Total $993,366,564 $30,782,071 -$1,857,142 $28,924,929 $1,057,509,457

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Summary | As of July 31, 2020

Cash Flow Summary From December 31, 2019 through July 31, 2020 Beginning Ending Contributions Withdrawals Net Cash Flow Market Value Market Value

_ 1921 Realty, Inc $765,556 $0 $0 $0 $750,084 ABS Emerging Markets $27,737,225 $0 $0 $0 $30,341,392 ABS Offshore SPC - Global Segregated Portfolio $22,463,919 $0 $0 $0 $23,064,281 AEW Partners Real Estate VIII $13,298,694 $3,252,825 -$1,424,389 $1,828,436 $13,127,573 Ascend Ventures II $58,680 $6,923 $0 $6,923 $60,381 Ascent Ventures IV $39,975 $0 $0 $0 $38,944 Ascent Ventures V $4,323,395 $100,000 $0 $100,000 $4,035,964 Audax Mezzanine Debt IV $3,647,759 $41,665 -$523,735 -$482,070 $3,367,539 Basalt Infrastructure Partners II $7,958,038 $0 $0 $0 $8,255,015 Boston Company Small Cap Growth $52,309,944 $0 $0 $0 $68,340,307 BTG Pactual Global Timberland Resources $3,089,992 $0 $0 $0 $2,745,650 Carlyle Realty Partners VIII $3,888,111 $1,846,905 -$611,243 $1,235,662 $5,426,418 Cash $25,690,121 $30,306,093 -$39,148,469 -$8,842,376 $16,847,745 Charlesbank Technology Opportunities Fund -- $1,170,140 $0 $1,170,140 $1,170,140 Copper Rock Emerging Markets Small Cap $10,531,587 $0 -$43,809 -$43,809 $10,624,892 Copper Rock International Small Cap $36,141,459 $0 -$20,044,964 -$20,044,964 $11,828,682 DN Partners II, LP $1,636,728 $0 $0 $0 $1,851,631 Driehaus Emerging Markets Growth $26,934,524 $0 $0 $0 $30,534,641 DSF Capital Partners IV $1,738 $0 $0 $0 -- DSF Multi-Family Real Estate Fund III $15,609,800 $0 -$652,357 -$652,357 $16,319,551 Eaton Vance High Yield $22,051,174 $0 $0 $0 $22,460,931 Entrust Special Opportunities Fund III, Ltd. $23,038,195 $0 -$2,745,175 -$2,745,175 $17,728,478 EnTrustPermal Special Opportunities Evergreen Fund, Ltd. $10,380,537 $6,451,999 -$993,411 $5,458,588 $14,234,043

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Summary | As of July 31, 2020

Beginning Ending Contributions Withdrawals Net Cash Flow Market Value Market Value

_ Euro Choice V Programme $5,173,768 $0 -$463,149 -$463,149 $3,993,924 First Eagle Bank Loan Select Fund $26,547,049 $0 -$5,000,150 -$5,000,150 $21,290,289 First Eagle Global Value Fund $20,583,639 $0 $0 $0 $20,308,968 Fisher Midcap Value $46,574,759 $5,000,000 $0 $5,000,000 $53,191,647 Franklin Templeton Emerging Market Bonds $20,687,907 $0 -$18,877,518 -$18,877,518 -- FS Equity Partners VIII, L.P. $1,103,669 $2,335,388 -$3,243 $2,332,145 $3,132,670 Global Infrastructure Partners III $8,359,432 $705,416 -$459,422 $245,994 $7,461,430 Global Infrastructure Partners IV, L.P. $87,500 $136,905 $0 $136,905 $224,405 Globespan Capital V $2,884,117 $0 $0 $0 $2,734,409 HarbourVest Partners Co-Investment V $1,011,070 $4,200,000 $0 $4,200,000 $5,018,608 HGK TS International Equity $26,001,207 $0 -$3,079,934 -$3,079,934 $22,643,043 IFM Global Infrastructure $22,086,965 $15,000,000 -$268,403 $14,731,597 $37,503,242 Invesco Equity Real Estate Securities Trust $821,268 $0 -$797,320 -$797,320 -- IR&M Core Bonds $59,275,917 $10,000,000 -$9,000,000 $1,000,000 $64,261,219 Ironsides Direct Investment Fund V, L.P. $11,913,080 $646,963 -$2,273,041 -$1,626,078 $10,424,721 JP Morgan Global Maritime Investment $6,243,947 $0 $0 $0 $5,361,845 JPMorgan Strategic Property $27,686,952 $0 -$209,407 -$209,407 $27,700,419 KBI Master Account $31,353,728 $0 -$10,000,000 -$10,000,000 $19,255,865 Kopernik Global All Cap Fund $17,960,748 $0 $0 $0 $22,582,308 Landmark Equity Partners XIV $956,609 $3,605 -$43,115 -$39,510 $1,004,232 Lee Munder Global Multi-Cap Strategy $30,470,796 $0 $0 $0 $29,736,596 Leeds Equity Partners IV $10,390 $0 $0 $0 $9,590 Leeds Equity Partners IV-A $1,980,868 $5,042 -$3,442,738 -$3,437,696 $50,875 Leeds Equity Partners V $2,318,395 $0 $0 $0 $1,565,199 Lexington Capital Partners VII $2,389,862 $0 -$304,548 -$304,548 $2,020,883 LLR Equity Partners V, LP. $7,271,740 $1,440,000 -$651,575 $788,425 $8,237,631

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Summary | As of July 31, 2020 Beginning Ending Contributions Withdrawals Net Cash Flow Market Value Market Value

_ LMCG Emerging Markets $48,900,002 $0 -$10,000,000 -$10,000,000 $38,381,394 LMCG Small Cap Value $70,889,625 $0 $0 $0 $59,616,085 Lord Abbett Short Duration Credit Trust II $30,443,787 $5,000,000 $0 $5,000,000 $35,975,243 Manulife Strategic Fixed Income $30,562,624 $0 -$80,008 -$80,008 $31,889,451 Mesirow Financial Capital Partners IX, LP $223,461 $0 -$124,000 -$124,000 $87,079 Mesirow Financial International Real Estate Fund I $2,178,911 $0 -$674,142 -$674,142 $1,450,007 Mesirow High Yield $10,120,000 $0 $0 $0 $10,040,000 New Boston Institutional Fund, LP VII $39,383 $0 $0 $0 $25,675 Old Farm Partners Master Fund, L.P. $4,950,410 $0 $0 $0 $5,148,257 Rhumbline Russell 1000 Growth $37,678,130 $10,999,118 -$6,500,854 $4,498,264 $51,515,024 Rhumbline Russell 1000 Value $37,767,522 $20,993,884 -$6,502,718 $14,491,166 $47,106,372 Ridgemont Equity Partners III, L.P. $1,400,121 $1,581,135 $0 $1,581,135 $2,535,883 RIMCO Royalty Partners, LP $1 $0 -$55,992 -$55,992 $1 Rockpoint Real Estate Fund VI, L.P. $0 $1,613,144 -$90,341 $1,522,803 $1,479,595 Siguler Guff Distressed Opportunities Fund III, LP $900,948 $0 -$76,994 -$76,994 $865,511 Summit Partners Growth Equity Fund IX $8,360,943 $1,997,000 -$1,034,803 $962,197 $11,454,716 TA Realty Core Property Fund, L.P. $28,006,971 $10,000,000 $0 $10,000,000 $39,827,648 Timbervest Partners III, LP $5,001,996 $0 -$125,000 -$125,000 $5,177,904 TRG Growth Partnership II $1,141,155 $0 $0 $0 $834,797 Trilantic Capital Partners VI, L.P. $2,620,624 $0 $0 $0 $2,098,297 Wellington Durable Enterprises, L.P. $37,065,668 $0 $0 $0 $35,673,598 Wellspring Capital Partners VI $3,101,445 $703,927 $0 $703,927 $3,458,619 Total $1,054,706,258 $135,538,076 -$146,325,967 -$10,787,890 $1,057,509,457

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Current Issues

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Non-Core Real Estate RFP Respondent Review

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Non-Core Real Estate RFP Respondent Review

Introduction  To maintain a 10% target to real estate, the Retirement Association should make annual or biennial commitments to a diversified non-core real estate fund.  Meketa recommends the Retirement Association commit an average of $18 million per year to non-core real estate.  To help execute this strategy, Meketa issued an RFP for non-core real estate managers with responses due back on July 17, 2020.  Meketa Investment Group received 31 non-core real estate responses; 4 rated as Highly Advantageous, 26 rated as Advantageous, and one response deemed not applicable. They are summarized and reviewed on the following pages.  We recommend the Board interviews managers at the October meeting.

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Non-Core Real Estate RFP Respondent Review

Non-Core Real Estate Search Respondent Summary

Fund Score Summary  AEW is a long-tenured real estate investment manager with a long history of investing across market cycles. The opportunistic series of funds has developed a relatively consistent track record, oftentimes meeting the top AEW Partners Real Estate Fund IX Highly Advantageous quartile and always exceeding the median of the opportunistic real estate benchmark. Fund IX will seek to capitalize on distressed opportunities as the market experiences volatility from COVID-19.  Berkeley Partners is a vertically integrated investment manager, focused solely on industrial real estate investments. The smaller end of the market can be viewed as less efficient and the sector’s secular trend is Berkeley Partners Value Industrial Highly Advantageous viewed favorably. The firm has evolved from its predecessor organization, Industry Capital, and has developed a Fund V cohesive team, with some turnover. Performance has been strong, exceeding target returns and relatively ranking in the top or high in the second quartile.  AREOF III is positioned to capitalize on distressed assets and the current market dislocation. Ares is a large Ares Real Estate Opportunities Highly Advantageous publicly traded manager and real estate represents a relatively small portion of AUM. The dedicated real estate Fund III team is well-experienced, however, the departure of Lee Neibert is notable. Performance has been exceptional.  PCCP is a well-experienced real estate investment manager with broad capabilities across debt and equity. The firm has expanded ownership twice in the past to external parties which comprise a total 45% interest. PCCP is PCCP Equity IX Highly Advantageous well-resourced with dedicated resources to the equity platform. The opportunistic strategy will likely be well- positioned in today’s market. Historical performance is exceptional, particularly in early vehicles, and the track record consistently ranks in the top quartile. Of note, Fund IV marks the firm’s first commingled fund.  Artemis Income & Growth Fund’s core-plus strategy may be more defensively positioned in today’s market Artemis Real Estate Partners conditions, as such, the fund will offer less upside. Artemis is an independent, majority women owned firm focused Advantageous Income & Growth Sidecar Fund exclusively on real estate investment. The team is shared across the three fund series. Performance of large, SMAs with similar investment objectives has been positive, largely meeting targeted returns.  Ascentris is an emerging manager raising its first commingled fund under this platform. The firm is privately owned, 90% of which is held by employees. Ascentris’ resources are dedicated to this fund series and several Ascentris Value Add Fund III Advantageous large separate accounts, two of which are also focused on value-add investments. Performance is meeting or exceeding return targets and ranks relatively attractively compared to peers in the second quartile for each of the prior funds.  ElmTree U.S. Net Lease Fund IV is the Firm’s exclusive investment vehicle for build-to-suit office and industrial properties net-leased to investment grade credit quality tenants on long-term leases. The Fund is well-positioned ElmTree U.S. Net Lease Fund IV Advantageous to take advantage of rise in demand for high-quality products in current market dislocation. Prior performance has been strong. ElmTree’s team has grown significantly in the last 1.5 years and is expected to continue to grow its size in the near future. The Fund has a below market preferred return at 7%.

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Non-Core Real Estate RFP Respondent Review

Non-Core Real Estate Search Respondent Summary (Con’t)

Fund Score Summary  Virtus is a specialized real estate investment manager focused on cycle-resilient real estate investments. The firm is solely focused on real estate investments and is 100% employee owned. The team is well-experienced and Virtus Real Estate Capital III Advantageous has built a strong network of operating partners within each target sector. There was recent turnover at the CIO- level. Performance is mixed across the last two commingled funds on a target return basis and peer ranking. The portfolio is 20% seeded.  Rockwood has a long history of investing in real estate, with the value-add series representing the firm’s largest business line. The firm has a large team of 75 employees with a range of staff expertise and experience. While there has been some turnover due to retirements, Rockwood has developed a detailed succession plan to help Rockwood Fund XI Advantageous grow the next generation of senior professionals. Rockwood’s strategy will build a diversified portfolio of assets across major markets in the U.S. Past performance has been varied, with some funds meeting (or exceeding) target returns and most underperforming the benchmark.  Stockbridge is a U.S. focused real estate investment manager that has experienced significantly growth over the last 10 years, more than quadrupling in AUM and x9 in team size. The team is well-experienced and has been Stockbridge Value Fund IV Advantageous executing a consistent strategy for 10 years. The team will be able to leverage their network of operating partners. Fund IV will offer a diversified value-add strategy with 12% to 15% gross IRR but no target net IRR. Prior performance has been strong.  The senior professionals of DSF have significant experience investing in real estate, and since raising its first DSF Multifamily Real Estate Fund Advantageous closed-end fund in 2013 DSF has maintained its narrow focus on multifamily assets within the Northeast corridor 2019 of the United States. The prior track record has been solid, consistently meeting target returns.  Heitman has a long history of real estate investment experience, with a senior management team that has an Heitman Value Investors V Advantageous average of more than 30 years with the manager. Fund V will continue Heitman’s strategy of investing in a mix of income-producing, value-add, and contrarian assets. Performance of prior funds has been mixed.  Praedium has a long history of investing in multifamily properties, with two funds above the benchmark median Praedium X Middle-Income and two funds below in the last 20 years. The team is somewhat lean at 17 professionals, but the firm is only Advantageous Housing Fund focused on executing a single investment program and so all the team’s time and attention will be centered on Fund X (as well as winding down prior funds).  TerraCap is a minority-owned firm with 10 dedicated real estate professionals. The strategy focuses on office and multifamily properties, and TerraCap has developed particular expertise in the South Atlantic and West Central TerraCap Partners V Advantageous South regions of the US, with plans to eventually expand to the West Mountain regions. The previous track record has come up short of target returns for Fund V.

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Non-Core Real Estate RFP Respondent Review

Non-Core Real Estate Search Respondent Summary (Con’t)

Fund Score Summary  The Fund has a differentiated strategy, investing exclusively in Canadian markets across the major property LaSalle Canadian Income & Advantageous types. LaSalle has a long history of real estate investment management, with a large platform of 300+ Growth Fund V professionals. Of consideration, the fund series saw a change in lead portfolio manager 3 years ago.  Square Mile is a well-experienced real estate investment firm with broad capabilities across real estate equity and credit. The firm is privately held and underwent a change in ownership in 2012 when USAA Real Estate acquired a minority interest. The team is well-resourced and takes an active approach to their opportunistic Square Mile Partners VI Advantageous strategy investing beyond traditional property types. Performance of prior funds is less attractive, with losses across early funds, and mixed relative performance on more recent offerings; no prior funds meet Fund VI’s target return.  REPA III is positioned to capitalize on demand growth created by secular and cyclical trends, targeting high- KKR Real Estate Partners quality properties across asset types with defensive demand drivers as well as opportunities created through Advantageous Americas III market dislocation. KKR is a large publicly traded manager and real estate is a small portion of AUM. The team is well-experienced and will be able to leverage KKR’s global platform and resources.  HIGRP IV’s opportunistic strategy is positioned to capitalize on distressed assets and the current market dislocation. HIG is a large privately-owned manager, and real estate represents a small portion of AUM. The Fund HIG Realty Partners IV Advantageous team is well-staffed and experienced with reasonable tenure within the firm and the industry. The team will be able to leverage networks within HIG to source transactions. Fund IV is a sizeable increase from Fund II ($400 million) and III ($541 million), targeting $750 million to $1 billion.  Kayne Anderson Real Estate is a well-experienced real estate platform within the larger multi-asset investment Kayne Anderson Real Estate manager. The team is led by Al Rabil and David Selnick, and is supported by a stable senior team with a particular Advantageous Partners VI expertise investing in niche property types, which are largely demographics-driven. Performance has been generally strong on an absolute and relative basis.  W&D Real Estate Opportunities Fund represents the manager’s fourth opportunistic fund (sixth overall fund). The manager, JCR Capital, was recently acquired and rebranded WDIP. The strategy appears to be well suited to W&D Real Estate Opportunities Advantageous capitalize on distress resulting from COVID-19, although the investment scope is fairly wide across sectors and Fund markets. WDIP’s first fund underperformed the benchmark (fourth quartile), but the next two funds have been top quartile.  HUSREF VII will execute a value-add strategy across wide array of asset types and geographies. The team has executed the strategy over six funds since 1995 and consists of senior members with extensive experience Harbert U.S. Real Estate Fund VII Advantageous operating and investing. The prior track record has hovered around the median of the benchmark. Harbert’s CFO, who sits on the Private Market Valuation Committee, will be retiring at the end of 2020.

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Non-Core Real Estate RFP Respondent Review

Non-Core Real Estate Search Respondent Summary (Con’t)

Fund Score Summary  Fund IV will target multifamily properties throughout the U.S., with a focus on university anchored submarkets. Mesirow Financial Real Estate As a firm, Mesirow has a long history and is privately-owned, but the real estate team is relatively lean, with a Advantageous Value Fund IV track record going back to 2011. The first two funds’ performance were right in line with target returns; the most recent fund is lagging slightly. The Fund has an off-market structure of 25%.  Oaktree is one of the most active real estate investment managers with an incredibly well-resourced platform. The organization underwent a major change in ownership in 2019 with Brookfield’s majority purchase. The ROF Oaktree Real Estate Opportunities Advantageous VIII fund series has an extensive track record over several market cycles but has grown considerably since 2008. Fund VIII Historical performance has largely not met the stated target return for Fund VIII on an IRR basis. On a relative basis performance is mixed, but several funds did not exceed the median benchmark.  CenterSquare Value Added Fund V will seek middle market assets in major cities away from gateway markets CenterSquare Value Added Fund to execute value-add to local markets with less institutional competition. The Fund can leverage CenterSquare’s Advantageous V large platform and research team. Past performance has not been steady on an absolute and relative basis, lagging target return and the benchmark median for some predecessor funds.  Harrison Street is a well-experienced real estate investment manager focused on niche real estate sectors that are largely demographics-driven. The firm underwent a major shift in ownership in 2018, selling a 75% interest Harrison Street Real Estate Advantageous to an external party. The team is experienced and has built a strong network of operating partners within each Partners VIII target sector. Performance has been relatively consistent and stable, however has not met the stated target returns and ranks largely above median.  Platform will focus on opportunities to monetize the current market dislocation through the execution of short- term business plan carried out by borrowers or through a foreclosure with Platform. The team will seek to identify Platform Ventures Real Estate Advantageous inefficiencies in the capital markets through alternative financing, middle market equity, and senior debt. Platform Strategies V has experience investing in market distress under MREM. Performance has met or slightly lagged target and have not had consistent returns relative to the benchmark.  Velocis is an emerging real estate investment manager wholly owned by the five members of the investment committee. Fund III will target value-add office, medical office, retail centers, and mixed use properties in the Velocis Fund III Advantageous southern U.S., targeting 12-15% net IRR. Velocis was founded in 2010 and has limited experience as a group during a recessionary cycle. The predecessor funds have performed in the bottom two quartiles of the benchmark.

