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San Joaquin County Employees Retirement Association A G E N D A REAL ESTATE COMMITTEE QUARTERLY MEETING SAN JOAQUIN COUNTY EMPLOYEES RETIREMENT ASSOCIATION BOARD OF RETIREMENT FRIDAY, DECEMBER 13, 2019 AT 8:30 AM Location: SJCERA Conference Room, 6 S. El Dorado Street, Suite 400, Stockton, California

1.0 ROLL CALL 2.0 APPROVAL OF MINUTES 2.01 Approval of the Minutes for the Real Estate Committee meeting of September 13, 3 2019 2.02 Committee to approve minutes 3.0 COMMENTS 3.01 PUBLIC COMMENT The public is welcome to address the Committee during this time on matters within the Committee’s jurisdiction. Members of the public are encouraged to complete a Public Comment form, which can be found near the entry to the Conference Room. Public comment on items listed on the agenda may be heard at this time, or when the item is called, at the discretion of the Chair. Except as otherwise permitted by the Ralph M. Brown Act (California Government Code Sections 54950 et. seq.), no deliberation, discussion or action may be taken by the Committee on items not listed on the agenda. Members of the Committee may, but are not required to: (1) brieﬂy respond to statements made or questions posed by persons addressing the Committee; (2) ask a brief question for clariﬁcation; or (3) refer the matter to staff for further information. Public comment is expected to be civil and courteous and is limited to three (3) minutes. 4.0 REAL ESTATE INVESTMENT OPPORTUNITIES 4.01 Fund Summary - FPA Core Plus Fund V 5 4.02 Fund Summary - INVESCO Commercial Mortgage Income Fund 6 4.03 Committee to discuss and give direction to staff and consultant as necessary 5.0 CONSULTANT REPORTS 5.01 Quarterly Investment Performance Updates for the Period Ended June 30, 2019 01 Manager Performance Flash Report 7 02 Real Estate Quarterly Performance - Executive Summary 9 03 Real Estate Quarterly Performance - Investment Summary and Activity 37 Statements 04 Commercial Mortgage Portfolio 83

6 South El Dorado Street, Suite 400 • Stockton, CA 95202 SJCERA Real Estate Committee Quarterly Meeting • 12/13/2019 • (209) 468-2163 • [email protected] • www.sjcera.org Page 1 05 Market Commentary - Summer 2019 93 5.02 Committee to accept and ﬁle reports 6.0 COMMENTS 6.01 Comments from the Committee Members 7.0 ADJOURNMENT

SJCERA Real Estate Committee Quarterly Meeting • 12/13/2019 • Page 2 San Joaquin County Employees Retirement Association M I N U T E S REAL ESTATE COMMITTEE MEETING SAN JOAQUIN COUNTY EMPLOYEES RETIREMENT ASSOCIATION BOARD OF RETIREMENT FRIDAY, SEPTEMBER 13, 2019 AT 8:00 AM Location: SJCERA Conference Room 6 S. El Dorado Street, Suite 400 Stockton, California

1.0 ROLL CALL 1.01 MEMBERS PRESENT: Ray McCray, J.C. Weydert, Margo Praus and Michael Restuccia presiding STAFF PRESENT: Chief Executive Ofﬁcer Johanna Shick, Retirement Investment Ofﬁcer Chris Wisdom, and Management Analyst III Greg Frank OTHERS PRESENT: Deputy County Counsel Jason Morrish, Thomas Hester StepStone, and David Sancewich Meketa 2.0 APPROVAL OF MINUTES 2.01 Approval of the Minutes for the Real Estate Committee meeting of July 12, 2019 2.02 The Committee voted unanimously (4-0) to approve the Minutes of the Real Estate Committee meeting of July 12, 2019 (Motion: McCray; Second: Weydert) 3.0 COMMENTS 3.01 PUBLIC COMMENT 01 There was no public comment. 4.0 REAL ESTATE COMMITTEE CHARTER 4.01 Proposed Real Estate Committee Charter 4.02 Delegation of Authority for Real Estate Investments Policy 4.03 The Committee voted unanimously (4-0) to approve the Real Estate Committee Charter (Motion: McCray; Second: Praus) 5.0 PEER COMPARISON AND PERFORMANCE REPORT 5.01 Committee accepted and filed the report. 6.0 2019-20 REAL ESTATE PORTFOLIO STRATEGIC PLAN 6.01 The Committee approved the 2019-2020 Real Estate Strategic Plan as presented by StepStone. 7.0 CONSULTANT REPORTS 7.01 Quarterly Investment Performance Updates for the Period Ended March 31, 2019 01 Manager Performance Flash Report 02 Real Estate Quarterly Performance - Executive Summary