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Non-Core Real Estate RFP Respondent Review

Non-Core Real Estate Search Respondent Summary (Con’t)

Fund Score Summary  ECO IV is a pan-European middle-market, value-add investment opportunities, targeting distressed equity investments and NPLs that arise from under-capitalized European Banks, rescue capital, and opportunistic Marathon European Credit lending in the market distress. Performance has gradually improved over the life of the fund series. While the Advantageous Opportunity IV Fund is led by seasoned professionals, the team has experienced some senior level turnover over the last five years and appears lean to manage €750 million across its wide target geography. The team is considering adding junior level support.  Seminole is an emerging real estate manager founded in 2009, a subsidiary of Seminole Holdings that account for a third of its parent’s revenue. The Fund is the first closed-end vehicle following Seminole Equity REIT, which Seminole Real Estate Fund II Advantageous the team took over from Midland Companies. Fund II will partner with developers and operators that specialize in new construction and rehabilitation of multifamily assets to primarily seek debt and equity positions in market- rate apartments, student, and senior housing. The Fund will have 5% preferred return, which is below market.  Westport has an experienced team with experience managing real estate investments through multiple market cycles. Recently, the Westport’s founder retired from the firm. The investment strategy will focus on distressed WCP Real Estate Fund V Advantageous and opportunistic investments in public and private real estate investments, with the ability to go outside North America (up to 25%). Performance of prior funds (of a similar strategy) has been weak, rarely meeting target returns or the benchmark median. American Assets Capital Advisors  Respondent did not meet minimum search criteria due to the public equity nature of the strategy and was Not Applicable Real Estate Strategy excluded.

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Fund Details

32 of 129 Plymouth County Retirement Association

Non-Core Real Estate RFP Respondent Review

AEW Partners Real Estate Fund IX

Rating Criteria Score Rationale  AEW is a long-tenured real estate investment manager with a long history of investing across market cycles. The opportunistic series of funds has developed a relatively consistent track record, oftentimes meeting the top quartile and Overall Highly Advantageous always exceeding the median of the opportunistic real estate benchmark. Fund IX will seek to capitalize on distressed opportunities as the market experiences volatility from COVID-19.  AEW was founded in 1981 and currently manages approximately $78 billion in AUM. AEW is focused exclusively on real estate and manages a number of different strategies within the asset class.  AEW is a wholly-owned subsidiary of Natixis Investment Managers, a global asset management firm. AEW operates autonomously from its parent company with respect to day-to-day business and investment management, and is Natixis’s Organization Advantageous only real estate investment affiliate.  AEW focuses exclusively on real estate investment strategies and has an open-end core fund, an open-end US value-add fund, an Asian value-add fund series, a US opportunistic fund series (fund under consideration), a senior housing strategy, a REIT strategy, as well as a number of separate accounts and co-investments.  AEW North America has over 200 employees across 2 offices. The Partners team consists of 13 dedicated investment professionals, led by Marc Davidson and Anthony Crooks. The Partners team averages 18 years of real estate experience and 12 years with AEW.  AEW has a dedicated research team that the Fund IX team can leverage for macro insights and analysis. Team Advantageous  AEW North America is headquartered in Boston, MA and has an additional office in Los Angeles.  In the last five years, AEW has experienced four senior-level departures, with responsibilities being assumed by the existing staff. In addition, Marc Davidson (Head of AEW Partners fund series) is expected to wind down his responsibilities at the conclusion of Fund IX’s investment period as he shifts towards retirement.

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Non-Core Real Estate RFP Respondent Review

AEW Partners Real Estate Fund IX (Con’t)

Rating Criteria Score Rationale  Fund IX will pursue an opportunistic strategy comparable with predecessor funds, adapting as economies, property markets and capital markets transition through cycles. The Fund will focus on three themes: disruption and capital market dislocations, densification and urbanization, and demographics. Value will be created through repositioning, refinancing, development, redevelopment, market recovery, and emerging locations.  AEW will invest in markets with concentrations in sectors with favorable growth prospects. Fund IX is expected to have a Investment Philosophy Highly Advantageous weighting towards industrial and multifamily. AEW does not select target markets or submarkets, and instead evaluates & Process their pipeline for opportunities that provide the highest return for the lowest risk. AEW’s integrated research team plays an integral role in making these evaluations.  The Fund will target a net IRR of 14%, with leverage below 60%.  Fund IX is expected to make approximately 25 to 40 investments. AEW estimates that approximately 50% of investments will require less than $20 million of equity.  Fund IV: 2000 , 25.0% net IRR, 1.7x net TVM. Quartile ranking not available.  Fund V: 2005 vintage year, 2.0% net IRR, 1.1x net TVM. 2nd quartile ranking in the opportunistic benchmark. Performance1 Highly Advantageous  Fund VI: 2008 vintage year, 16.5% net IRR, 1.9x net TVM. 1st quartile ranking in the opportunistic benchmark.  Fund VII: 2013 vintage year, 12.3% net IRR, 1.4x net TVM. 1st quartile ranking in the opportunistic benchmark.  Fund VIII: 2016 vintage year, 11.7% net IRR, 1.1x net TVM. 1st quartile ranking in the opportunistic benchmark.  1.25% of committed capital during the Commitment Period; thereafter, 1.25% of invested capital. Fees Highly Advantageous  20% Carried Interest; 9% compounded Preferred Return. COVID-19 Update  No investments were made prior the COVID-19 outbreak in March.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Berkeley Partners Value Industrial Fund V

Rating Criteria Score Rationale  Berkeley Partners is a vertically integrated investment manager, focused solely on industrial real estate investments. The smaller end of the market can be viewed as less efficient and the sector’s secular trend is viewed favorably. The firm has Overall Highly Advantageous evolved from its predecessor organization, Industry Capital, and has developed a cohesive team, with some turnover. Performance has been strong, exceeding target returns and relatively ranking in the top or high in the second quartile.  Berkeley Partners was founded in 2005 and manages nearly $1.0 billion in AUM. Organization Highly Advantageous  The firm is 100% privately owned; 89% employee-owned with the remainder held by an affiliate.  In addition to the flagship value-add fund series, Berkeley manages a large, core-plus industrial separate account.  Berkeley Partners is vertically-integrated, with in-house property management and facilities/construction management. To date, Berkeley has only entered into three joint venture partnerships.  The firm is based in San Francisco, CA with additional corporate offices in Dallas, TX and Boston, MA. Both San Francisco and Dallas are headquarters with full operational capabilities. Additional property management resources are located regionally throughout the firm’s key markets.  Mathew Novak, Partner, and Andrew Holmberg, Principal will act as portfolio managers of Fund V. They have 19 years and Team Advantageous 13 years of industry experience, respectively. The firm has 50 full time employees specializing in the investment and management of industrial real estate. The team is shared across vehicles.  In preparation for Fund V, Berkeley has focused on recruiting senior regional property managers to over the local property management team. Material senior departures over the last five years include one Director and one VP of Asset Management, two Directors of Acquisitions, and the Director of Operations. Mallory Gonzalez was recently hired to fill the Director of Acquisitions role.  Fund V will execute a value-add investment strategy focused exclusively on industrial asserts in the U.S. Ground-up development is unlikely, the strategy will largely focus on repositioning and some redevelopment.  Berkeley will focus on targeted major regional markets and growth submarkets in the U.S., seeking positive economic and demographic statistics which support existing or expected tenant demand for light industrial property. Upon inception, the Investment Philosophy Highly Advantageous firm started acquiring assets in northern California and has expanded into Texas and the southeast, and most recently, the & Process northeast.  The fund will target a net IRR of 11% to 13% and will limit leverage to 65%.  Fund V is expected to make approximately 35 to 50 investments. In general, the anticipated investment size for the fund may vary from approximately $5 million to $25 million per investment.

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Non-Core Real Estate RFP Respondent Review

Berkeley Partners Value Industrial Fund V (Con’t)

Rating Criteria Score Rationale  Fund I: 2006 vintage year, 0.1% net IRR, 1.0x net TVM. 3rd quartile ranking in the value-add benchmark.  Fund II: 2007 vintage year, 12.7% net IRR, 2.2x net TVM. 1st quartile ranking in the value-add benchmark. Performance1 Highly Advantageous  Fund III: 2013 vintage year, 18.1% net IRR, 1.6x net TVM. 2nd quartile ranking in the value-add benchmark.  Fund IV: 2016 vintage year, 13.8% net IRR, 1.2x net TVM. 2nd quartile ranking in the value-add benchmark  1.5% of committed capital during the Commitment Period; thereafter, 1.5% of invested capital Fees Advantageous  20% Carried Interest; 8% compounded Preferred Return. COVID-19 Update  Fund V has closed on $221 million of capital commitments. The fund did not complete any investments pre-COVID-19.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Ares Real Estate Opportunities Fund III

Rating Criteria Score Rationale  AREOF III is positioned to capitalize on distressed assets and the current market dislocation. Ares is a large publicly traded Overall Highly Advantageous manager and real estate represents a relatively small portion of AUM. The dedicated real estate team is well-experienced, however, the departure of Lee Neibert is notable. Performance has been exceptional.  Ares Management (“Ares”) was founded in 1997 and is a publicly traded alternative investment manager; $155 billion AUM  The firm held its IPO in May 2014. Through a series of secondary offering transactions in 2017 and 2018, ADIA maintains a Organization Not Advantageous 16% ownership position. In March 2020, Sumitomo Mitsui Financial Group & Banking Corporation took a 5% position. Ares is majority owned (56%) by its senior management team and entities controlled by such persons.  Ares manages $14 billion in Real Estate AUM.  Ares has a dedicated real estate investment team of 53 professionals across U.S. RE Equity (27) and Debt (26); many professionals joined the Ares platform following the acquisition of AREA Property Partners in 2013. The AREOF fund series is overseen by Bill Benjamin, Global Head of Real Estate, and co-managed by Andrew Holm (14 years’ experience) and Jay Glaubach (19 years’ experience), based in New York, and Los Angeles, respectively. Global IC of 14 professionals. Team Advantageous  Ares is headquartered in Los Angeles with 26 additional offices across the globe. The U.S. real estate team is based in Los Angeles, New York, Atlanta, Chicago, and Oakland.  Ares has hired three Principals in the last year to focus on U.S. equity investments. Ares has experienced the material departure of one Partner and two Principals (at the VP level and above) in the last five years in the U.S. Equity RE team.  AREOF III will pursue an opportunistic strategy focused on (i) capitalizing on distressed and special situations, including platform and programmatic investments, (ii) acquiring underutilized or underperforming assets that require repositioning; and (iii) undertaking select development and redevelopment in high-growth submarkets. Investment Philosophy  The fund will primarily pursue investments in U.S. growth markets across all property types, but primarily residential, hotel, Highly Advantageous & Process industrial and office.  Fund III is expected to make approximately 15 to 20 investments. Historical average investment size ranges from $50 million to $150 million.  The fund will target a net IRR of 15% to 17% and will limit leverage to 70% (65% target).  Fund I: 2012 vintage year, 12.9% net IRR, 1.5x net TVM. 1st quartile ranking in the opportunistic benchmark Performance1 Highly Advantageous  Fund II 2015 vintage year, 29.9% net IRR, 1.5x net TVM. 1st quartile ranking in the opportunistic benchmark.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Ares Real Estate Opportunities Fund III (Con’t)

Rating Criteria Score Rationale  1.0% of uncalled commitments during the Commitment Period; thereafter, 1.5% of invested capital. Fees Highly Advantageous 20% Carried Interest; 9% compounded Preferred Return.  AREOF III has raised over $1.2bn in capital commitments and has made two investments prior to the COVID-19 outbreak in COVID-19 Update March, representing 4.9% of total targeted commitments. (One industrial building in Las Vegas, one office building in Washington, DC).

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Non-Core Real Estate RFP Respondent Review

PCCP Equity IX

Rating Criteria Score Rationale  PCCP is a well-experienced real estate investment manager with broad capabilities across debt and equity. The firm has expanded ownership twice in the past to external parties which comprise a total 45% interest. PCCP is well-resourced with Overall Highly Advantageous dedicated resources to the equity platform. The opportunistic strategy will likely be well-positioned in today’s market. Historical performance is exceptional, particularly in early vehicles, and the track record consistently ranks in the top quartile. Of note, Fund IV marks the firm’s first commingled fund.  PCCP was formed in 1998 and has over $11.7 billion in AUM.  PCCP is approximately 55% owned by 13 partners and employees, and approximately 45% owned by two strategic partners, Organization Advantageous CalSTRS (22%, acquired in 2007) and AMP Capital, a global investment manager (23%, acquired in 2017).  In addition to the equity fund series, PCCP also manages their flagship, value-add debt fund series, core-plus debt fund, a proposed core-plus equity fund, as well as separate accounts.  PCCP employs 105 professionals, including 45 investment professionals, which are shared across firm efforts. Fund IX will be led by Bill Lindsay, founding partner of PCCP, and head of the firm’s equity business. In addition, Bryan Thornton, Partner, will serve as fund manager. Mr. Lindsay and Mr. Thornton, have 33 years and 24 years of industry experience, respectively. Team Highly Advantageous Los Angeles acts at the firm’s headquarters, with three additional offices in San Francisco, New York, and Atlanta.  PCCP has experienced the departures of two senior professionals at the VP level over the last five years. In addition, earlier this year, Yon Cho, Partner in originations, announced his transition to part-time employee for two years. The senior team is well-tenured at the firm.  Consistent with PCCP’s previous opportunistic funds, Fund IX will seek to invest in transitional, middle-market real estate. PCCP will utilize operating partners in joint ventures and has an established network of sponsors in specific markets and sectors. The strategy will focus on creating stabilized real estate through physical repositioning, rehabilitation, or redevelopment, select development or build-to-suit opportunities, recapitalizations of impaired financial structures, and Investment Philosophy discounted purchases distressed situations. Advantageous & Process  Fund IX will focus on the top-30 U.S. MSAs and select secondary markets. The fund will invest primarily in industrial (20- 30%), multifamily (30-40%), and office (40-50%) assets with select exposure to other sectors including retail and mix-use.  The fund will target a net IRR of 14% to 16% and will limit leverage to 65%.  Fund IX is expected to make approximately 40 to 50 investments. In general, the anticipated investment size for the fund may vary from approximately $25 million to $30 million per investment.

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Non-Core Real Estate RFP Respondent Review

PCCP Equity IX (Con’t)

Rating Criteria Score Rationale  Fund II: 2000 vintage year, 7.0% net IRR, 1.15x net TVM. Quartile ranking unavailable.  Fund III: 2003 vintage year, 24.7% net IRR, 1.4x net TVM. 1st quartile ranking in the opportunistic benchmark.  Fund IV: 2009 vintage year, 36.2% net IRR, 2.0x net TVM. 1st quartile ranking in the opportunistic benchmark. Performance1 Highly Advantageous  Fund V: 2011 vintage year, 26.8% net IRR, 1.8x net TVM. 1st quartile ranking in the opportunistic benchmark.  Fund VI: 2012 vintage year, 12.7% net IRR, 1.6x net TVM. 1st quartile ranking in the opportunistic benchmark.  Fund VII: 2015 vintage year, 13.8% net IRR, 1.3x net TVM. 1st quartile ranking in the opportunistic benchmark.  Fund VIII: 2018 vintage year, -11.2% net IRR, 1.0x net TVM. 4th quartile ranking in the opportunistic benchmark.  1.5% of committed capital during the Commitment Period; thereafter, 1.5% of invested capital. Fees Advantageous  20% Carried Interest; 9% compounded Preferred Return. COVID-19 Update  Fund IX has not commenced investing and does not have exposure to pre-COVID investments.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Artemis Real Estate Partners Income & Growth Sidecar Fund

Rating Criteria Score Rationale  Artemis Income & Growth Fund’s core-plus strategy may be more defensively positioned in today’s market conditions, as such, the fund will offer less upside. Artemis is an independent, majority women owned firm focused exclusively on real Overall Advantageous estate investment. The team is shared across the three fund series. Performance of large, SMAs with similar investment objectives has been positive, largely meeting targeted returns.  Artemis Real Estate Partners (“Artemis”) was founded in 2009 and has $4.6 billion in AUM.  Artemis is a majority women-owned firm. The firm is independently owned by its co-founders, president, and other senior Organization Highly Advantageous employees. One co-founder is not active in the day to day management of the firm.  In addition to the Income & Growth fund series, Artemis manages a value-add/opportunistic fund series and healthcare fund series.  Artemis employs 35 investment professionals and deplores team approach across fund investments, however, Income & Growth has a dedicated portfolio management team led by Anar Chudgar, who joined Artemis in 2019 and has over 17 years of industry experience alongside co-portfolio manager, Gina Baker Chambers, who joined in 2009 and has over 15 Team Advantageous year of experience.  The firm is headquartered outside Washington, D.C. with additional offices in New York, Los Angeles, and Atlanta.  Ms. Chudgar is a notable recent hire, no senior departures to date.  Income & Growth Sidecar Fund will focus on investment in high quality, stabilized and well-located, small to middle market assets that suffer from temporary or correctable flaws such as tenancy, physical attributes, , market position and/or management. The Income & Growth strategy will invest in both debt and equity. The fund invests both directly and via joint ventures with established, emerging and diverse operating partners. Investment Philosophy Advantageous  The fund will target the top 20 US MSAs and will primarily invest in multifamily, industrial, office assets, with a secondary & Process focus on self-storage, hospitality, and retail.  The fund will target a net IRR of 9% to 11% and will limit leverage to 55%.  The Sidecar Fund is expected to make approximately 12 to 20 investments. In general, the anticipated investment size for the fund may vary from approximately $20 million to $50 million per investment.

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Non-Core Real Estate RFP Respondent Review

Artemis Real Estate Partners Income & Growth Sidecar Fund (Con’t)

Rating Criteria Score Rationale  Mach I: 2012 vintage year, 8.0% net IRR, 1.4x net TVM. Quartile ranking for a core-plus fund is not meaningful. Performance1 Highly Advantageous  Mach II: 2014 vintage year, 12.0% net IRR, 1.3x net TVM. Quartile ranking for a core-plus fund is not meaningful.  Mach II Co-invest: 2015 vintage year, 14.0% net IRR, 1.3x net TVM. Quartile ranking for a core-plus fund is not meaningful.  0.75% of committed capital and 1.25% of capital invested during the Commitment Period; thereafter, 1.25% of invested capital. Fees Highly Advantageous  15% Carried Interest; 7% compounded Preferred Return.  Income & Growth has raised over $620 million in the main fund vehicle which has made five investments totaling $180 COVID-19 Update million of committed equity (24% of fund target) To eliminate new investors’ exposure to pre-COVID pricing and potential impairment, Artemis has created the sidecar vehicle to invest pari passu with the main fund going forward.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Ascentris Value Add Fund III

Rating Criteria Score Rationale  Ascentris is an emerging manager raising its first commingled fund under this platform. The firm is privately owned, 90% of which is held by employees. Ascentris’ resources are dedicated to this fund series and several large separate accounts, Overall Advantageous two of which are also focused on value-add investments. Performance is meeting or exceeding return targets and ranks relatively attractively compared to peers in the second quartile for each of the prior funds.  Ascentris was founded in 2011 (fka Amstar Advisers) and has over $1.7 billion in AUM.  The firm is 90% employee-owned across two co-founders, two Managing Directors, and Artemis Real Estate Partners, a Organization Advantageous passive investor.  AVA Fund III is the first commingled fund managed by Ascentris, prior investments were made through two, large separately managed accounts which are evergreen in nature.  Ascentris employs 14 investments professionals. The firm is led by Gabe Finke, CEO/CIO, and Rob Toomey, President. Mr. Toomey, Tricia Noble, and Katie Milleville will serve as the portfolio manager, deputy portfolio manager, and assistant portfolio manager, respectively. Team Advantageous  The firm is headquartered in Denver.  Ascentris has hired 6 professionals in the last twelve months (1 VP, 1 Associate, 2 Analysts, 1 Financial Analyst, and 1 Senior Fund Accountant). No departures reported.  Fund III will execute a value-added investment strategy focused on assets in need of repositioning, redevelopment, and development. Generally, the fund will target under-leased Class A or Class B properties in A locations. Lease-up risk is typically included in a larger repositioning strategy.  The fund will target U.S. markets and may invest in office, multifamily, retail and industrial assets. Without AVA Fund III Investment Philosophy Advisory Board approval, Ascentris will not make investments in hotel, land, and/or developments that exceed 30% of capital Advantageous & Process commitment, or in any single investments that exceeds 20% of capital commitment.  Ascentris will invest with local operating partners and development partners as well as pursue direct opportunities.  The fund will target a net IRR of 12% to 14% and will limit leverage to 65%.  Fund III is expected to make approximately 7 to 15 investments. In general, the anticipated investment size for the fund may vary from approximately $20 million to $50 million per investment. Separate Account VA I: 2011 vintage year, 18.3% net IRR, 1.5x net TVM. 2nd quartile ranking in the value-add benchmark. Performance1 Highly Advantageous  Separate Account VA II: 2013 vintage year, 14.1% net IRR, 1.2x net TVM. 2ndquartile ranking in the value-add benchmark.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Ascentris Value Add Fund II (Con’t)

Rating Criteria Score Rationale  If main fund and AVA IIIb size is (i) <$200mm = 1.25%, (ii) $200mm to $275mm = 1.10% or (iii)>$275mm = 1.00%, of invested Fees Highly Advantageous capital.  15% Carried Interest; 9% compounded Preferred Return.  AVA III has raised $106mm in the main fund vehicle which has made two office investments totaling $55mm of committed COVID-19 Update equity (18% of fund target) To eliminate new investors’ exposure to pre-COVID pricing and potential impairment, Ascentris intends to create a sidecar vehicle to invest pari passu with the main fund going forward.