6 South El Dorado Street, Suite 400 • Stockton, CA 95202 SJCERA Real Estate Committee Meeting • 9/13/2019 • Page 1 (209) 468-2163 • [email protected] • www.sjcera.org 03 Real Estate Quarterly Performance - Investment Summary and Activity Statements 04 Market Commentary - Spring 2019 7.02 StepStone provided quarterly highlights, as of March 31, 2019 on SJCERA’s real estate investments and answered various questions on the real estate market outlook. From the executive performance summary, the real estate portfolio market value was $331.4 million, which equates to 11% of total plan assets. The entire real estate portfolio had a net-of-fees return of 3.9% for the quarter and 7.7% for the trailing one- year period while the portfolio blended benchmark returned 5.0% for the quarter and 9.7% for the trailing one-year period, respectively. The private portion of the real estate portfolio had a net-of-fees return for the quarter of 1.0%, while the one-year return was 6.2%. The benchmark returned 1.4% and 7.6%, respectively. 8.0 COMMENTS 8.01 The Committee requested staff and consultant review the organization of committee materials to better distinguish between primary agenda topic materials and detailed backup analysis. 9.0 ADJOURNMENT 9.01 There being no further business, the meeting was adjourned at 9:18 a.m. Respectfully submitted:

______Michael Restuccia, Chair Real Estate Committee

SJCERA Real Estate Committee Meeting • 9/13/2019 • Page 2 FPA Core Plus Fund V

(USD in millions, unless otherwise noted) GP Name: Fowler Property Acquisitions (FPA) Core+ Sector: Core / Core+ Geographic Focus: North America Investing Since: 1985 Sub-Sector: Core+ Locations: San Francisco; Denver; Dallas; Chicago; Atlanta; Irvine; 1 Assets Under Management : 4,500 USD Comparables: Berkshire Property Advisors; Cortland Partners; Clarion Arlington, VA; Bloomington, MN Gables Offering Summary

2 Fund Size: 750 USD Management Fee: 7.00% Carried Interest / GP Catch Up: 0.00% / 0.00% GP Commitment: 1.00% Placement Agent: None Preferred Return: 0.00% 3 Key Fund Statistics (as of September 30, 2019) Fund Strategy Fund Number of Total Gross Gross Percent Percent Fowler Property Acquisitions (“FPA” or the “Firm”) is a multifamily Fund Name Vintage Currency Size Investments Invested Realized Unrealized Value TVM IRR Invested Realized owner‑operator. The Firm is seeking capital for FPA Core Plus Fund V (the FPA Core Plus Fund II 2015 USD 242 18 242 151 182 333 1.4x 17% Complete 45% “Fund”), its core‑plus strategy targeting Class A‑/B+ multifamily and select FPA Core Plus Fund III 2016 USD 455 15 431 54 452 506 1.2x 9% 95% 11% student housing properties. The Fund will pursue apartments in select FPA Core Plus Fund IV 2018 USD 703 8 331 8 321 329 1.0x N/A 47% 2% submarkets in major metropolitan areas with favorable demographic trends and Total USD 1,400 41 1,003 212 955 1,167 1.2x 10% 72% 18% proximity to employment centers. The Fund will utilize the Firm’s vertically‑integrated platforms to acquire mismanaged buildings in strong locations to increase net operating income. Value creation strategies include repositioning, renovating, construction defect rectification and select development. The Fund is seeking US$750 million in commitments and will target a 9‑11% net IRR. 4 Net Performance Benchmarks Net IRR Benchmark TVPI Benchmark DPI Benchmark 30% 16% 1.8x 1.6x 1.0x 20% 8% 1.6x 0.9x 10% 1.4x 1.2x 0.8x 0% 1.2x 1.0x 0.7x -10% 1.0x 0.6x 0.5x DPI -20% TVPI 0.8x 0.4x 0.2x Net IRR Net -30% 0.6x 0.3x 0.1x -40% 0.4x 0.2x 0.0x -50% 0.2x 0.1x -60% 0.0x 0.0x Fund II Fund III Fund IV Fund II Fund III Fund IV Fund II Fund III Fund IV (2015) (2016) (2018) (2015) (2016) (2018) (2015) (2016) (2018)