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Non-Core Real Estate RFP Respondent Review

ElmTree U.S. Net Lease Fund IV

Rating Criteria Score Rationale  ElmTree U.S. Net Lease Fund IV is the Firm’s exclusive investment vehicle for build-to-suit office and industrial properties net-leased to investment grade credit quality tenants on long-term leases. The Fund is well-positioned to take advantage Overall Advantageous of rise in demand for high-quality products in current market dislocation. Prior performance has been strong. ElmTree’s team has grown significantly in the last 1.5 years and is expected to continue to grow its size in the near future. The Fund has a below market preferred return at 7%.  ElmTree Funds is a real estate investment manager founded in 2011 with $870 million in AUM.  ElmTree is fully owned by James G. Koman, CEO and Founder of the Firm. Organization Advantageous  ElmTree manages other investment vehicles including minority partner in joint ventures, separate accounts, and ElmTree Unity Debt Fund. There does not seem to be direct conflict of interest among the Fund and other vehicles.  ElmTree team comprises 22 professionals with 9 in portfolio management. The senior management team has over 20 years of industry experience on average. James Koman and Jason Ridgway will be the Fund’s co-portfolio managers.  ElmTree is headquartered in Missouri with offices in New York, NY; Charlotte, NC; Scottsdale, AZ; and Chicago, IL, primarily functioning as acquisitions offices. Senior members are located in the Missouri and New York offices.  The team has had three senior departures in the last five years, two of whom retired (David Piasecki, CIO; Gregg Fox, MD, Team Advantageous Acquisitions) and Greg Murphy (EVP, Operations) who relocated.  The team added six hires in the last 18 months including: David Leavitt (Managing Partner & General Counsel), Rick Eiseman (EVP, Portfolio Management), Michael Carreon (SVP, Acquisitions), Andrew Truetzel (VP, Acquisitions), Scott Alaimo (Asset Manager), and Claire Vaupel (Accounting Manager). Michael Carreon and Andrew Truetzel rejoined ElmTree.  Firm is considering three additions in the next 18 months: VP of Portfolio Management, an analyst, and a paralegal.  The Fund will execute on a consistent opportunistic strategy as its predecessors, focused on acquiring build-to-suit or new constructions in the net lease industrial and office sectors located in the top 50 U.S. MSAs. They will lease to tenants with investment grade credit for terms of 12-15 years. Investment Philosophy  The team has established relationships with developers to source opportunities at favorable entry cap rates and a Advantageous & Process background in development and construction management, which may provide opportunities to own properties at a discount to the estimated market value at rent commencement.  The Fund will target a net IRR of 15% and will target leverage at 65%. Leverage limit was not listed.  Fund IV is expected to make approximately 40 to 50 investments of $30 million average gross asset value.

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Non-Core Real Estate RFP Respondent Review

ElmTree U.S. Net Lease Fund IV (Con’t)

Rating Criteria Score Rationale  Fund I: 2011 vintage year, 18.3% net IRR, 1.1x net TVM. 2nd quartile ranking in the opportunistic benchmark. Performance1 Highly Advantageous  Fund II: 2013 vintage year, 19.8% net IRR, 1.5x net TVM. 1st quartile ranking in the opportunistic benchmark.  Fund III: 2016 vintage year, 29.1% net IRR, 1.6x net TVM. 1st quartile ranking in the opportunistic benchmark.  1.5% of committed capital during the Investment Period; thereafter, 1.5% of invested capital. The will Fees Advantageous commence as of the initial closing regardless of when a Limited Partner is admitted. First close was held in July 2020.  20% Carried Interest; 7% compounded Preferred Return. COVID-19 Update  The Fund held its first close in July 2020 and thus did not make any investments prior to the COVID-19 outbreak in March.

1 As of 3/31/2020. All of Fund III’s assets were sold in December 2019 through a portfolio sale.

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Non-Core Real Estate RFP Respondent Review

Virtus Real Estate Capital III

Rating Criteria Score Rationale  Virtus is a specialized real estate investment manager focused on cycle-resilient real estate investments. The firm is solely focused on real estate investments and is 100% employee owned. The team is well-experienced and has built a strong Overall Advantageous network of operating partners within each target sector. There was recent turnover at the CIO-level. Performance is mixed across the last two commingled funds on a target return basis and peer ranking. The portfolio is 20% seeded.  Virtus was founded in 2003 and has over $887 million in AUM. The firm is solely focused on real estate investments.  The firm is 100% owned by Terrell Gates, CEO. Organization Highly Advantageous  In addition to the flagship value-add/opportunistic fund series, Virtus also manages an open-end core-plus fund and one separate account.  Virtus employs 32 investment professionals. In addition to Terrell Gates, the fund’s activities will be led by Kevin White, CIO, and Scott Humphreys, Managing Director – Asset Management. Together, these three team members average 19 years of real estate experience. Virtus may be the sole owner or may partner with local operators. Team Advantageous  Virtus is headquartered in Austin, TX.  Virtus has hired two Managing Directors in the last five years, one focused on acquisitions, the other on asset management. There have been no senior level departures during this time period. However, Robert Schweizer, former CIO, has moved into a new role within the firm, but maintains his position on the fund’s Executive Committee.  Fund III will execute a value-add/opportunistic investment strategy focused on healthcare, education, workforce housing, and self-storage real estate assets throughout the U.S. Virtus will seek a “growth plus income” approach within sectors driven by demographic trends (rather than GDP) which may be more resilient across market cycles and tend to be highly fragmented in ownership. Fund III is targeting up to 20% of fund investments within development. Investment Philosophy  Virtus focuses on acquiring light value-add and distressed assets primarily in large high growth metros (Atlanta, Dallas/Ft. Highly Advantageous & Process Worth, San Antonio) and developing in high barrier to entry markets ( Metro, Washington, D.C., San Francisco). Student housing target markets vary.  The fund will target a net IRR of 12% to 15% and will limit leverage to 75%.  Fund III is expected to make approximately 50 to 60 investments. In general, the anticipated investment size for the fund is expected to average $10 million per investment.

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Non-Core Real Estate RFP Respondent Review

Virtus Real Estate Capital III (Con’t)

Rating Criteria Score Rationale  Fund I: 2012 vintage year, 20.5% net IRR, 1.5x net TVM. 1st quartile ranking in the opportunistic benchmark. Performance1 Advantageous  Fund II: 2015 vintage year, 9.5% net IRR, 1.2x net TVM. 3rd quartile ranking in the opportunistic benchmark.  1.75% of committed capital during the Commitment Period; thereafter, 1.75% of invested capital. Fees Not Advantageous  20% Carried Interest; 9% compounded Preferred Return.  10 investments (6 workforce housing, 3 medical office, 1 self-storage) were made before March 31, 2020, representing 20% COVID-19 Update of total targeted commitments on a peak basis.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Rockwood Fund XI

Rating Criteria Score Rationale  Rockwood has a long history of investing in real estate, with the value-add series representing the firm’s largest business line. The firm has a large team of 75 employees with a range of staff expertise and experience. While there has been some turnover due to retirements, Rockwood has developed a detailed succession plan to help grow the next generation of Overall Advantageous senior professionals. Rockwood’s strategy will build a diversified portfolio of assets across major markets in the U.S. Past performance has been varied, with some funds meeting (or exceeding) target returns and most underperforming the benchmark.  Rockwood Capital was formed in 1995. The firm currently manages more than $9.0 billion of equity commitments from investors.  Rockwood is privately owned, with all owners current or former employees. The firm has implemented a detailed succession plan whereby a third generation of partners is now participating in management. The ownership percentages of the active Organization Highly Advantageous partners range between 1.5% and 17%.  Rockwood manages investments across the risk spectrum through funds and separate accounts, including value-add, core/core-plus, debt, long term development, and special situations. The value-add fund series continues to be the firm’s flagship strategy.  Rockwood is organized around the primary functions in the investment management process and has placed one of its senior leaders in charge of each function. With a team of 75 employees, Rockwood has good coverage across functions with a range of staff expertise and experience.  Rockwood has offices in New York City, San Francisco, and Los Angeles. The New York, San Francisco and Los Angeles Team Advantageous offices are comprised of investment professionals in the portfolio management, acquisitions & asset management, capital markets, legal and investor relations functions. In addition, the San Francisco office houses our finance and accounting, tax, portfolio management metrics, human resources and IT departments.  Rockwood has had nine departures in the last five years. Most senior level turnover has been a result of retirement, with two retired partners continuing to remain active within the firm as senior advisors.

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Rockwood Fund XI (Con’t)

Rating Criteria Score Rationale  Fund XI is the latest offering in a series of “value creation” real estate vehicles dating back to 1990. The Fund targets a combination of current income and value creation investments. As a value-add vehicle, the Fund will employ active asset management to reposition, re-lease, rehabilitate and/or develop real estate assets, but will not pursue investments predicated on significant land entitlement.  The Fund will focus primarily on office, multifamily, retail, and hotel investments throughout the United States. Market Investment Philosophy Advantageous selection will focus on major metropolitan areas with highly educated work forces and significant exposure to “knowledge & Process industries”. By property type, Fund XI will seek to acquire a diversified portfolio of assets based on opportunities in line with Rockwood’s view of economic, real estate, and capital market cycles.  The fund will target a net IRR of 12% to 14% and will limit leverage to 65%.  Fund XI is expected to make approximately 20 to 40 investments. In general, the anticipated investment size for the fund may vary from approximately $25 million to $75 million per investment.  Fund IV: 2000 vintage year, 24.2% net IRR, 1.8x net TVM. Quartile rankings not available.  Fund V: 2003 vintage year, 12.1% net IRR, 1.4x net TVM. 3rd quartile ranking in the value-add benchmark.  Fund VI: 2005 vintage year, 1.4% net IRR, 1.1x net TVM. 3rd quartile ranking in the value-add benchmark. Performance1 Not Advantageous  Fund VII: 2006 vintage year, -4.7% net IRR, 0.7x net TVM. 4th quartile ranking in the value-add benchmark.  Fund VIII: 2008 vintage year, 19.1% net IRR, 1.6x net TVM. 2nd quartile ranking in the value-add benchmark.  Fund IX: 2012 vintage year, 10.9% net IRR, 1.3x net TVM. 4th quartile ranking in the value-add benchmark.  Fund X: 2015 vintage year, -0.8% net IRR, 1.0x net TVM. 4th quartile ranking in the value-add benchmark.  1.4% of committed capital during the Commitment Period; thereafter, 1.4% of invested capital. Fees Highly Advantageous  20% Carried Interest; 9% compounded Preferred Return.  Fund XI has raised $953.75 million of equity commitments to date from 29 investors. As of 6/30/2020, the Fund had COVID-19 Update committed 8% of the total target fundraise to three investments. All three investments are office properties, located in Bethesda, MD, San Diego, CA, and Denver, CO.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Stockbridge Value Fund IV

Rating Criteria Score Rationale  Stockbridge is a U.S. focused real estate investment manager that has experienced significantly growth over the last 10 years, more than quadrupling in AUM and x9 in team size. The team is well-experienced and has been executing a Overall Advantageous consistent strategy for 10 years. The team will be able to leverage their network of operating partners. Fund IV will offer a diversified value-add strategy with 12% to 15% gross IRR but no target net IRR. Prior performance has been strong.  Stockbridge CVA (“Stockbridge”) is a privately owned U.S. focused real estate investment manager founded in 2009 that manages $8.7 billion in AUM. Stockbridge is 50% owned by eight individual partners of the firm and 50% by Stockbridge Organization Advantageous Capital Group, manager of opportunistic platform business.  Stockbridge manages other separate accounts that have previously invested in value-add, but the team believes that other products have limited capital to compete with the investment size and strategy of the Fund.  Stockbridge has had significant growth, growing from $2.1 billion AUM and 10 employees upon inception in 2009 to $8.7 billion AUM and 94 employees today.  Four investment professionals will participate in the Fund led by Doug Sturiale and supported by an investment committee consisting of eight members including Doug Sturiale. The investment committee have worked together for at least seven Team Advantageous years and have on average more than 30 years of experience.  Stockbridge is headquartered in San Francisco and have satellite offices in Atlanta and Chicago.  There has been no significant departures but Stockbridge has hired two portfolio associates in the last three years in the San Francisco office to support their growth.  Stockbridge Value Fund IV will acquire undervalued, underutilized or mismanaged properties to execute their value-add through capital investment, leasing, recapitalization, renovation, development, or redevelopment efforts.  The Fund will invest in multifamily, industrial, office and retail properties located in major U.S. markets. While there are no Investment Philosophy Advantageous restrictions on property types, their current pipeline predominantly consists of multifamily and industrial assets. & Process  The fund will target a gross IRR of 12% to 15% but do not have target net returns. The Fund will limit leverage to 65% (55% target).  Fund IV is expected to make approximately 25 to 35 investments.

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Stockbridge Value Fund IV (Con’t)

Rating Criteria Score Rationale  Fund I: 2011 vintage year, 20.7% net IRR, 1.8x net TVM. 1st quartile ranking in the value-add benchmark. Performance1 Highly Advantageous  Fund II: 2014 vintage year, 14.9% net IRR, 1.5x net TVM. 1st quartile ranking in the value-add benchmark.  Fund III: 2017 vintage year, 1.7% net IRR, 1.0x net TVM. 4th quartile ranking in the value-add benchmark.  Fee tiered by commitment size: 1.25% for >$50MM and 1.50% for <$50MM of committed capital during the Investment Period Fees Advantageous and of invested capital thereafter.  20% Carried Interest; 8% compounded Preferred Return. COVID-19 Update  The Fund held its first close in April 2020, raising $225MM, and has not made any investments to date.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

DSF Multifamily Real Estate Fund 2019

Rating Criteria Score Rationale  The senior professionals of DSF have significant experience investing in real estate, and since raising its first closed-end Overall Advantageous fund in 2013 DSF has maintained its narrow focus on multifamily assets within the Northeast corridor of the United States. The prior track record has been solid, consistently meeting target returns.  DSF was founded in 2000 by Arthur Solomon, Josh Solomon and Thomas Mazza. The firm currently has $1.1 billion in AUM. The senior team members have backgrounds with AEW, Fannie Mae, and Berkshire Group. Organization Advantageous  DSF is owned 50%/50% by Josh Solomon and Thomas Mazza.  DSF only invests the strategy under consideration. The 2016 Fund is fully invested and the 2019 Fund is currently actively investing.  DSF has a total of 20 employees across the firm, with 6 investment professionals focused on portfolio management. The senior investment team has an average of 26 years of real estate experience and 16 years with DSF. Team Advantageous  DSF is headquartered in Waltham, MA and has an additional office in Washington, D.C.  DSF has not had any turnover of investment professionals in the last five years.  The Fund’s strategy is to acquire existing multifamily assets throughout the Northeast and Mid-Atlantic states, similar to what DSF has done in prior funds. DSF employs a value-add strategy, in which the value of properties is enhanced through repositioning, redevelopment, and adaptive-reuse initiatives. DSF uses a network of relationships and deep market knowledge to identify multifamily properties that fit their strategy.  DSF’s target resident base is predominantly middle-market and renter-by-necessity. The assets DSF invests in typically appeal to the largest segment of the renter pool, providing diversified unit demand. Generally, DSF will invest in assets with Investment Philosophy Advantageous at least 90% occupancy to generate immediate cash flow while still having value-add opportunities. & Process  The 2019 Fund is seeking to raise $350 million to $400 million, with a hard cap of $500 million.  The Fund will target a net IRR of 11% to 12% and will limit leverage to 65% at the portfolio level (a single asset can have leverage up to 75%).  The 2019 Fund is expected to make approximately 10 to 12 investments. Historical average investment size is approximately $95 million, with 65% debt and 35% equity across the portfolio. In general, the anticipated equity investment size for the fund may vary from approximately $30 million to $50 million per investment.

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Non-Core Real Estate RFP Respondent Review

DSF Multifamily Real Estate Fund 2019 (Con’t)

Rating Criteria Score Rationale  Fund 2013: 2013 vintage year, 11.6% net IRR, 1.5x net TVM. 3rd quartile ranking in the value-add benchmark. Performance1 Advantageous  Fund 2016: 2016 vintage year, 11.3% net IRR, 1.6x net TVM. 2nd quartile ranking in the value-add benchmark.  1.25% of committed capital during the Commitment Period; thereafter, 1.5% of invested capital. Fees Highly Advantageous  20% Carried Interest; 9.0% compounded Preferred Return.  The 2019 Fund raised $271 million in equity commitments during its first close in 2019. The Fund has not made any COVID-19 Update investments to date.

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Non-Core Real Estate RFP Respondent Review

Heitman Value Investors V

Rating Criteria Score Rationale  Heitman has a long history of real estate investment experience, with a senior management team that has an average of Overall Advantageous more than 30 years with the manager. Fund V will continue Heitman’s strategy of investing in a mix of income-producing, value-add, and contrarian assets. Performance of prior funds has been mixed.  Heitman was founded in 1966 and currently manages $42.6 billion in AUM.  Heitman is 100% owned by members of its senior management. Organization Advantageous  Heitman manages investments across North America, and Asia-Pacific in three verticals: private real estate equity, public real estate securities, and real estate debt. Investments are made through open-end and closed-end vehicles, REITs, and separate accounts.  Heitman’s real estate team is made up of 310 professionals, with 29 professionals working on the value-add funds. The senior team responsible for the Fund have an average of 36 years of real estate experience and 34 years with Heitman.  The Fund will have a single portfolio manager, and is supported by 11 research professionals, 1 acquisitions professional, and Team Advantageous 9 asset management professionals.  Heitman is headquartered in Chicago and has additional US offices in Los Angeles and New York.  Heitman has experience no turnover at the senior level in the last five years.  Fund V will continue Heitman’s value-add program with its first four funds, recognizing the landscape is changing and presenting new opportunities/risks. Investments will center on three themes: delinked investments in sectors where demand is less driven by the economic cycle providing an income component, investments with favorable supply/demand prospects and strong underlying demographic fundamentals providing a growth component, and a small allocation to contrarian investments involving out-of-favor sectors or locations where risk has been mispriced. Investment Philosophy Advantageous  Heitman will utilize operating partners in a structure that aligns interests and seeks to mitigate risks. Their operating & Process partner relationships bring enhanced sourcing, specialized execution expertise, and alignment through structuring.  The fund will target a net IRR of 12% to 14% and will limit leverage to 60% on a portfolio basis and 80% on an individual investment.  Fund V is expected to make approximately 10 to 30 investments. The gross value for each asset is expected to range from $25 million to $100 million.

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Non-Core Real Estate RFP Respondent Review

Heitman Value Investors V (Con’t)

Rating Criteria Score Rationale  Fund I: 2004 vintage year, 4.9% net IRR, 1.3x net TVM. 3rd quartile ranking in the value-add benchmark.  Fund II: 2006 vintage year, 8.6% net IRR, 1.5x net TVM. 1st quartile ranking in the value-add benchmark Performance1 Advantageous  Fund III: 2013 vintage year, 15.2% net IRR, 1.4x net TVM. 2nd quartile ranking in the value-add benchmark  Fund IV: 2017 vintage year, 1.8% net IRR, 1.0x net TVM. 4th quartile ranking in the value-add benchmark.  1.25% on invested equity. Fees Highly Advantageous  20% Carried Interest; 9% compounded Preferred Return. COVID-19 Update  The Fund has not held its first close yet and thus did not made any investments prior to the COVID-19 outbreak in March.

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Non-Core Real Estate RFP Respondent Review

Praedium X Middle-Income Housing Fund

Rating Criteria Score Rationale  Praedium has a long history of investing in multifamily properties, with two funds above the benchmark median and two funds below in the last 20 years. The team is somewhat lean at 17 professionals, but the firm is only focused on executing a Overall Advantageous single investment program and so all the team’s time and attention will be centered on Fund X (as well as winding down prior funds).  The Praedium Group (“Praedium”) was founded in 1991 by Russell Appel as a team at Credit Suisse/First Boston to acquire distressed real estate assets. In 1994, Praedium formed as a third-party investment management group affiliated with Credit Suisse. In 1999, Praedium separated from Credit Suisse and has since operated as an independent firm. Organization Highly Advantageous  Praedium currently has $1.55 billion in .  Praedium is 100% employee owned (inclusive of a small interest that is owned by a former employee).  Praedium manages one strategy, the fund series under consideration.  Praedium has a team of 17 professionals, of which 7 professionals focus on acquisitions and 5 professionals focus on asset management. The senior management team has on average 25 years of real estate experience and 14 years with Praedium. Team Advantageous  Praedium is headquartered in New York, NY, where all professionals are located.  Praedium has had two senior level departures in the last five years, one focused on capital raising and the other focused on acquisitions. Both had been with Praedium over 10 years.  Fund X will capitalize on demographic tailwinds supporting demand and a demonstrable undersupply of middle-income rental housing coupled with disciplined property selection and a hands-on approach to value creation.  The Fund will invest in market-rate multifamily properties in suburban growth markets catering to middle-income tenants who earn between $60,000 and $85,000 in annual household incomes. The Fund will create value through both operational Investment Philosophy and capital improvements. Praedium does not utilize operating partners or joint ventures and will own assets directly. Advantageous & Process  Examples of markets where Fund X might invest include: Phoenix, AZ, Denver, CO, Orlando, FL, Jacksonville, FL, Atlanta, GA, Charlotte, NC, Las Vegas, NV, Portland, OR, Nashville, TN, Austin, TX, Dallas, TX, among others.  The fund will target a net IRR of 12% to 15% and will limit leverage to 65% on a portfolio basis.  Fund X is expected to make approximately 20 to 30 investments. Fund X will target mid-sized properties, generally involving a gross investment of between $50 million and $100 million on a total cost basis.

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Non-Core Real Estate RFP Respondent Review

Praedium X Middle-Income Housing Fund (Con’t)

Rating Criteria Score Rationale  Fund V: 2002 vintage year, 12.0% net IRR, 1.3x net TVM. 3rd quartile ranking in the value-add benchmark.  Fund VI: 2005 vintage year, -5.1% net IRR, 0.7x net TVM. 4th quartile ranking in the value-add benchmark. Performance1 Advantageous  Fund VII: 2007 vintage year, 10.8% net IRR, 1.4x net TVM. 1st quartile ranking in the value-add benchmark.  Fund VIII: 2013 vintage year, 17.4% net IRR, 1.6x net TVM. 2nd quartile ranking in the value-add benchmark.  Fund IX: 2017 vintage year, performance not reported  1.5% of committed capital during the Commitment Period; thereafter, 1.5% of invested capital. Fees Advantageous  20% Carried Interest; 8% compounded Preferred Return. COVID-19 Update  Fund X held a first close in October 2019 but has not to date purchased any assets prior to the COVID-19 disruption.

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Non-Core Real Estate RFP Respondent Review

TerraCap Partners V

Rating Criteria Score Rationale  TerraCap is a minority-owned firm with 10 dedicated real estate professionals. The strategy focuses on office and multifamily properties, and TerraCap has developed particular expertise in the South Atlantic and West Central South Overall Advantageous regions of the US, with plans to eventually expand to the West Mountain regions. The previous track record has come up short of target returns for Fund V.  TerraCap was founded in 2008 and currently has $1.1 billion in assets under management.  TerraCap is privately-owned and is a minority-owned business with 55% being Hispanic-owned. W. Stephen Hagenbuckle Organization Highly Advantageous owns 55% of TerraCap and Robert Gray owns 45%.  The fund series under consideration is TerraCap’s only product offering.  TerraCap has 21 total employees and 10 real estate professionals, consisting of 2 portfolio managers, 1 research professional, 2 acquisitions professionals, 4 asset management professionals, and 1 accounting/finance professional. Team Advantageous  TerraCap is headquartered in Estero, FL, with additional offices in Tampa, FL, Atlanta, GA, and Denver, CO.  TerraCap has not had any turnover at the management level.  TerraCap considers thematic factors such as business formation, employment growth and population growth on a market- by-market basis. TerraCap will make moderate strategic overweighting and underweighting decisions to markets based on economic drivers. Fund V will seek to invest in high quality, well located properties with opportunity to add value through more efficient management.  TerraCap will invest in office and multifamily properties. Historically, TerraCap has had a focus on South Atlantic and West Investment Philosophy Advantageous Central South regions of the US, however will be expanding their focus to other markets including the West Mountain & Process regions. The Fund will not invest in retail nor is it anticipated to invest in primary gateway markets such as New York, Los Angeles, San Francisco, Seattle, Miami and Chicago.  The fund will target a net IRR of 14% to 16% and will limit leverage to 70%.  Fund V is expected to make approximately 30 to 35 investments. In general, the anticipated investment size for the fund may vary from approximately $10 million to $30 million per investment.

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Non-Core Real Estate RFP Respondent Review

TerraCap Partners V (Con’t)

Rating Criteria Score Rationale  Fund II: 2012 vintage year, 12.9% net IRR, 1.6x net TVM. 3rd quartile ranking in the value-add benchmark. Performance1 Advantageous  Fund III: 2015 vintage year, 10.1% net IRR, 1.4x net TVM. 3rd quartile ranking in the value-add benchmark.  Fund IV: 2017 vintage year, 10.9% net IRR, 1.2x net TVM. 1st quartile ranking in the value-add benchmark.  1.5% of committed capital during the Commitment Period; thereafter, 1.5% of invested capital. Fees Advantageous  20% Carried Interest; 8% compounded Preferred Return. COVID-19 Update  Fund V’s initial closing is scheduled for October 2020 and thus has not made any investments pre-COVID-19.

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LaSalle Canadian Income & Growth Fund V

Rating Criteria Score Rationale  The Fund has a differentiated strategy, investing exclusively in Canadian markets across the major property types. LaSalle Overall Advantageous has a long history of real estate investment management, with a large platform of 300+ professionals. Of consideration, the fund series saw a change in lead portfolio manager 3 years ago.  LaSalle was founded in 1978 as LaSalle Advisors, and merged with Jones Lang Wootton in 1999 to become Jones Lang LaSalle (“JLL”). At the time of the merger, LaSalle Investment Management merged with Jones Lang Wootton’s fund management business to become LaSalle Investment Management. Today, LaSalle is a wholly owned but operationally Organization Advantageous independent subsidiary of JLL. LaSalle currently has $65 billion of total assets under management.  JLL, LaSalle’s parent company, has been publicly traded on the New York Stock Exchange since 1997.  LaSalle is focused solely on real estate. The firm has a number of open-end and closed-end vehicles that invest across core, value-add, opportunistic, and debt strategies.  LaSalle’s Canadian Income & Growth team has 24 professionals across a number of functions such as portfolio/asset management, transactions, research, and operating/accounting. Chris Lawrence is the Portfolio Manager for the Canadian Income & Growth series and spends 100% of this time on these funds. Chris has 32 years of relevant experience. The fund team is able to leverage resources of the broader LaSalle Americas platform, with more than 300 professionals. Team Advantageous  LaSalle’s headquarters is in Chicago, IL and the firm has 22 offices in 15 countries worldwide. For the fund under consideration, the Fund team is based in Toronto, Vancouver, and Chicago.  LaSalle has had two departures in the last five years, the most significant being Greg Spafford, the previous portfolio manager for the strategy. Greg left to pursue other opportunities and was replaced by Chris Lawrence, who joined in 2017.  The Fund seeks to invest in quality properties throughout Canada that LaSalle believes exhibit sound fundamentals and have potential to provide attractive income and the opportunity for value creation. LaSalle will focus on repositioning opportunities enhanced by COVID-19, as well as strategic lease-up opportunities and build-to-suit expansions. LaSalle will seek to attract buyers of stable “core” and “core-plus” assets on exit. Investment Philosophy Advantageous  The Fund will invest across all of Canada’s major markets and will invest in all major property types, but will avoid hotels & Process and will limit investments in retail and any investment in Alberta.  The fund will target a net IRR of 14% to 16% and will limit leverage to 60%.  The Fund is expected to make approximately 15 investments. The anticipated gross investment size for the fund may vary from approximately $50 million to $150 million per investment.

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Non-Core Real Estate RFP Respondent Review

LaSalle Canadian Income & Growth Fund V (Con’t)

Rating Criteria Score Rationale  Fund I: 2003 vintage year, 15.6% net IRR, 1.7x net TVM. 3rd quartile ranking in the value-add benchmark.  Fund II: 2006 vintage year, 6.6% net IRR, 1.3x net TVM. 1st quartile ranking in the value-add benchmark. Performance1 Advantageous  Fund III: 2010 vintage year, 11.9% net IRR, 1.5x net TVM. 2nd quartile ranking in the value-add benchmark.  Fund IV: 2013 vintage year, 9.9% net IRR, 1.4x net TVM. 3rd quartile ranking in the value-add benchmark.  0.75% of committed capital; 1.35% on invested equity. For commitments between CAD$20 million to CAD$50 million, the fee Fees Highly Advantageous on invested capital is 1.25%. For commitments above CAD$50 million, the fee on invested capital is 1.15%.  20% Carried Interest; 9% compounded Preferred Return. COVID-19 Update  Fund V has yet to have a first close, and thus does not have any investments acquired pre-COVID-19.

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Non-Core Real Estate RFP Respondent Review

Square Mile Partners VI

Rating Criteria Score Rationale  Square Mile is a well-experienced real estate investment firm with broad capabilities across real estate equity and credit. The firm is privately held and underwent a change in ownership in 2012 when USAA Real Estate acquired a minority interest. Overall Advantageous The team is well-resourced and takes an active approach to their opportunistic strategy investing beyond traditional property types. Performance of prior funds is less attractive, with losses across early funds, and mixed relative performance on more recent offerings; no prior funds meet Fund VI’s target return.  Square Mile was formed in 2006 and has over $7.2 billion in AUM.  Square Mile is 50.1% owned by CEO and Senior Advisor, Craig Solomon and Jeffrey Citrin (split evenly), respectively, and Organization Advantageous USAA Real Estate (49.9%).  In addition to the opportunistic fund series, Square Mile also manages Square Mile PE Partners, and real estate credit vehicles, Square Mile Credit Partners II, Square Mile Tactical Partners II, and Square Mile Core Credit Partners II.  Square Mile has 55 employees, including 35 investment professionals. The fund will be led by Craig Solomon, as well as Managing Directors Matthew Drummond, Jesse Goepel, and Elliot Rattner. Square Mile leverages its partnership with USAA to access research, compliance, marketing/investor relations, and portfolio analytics resources. Team Advantageous  Square Mile is headquartered in New York, NY with additional Square Mile and USAA offices in San Antonio, Washington, D.C., Chicago, San Francisco, Los Angeles, Atlanta, Dallas, Amsterdam, and Seoul.  New senior additions to the investment and management team of Square Mile over the last five years include the Head of Finance, Transaction Counsel, one SVP, three VPs, and two Analysts. No departures reported during this period.  Fund VI will pursue an opportunistic strategy with two primary areas of focus: (i) distressed and/or situational investments, and; (ii) theme-driven investments. Opportunities are expected to include asset-level recapitalizations, rescue capital/recovery capital, distressed debt acquisitions, public-private arbitrage, and may include components of development, renovations, and property repositioning. Investment Philosophy  Square Mile will invest predominantly in the U.S. but may selectively invest in Western Europe. Fund VI may invest across Highly Advantageous & Process traditional and non-traditional property types. Current themes include urban infill industrial and the convergence of media and technology,  The fund will target a net IRR of 15% and will limit leverage to 70%.  Fund VI is expected to make approximately 15 to 30 investments. In general, the anticipated investment size for the fund may vary from approximately $20 million to $400 million per investment (with co-investment).

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Non-Core Real Estate RFP Respondent Review

Square Mile Partners VI (Con’t)

Rating Criteria Score Rationale  Fund I: 2006 vintage year, -14.6% net IRR, 0.3x net TVM. 4th quartile ranking in the opportunistic benchmark.  Fund II: 2007 vintage year, -18.0% net IRR, 0.3x net TVM. 4th quartile ranking in the opportunistic benchmark. Performance1 Not Advantageous  Fund III: 2008 vintage year, 10.1% net IRR, 1.4x net TVM. 2nd quartile ranking in the opportunistic benchmark.  Fund IV: 2012 vintage year, 11.6% net IRR, 1.4x net TVM. 2nd quartile ranking in the opportunistic benchmark.  Fund V: 2016 vintage year, 6.0% net IRR, 1.1x net TVM. 4th quartile ranking in the opportunistic benchmark.  1.25% of committed capital and 1.5% on invested capital during the Commitment Period; thereafter, 1.5% of invested capital. Fees Highly Advantageous  20% Carried Interest; 9% compounded Preferred Return.  Fund VI has made one investment to date, a single family for-sale or rental development project; $53.4 million on a peak COVID-19 Update equity basis, representing 5.3% of total targeted commitments.

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Non-Core Real Estate RFP Respondent Review

KKR Real Estate Partners Americas III

Rating Criteria Score Rationale  REPA III is positioned to capitalize on demand growth created by secular and cyclical trends, targeting high-quality properties across asset types with defensive demand drivers as well as opportunities created through market dislocation. Overall Advantageous KKR is a large publicly traded manager and real estate is a small portion of AUM. The team is well-experienced and will be able to leverage KKR’s global platform and resources.  Kohlberg Kravis Roberts & Co. (“KKR”) is a publicly traded investment manager founded in 1976. Current and former employees of KKR own approximately 34% of KKR through the ownership or control of units of KKR Holdings L.P. Organization Not Advantageous  KKR manages $207 billion total AUM and $12 billion in real estate AUM.  The Fund has priority over Americas Real Estate equity investments within its strategy; however, there may be investments applicable to the REPA III along with KKR Americas Fund XII and KKR Credit Funds.  KKR has offices in 20 cities worldwide. The Americas Real Estate Equity team, formed in 2011, consists of approximately 20 investment and 4 dedicated asset management professionals based in New York, San Francisco, and Houston. Senior members have an average of 12 years of relevant industry experience.  Within the past year, the team added three senior members based in New York: Daniel Rudin (Director, 13 years of industry Team Advantageous experience), Connor Lewis (Director, 10 years), and Jennifer Box (Head of Special Situations, IC member, 16 years).  There has been no senior departures in the U.S. equity team and four departures in KKR Real Estate globally since 2011. Two departures were in the Europe team, one in the Asia equity team and one in the credit team.  The team will be able to take advantage of KKR’s global platform and resources.  KKR is raising $3 billion for REPA III, an opportunistic fund seeking opportunities born from an attractive combination of cyclical and secular demand trends. The team will leverage the broader firm’s industry expertise and global networks to demonstrate efficient execution, consequently leading to differentiated and proprietary deal flow. Investment Philosophy  The team currently views conventional multifamily, industrial, and offices in innovation markets based on secular growth Advantageous & Process and niche housing, lodging and event-driven plays based on cyclical dislocation to be particularly attractive.  The fund will target a net IRR of 12% to 15% and expect to hold up to 70% leverage.  Fund III is expected to make approximately 15 to 20 investments. The anticipated equity checks may vary from approximately $75 million to $300 million per investment.

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Non-Core Real Estate RFP Respondent Review

KKR Real Estate Partners Americas III (Con’t)

Rating Criteria Score Rationale  REPA I: 2013 vintage year, 12.6% net IRR, 1.3x net TVM. 1st quartile ranking in the opportunistic benchmark.  REPA II: 2017 vintage year, 19.1% net IRR, 1.2x net TVM. 1st quartile ranking in the opportunistic benchmark. Performance1 Highly Advantageous  REPE (European, opportunistic): 2016 vintage year, 10.1% net IRR, 1.2x net TVM. Global benchmark lack data for adequate comparison.  Management fees are based on commitment size during Commitment Period and thereafter, 1.5% of invested capital: o <$50MM: sum of 1.5% of unused, committed capital and 1.5% of invested capital; o $50MM to $100MM: sum of 1.25% of unused, committed capital and 1.5% of invested capital; Fees Advantageous o $100MM to $200MM: sum of 1.1% of unused, committed capital and 1.5% of invested capital; o >$200MM: sum of 1.0% of unused, committed capital and 1.5% of invested capital.  20% Carried Interest; 9% compounded Preferred Return.  The Fund has not has its first close. The team expects to hold an anchor close by September 2020, a first close by December COVID-19 Update 2020 and rolling closes through 3Q 2021.