StepStone Assessment Descriptive Data Organization Target Investment Size: 10 ‑ 50 USD Investment GAV Size: 20 ‑ 100 USD + Operational Capabilities: FPA has developed a robust, vertically‑integrated platform of investment and property management professionals. The Firm has more than Target Leverage: 50% 1,000 employees across FPA, Trinity Property Consultants (property management, “Trinity”) and Redwood Construction (general contractor, “Redwood”). The Firm has offices Property Focus: Apartment across the country, coupled with its on‑the‑ground affiliates, providing access to proprietary operational knowledge, deal flow and capabilities. Number of Senior 5 Senior + Employee-Owned Firm: FPA is wholly owned by constituent members of its senior investment team. The Firm’s management team, specifically Messrs. Fowler, Professionals: Professionals Kaplan, Earl, Clark and Stark, all own components of the management company. StepStone views the Firm’s ownership structure positively and believes it provides a strong level of Average Years at the Firm: 23.2 years alignment of interests between Firm ownership and Fund investors. Additional Investment 28 – Allocation of Team Resources: In addition to overseeing the Fund’s series, FPA manages a value‑add fund series focused on multifamily properties. The two Professionals: professionals strategies share personnel, back office and other resources from the FPA platform. StepStone will need to further review the growth of the Firm’s asset base and how capacity is AUM per Senior Professional (with new 180 managed. 5 USD Fund) : – Key Person Risk: Historically, Gregory Fowler has been the key investment professional across all of FPA’s investment activities. Fund performance, as well as the Projected Annual # of Investments: 8.3 per year overall functioning and value of the platform itself, may be adversely impacted if Mr. Fowler were unable to perform his duties. StepStone will need to review other senior professionals at FPA and understand their roles in the investment process. Additionally, StepStone will need to review the succession plan for Mr. Fowler. Projected Annual Investments per 1.7 per Senior Professional year Performance Targeted Closing Information + Value-Add Track Record: The Firm utilizes its market experience by successfully deploying capital through value‑add strategies. Since 2000, FPA raised US$1.6 billion, Target Size / Hard Cap: 750 USD / 750 USD of which US$1.5 billion has been invested, across five products through September 2019. The value‑add fund series has generated gross TVM/IRR returns of 1.8x/36%. First Closing Date: December 2019 + / – Deployment Pace and Unrealized Core-Plus Funds: StepStone will need to review the Firm’s deployment strategy and realization activity across both its core‑plus First Closing Amount: N/A strategy. The Firm manages US$955 million of unrealized value across active core‑plus mandates. Further, since 2015, the Firm has only realized six out of 41 completed investments. While recognizing the Fund’s stated strategy relies more on income returns over longer hold periods, StepStone will still need to discuss expected disposition activity Target Final Closing Date: December 2020 and how that affects Fund deployment and management. Target Currency: USD – Short Institutional Track Record in Core-Plus Space: The Firm’s commingled core‑plus fund series is relatively young. The first institutional fund launched in 2015. Management Team (5) As a result, all of the Firm’s core‑plus capital was deployed in the post‑GFC recovery. StepStone prefers to see managers with longer demonstrable track records for a given strategy. Gregory Fowler, Founder, Managing Partner Strategy/Structure ● BS, San Diego State Daniel Kaplan, Chief Investment Officer + Focus on Non-Luxury Segments of Multifamily Market: The Fund will target properties built in