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Non-Core Real Estate RFP Respondent Review

HIG Realty Partners IV

Rating Criteria Score Rationale  HIGRP IV’s opportunistic strategy is positioned to capitalize on distressed assets and the current market dislocation. HIG is a large privately-owned manager, and real estate represents a small portion of AUM. The Fund team is well-staffed and Overall Advantageous experienced with reasonable tenure within the firm and the industry. The team will be able to leverage networks within HIG to source transactions. Fund IV is a sizeable increase from Fund II ($400 million) and III ($541 million), targeting $750 million to $1 billion.  HIG Capital was founded in 1993 and has over $37.6 billion total and $2.8 billion real estate in AUM. Organization Advantageous  HIG is jointly owned by its Founders and CEOs, Sami Mnaymneh and Tony Tamer, with small, non‐voting interests held by other senior executives of the Firm and a passive non‐voting interest held by an affiliate of Dyal Capital.  HIG has approximately 760 professionals total. The real estate team comprises 43 professionals with 23 dedicated to HIGRP. The 23-person real estate team, including the associates, has an average 8.5 years at HIG and 17 years of experience.  HIG has offices globally with headquarters in Miami, FL and U.S. offices in Atlanta, GA, Boston, MA, Chicago, IL, Dallas, TX, Los Team Advantageous Angeles, CA, New York, NY, San Francisco, CA, and Stamford, CT. The Fund will be ran by teams in New York and Los Angeles.  David Dowell, a principal of the Firm, departed to pursue a different opportunity in Dec 2015.  The Fund will seek underperforming, inefficient, small to mid‐cap assets that are capital-starved, on unfavorable existing debt terms, or that have motivated/distressed sellers. The team will leverage HIG’s in-house operating experience to perform its value-add through financial restructuring, capital improvements, and improved operational improvements.  The Fund has established, proprietary sources of deal flow. The team will be able to leverage the HIG platform, its relationships with operating partners, and HIG’s portfolio investment network to target privately sourced transactions with Investment Philosophy limited to no competition. Approximately 75% of deals for Funds II and III were off-market, softly marketed or broken auction Advantageous & Process transactions.  HIGRP IV will execute its value-add strategy focusing on the top 30 MSAs in North America but not restricted to asset type. However, HIG has avoided retail in HIGRP II and III and student housing in HIGRP III.  The Fund will target a net IRR of 15% and will target leverage of 65% to 70%.  Fund IV is expected to make approximately 30 to 35 investments. The Fund will typically target investments of less than $200 million GAV. The anticipated investment size for the fund is approximately $10 million to $50 million per investment.  HIGRP II: 2012 vintage year, 8.6% net IRR, 1.3x net TVM. 3rd quartile ranking in the opportunistic benchmark. Performance1 Advantageous  HIGRP III: 2016 vintage year, 10.1% net IRR, 1.2x net TVM. 2nd quartile ranking in the opportunistic benchmark.

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Non-Core Real Estate RFP Respondent Review

HIG Realty Partners IV (Con’t)

Rating Criteria Score Rationale  1.5% of committed capital. Fees Advantageous  20% Carried Interest; 8% compounded Preferred Return.  HIGRP IV has raised $350mm in the Fund, which has made three investments prior to and during COVID, totaling $65mm COVID-19 Update of committed equity (9% of fund target).

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Kayne Anderson Real Estate Partners VI

Rating Criteria Score Rationale  Kayne Anderson Real Estate is a well-experienced real estate platform within the larger multi-asset investment manager. The team is led by Al Rabil and David Selnick, and is supported by a stable senior team with a particular expertise investing Overall Advantageous in niche property types, which are largely demographics-driven. Performance has been generally strong on an absolute and relative basis.  Kayne Anderson was founded in 1984 and manages over $30.5 billion in AUM. Kayne Anderson Real Estate was founded in 2007 by Al Rabil and is the real estate arm of the broader organization. KA RE has over $10.5 billion in AUM.  Kayne Anderson is a privately held, employee-owned organization. The firm is currently underway in the succession plans of Ric Kayne, who is expected to sell down his majority interest to the Executive Committee and current professionals. Organization Not Advantageous Specific to KA Real Estate, in 2020, KA Real Estate entered into a strategic partnership with AIMS Petershill, an investment fund managed by Goldman Sachs Asset Management; AIMS Petershill holds a 20% passive interest.  In addition to the opportunistic, flagship fund, Kayne Anderson Real Estate also manages an open-end core equity fund, an opportunistic debts fund series, and several separate accounts.  Al Rabil and David Selxnick will act as portfolio managers of the fund, and have 33 and 18 years of industry experience, respectively. The team includes 61 professionals, including 27 investment professionals, dedicated to real estate investments across debt and equity. The IC includes 6 people, 3 of which are members of the larger KA organization. Team Advantageous  Kayne Anderson Real Estate is located in Boca Raton, FL, with a satellite office in New York, NY.  The team continues to grow, particularly with junior level support. There have been two recent senior departures, a Managing Director and CFO John Wain, a 32-year industry veteran, replaced the prior CFO.  Fund VI will execute an opportunistic investment strategic focused on investments in senior housing (30%), student housing (20%), and medical office (50%). KA Real Estate will seek to acquire under-managed properties with strong growth potential, creating value largely through operational improvements. Development is limited to 20% of the portfolio.  KA Real Estate has a series of established, key operating partners across senior housing, medical office, and student Investment Philosophy Highly Advantageous housing. & Process  Fund VI will focus on the top 50 MSAs and major metropolitan areas/student markets in the U.S.  The fund will target a net IRR of 15% to 18% and will limit leverage to 75%.  Fund VI is expected to make approximately 40 to 50 investments. In general, the anticipated investment size for the fund may vary from approximately $10 million to $200 million per investment.

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Non-Core Real Estate RFP Respondent Review

Kayne Anderson Real Estate Partners VI (Con’t)

Rating Criteria Score Rationale  Fund I: 2007 vintage year, 8.2% net IRR, 1.3x net TVM. 2nd quartile ranking in the opportunistic benchmark.  Fund II: 2010 vintage year, 15.1% net IRR, 1.3x net TVM. 3rd quartile ranking in the opportunistic benchmark. Performance1 Highly Advantageous  Fund III: 2013 vintage year, 18.2% net IRR, 1.6x net TVM. 1st quartile ranking in the opportunistic benchmark.  Fund IV: 2015 vintage year, 14.3% net IRR, 1.5x net TVM. 1st quartile ranking in the opportunistic benchmark.  Fund V: 2017 vintage year, 8.4% net IRR, 1.1x net TVM. 2nd quartile ranking in the opportunistic benchmark.  Tiered by commitment size. <$50mm: 1.75%, $50mm to $100mm: 1.5%, $100mm to $200mm: 1.375%; >$200mm: 1.25% of Fees Not Advantageous committed capital during the Commitment Period; thereafter, the respective tiered management fee on invested capital.  20% Carried Interest; 8% compounded Preferred Return. COVID-19 Update  Fund VI has not commenced investing and does not have exposure to pre-COVID investments.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

W&D Real Estate Opportunities Fund

Rating Criteria Score Rationale  W&D Real Estate Opportunities Fund represents the manager’s fourth opportunistic fund (sixth overall fund). The manager, JCR Capital, was recently acquired and rebranded WDIP. The strategy appears to be well suited to capitalize on distress Overall Advantageous resulting from COVID-19, although the investment scope is fairly wide across sectors and markets. WDIP’s first fund underperformed the benchmark (fourth quartile), but the next two funds have been top quartile.  JCR Capital Investment Corporation was founded in 2006. In 2018, JCR was acquired by Walker & Dunlop and was rebranded to WDIP in 2020 to promote synergy with its parent company. WDIP currently has $1.2 billion of assets under management. Organization Advantageous  WDIP is a wholly-owned subsidiary of Walker & Dunlop Investment Management (“W&D”). W&D is a publically-traded company with over 850 employees, providing financing and real estate services to owners of multifamily and commercial properties.  WDIP also manages a value-add fund and a core-plus fund, both of which are currently investing.  WDIP has a team of 31 professionals, with 10 focused on portfolio management and 4 asset management professionals. Senior team members have an average of 21 years of real estate experience and 6 years with the firm.  The WDIP team has distressed and opportunistic investment, asset management, turnaround and workout experience Team Advantageous across all major commercial real estate property types, investing approximately $1.8 billion of capital over 300 equity and debt investments with no realized principal losses to date.  WDIP is headquartered in Denver, its only office. WDIP is able to leverage the scale of W&D’s presence across the US.  WDIP has not experienced any management team turnover in the last five years.  The Fund will pursue a distressed and opportunistic strategy, consistent with three of WDIP’s prior opportunistic funds. Target properties will have immediate capital needs, where WDIP can provide bridge equity, rescue financing and opportunistic acquisition financing to experienced middle-market regional sponsors. Summary of strategy – mention risk profile (value-add/opportunistic/debt), value creation techniques, sourcing advantage, etc.  The Fund will create a diversified portfolio of assets across the commercial real estate middle market. Property targets Investment Philosophy Advantageous include multifamily, industrial, office, retail, and hospitality. WDIP does not have any specific target markets but will focus on & Process major MSAs  The fund will target a net IRR of 15%+ and a 1.4x net multiple. The Fund will not utilize any fund-level leverage, although may use a subscription line to manage capital calls.  The Fund is expected to make approximately 20 to 45 investments. In general, the anticipated investment size for the fund may vary from approximately $3 million to $20 million per investment.

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Non-Core Real Estate RFP Respondent Review

W&D Real Estate Opportunities Fund (Con’t)

Rating Criteria Score Rationale  Fund I: 2010 vintage year, 12.1% net IRR, 1.2x net TVM. 4th quartile ranking in the opportunistic benchmark. Performance1 Advantageous  Fund II: 2012 vintage year, 14.2% net IRR, 1.3x net TVM. 1st quartile ranking in the opportunistic benchmark.  Fund III: 2016 vintage year, 13.0% net IRR, 1.4x net TVM. 1st quartile ranking in the opportunistic benchmark.  During the Investment Period: 0.75% on committed capital plus 0.75% on invested capital. Thereafter, 1.5% on invested capital. Fees Advantageous  20% Carried Interest; 8% compounded Preferred Return.  The Fund is currently in its pre-marketing phase with a first close expected in Q4 2020. Thus, the Fund does not have any COVID-19 Update investments invested prior to COVID-19.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Harbert US Real Estate Fund VII

Rating Criteria Score Rationale  HUSREF VII will execute a value-add strategy across wide array of asset types and geographies. The team has executed the strategy over six funds since 1995 and consists of senior members with extensive experience operating and investing. Overall Advantageous The prior track record has hovered around the median of the benchmark. Harbert’s CFO, who sits on the Private Market Valuation Committee, will be retiring at the end of 2020.  Harbert Management Corporation (“HMC”) was founded in 1993 and has over $7.7 billion total and $3.6 billion of real estate Organization Advantageous in AUM.  HMC is a 100% employee-owned private company.  HMC investment team is comprised of 45 total professionals, and 14 investment professionals supported by two investment committee members will participate in the Fund. Key professionals have an average of over 20 years of industry experience and over 15 years at the Firm.  HMC is headquartered in Birmingham, AL with six other offices in the U.S. and four in Europe. U.S. offices include: Atlanta, Team Advantageous GA; Dallas, TX; Nashville, TN; New York, NY; Richmond, VA; and San Francisco, CA.  The team had four departures in the last five years excluding analysts: Andrew Case (Director of Asset Management, relocation), Craig White (Director of Investments, other opportunity), Jeffrey Seidman (VP of Asset Management, restructuring), and Joseph Azar (Associate, other opportunity). Additionally, HMC’s CFO will be retiring at the end of 2020.  HUSREF VII will execute a value-add strategy by acquiring undercapitalized assets in key submarkets at a discount, focusing on capital repositioning, leasing, operational and financial management, and generating above-market net operating income growth through outsized rent and occupancy gains.  The Fund will seek undervalued, fundamentally sound assets across sectors (office, apartment, retail and industrial) in Investment Philosophy Advantageous primary markets with strong population and employment growth prospects and with material barriers to new institutional & Process supply. The team believes such opportunities will be prevalent in the Southern and Western markets.  The Fund will target a net IRR of 12% to 13% and will limit leverage to 75% LTC.  Fund VII is expected to make approximately 30 to 35 investments. In general, the anticipated investment size for the fund may vary from approximately $10 million to $30 million per investment.

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Non-Core Real Estate RFP Respondent Review

Harbert US Real Estate Fund VII (Con’t)

Rating Criteria Score Rationale  Harbert RE Fund II: 2001 vintage year, 20% net IRR, 1.5x net TVM. Median rank in the value-add benchmark.  Harbert RE Fund III: 2005 vintage year, -1% net IRR, 1.0x net TVM. 3rd quartile ranking in the value-add benchmark. Performance1 Advantageous  HUSREF IV: 2009 vintage year, 21% net IRR, 2.0x net TVM. 2nd quartile ranking in the value-add benchmark.  HUSREF V: 2012 vintage year, 12% net IRR, 1.5x net TVM. 3rd quartile ranking in the value-add benchmark.  HUSREF VI: 2016 vintage year, 12% net IRR, 1.3x net TVM. 2nd quartile ranking in the value-add benchmark.  1.5% of committed capital during the Investment Period; thereafter, 1.5% of unreturned, invested capital. Fees Advantageous  20% Carried Interest; 8% compounded Preferred Return.  The Fund has made five investments across suburban office, garden-style multifamily, shopping center, multi-tenant COVID-19 Update business park, and mixed-use property.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Mesirow Financial Real Estate Value Fund IV

Rating Criteria Score Rationale  Fund IV will target multifamily properties throughout the U.S., with a focus on university anchored submarkets. As a firm, Mesirow has a long history and is privately-owned, but the real estate team is relatively lean, with a track record going back Overall Advantageous to 2011. The first two funds’ performance were right in line with target returns; the most recent fund is lagging slightly. The Fund has an off-market carried interest structure of 25%.  Mesirow Financial was founded in 1937 and currently has approximately $32.3 billion in assets under management. The firm provides investment management, capital markets, and services. Organization Advantageous  As of March 31, 2020, approximately 95% of the company’s common stock was owned by 242 employees.  The fund series under consideration is Mesirow’s only real estate offering.  Mesirow’s real estate team has 17 total employees, with one portfolio manager, one research professional, three acquisitions/dispositions professionals, and four asset management professionals. The remaining employees cover accounting/financial and business development functions. Team Advantageous  Mesirow is headquartered in Chicago, IL and has satellite offices in California, Colorado, Florida, Georgia, Illinois, Massachusetts, New York, North Carolina, Texas, and London. The team responsible for Fund IV is based in the Chicago headquarters.  Mesirow’s real estate team has not experienced any turnover in the last five years.  Fund IV will invest primarily in institutional quality U.S. multifamily properties where Mesirow can execute a value-add investment strategy to optimize asset performance. The Fund will also seek strategic exposure to university anchored submarkets that offer tactical access to market competitive student housing assets. The strategy emphasizes the acquisition of cash flowing Class B- and above properties. Investment Philosophy  The Fund will target multifamily properties in 30 metropolitan markets throughout the U.S. Within these markets, focus will Advantageous & Process be given to urban infill locations and well-located suburban locations with demand drivers such as universities, government offices, medical centers, and office employment hubs, among other attributes.  The fund will target a net IRR of 10% to 12% and will limit leverage to 65%.  Fund IV is expected to make approximately 24 to 27 investments. The anticipated investment size for the fund may vary from approximately $9 million to $50 million per investment.

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Non-Core Real Estate RFP Respondent Review

Mesirow Financial Real Estate Value Fund IV (Con’t)

Rating Criteria Score Rationale  Fund I: 2011 vintage year, 11.4% net IRR, 1.6x net TVM. 4th quartile ranking in the value-add benchmark. Performance1 Advantageous  Fund II: 2014 vintage year, 10.9% net IRR, 1.5x net TVM. 2nd quartile ranking in the value-add benchmark.  Fund III: 2017 vintage year, 7.2% net IRR, 1.1x net TVM. 3rd quartile ranking in the value-add benchmark.  1.1% on committed capital during the Commitment Period; 1.5% on invested capital. Fees Advantageous  25% Carried Interest; 8% compounded Preferred Return. COVID-19 Update  The Fund is currently in its fundraising stage and has not closed any investments.

1 As of 3/31/2020. Portfolio investments are generally marked-to-market at calendar year-end. As a result, the IRRs and performance returns reported for each interim quarter are depressed and may not be indicative of a Fund’s true performance.

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Non-Core Real Estate RFP Respondent Review

Oaktree Real Estate Opportunities Fund VIII

Rating Criteria Score Rationale  Oaktree is one of the most active real estate investment managers with an incredibly well-resourced platform. The organization underwent a major change in ownership in 2019 with Brookfield’s majority purchase. The ROF VIII fund series Overall Advantageous has an extensive track record over several market cycles but has grown considerably since 2008. Historical performance has largely not met the stated target return for Fund VIII on an IRR basis. On a relative basis performance is mixed, but several funds did not exceed the median benchmark.  Oaktree was formed in 2005 and has over $113 billion in AUM.  Oaktree’s asset management business is indirectly controlled by Oaktree Capital Group and Atlas OCM Holdings. The holding structure was reorganized in 2019. As of March 31, 2020, approximately 62% of the firm is owned by Brookfield and Organization Not Advantageous the remaining stake is owned by current and former Oaktree employees.  Oaktree is a multi-asset manager, within real estate, in addition to the real estate opportunities fund series, Oaktree manages a real estate debt and real estate income fund series.  Oaktree’s global real estate team consists of 55 investment professionals across 7 offices and 6 countries including 40 investment professionals in North America, 6 investment professionals in Europe, and 9 investment professionals in Asia Pacific. Oaktree is headquartered in Los Angeles and has a total of 19 offices worldwide.  Oaktree’s U.S. real estate equity team consists of 29 dedicated investment professionals located primarily in New York and Los Angeles. John Brady will serve as Portfolio Manager of Fund VIII, and Ambrose Fisher and Todd Liker as Co-Portfolio Team Highly Advantageous Managers. Mr. Brady has over 32 years of industry experience, and Mr. Fisher and Mr. Liker have 29 and 24 years of experience, respectively.  The real estate group is the largest investment team at Oaktree. The team has experienced the departure of 12 senior investment professionals (VP and above) over the last five years. Many of these departures were based in the London office.  Oaktree ROF VIII will deploy a broad opportunistic investment strategy; focus areas include: opportunistic credit, commercial direct assets, residential direct assets, corporate platforms, and global ex-U.S. Oaktree is focused on buying right, creating value, and exiting opportunistically. Value creation focuses on driving top line growth and improving the Investment Philosophy bottom-line through operating efficiencies and cost savings. Highly Advantageous & Process  The fund will pursue a global strategy and may invest across property types.  The fund will target a net IRR of 17% to 19% and will limit leverage to 70%.  Fund VIII is expected to make approximately 80 to 120 investments. In general, the anticipated investment size for the fund may vary from approximately $10 million to $40 million per investment on average, not to exceed $250 million.

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Non-Core Real Estate RFP Respondent Review

Oaktree Real Estate Opportunities Fund VIII (Con’t)

Rating Criteria Score Rationale  Fund IA: 1996 vintage year, 8.4% net IRR, 1.7x net TVM. 4th quartile ranking in the opportunistic benchmark.  Fund IB: 1997 vintage year, 7.1% net IRR, 1.6x net TVM. Quartile ranking unavailable.  Fund II: 1998 vintage year, 11.1% net IRR, 1.5x net TVM. 2nd quartile ranking in the opportunistic benchmark.  Fund III: 2002 vintage year, 11.3% net IRR, 1.7x net TVM. 3rd quartile ranking in the opportunistic benchmark. Performance1 Not Advantageous  Fund IV: 2008 vintage year, 10.6% net IRR, 1.7x net TVM. .1st quartile ranking in the opportunistic benchmark.  Fund V: 2011 vintage year, 12.4% net IRR, 1.6x net TVM. 3rd quartile ranking in the opportunistic benchmark.  Fund VI: 2012 vintage year, 9.1% net IRR, 1.4x net TVM. 3rd quartile ranking in the opportunistic benchmark.  Fund VII: 2015 vintage year, 21.7% net IRR, 1.3x net TVM. 1st quartile ranking in the opportunistic benchmark  1.5% of committed capital during the Commitment Period; thereafter, 1.5% of invested capital. Fees Advantageous  20% Carried Interest; 8% compounded Preferred Return.  ROF VIII has made $20 million of investments prior to COVID-19, a dismal amount compared to the $3 billion to $4 billion COVID-19 Update target fund size.

1 As of 3/31/2020. Peer performance was compared to the Cambridge Associates, All U.S., Opportunistic benchmark as the global peer universe was insufficient.