the 1990s or newer at discounts to replacement cost relative to ● RREEF; Mansur & Company their locations. The Firm looks at opportunities in 23 MSAs across the country. Assets will not be in the luxury segment of the multifamily market, which has been adversely ● BS, Penn State affected by new supply deliveries and softening demand. Rather, the Fund will focus on more workforce or Class B+/A‑ properties, which exhibit favorable fundamentals. Michael Earl, Chief Operating Officer ● Head, Trinity Property Consultants; Head, Porta + / – Access to Deal Flow: FPA believes its 35‑plus years of participation across the multifamily market provides access to transactions otherwise unavailable to others. Mgmt Group; Regional Property Manager, Lincoln StepStone will need to further review the Firm’s sourcing channels and evaluate the value, if any, that the market presence, as well as Trinity and Redwood relationships, provide Property Company the FPA platform. Joseph Clark, Chief Financial Officer + / – Current Income Component: Like prior vehicles in the core‑plus series, the Fund will target a net current income return of 5%. StepStone compared this target to ● Managing Director, American Express Tax mid‑term net income returns of open‑ended, core and core‑plus multifamily funds, such as offerings from Berkshire Property Advisors and Clarion’s Gable Multifamily Trust, and ● BA, University of San Diego believes the Fund offers a 150‑250 basis point spread to comparable products. However, StepStone will need to complete further diligence into current yields generated by FPA’s Todd Stark, President of Redwood Construction existing core‑plus funds. ● Partner, Inland Home Builders + / – Potential Cannibalization of Deals Across Products: FPA manages a value‑add fund series with comparable investment strategies to that of the Fund. The value‑add funds and the Fund both pursue similar investment themes and markets. As such, there remains risks that both strategies could compete for similar deals. StepStone will need to further review FPA’s allocation policy and how that policy is utilized in rewarding pipeline deals to the different products. + / – Fees Tied to Property-Level Performance: The Fund’s management fee is derived from the net operating income (“NOI”) of the aggregate underlying portfolio. The charged fee will be 7% of NOI. The Fund will also charge a 0.5% acquisition fee per transaction (capped at US$300,000 per investment), a 0.25% disposition fee (capped at US$150,000) and affiliate fees. There are no fees charge on committed capital. StepStone recognizes that this arrangement is atypical to those of other core‑plus funds. Initial analysis indicate that the structure is modestly beneficial to LPs via reduced fee drag but additional diligence is required to better understand the arrangement. – Exclusive Use of Affiliates: FPA owns property management and construction management affiliates. Trinity Property Consultants serves as FPA’s sole property management affiliate and Redwood Construction serves as FPA’s sole general contractor. Both Trinity and Redwood are wholly‑owned by Mr. Fowler and will receive related fees commensurate with services rendered. StepStone will need to diligence how fees are decided upon and if fees are reviewed by third‑party auditors. StepStone will also need to review the distribution of fees and ownership of these affiliates and what they charge the Fund for services rendered. – Exposure to Student Housing Sector: Historically, the Firm has deployed a minority sleeve of Fund capital into student housing properties. The student housing sector has experienced softening in fundamentals amid high deliveries and lower enrollment figures. While the Firm has meaningful experience in the sector, StepStone will need to discuss the Firm’s deployment plans amid a more‑challenging market environment.

1. Assets under management represent AUM for the GP's entire platform; includes target size for current fund. 2. Management fee is charging 7% on quarterly Net Operating Income. The Fund also chargse a 0.5% acquisition fee, not to exceed US$300,000 per investment, and a disposition fee of 0.25%, not to exceed US$150,000. 3. Performance and track record information obtained from the General Partner. 4. Benchmark data represents Real Estate: High Return (United States) by Private iQ, as of June 30, 2019. The top and bottom 5% are excluded from the 1st and 4th quartiles, respectively. 5. AUM per partner based on AUM for the specific fund strategy (excluding any other GP product lines); includes the target size for current fund.

(USD in millions, unless otherwise noted) GP Name: INVESCO Real Estate Credit Sector: Real Estate Credit Geographic Focus: North America Investing Since: 1983 Sub-Sector: Multi‑strategy Debt Locations: Dallas, TX Assets Under Management1: 81,300 USD Comparables: Blackstone, Heitman, Mesa West, Metlife, PGIM Offering Summary Fund Size: 1,270 USD Management Fee: 1.00% Carried Interest / GP Catch Up: 0.00% / N/A GP Commitment: 20 USD Placement Agent: None Preferred Return: 0.00% Key Fund Statistics2 Fund Strategy Invesco Real Estate (“IRE”, the “Firm” or "Manager") has formed the open‑ended Invesco Commercial Mortgage Income Fund (the “Fund”). The Fund will seek to achieve appropriate risk‑adjusted and predominantly income returns principally through U.S. commercial real estate mortgage and debt investments, at the 50% to 65% loan‑to‑value tranche. The Fund will originate and acquire subordinate and senior loans secured by, or unsecured but related to, real estate or equity interests in real estate. The primary focus of the Fund will be subordinate debt investments including mezzanine loans, although whole loans, debt‑like investments and other real estate credit investments will be considered selectively. The Fund is currently targeting a gross IRR of 7% to 8%. While the Fund is open‑ended, it raises capital in tranches and is currently targeting US$500 million for its second tranche of equity and will close to new investors after the target is 3 met. Fund Diversification