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Non-Core Real Estate RFP Respondent Review

CenterSquare Value Added Fund V

Rating Criteria Score Rationale  CenterSquare Value Added Fund V will seek middle market assets in major cities away from gateway markets to execute value-add to local markets with less institutional competition. The Fund can leverage CenterSquare’s large platform and Overall Advantageous research team. Past performance has not been steady on an absolute and relative basis, lagging target return and the benchmark median for some predecessor funds.  CenterSquare was founded in 1987 and has $9.6 billion in AUM. The Firm is owned by Lovell Minnick Partners, private equity firm (50.6%) and CenterSquare’s management team (49.4% - over 30 members have equity ownership). Organization Not Advantageous  CenterSquare is one of the world’s largest REIT investment managers. CenterSquare also manages private equity core plus separate accounts, private real estate debt, listed real estate securities and listed infrastructure securities. The team is looking to raise capital and execute on a service retail real estate strategy in addition to Fund V.  CenterSquare is comprised of 95 total employees with a 28-person research team. The Fund will have 3 professionals in portfolio management, 6 in acquisitions, and 3 in asset management executing supported by an 8-person investment committee. Most members of the investment committee and the Fund’s portfolio manager have more than 10 years at Team Advantageous CenterSquare and an average industry experience of 30 years.  The Firm is headquartered in Pennsylvania with satellite offices in Newport Beach, CA, New York, NY, London and .  Pennock J. Yeatman (Head of Private Real Estate) departed in 2015 to pursue a different opportunity. David Rabin (Managing Director, Private Real Estate) assumed responsibilities.  The Fund will focus on middle market, mismanaged assets that can be acquired below replacement cost and will perform value-add strategies including: (i) renovation, expansion and redevelopment; (ii) vacant space lease-up; (iii) rent increase in recovering markets; (iv) repurpose or conversion of use; (v) debt recapitalizations; and (v) reposition and turnaround. CenterSquare primarily leverages their national platform of operating partners to source deals. Investment Philosophy  While portfolio construction will be diversified across property types, geographies, operating partners, and business plans, Advantageous & Process the team views primary opportunities to be located in major cities outside of the gateway markets.  The Fund will target a net IRR of 13% to 15% and will limit leverage to 65%.  Fund V is expected to make approximately 15 to 25 investments. Average investment size is expected to be approximately $15 million. In general, the anticipated investment size for the fund may vary from approximately $5 million to $25 million per investment.

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Non-Core Real Estate RFP Respondent Review

CenterSquare Value Added Fund V (Con’t)

Rating Criteria Score Rationale  Fund I: 2003 vintage year, 3.2% net IRR, 1.2x net TVM. 4th quartile ranking in the value-add benchmark.  Fund II: 2006 vintage year, 6.1% net IRR, 1.3x net TVM. 1st quartile ranking in the value-add benchmark. Performance1 Advantageous  Fund III: 2014 vintage year, 13.2% net IRR, 1.3x net TVM. 2nd quartile ranking in the value-add benchmark.  Fund IV: 2018 vintage year, -1.1% net IRR, 1.0x net TVM. 3rd quartile ranking in the value-add benchmark.  1.5% of invested capital. Fees Advantageous  20% Carried Interest; 8.5% compounded Preferred Return.  The Fund has not held its first close yet and thus did not made any investments prior to the COVID-19 outbreak in March. COVID-19 Update The Fund is anticipated to hold its first close in September 2020.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Harrison Street Real Estate Partners VIII

Rating Criteria Score Rationale  Harrison Street is a well-experienced real estate investment manager focused on niche real estate sectors that are largely demographics-driven. The firm underwent a major shift in ownership in 2018, selling a 75% interest to an external party. Overall Advantageous The team is experienced and has built a strong network of operating partners within each target sector. Performance has been relatively consistent and stable, however has not met the stated target returns and ranks largely above median.  Harrison St. was founded in 2005 and has over $26 billion in AUM.  In 2018, Harrison St. entered into a strategic partnership with Colliers International Group to purchase 75% of the firm. Chris and Mike Galvin sold 100% of their passive interest, Chris Merrill and three other members of senior management sold 50% Organization Not Advantageous of their interest. Additional Harrison St. employee shareholders were also included in the transaction.  In addition to Fund VIII, and the flagship fund series, Harrison St. also manages a European opportunistic fund series, open- end U.S. core fund, series of separate accounts, and an open-end social infrastructure fund.  Harrison St. was founded by Christopher Merrill and Chris and Mike Galvin with the goal of creating focused and differentiated real estate investment solutions supported by demographics and needs-based demand.  Rob Cook, Senior Managing Director and Head of Opportunistic Portfolio Management – North America, will serve as lead Portfolio Manager of the fund. Harrison St. employs 174 professionals, of which 90 are investment professionals. The real Team Advantageous estate team is organized by property type, and further so, by operating partner. In addition, the Harrison St. research team will leverage Colliers’ global research team.  The firm is headquartered in Chicago, with an additional office in London.  Harrison St. has hired 43 professionals within the past 12 months across the U.S. and London office. One senior departure in the last five years, the Director of Portfolio Management, Brian Kuzniar.  Harrison St. REP VIII will deploy an opportunistic strategy focused in investments in the education, healthcare, life sciences, and self-storage sectors. The fund may pursue value-add (50%) and development (50%) strategies. The fund may make direct control but will largely focus on investments made in partnership with strong operating partners. Investment Philosophy  Fund VIII will invest predominantly in the U.S. but may invest in Canada as well. An allocation to life sciences is a recent Highly Advantageous & Process addition to the opportunistic fund strategy.  The fund will target a net IRR of 14% to 16% and will limit leverage to 70%.  Fund VIII is expected to make approximately 100 to 120 investments. In general, the anticipated investment size for the fund may vary from approximately $2 million to $35 million per investment.

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Non-Core Real Estate RFP Respondent Review

Harrison Street Real Estate Partners VIII (Con’t)

Rating Criteria Score Rationale  Fund I: 2006 vintage year, 0.0% net IRR, 1.0x net TVM. 2nd quartile ranking in the opportunistic benchmark.  Fund II: 2008 vintage year, 9.8% net IRR, 1.5x net TVM. 2nd quartile ranking in the opportunistic benchmark.  Fund III: 2010 vintage year, 19.1% net IRR, 1.7x net TVM. 2nd quartile ranking in the opportunistic benchmark. Performance1 Advantageous  Fund IV: 2013 vintage year, 11.9% net IRR, 1.5x net TVM. 2nd quartile ranking in the opportunistic benchmark.  Fund V: 2014 vintage year, 11.2% net IRR, 1.4x net TVM. 3rd quartile ranking in the opportunistic benchmark.  Fund VI: 2016 vintage year, 8.8% net IRR, 1.2x net TVM. 2nd quartile ranking in the opportunistic benchmark.  Fund VII: 2018 vintage year, N/A net IRR, 1.0x net TVM.  Tiered by commitment size. <$10mm: 2.0%, $10mm to $25mm: 1.75%; >$25mm: 1.5% of committed capital during the Fees Not Advantageous Commitment Period; thereafter, the respective tiered management fee on invested capital.  20% Carried Interest; 8% compounded Preferred Return. COVID-19 Update  Fund VIII recently launched and does not have exposure to pre-COVID investments.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Platform Ventures Real Estate Strategies V

Rating Criteria Score Rationale  Platform will focus on opportunities to monetize the current market dislocation through the execution of short-term business plan carried out by borrowers or through a foreclosure with Platform. The team will seek to identify inefficiencies Overall Advantageous in the capital markets through alternative financing, middle market equity, and senior debt. Platform has experience investing in market distress under MREM. Performance has met or slightly lagged target and have not had consistent returns relative to the benchmark.  Platform Ventures (“Platform”) is a real estate investment manager that manages $1.7 billion in AUM. It was founded in 2008 as Mariner Real Estate Management (“MREM”) and changed names in 2017. Organization Advantageous  Platform is owned by the founders and its .  Fund V is Platform’s exclusive vehicle.  Platform consists of 38 professionals, 26 of which will participate in the Fund and 14 of which are investment and asset management professionals. Key senior members of the investment team have an average of 16 years of industry experience with three non-founding members having joined the team 5-6 years ago. Team Advantageous  Platform is headquartered in Kansas City and have other offices in Chicago, Palo Alto, and Austin.  The firm has had one senior departure over the last five years, a senior counsel who was terminated in 2017 and replaced by Greg Steinberg.  Platform will seek debt and equity investment opportunities where the team can take a favorable position within the capital stack and gain negotiating power in the structuring of transactions by utilizing flexible capital. The Fund will primarily target opportunities in: alternative finance; real estate middle market equity; and real estate senior debt. The Fund will seek to acquire distressed first-position mortgages, NPLs, and subordinate CMBS bond positions directly from financial institutions, Investment Philosophy Advantageous overleveraged real estate companies, and structured finance vehicles as well as direct investments in middle market real & Process estate assets. The Fund will target housing/home builder finance, office, industrial, and specialty real estate like timeshares.  The Fund will target a net IRR of 12% to 14% and will limit leverage to 65%.  Fund V is expected to make approximately 10 to 25 investments. The anticipated investment size for the fund may vary from approximately $10 million to $30 million per investment.

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Non-Core Real Estate RFP Respondent Review

Platform Ventures Real Estate Strategies V (Con’t)

Rating Criteria Score Rationale

 Fund I: 2009 vintage year, 8.3% net IRR, 1.5x net TVM. 4th quartile ranking in the value-add benchmark.  Fund II: 2010 vintage year, 13.4% net IRR, 1.8x net TVM. 2nd quartile ranking in the value-add benchmark. Performance1 Not Advantageous  Fund III: 2011 vintage year, 8.9% net IRR, 1.5x net TVM. 4th quartile ranking in the value-add benchmark.  Fund IV: 2014 vintage year, 14.3% net IRR, 1.5x net TVM. 1st quartile ranking in the value-add benchmark.  1.5% of committed capital during the Investment Period; thereafter, 1.5% of invested capital. Fees Advantageous  20% Carried Interest; 8% compounded Preferred Return.  Fund V has raised $57 million to date. The Fund is seeded by four investments, including three office and one lot lending COVID-19 Update program.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Velocis Fund III

Rating Criteria Score Rationale  Velocis is an emerging real estate investment manager wholly owned by the five members of the investment committee. Fund III will target value-add office, medical office, retail centers, and mixed use properties in the southern U.S., targeting Overall Advantageous 12-15% net IRR. Velocis was founded in 2010 and has limited experience as a group during a recessionary cycle. The predecessor fund has performed in the bottom quartiles of the benchmark.  Velocis is an emerging real estate investment manager founded in 2010 that manages $618 million in AUM. Organization Advantageous  The five investment committee members each own 20% of the company: Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith, and David Seifert.  Velocis is a boutique firm with 13 real estate professionals. The five partners, who have mostly been with the firm since Team Advantageous inception and have more than 30 years of average industry experience, are part of the day-to-day throughout the deal.  Velocis is based in Dallas, TX.  Velocis invests in a number of specific target non-gateway markets across southern U.S. for value-add office, medical office, retail centers and mixed-use opportunities. The Fund will primarily target mid-rise, “urban-suburban” office product located in top-performing submarkets, medical office near hospitals with hospital-affiliated tenants, and mixed-use properties that Investment Philosophy embraces the live-work-play environment. The assets that the team has typically targeted are 50-100% occupied, 1980+ Advantageous & Process vintage, and multi-tenanted.  The Fund will target a net IRR of 12% to 15% and will limit leverage to 65%.  Fund III is expected to make approximately 15 to 20 investments. The anticipated investment size for the fund may vary from approximately $15 million to $20 million per investment.  Fund I (core plus): 2011 vintage year, 14.2% net IRR, 1.5x net TVM. Quartile ranking for a core-plus fund is not meaningful. Performance1 Not Advantageous  Fund II (value-add): 2015 vintage year, 5.3% net IRR, 1.4x net TVM. 4th quartile ranking in the value-add benchmark  1.5% of committed capital during the Investment Period; thereafter, 1.5% of invested capital. Fees Advantageous  20% Carried Interest; 8% compounded Preferred Return. COVID-19 Update  Velocis Fund III has raised $177 million and made one suburban office investment in 2Q20.

1 As of 3/31/2020

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Non-Core Real Estate RFP Respondent Review

Marathon European Credit Opportunity IV

Rating Criteria Score Rationale  ECO IV is a pan-European middle-market, value-add investment opportunities, targeting distressed equity investments and NPLs that arise from under-capitalized European Banks, rescue capital, and opportunistic lending in the market distress. Overall Advantageous Performance has gradually improved over the life of the fund series. While the Fund is led by seasoned professionals, the team has experienced some senior level turnover over the last five years and appears lean to manage €750 million across its wide target geography. The team is considering adding junior level support.  Marathon Asset Management (“Marathon”) was founded in 1998 and managed $17 billion in AUM. Real estate accounts for Organization Advantageous $2 billion of the AUM. Marathon is a partnership, and Blackstone acquired a passive, minority interest in Marathon.  Marathon has other funds and investments across other geographies and strategies.  Marathon consists of 161 professionals with 20 investment professionals focused on the Fund (5 in acquisitions, 11 in asset management, and 4 in the investment committee). The three key professionals have at least 7 years working together and Team Not Advantageous each have more than 22 years of industry experience. The team consists of ten different nationalities and nine languages.  Marathon is headquartered in New York with global offices in London and Tokyo.  8 professionals above the vice president role have left the team to pursue other opportunities, three of whom left in 2019.  ECO IV will seek value-add and opportunistic equity and debt investments in the wider European distress market with a focus on special situations and real estate repositioning opportunities through NPLs, direct real estate investments, and opportunistic lending. Marathon seeks to merit from Europe’s highly fragmented market and current market dislocation. Opportunities sourced through their relationship with lenders such as European banks, state-controlled asset managers, Investment Philosophy Advantageous special servicers, and insolvency administrators. & Process  The Fund will invest in major European markets where the team has market experience and local knowledge.  The fund will target a net IRR of 15% and will limit leverage to 65%.  Fund IV is expected to make approximately 20 to 25 investments. The anticipated investment size for the fund may vary from approximately €30 million to €40 million per investment.  ECO I: 2011 vintage year, 9% net IRR, 1.3x net TVM. Global benchmark lack data for adequate comparison. Performance1 Not Advantageous  ECO II: 2014 vintage year, 9% net IRR, 1.5x net TVM. Global benchmark lack data for adequate comparison.  ECO III: 2016 vintage year, 13% net IRR, 1.3x net TVM. Global benchmark lack data for adequate comparison.  1.5% of committed capital during the Commitment Period; thereafter, 1.5% of invested capital. Fees Advantageous  20% Carried Interest; 8% Preferred Return. COVID-19 Update  ECO IV held a first close of €233 million, but it has not made any investments to date.

1 As of 12/31/2019

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Non-Core Real Estate RFP Respondent Review

Seminole Real Estate Fund II

Rating Criteria Score Rationale  Seminole is an emerging real estate manager founded in 2009, a subsidiary of Seminole Holdings that account for a third of its parent’s revenue. The Fund is the first closed-end vehicle following Seminole Equity REIT, which the team took over Overall Advantageous from Midland Companies. Fund II will partner with developers and operators that specialize in new construction and rehabilitation of multifamily assets to primarily seek debt and equity positions in market-rate apartments, student, and senior housing. The Fund will have 5% preferred return, which is below market.  Seminole Advisory Services (“Seminole”) is an emerging real estate manager founded in 2009 with $332MM in AUM.  Robert Banks, the founder of Seminole, was the CEO and majority owner of the Midland Companies, specializing in multifamily, and sold the company in 2000. As Midland became concerned about the performance of the two open-end funds, they reached out to Robert Banks, who subsequently founded Seminole. Seminole replaced the manager of the two Organization Advantageous open-end funds listed in the performance section below: Seminole Mortgage Trust and Seminole Equity REIT.  Seminole is a wholly owned subsidiary of Seminole Holdings Group and account for 33% of the parent’s revenue.  While the team believes that there will be minimal overlap with the Fund, Seminole also manages Seminole Mortgage Trust, Seminole Equity REIT, and SAS Balanced Real Estate Fund I. Seminole Equity REIT is the first fund in the series, which operated as an open-end fund.  The team is composed of 20 professionals, 8 of which are in investment and portfolio management roles in addition to a 3- person investment committee. The three IC members have around 50 years of experience each and have been with Seminole for most of its life. The team does not anticipate any retirements in the foreseeable future. No succession plan Team Advantageous was detailed for specific individuals.  Seminole is headquartered in Belleair Bluffs, FL and have offices in Clearwater, FL and Temperance, MI. All key professionals are based in FL while the Fund will target opportunities nationally.  Seminole is looking to raise $100MM with a maximum of $200MM to carry out a value-add strategy with developers and operating partners specializing in new construction or moderate rehabilitation of multifamily assets.  Fund II will target multifamily properties in tertiary markets with strong growth potential. The team believes that the strategy is more resilient in the distressed market and offer downside protection.  The team will seek mid-term liquidity opportunities by investing in preferred equity that primarily fund construction for Investment Philosophy Advantageous single-purpose operating entities with a focus on market-rate apartments, student housing, and senior housing. The & Process investments may be made through debt or equity in operating entities managed by parties unrelated to the Fund or through direct investments in entities controlled by the Fund.  The Fund will target a net IRR of 14% to 16% and will limit leverage to 50%.  Fund II is expected to make approximately 20 investments. The anticipated investment size for the fund may vary from $2 million to $25 million but will average approximately $10 million per investment.

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Non-Core Real Estate RFP Respondent Review

Seminole Real Estate Fund II (Con’t)

Rating Criteria Score Rationale  Seminole Mortgage Trust (core/value-add multifamily and renewable energy construction, interim and permanent Performance1 Not Advantageous mortgage loans): 1991 vintage year, 8.5% gross and 7.8% net IRR.  Seminole Equity REIT: 2001 vintage year, 9.8% gross and 9.1% net IRR.  Flat rate of 1.5% of invested capital. Fees Not Advantageous  20% Carried Interest; 5% compounded Preferred Return. COVID-19 Update  No investments were made by the Fund to date.

1 As of 3/31/2020. Time-weighted performance is since Seminole took over the management of the funds in 2009.

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Non-Core Real Estate RFP Respondent Review

WCP Real Estate Fund V

Rating Criteria Score Rationale  Westport has an experienced team with experience managing real estate investments through multiple market cycles. Recently, the Westport’s founder retired from the firm. The investment strategy will focus on distressed and opportunistic Overall Advantageous investments in public and private real estate investments, with the ability to go outside North America (up to 25%). Performance of prior funds (of a similar strategy) has been weak, rarely meeting target returns or the benchmark median.  Westport was founded in 2005 and currently has approximately $2.0 billion of AUM.  Westport is capitalized with 90% partner equity and 10% debt. The partner’s equity is split amongst 7 partners of the firm. Organization Advantageous  In addition to its opportunistic funds, Westport manages a number of other products including value-add, cold storage, self- storage, homebuilder inventory, and a tactical securities strategy.  Westport has a team of 33 employees, including 13 investment professionals. All investment professionals will be involved in Fund V, with oversight from Sean Armstrong, Jordan Socaransky, Greg Geiger, Peter Aronson, and Marc Porosoff.  Westport has two offices, one in Stamford, CT and the other in El Seguno, CA. Stamford has 22 total staff with 7 professionals, Team Not Advantageous while El Seguno has 11 total staff with 6 investment professionals.  On December 31, 2019, Russel Bernard, Founder and Managing Principal, retired from the firm. Westport has had no other senior level departures.  Fund V will pursue a broad range of distressed and opportunistic public and private real estate investments primarily in North America. Investments may include both real estate and financial assets. The strategy will have a focus on assets under distress, as well as buildings in need of renovation, and residential/commercial development and redevelopment. Investment Philosophy  Fund V will utilize research in market selection. Up to 25% of committed capital may be invested outside of North America Advantageous & Process in markets where Westport has prior experience. The Fund is expected to be diversified across property types.  The Fund will target a net IRR of 11% to 16% and will limit leverage to 65%.  Fund V is expected to make approximately 20 to 45 investments. In general, the anticipated investment size for the fund may vary from approximately $10 million to $50 million of equity per investment.

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Non-Core Real Estate RFP Respondent Review

WCP Real Estate Fund V (Con’t)

Rating Criteria Score Rationale  Fund I: 2006 vintage year, -1.5% net IRR, 0.9x net TVM. 3rd quartile ranking in the value-add benchmark.  Fund II: 2008 vintage year, 8.2% net IRR, 1.5x net TVM. 4th quartile ranking in the value-add benchmark.  Fund II(B): 2010 vintage year, 9.2% net IRR, 1.5x net TVM. 4th quartile ranking in the value-add benchmark. Performance1 Not Advantageous  Fund III: 2011 vintage year, 8.5% net IRR, 1.4x net TVM. 4th quartile ranking in the value-add benchmark.  Fund III(B): 2012 vintage year, 3.5% net IRR, 1.2x net TVM. 4th quartile ranking in the value-add benchmark.  Fund III(C): 2012 vintage year, 11.9% net IRR, 1.6x net TVM. 3rd quartile ranking in the value-add benchmark.  Fund IV: 2014 vintage year, 8.7% net IRR, 1.3x net TVM. 3rd quartile ranking in the value-add benchmark.  1.5% of committed capital during the Commitment Period; thereafter, 1.5% of invested capital. Fees Advantageous  20% Carried Interest; 8% compounded Preferred Return. COVID-19 Update  Fund V has not yet launched and thus had not made any investments pre-COVID-19.

1 As of 3/31/2020

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Non-Core Infrastructure RFP Respondent Review

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Non-Core Infrastructure RFP Respondent Review

Search Overview

 In July, the Board issued an RFP seeking proposals from managers of global or North America-focused, closed-end, non-core private infrastructure funds.  The Board received fourteen responses to the search.  Four finalists were selected for evaluation in today’s meeting.  We recommend an investment of $6-10 million for the schueduled 2020 investment, and potentially another investment of $6-10 million for the scheduled 2021 investment.

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BlackRock Global Renewable Power Fund III

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BlackRock Global Renewable Power Fund III

Firm Overview

BlackRock, Inc.

Firm Location (Headquarters) New York Firm Inception 1988 Strategy Inception 2011 Firm AUM (As of 3/31/2020) $6,460 billion Strategy AUM $6.0 billion

 BlackRock, Inc. is a U.S.-founded and headquartered investment management company with global offerings for institutional and retail clients.  Established in 1988, as of March 31, 2020 BlackRock had $6.46 trillion in assets under management, and approximately 15,000 employees in 70 offices in 30 countries.  BlackRock established its Global Renewables Power (“GRP”) group in 2011 with the acquisition of NTR’s 12-person renewables team.  NTR is an Irish, Dublin-based company, initially established in 1978 as National Toll Roads to build private toll roads, which later expanded its scope and went on to invest in waste, waste-to-energy, water, and onshore wind.  GRP I (2012) raised $611 million and GRP II (2016) raised $1.65 billion.  The GRP team also manages two European-focused open-end funds including Renewable Income United Kingdom (“RI-UK”) and Renewable Income Europe (“RI-EU”), which target smaller operating assets with longer term holds than the GRP strategy.  Across the four funds, GRP has invested $4.6 billion in 250 solar and wind (onshore and offshore) projects.

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BlackRock Global Renewable Power Fund III

Investment Team

 BlackRock has built a large dedicated renewable team that includes 26 global portfolio management investment professionals, six technical and commercial asset management professionals, and 17 dedicated finance, operations, and IR professionals.  Most of the team is based in BlackRock’s New York, London, and Dublin offices, with employees also located in Atlanta, Milan, Seattle, Sydney, and Tokyo.  The team has a significant amount of co-tenure, with many of the senior professionals having worked together at GRP for the last seven to eight years, and several who worked together at NTR or at one of NTR’s portfolio companies. However, three senior professionals which included one Managing Director and two Directors departed from the Firm in 2020 (the departures were unrelated to each other).  GRP also leverages BlackRock’s Sustainable Investing Team of 33 professionals and Risk & Quantitative Analysis Group of more than 200 professionals who provide expertise to all BlackRock products.

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BlackRock Global Renewable Power Fund III

Investment Terms

Partnership Name BlackRock Global Renewable Power Fund III

Partnership Type Investment Strategy/Focus Infrastructure Geographic Focus North America, Europe, Asia Pacific, Latin America Vintage Year 2020 Fund Size $2.5 billion target size, $3.5 billion hard cap Final Closing Expected March 2021. The Fund has raised $1.5 billion to date. Total Term 12 years from the final closing date with three possible one-year extensions Fees / Expenses: Management Fee1 0.75% of available capital commitments and 1.50% of invested capital during investment period; 1.50% of invested capital thereafter. Preferred Return 7% Carried Interest / Performance Fee Performance fee is 15% above the preferred return; whole-fund basis

1 Additional fee breaks may be applied based on aggregated client commitments.

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BlackRock Global Renewable Power Fund III

Investment Strategy

 Global Renewable Power Fund III (“GRP III”) will continue to execute on the value-add investment strategy of its predecessor by primarily targeting solar and wind assets in OECD countries with a focus on late-stage development and construction-ready projects.  BlackRock expects a roughly even allocation between solar and wind assets.  The Fund has a 50% to 70% target allocation to greenfield investments, with the balance deployed into operational projects.  Geographically, GRP III expects to invest 30% to 45% of its capital in North America, 20% to 30% in Europe, 20% to 35% in Asia Pacific, and 0% to 10% in Latin America.  GRP III will make 15 to 25 investments with flexibility to execute deals in the $200 million to $250 million range while not moving meaningfully up-market relative to prior funds.  GRP III will target a 12% to 13% gross IRR, 9% to 10% net IRR, and a 5% to 7% cash yield.  BlackRock stresses the importance of their relationships with capable local partners, allowing GRP to avoid competitive transactions and build a pipeline of attractive deals.  GRP III can invest up to 20% of the Fund’s capital into renewable-related investments, such as distribution, energy storage, and electrified transport.

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BlackRock Global Renewable Power Fund III

Historical Track Record As of March 31, 2020

Inception Fund Size Called Distributed Total Value Net TVPI1 Net IRR Year ($ mm) ($ mm) ($ mm) ($ mm) (x) (%)

GRP I 2012 611.0 567.0 559.0 844.0 1.3 6.8 GRP II 2016 1,650.0 1,323.0 245.0 1,487.0 1.1 3.3 Total 2,261.0 1,890.0 804.0 2,331.0 1.1

 GRP I: Seven of the 13 investments are realized. GRP I’s realizations to date have generated strong returns in aggregate with a gross realized multiple of 2x and three realizations above a 3x multiple.  GRP II: Although Fund II remains early, investments have been performing well with no meaningful setbacks. One of the 13 investments is realized.

1 TVPI: Total Value to Paid-In ratio (a realization ratio). The TVPI is the total of the net asset value and distributions, as compared to contributed capital.

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BlackRock Global Renewable Power Fund III

Strengths

 Senior Experience and Working History: Many of the senior team has been working together for 15 or more years, including the past seven to eight at GRP, with longer co-tenure together prior at NTR, making them one of the longest co-tenured teams in the renewables space.  Full Team and BlackRock Resources: The full GRP team comprises 26 investment professionals and six technical professionals dedicated to asset management with the right expertise and relationships to execute the strategy. They are supported by other BlackRock professionals on the Infrastructure platform, Real Assets Group, Alternatives platform, and firm-wide risk analysis and compliance management resources.  Value-Add Strategy for Attractive Returns: By pursuing a range of project stages for investment entry, from late development, through construction, and into early operations, and even potentially repowering, GRP can optimize project-level and fund- level risk-return profiles for higher potential returns than targeting late construction or post-operations alone.  Well-Diversified Portfolio Potential: GRP’s pipeline for Fund III is well-diversified by power resource, geography and associated opportunities and regulatory schemes, and contracted revenue amounts and durations. Team members are incentivized at the total fund level.  Demonstrated Success in Portfolio Exits: The six portfolio exits to date from Fund I illustrate the potential returns from aggregating individual projects into desirable portfolios for natural buyers.  Strong ESG and RCP Programs: GRP’s ESG program is threaded through all stages of strategy execution and integrated with broader BlackRock ESG and Sustainable Investing programs. The RCP is based in part on Meketa’s RCP template and is implemented at the Real Assets Group level.  Attractive Terms: GRP III has lower carry and catch-ups than comparable offerings, and the manager will aggregate Meketa clients for size-based fee breaks.

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BlackRock Global Renewable Power Fund III

Considerations

 Carry to the House: Economic alignment with the GRP team is diluted with half of the Fund’s carried interest going to BlackRock, and a portion of the remaining half paid to cross-platform senior professionals.  Mitigating Factor(s): A similar carried interest split was in place for the first two funds, and the senior GRP team has experienced little turnover while continuing to successfully execute the strategy.  Track Record is Largely Unrealized: GRP’s track record of exited deals remains somewhat thin. As of March 31, 2020, GRP had made only eight full realizations in total out of 26 total investments.  Mitigating Factor(s): Fund I’s realizations to date have generated strong returns in aggregate. Furthermore, BlackRock expects to exit all of GRP I’s investments over the next several years.  Mandate Beyond Solar and Wind: The addition of renewable-related infrastructure as a targeted asset type in Fund III with up to a 20% allocation represents an incremental strategy expansion over prior funds.  Mitigating Factor(s): Even though the GRP team has not yet closed on any renewable-related infrastructure investments, they have been sourcing and conducting diligence on deals within the space for a number of years. Additionally, GRP III will aim to avoid taking on significant technology risk.  Same Team’s Other Funds: The GRP team is also responsible for investing the RI-UK and RI-EU open-end funds, which will use up some of the capacity of the team’s investment professionals.  Mitigating Factor(s): None of GRP’s senior professionals is expected to dedicate more than 20% of their time to the RI funds.  Development Risk: It is expected that Fund III will be up to 70% invested in greenfield assets, which require careful permitting, construction, and operations planning and are usually inherently more risky than operational assets.

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Basalt Infrastructure Partners Fund III

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Basalt Infrastructure Partners Fund III

Firm Overview

Basalt Infrastructure Partners, LLP

Firm Location (Headquarters) London, UK Firm Inception 2011 Strategy Inception 2011 Firm AUM (As of 3/31/2020) $1.7 billion Strategy AUM $1.7 billion

 Basalt was established in 2011 by the Founding Partners, Rob Gregor, Steven Lowry, and Jeff Neil, who previously invested together at AMP Capital Investors beginning in 2005. Basalt is 100% owned and managed by the Founding Partners.  Basalt invests in core and core-plus infrastructure assets or asset-backed companies operating essential energy, transportation, and utilities infrastructure assets in North America and Western Europe. As of March 31, 2020, the Firm has invested $1.7 billion across 17 investments.

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Basalt Infrastructure Partners Fund III

Investment Team

 Basalt is led by the three Founding Partners—Rob Gregor, Steven Lowry, and Jeff Neil, along with COO Michael Cowell. The three Founding Partners have worked together for the past 12 to 15 years. In total, the Firm has seven partners, all but one of which have been with the Firm since its inception nine years ago.  The team consists of 19 investment professionals who have extensive infrastructure investment and fund management expertise. The team also has additional support from five dedicated operations and asset management professionals.  Basalt has two offices: in London and New York.  The infrastructure team has experienced limited turnover.

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Basalt Infrastructure Partners Fund III

Investment Terms

Partnership Name Basalt Infrastructure Partners Fund III

Partnership Type Limited Partnership Investment Strategy/Focus Infrastructure Geographic Focus North America and Western Europe Vintage Year 2020 or 2021 Fund Size $2.0 billion target with no hard cap Final Closing1 Sometime in 2021 Total Term Ten years from final close Fees / Expenses: Management Fee 1.50% of commitments during the investment period; thereafter 1.50% of the cost of unrealized investments. Preferred Return 8% Carried Interest / Performance Fee Performance fee is 20% above the preferred return, calculated on whole-fund basis, with an 80/20 catch-up

1 $2.0 billion target and hard cap. Basalt anticipates the majority of Fund III fundraising will be completed by Q4 2020.

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Basalt Infrastructure Partners Fund III

Investment Strategy

 In line with Fund I and Fund II, Fund III will seek control investments in operational assets or asset-backed companies in North America and Western Europe.  Target sectors include power, transport, utilities, and communications.  The Fund is expected to invest $100 million to $250 million in middle-market transactions with enterprise values of up to $1 billion, seeking to avoid the larger and more heavily-contested transactions that the Manager believes typically attract large private equity funds and passive investors with lower return requirements.  Basalt intends to add value through “hands-on” operational expertise, carefully assessing and managing risk while focusing on the development of essential assets with downside protection underpinned by long term contracts.  Basalt will seek to apply its value-enhancing strategy to create de-risked, core infrastructure assets that are attractive to a broad group of institutional investors.  The Fund is targeting a net IRR of 11% to 12% with an annual average cash yield of 5% to 6%.

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Basalt Infrastructure Partners Fund III

Historical Track Record As of March 31, 2020

Inception Fund Size Called Distributed Total Value Net TVPI1 Net IRR Year ($ mm) ($ mm) ($ mm) ($ mm) (x) (%)

Fund I 2013 618.0 568.0 468.0 979.0 1.5 11.6 Fund II 2017 1,285.0 1,116.0 46.0 1,202.0 1.1 4.8 Total 1,903.0 1,684.0 514.0 2,181.0 1.2

 Fund I: Four of the 10 investments are fully realized. Fund I is performing at target performance metrics.  Fund II: None of the 10 investments in Fund II is fully realized. Fund II is currently performing below target performance metrics, but in line with expectations for a 2017 vintage fund.

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Basalt Infrastructure Partners Fund III

Strengths

 Established Firm: Basalt is proven in its ability to source, structure, and execute middle-market infrastructure investments in North America and Western Europe.  Senior Experience: The senior team has worked together for more than a decade and previously invested and managed a European infrastructure portfolio at AMP Capital.  Limited Team Turnover: The infrastructure team has experienced limited turnover and the three Founding Partners have continuously worked together for the past 12 to 15 years.  Well-Diversified Portfolio Potential: Investments in Fund III are expected to be diversified by sector as well as geography, and Fund I and II show evidence of Basalt’s portfolio diversification abilities.  Value-Add Strategy for Attractive Resources: The strategy is predicated on acquiring assets where Basalt can use its own expertise to drive value through operational capabilities.

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Basalt Infrastructure Partners Fund III

Considerations

 Fund II is Fully Unrealized: Fund II is relatively immature and has yet to make any exits.  Mitigating Factor(s): Fund I’s realizations to date have generated strong returns in aggregate and have shown Basalt’s ability to exit to a variety of buyers.  Significant Increase in Fund Size: Basalt is targeting $2.0 billion of committed capital for the Fund, which would be significant increase from Fund II, which was $1.3 billion.  Mitigating Factor(s): The opportunity set and capital intensive nature of the infrastructure asset class supports the size of the Fund and Basalt has shown its ability to deploy capital in a disciplined manner.  Development Risk: Up to 25% of the capital can be invested in greenfield projects, which require careful permitting, construction, and operations planning and are usually inherently more risky than operational assets.  Mitigating Factor(s): Basalt will opportunistically pursue greenfield projects that are materially de- risked, such as construction-ready projects with appropriate construction management packages where risk is often borne by the developer.

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ISQ Global Infrastructure Fund III

109 of 129 Plymouth County Retirement Association

ISQ Global Infrastructure Fund III

Firm

I Squared Capital

Firm Location (Headquarters) Miami, FL (US) Firm Inception 2012 Strategy Inception 2014 Firm AUM (As of 3/31/2020) $14.2 billion Strategy AUM $14.2 billion

 I Squared Capital (“ISQ”) is an established global infrastructure asset manager with an experienced team and strong track record executing the proposed strategy. The Firm has approximately $14.2 billion of AUM.  The ISQ Global Infrastructure Fund III (“Fund III”) will continue the Firm’s flagship value-add strategy, targeting global investments in middle market infrastructure assets. Fund I closed in 2014 with $3 billion in commitments, followed by Fund II, which closed in 2017 with $7 billion in commitments.  In 2019, ISQ sold a 19.9% non-controlling economic interest of its management company to Dyal Capital Partners to fund a share of the General Partner’s commitment as ISQ’s fund size and product lines grow.  The Firm is headquartered in Miami, with additional offices located in Hong Kong, London, , New York, and Singapore.

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ISQ Global Infrastructure Fund III

Investment Team

 ISQ’s infrastructure investment team comprises 146 professionals as of August 2020.  The team is led by its three Managing Partners: Sadek Wahba (Founder); Gautam Bhandari; and Adil Rahmathulla.  The Investment Committee (“IC”) comprises the three Managing Partners, together with the three Partners: Mohamed El Gazzar; Harsh Agrawal; and Thomas Lefebvre.  Messrs. El Gazzar, Agrawal, and Lefebvre were recently promoted to Partner. They have all been at ISQ for eight to nine years. Each of these professionals are based in different geographic regions (Europe, Asia, United States, respectively) and have been running their regions over the last few years with responsibilities across hiring, deal selection, investment review, etc.  ISQ’s asset management team continues to grow, with purposeful significant enhancements to the Environmental, Social, and Corporate Governance (ESG) program and resources. One example is the newly hired Ulrica Svensson, who is a full-time operating director focused on implementing ESG plans and initiatives globally.

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ISQ Global Infrastructure Fund III

Investment Terms

Partnership Name ISQ Global Infrastructure Fund III

Partnership Name Limited Partnership Partnership Type Infrastructure Investment Strategy/Focus North America, Western Europe, and select emerging markets Geographic Focus 2020 or 2021 Vintage Year $12.0 billion target size with a hard cap of $13 billion Fund Size Likely sometime in 2021 Final Closing 10 years from the final closing date

Fees / Expenses: 1.60% annual management fee based on committed capital for investors committing up to $100 million; thereafter, 1.6% annual management fee based on invested capital Management Fee1,2 8% Preferred Return Performance fee is 20% above the preferred return, calculated on a modified deal-by-deal basis

1 Discounts available for early and large investors. Management fee discounts will exist for the first 2 years of the Fund’s term. 2 The Management Fee Percentage will be 1.60% on the first $100 million of a Limited Partner’s Commitment, 1.45% on the next $100 million of such Limited Partner’s Commitment; 1.25% on the next $150 million of such Limited Partner’s Commitment; and 1.00% in respect of such Limited Partner’s Commitment greater than $350 million.

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ISQ Global Infrastructure Fund III

Investment Strategy

 The Fund will seek to make investments in several sectors: utilities (including water and waste management); transportation; telecommunications; social infrastructure; and energy assets. The Fund will invest across North America, Europe and selected growth economies, in particular, in Asia and Latin America.  The Fund will invest in both mid-market and larger opportunities, including through creating specialized platform companies, as well as buying individual facilities or networked assets.  ISQ’s operational value creation process focuses on delivering enhanced asset value through adopting industrial management best practices and executing customized asset management strategies at each lifecycle stage.  ISQ leverages its deep pool of global asset management resources including Asset Management and Operating Team professionals, Senior Policy Advisors, and senior professionals at certain portfolio companies, all of whom have experience and expertise in managing a diverse range of global infrastructure assets.  The Fund will target a gross IRR of 15% to 20% in addition to an average annual cash yield of 6%.

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ISQ Global Infrastructure Fund III

Historical Track Record As of March 31, 2020

Inception Fund Size Called Distributed Total Value Gross TVPI1 Net IRR Year ($mm) ($ mm) ($ mm) ($ mm) (x) (%)

Fund I 2014 3,000.0 2,983.0 2,084.0 5,115.0 1.7 16.4 Fund II 2017 7,000.0 3,640.0 0.0 4,642.0 1.3 14.2 Total 10,000.0 6,623.0 2,084.0 9,757.0 1.5

 ISQ has exhibited a consistent and strong track record in its prior two funds.  Fund I has significant realizations with 70% of invested returned and overall returns exceeding its target return and applicable public benchmarks. The Fund also has experienced no realized losses to date.  Fund II is still developing as a 2017 vintage year fund, but early returns are still at the high end of target returns and well above public benchmarks.

1 TVPI: Total Value to Paid-In ratio (a realization ratio). The TVPI is the total of the net asset value and distributions, as compared to contributed capital.

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ISQ Global Infrastructure Fund III

Strengths

 Strong Track Record. As of March 31, 2020, Fund I is generating a 22.7% gross IRR and Fund II is generating a 19.3% gross IRR. Fund I is exceeding its target return and Fund II is at the high end of its target range. Both have strong performance versus the public market equivalent benchmarks and minimal losses since inception.  Continuity of Senior Leadership. The three Founding Partners, previously worked together for over eight years in senior roles leading Morgan Stanley Infrastructure Partners. They have known or worked with each other for over 17 years, and the majority of the senior investment professionals have worked as one team for over 13 years: an impressive co-tenure.  Rigorous Risk Management & Portfolio Construction Approach. ISQ seeks to build a portfolio with low concentration in any one sector or geography. They also target contracted brownfield assets, utilize low leverage, implement comprehensive hedging and implement conservative entry pricing multiples.  Robust Truly Global Team. ISQ has built their team of 146 investment professionals over the past eight years located in six global offices. The team has extensive experience and relationships that strongly support implementing a global portfolio accessing high quality assets at attractive entry prices.  Explicit ESG and RCP Commitments. ISQ implements ESG principals across all areas of investing from due diligence, through asset management, to exit. ISQ has continued to build out their team of ESG focused experts, releases an Annual ESG Report, recently became a signatory of UNPRI, and just launched a new ambitious Responsible Infrastructure Investment System.  Significant Economic Alignment. ISQ is committing 2% of Fund III’s commitments, which is an increase from Fund II, and at the top end of the range typically seen for infrastructure funds. At the $12 billion target, ISQ’s General Partner commitment would be $240 million and establish very meaningful economic alignment between ISQ and its Fund III Limited Partners.

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ISQ Global Infrastructure Fund III

Considerations

 Notable Increase in Target Size Relative to Fund II. Fund III’s target size is $12.0 billion, which represents a meaningful increase over the $7.0 billion raised for Fund II and could create pressure to drift from their traditional middle market deal size target. The hard cap of $13 billion is only moderately above this.  Mitigating Factor(s): The average equity ticket size for infrastructure deals has been consistently increasing. ISQ has also traditionally offered substantial co-investment on larger deals with $6.0 billion in opportunities offered to date. Fund III’s size will allow the ability to acquire control positions of large opportunistic investments and avoid the need to include JV partners for deals.  Expanding Product Lines. In addition to managing the ISQ Global Infrastructure Fund series, ISQ recently launched a Growth Markets Fund (seeking $2.0 billion), targeting emerging market infrastructure deals, and utilizing shared Firm resources across both strategies and the flagship funds, as well as an Infrastructure Credit Fund (seeking $1 billion to $1.5 billion), unrelated to the flagship strategy.  Mitigating Factor(s): ISQ is well resourced to support a growing portfolio. Since the launch of Fund I, the team has grown from 27 to 146 professionals. In addition to over 100 professional operators and engineers at its portfolio companies, ISQ has grown its team to ensure ample capacity to manage its growing platform. ISQ also hired a new Managing Director, Thomas Murray, to lead the credit team of six dedicated employees.  Carry Structure: Fund III has an American style waterfall structure, which is calculated deal-by-deal for determining GP carry payout. A whole-fund style waterfall, which ensures all capital contributions and the preferred return are distributed to LPs prior to the GP receiving carried interest, is industry standard and provides greater alignment with LPs than a deal-by-deal style waterfall.

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Macquarie Infrastructure Global Solutions (“MIGS”) II

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Macquarie Infrastructure Global Solutions

Firm

Macquarie Infrastructure and Real Assets (“MIRA”)

Firm Location (Headquarters) London Firm Inception 1994 Strategy Inception 2016 Firm AUM (As of 3/31/2020) $137.0 bn Strategy AUM $1.1 bn

 Macquarie Infrastructure and Real Assets (“MIRA”) is the real assets funds management division of Macquarie Group.  MIRA is the world’s largest infrastructure asset manager with AUM of approximately $137 billion across infrastructure, renewables, real estate, agriculture, private credit, and transportation finance as of March 31, 2020.

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Macquarie Infrastructure Global Solutions

Investment Team

 MIRA’s operations are managed along regional lines, with more than 920 staff in 37 locations in the Americas, Asia Pacific, Europe, the Middle East, and Africa.  The infrastructure team consists of roughly 315 specialists who manage equity investments in 135 business.  The platform has a deep team with diverse backgrounds, global presence, and relatively strong continuity with most senior team members working together at the Firm for more than 10 years.  The MIGS senior team is led by Senior Managing Directors Sureth Goyal, Verena Lim, and Eric Kim, all of whom have been with the firm for over 10 years.

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Macquarie Infrastructure Global Solutions

Investment Terms

Partnership Name Macquarie Infrastructure Global Solutions (“MIGS”) II

Partnership Type Limited Partnership Investment Strategy/Focus Infrastructure Geographic Focus North America, Europe, and Asia Pacific Vintage Year 2018 Fund Size $1.0 billion with no hard cap Final Closing Targeting September 30, 2020: To date, the Fund has $859 million in capital commitments with hard- circled commitments of approximately $950 million. Total Term Will match underlying funds Fees / Expenses:

Management Fee1 0.75% of capital committed to underlying funds but not yet drawn and 1.5% of invested capital Preferred Return 8% Carried Interest / Performance Fee Performance fee is 20% above the preferred return, whole-fund basis

1 Discounts available for large investors.

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Macquarie Infrastructure Global Solutions

Investment Strategy

 MIGS II is a closed-end vehicle providing packaged access to MIRA’s global product suite of private infrastructure funds through a single Limited Partnership agreement. MIGS II will provide diversified exposure to 35 to 45 core/core plus portfolio companies.  The Fund intends to invest directly in and alongside MIRA’s three region-specific funds covering North America (30% to 45%), Europe (30% to 45%), and Asia Pacific (15% to 35%). MIGS II is focused on developed markets with a 25% cap on capital commitments to investments in emerging market economies.  Investing in the region-specific funds will provide MIGS investors with exposure to multiple sectors, including utility, transport, renewables and energy, communications and vertically integrated waste.  The Fund will target a net IRR of 10% to 13% in addition to an average annual yield of 4% to 6%.  MIGS II is currently committed to MIRA’s regional European (MEIF 6) and American (MIP IV) funds. To date, these funds have invested in 12 portfolio companies, drawing approximately 54% of MIG II commitments.

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Historical Track Record As of March 31, 2020

Inception Fund Size Called Distributed Total Value Gross TVPI1 Net IRR Year ($mm) ($ mm) ($ mm) ($ mm) (x) (%)

MIGS I 2016 1,039.7 882.7 47.8 955.4 1.1 5.7 MIGS II 2018 637.8 333.6 - 343.5 1.0 1.8 Total 1,677.5 1,216.3 47.8 1,298.9 1.1

 MIGS I, although largely unrealized, is performing below the target of 10% to 13% net IRR.  MIGS II is currently committed to MIRA’s regional European (MEIF 6) and American (MIP IV) funds. To date, these funds have invested in 12 portfolio companies.

1 TVPI: Total Value to Paid-In ratio (a realization ratio). The TVPI is the total of the net asset value and distributions, as compared to contributed capital.

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Macquarie Infrastructure Global Solutions

Strengths

 Long-standing MIRA platform: MIRA is one of the largest infrastructure asset managers with extensive global resources.  Large Team: The MIRA infrastructure team includes 315 professionals. The senior team members have long-tenures investing in the space. The MIGS I and II CEO and COO have worked together for over 13 years.  Fulsome Infrastructure Track Record: MIRA has a strong infrastructure track record with established infrastructure products in Americas, Europe, and Asia Pacific. .  Well-Diversified Portfolio Potential: The Fund will provide exposure across geographies, currencies, vintages, and sectors.  Seeded MIGS II Portfolio: MIGS II has had capital called from MIRA’s regional European (MEIF 6) and American (MIP IV) funds for investments in 12 portfolio companies, providing visibility into over 50% of the portfolio.

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Considerations

 Fund Structure: The global mandate is achieved by investing in regional MIRA funds, which might not individually be the top choice in their geographies, relative to other managers with similar strategies.  Mitigating Factor(s): Unlike blind pool Fund of Funds, investors know exactly which MIRA funds MIGS II will invest in.  Fund-level Returns to Date Below Targets: MIGS I fund level returns are 6.6% gross and 5.7% net IRR, below the bottom of the target range. Of the five underlying funds, comprising 77% of MIGS I’s invested capital, all are currently below the target.  Mitigating Factor(s): While an additional consideration is that the returns are largely unrealized, with additional data and further analysis it would be possible to evaluate portfolio company performance to date against underwritten returns to determine whether better performance should be expected.  Co-investment Performance is Mixed: MIGS I invested $200 million into six co-investments, ranging from $5 million to $55 million each, averaging approximately $33 million, which have an aggregate mark of 1.16x, but widely disperse gross IRRs, ranging from 7.2% to 32.4%. Though only 23% of the Fund’s invested capital, this program is more idiosyncratic than the collective underlying funds.  Mitigating Factor(s): MIGS II will only be making co-investments in MIRA regional funds.  Team Turnover: The MIRA platform has experienced meaningful turnover at the senior level with several Managing Directors departing from the Firm over the last five years.  Mitigating Factor(s): The regional fund platforms have promoted from within and made new hires to address team departures.

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WE HAVE PREPARED THIS REPORT (THIS “REPORT”) FOR THE SOLE BENEFIT OF THE INTENDED RECIPIENT (THE “RECIPIENT”). SIGNIFICANT EVENTS MAY OCCUR (OR HAVE OCCURRED) AFTER THE DATE OF THIS REPORT AND THAT IT IS NOT OUR FUNCTION OR RESPONSIBILITY TO UPDATE THIS REPORT. ANY OPINIONS OR RECOMMENDATIONS PRESENTED HEREIN REPRESENT OUR GOOD FAITH VIEWS AS OF THE DATE OF THIS REPORT AND ARE SUBJECT TO CHANGE AT ANY TIME. ALL INVESTMENTS INVOLVE RISK. THERE CAN BE NO GUARANTEE THAT THE STRATEGIES, TACTICS, AND METHODS DISCUSSED HERE WILL BE SUCCESSFUL. INFORMATION USED TO PREPARE THIS REPORT WAS OBTAINED FROM INVESTMENT MANAGERS, CUSTODIANS, AND OTHER EXTERNAL SOURCES. WHILE WE HAVE EXERCISED REASONABLE CARE IN PREPARING THIS REPORT, WE CANNOT GUARANTEE THE ACCURACY OF ALL SOURCE INFORMATION CONTAINED HEREIN. CERTAIN INFORMATION CONTAINED IN THIS REPORT MAY CONSTITUTE “FORWARD - LOOKING STATEMENTS,” WHICH CAN BE IDENTIFIED BY THE USE OF TERMINOLOGY SUCH AS “MAY,” “WILL,” “SHOULD,” “EXPECT,” “AIM”, “ANTICIPATE,” “TARGET,” “PROJECT,” “ESTIMATE,” “INTEND,” “CONTINUE” OR “BELIEVE,” OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. ANY FORWARD-LOOKING STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS PRESENTATION ARE BASED UPON CURRENT ASSUMPTIONS. CHANGES TO ANY ASSUMPTIONS MAY HAVE A MATERIAL IMPACT ON FORWARD - LOOKING STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS. ACTUAL RESULTS MAY THEREFORE BE MATERIALLY DIFFERENT FROM ANY FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS PRESENTATION. PERFORMANCE DATA CONTAINED HEREIN REPRESENT PAST PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

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Credit Risk: Refers to the risk that the issuer of a fixed income security may default (i.e., the issuer will be unable to make timely principal and/or interest payments on the security.) Duration: Measure of the sensitivity of the price of a bond to a change in its yield to maturity. Duration summarizes, in a single number, the characteristics that cause bond prices to change in response to a change in interest rates. For example, the price of a bond with a duration of three years will rise by approximately 3% for each 1% decrease in its yield to maturity. Conversely, the price will decrease 3% for each 1% increase in the bond’s yield. Price changes for two different bonds can be compared using duration. A bond with a duration of six years will exhibit twice the percentage price change of a bond with a three-year duration. The actual calculation of a bond’s duration is somewhat complicated, but the idea behind the calculation is straightforward. The first step is to measure the time interval until receipt for each cash flow (coupon and principal payments) from a bond. The second step is to compute a weighted average of these time intervals. Each time interval is measured by the present value of that cash flow. This weighted average is the duration of the bond measured in years. Information Ratio: This statistic is a measure of the consistency of a portfolio’s performance relative to a benchmark. It is calculated by subtracting the benchmark return from the portfolio return (excess return), and dividing the resulting excess return by the standard deviation (volatility) of this excess return. A positive information ratio indicates outperformance versus the benchmark, and the higher the information ratio, the more consistent the outperformance. Jensen’s Alpha: A measure of the average return of a portfolio or investment in excess of what is predicted by its beta or “market” risk. Portfolio Return- [Risk Free Rate+Beta*(market return-Risk Free Rate)]. Market Capitalization: For a firm, market capitalization is the total market value of outstanding common stock. For a portfolio, market capitalization is the sum of the capitalization of each company weighted by the ratio of holdings in that company to total portfolio holdings; thus it is a weighted-average capitalization. Meketa Investment Group considers the largest 65% of the broad domestic equity market as large capitalization, the next 25% of the market as medium capitalization, and the smallest 10% of stocks as small capitalization. Market Weighted: Stocks in many indices are weighted based on the total market capitalization of the issue. Thus, the individual returns of higher market-capitalization issues will more heavily influence an index’s return than the returns of the smaller market-capitalization issues in the index. Maturity: The date on which a loan, bond, mortgage, or other debt/security becomes due and is to be paid off. Prepayment Risk: The risk that prepayments will increase (homeowners will prepay all or part of their mortgage) when mortgage interest rates decline; hence, investors’ monies will be returned to them in a lower interest rate environment. Also, the risk that prepayments will slow down when mortgage interest rates rise; hence, investors will not have as much money as previously anticipated in a higher interest rate environment. A prepayment is any payment in excess of the scheduled mortgage payment. Price-Book Value (P/B) Ratio: The current market price of a stock divided by its book value per share. Meketa Investment Group calculates P/B as the current price divided by Compustat's quarterly common equity. Common equity includes common stock, capital surplus, retained earnings, and treasury stock adjusted for both common and nonredeemable preferred stock. Similar to high P/E stocks, stocks with high P/B’s tend to be riskier investments.

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Price-Earnings (P/E) Ratio: A stock’s market price divided by its current or estimated future earnings. Lower P/E ratios often characterize stocks in low growth or mature industries, stocks in groups that have fallen out of favor, or stocks of established blue chip companies with long records of stable earnings and regular dividends. Sometimes a company that has good fundamentals may be viewed unfavorably by the market if it is an industry that is temporarily out of favor. Or a business may have experienced financial problems causing investors to be skeptical about is future. Either of these situations would result in lower relative P/E ratios. Some stocks exhibit above-average sales and earnings growth or expectations for above average growth. Consequently, investors are willing to pay more for these companies’ earnings, which results in elevated P/E ratios. In other words, investors will pay more for shares of companies whose profits, in their opinion, are expected to increase faster than average. Because future events are in no way assured, high P/E stocks tend to be riskier and more volatile investments. Meketa Investment Group calculates P/E as the current price divided by the I/B/E/S consensus of twelve-month forecast earnings per share. Quality Rating: The rank assigned a security by such rating services as Fitch, Moody’s, and Standard & Poor’s. The rating may be determined by such factors as (1) the likelihood of fulfillment of dividend, income, and principal payment of obligations; (2) the nature and provisions of the issue; and (3) the security’s relative position in the event of liquidation of the company. Bonds assigned the top four grades (AAA, AA, A, BBB) are considered investment grade because they are eligible bank investments as determined by the controller of the currency. Sharpe Ratio: A commonly used measure of risk-adjusted return. It is calculated by subtracting the risk-free return (usually three-month Treasury bill) from the portfolio return and dividing the resulting excess return by the portfolio’s total risk level (standard deviation). The result is a measure of return per unit of total risk taken. The higher the Sharpe ratio, the better the fund’s historical risk adjusted performance. SI: Since Inception STIF Account: Short-term investment fund at a custodian bank that invests in cash-equivalent instruments. It is generally used to safely invest the excess cash held by portfolio managers. Standard Deviation: A measure of the total risk of an asset or a portfolio. Standard deviation measures the dispersion of a set of numbers around a central point (e.g., the average return). If the standard deviation is small, the distribution is concentrated within a narrow range of values. For a normal distribution, about two thirds of the observations will fall within one standard deviation of the mean, and 95% of the observations will fall within two standard deviations of the mean. Style: The description of the type of approach and strategy utilized by an investment manager to manage funds. For example, the style for equities is determined by portfolio characteristics such as price-to-book value, price-to-earnings ratio, and dividend yield. Equity styles include growth, value, and core. Tracking Error: A divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, as defined by the difference in standard deviation.

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Yield to Maturity: The yield, or return, provided by a bond to its maturity date; determined by a mathematical process, usually requiring the use of a “basis book.” For example, a 5% bond pays $5 a year interest on each $100 par value. To figure its current yield, divide $5 by $95—the market price of the bond—and you get 5.26%. Assume that the same bond is due to mature in five years. On the maturity date, the issuer is pledged to pay $100 for the bond that can be bought now for $95. In other words, the bond is selling at a discount of 5% below par value. To figure yield to maturity, a simple and approximate method is to divide 5% by the five years to maturity, which equals 1% pro rata yearly. Add that 1% to the 5.26% current yield, and the yield to maturity is roughly 6.26%.

5% (discount) 1% pro rata, plus = = 6.26% (yield to maturity) 5 (yrs. to maturity) 5.26% (current yield)

Yield to Worst: The lowest potential yield that can be received on a bond without the issuer actually defaulting. The yield to worst is calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if provisions, including prepayment, call, or sinking fund, are used by the issuer. NCREIF Property Index (NPI): Measures unleveraged investment performance of a very large pool of individual commercial real estate properties acquired in the private market by tax-exempt institutional investors for investment purposes only. The NPI index is capitalization-weighted for a quarterly time series composite total rate of return. NCREIF Fund Index - Open End Diversified Core Equity (NFI-ODCE): Measures the investment performance of 28 open-end commingled funds pursuing a core investment strategy that reflects funds' leverage and cash positions. The NFI-ODCE index is equal-weighted and is reported gross and net of fees for a quarterly time series composite total rate of return.

Sources: Investment Terminology, International Foundation of Employee Benefit Plans, 1999. The Handbook of Fixed Income Securities, Fabozzi, Frank J., 1991

The Russell Indices®, TM, SM are trademarks/service marks of the Frank Russell Company. Throughout this report, numbers may not sum due to rounding. Returns for periods greater than one year are annualized throughout this report. Values shown are in millions of dollars, unless noted otherwise.

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