StepStone Assessment Descriptive Data Organization Target Investment Size: 12 USD Company TEV Size: N/A + Global Platform: Established in 1983, IRE currently has 21 offices across 16 countries with 540 employees worldwide and is headquartered in Dallas, TX. IRE manages approximately US$81.3 billion in real estate investments on behalf of investors globally. IRE has participated in over US$6.1 billion of real estate debt transactions since 2013 and has established in‑house expertise in debt originations, structuring, financing and (through the Industry Focus: Real Estate acquisition of non‑performing loans) workouts and distressed realizations. Number of Partners: 7 + Underwriting and Quality of Senior Team: The Fund’s risk management is overseen by an investment committee composed of senior executives with substantive institutional equity and debt sourcing, structuring, and credit experience. Final investment committee approval must be unanimous. In the review by the originations/acquisitions, portfolio management and underwriting teams and at investment committee, the risk Average Years at the Firm: 18 profile of investments will be assessed on durability and strength of collateral income streams, collateral basis to replacement cost, sponsorship quality, asset risk, maximum leverage and tranche thickness. Additional Investment Professionals: 455 + / – Public Company: As Invesco is a publicly traded company, there is concern that Firm professionals have the practical problem of serving both their institutional, private equity investor base and the Firm’s public shareholders. Limited Partner investors are focused on the returns generated from distinct investment funds, which returns are reliant upon the management and realization of the underlying investments and thereby reducing 4 Invesco’s overall AUM in the case, particularly, of Invesco’s closed‑end funds, whereas publicly company investors are more concerned with maximizing the Firm’s fee stream through increasing AUM. AUM per Partner (with new Fund) : 171 USD + / – Key Person Risk: The Fund does not include a key man provision. StepStone believes Bert Crouch, Managing Director and Co‑Portfolio Manager, is and will be a significant contributor to the Fund’s performance. Projected Annual # of Investments: N/A Should he become impaired or not devote the time necessary for deployment of capital and management of the organization, his absence would likely jeopardize the ability of the Fund to generate the underwritten returns. Further, Mr. Crouch’s role at Invesco has expanded to include the role as Head of North America. To deepen the team’s experience, Charlie Rose, Managing Director and Co‑Portfolio Manager, joined Invesco in 2017 to co‑manage the Fund Projected Annual Investments per Partner N/A with Mr. Crouch. StepStone does note that open‑end funds do not always contain key person clauses because in theory a perpetual fund will outlive any key person. Furthermore, IRE believes the quality of its overall senior team, training and mentoring programs, incentive compensation structures and interdisciplinary underwriting, management and approval processes will mitigate key person risk over the Fund’s perpetual life. Targeted Closing Information Performance Target Size / Hard Cap: 1,270 USD / N/A + / – Portfolio Performance: The current portfolio totals US$4.5 billion of aggregate financings and US$801 million of fund capital. The Fund has made 59 loan commitments with an as‑is LTV of 64% and a stabilized debt Latest Closing Date: September 2017 yield of 7.9%. The focus remains on institutional quality collateral to well‑capitalized sponsors in primary markets and at September 30, 2019 the Fund was producing an annualized 7.5% net distribution yield. 56% of originations to Latest Closing Amount: 1,270 USD date have been for acquisition financing with fresh subordinate cash equity. While the portfolio is being constructed in a manner consistent with the stated strategy of the Fund, StepStone notes that the portfolio was recently originated and therefore performance is not highly realized. Target Final Closing Date: Open‑Ended Strategy/Structure Target Currency: USD + Current Income: The Fund is currently targeting over time a 7?8% gross unlevered return derived primarily from current income. Net of fees and expenses, the anticipated distribution yield is approximately 6‑7%. Management Team (8) The Fund’s targeted current yields are above high?yield unlevered debt and corporate credits and has the added benefit of the collateral’s equity cushion as the last dollar of exposure to the Fund is targeted at 65% LTV on a portfolio basis. Charlie Rose, Co‑Portfolio Manager, Managing + Favorable Market Opportunity: The current market environment offers a compelling opportunity for the Fund to capitalize on financial dislocations and legacy distress in the commercial real estate market. Due to Director increased regulation following the global financial crisis (e.g., Dodd Frank and Basel III), many well‑qualified borrowers are unable to access traditional financing, which creates an opportunity for institutional lenders to fill the void in ● MD, Canyon Partners; Acquisition Associate, debt liquidity by providing flexible financing that falls outside of the regulatory constraints imposed on major financial institutions. Further, as the market continues to move into the impending wave of US$2.0 trillion loan maturities Pacific Urban Residential that are scheduled to mature through 2025, opportunities will arise for lenders capable of providing financing at levels above which banks are willing to lend, but without comprising underlying credit quality. ● MBA, The Wharton School; BA, Stanford + Fee Breaks for Larger Commitments: The Fund charges a 1.0% management fee on invested capital, with fee discounts available based on commitment size. Fund commitments of US$50 million or less are charged 1.0% on invested capital, while commitments from US$50 million to US$100 million are charged 0.90% on invested capital and commitments above US$100 million are charged 0.80%. These management fees are at the low Bert Crouch, Co‑Portfolio Manager, Managing end of the market standard for comparable funds. Director + Fund-Level Leverage: The Fund will only utilize A‑note syndications of its whole loan originations to provide structural leverage for its subordinated and mezzanine debt positions, which as of September 30, 2019 ● Wells Fargo accounts for 65% of the Fund’s portfolio assets’ leverage. In addition, the Fund will utilize loan on loan (26%) and warehouse facility (8%) financial leverage. Leverage enhances Fund returns and increases overall lending capacity, but ● BBA, McCombs School of Business at University of facilities also have embedded potential risk of asset/liability mismatching which could impact net spreads, as well as cross‑collateralization provisions. However, warehouse facilities typically allow for specific remedies or loan Texas Austin substitution before cross‑collateralization provisions become onerous and subjective mark‑to‑market margin calls are not nearly as prevalent as they were pre‑GFC. StepStone notes that the primary use of A‑note sales and loan on loan financing significantly reduces overall portfolio leverage risk, while significantly eliminating asset/liability mismatching and preserving net spread performance. R. Scott Dennis, CEO ● Bankers Trust Company + Mezzanine Investing: Increased regulatory oversight and limited leverage from the CMBS market and traditional lenders have created the current opportunity to provide mezzanine financing to investors. Insurance ● BBA, University of Texas at Austin companies and banks have largely restricted their loan‑to‑value ratios to 60%, however, many creditworthy borrowers are in need of higher levels of debt. In the post‑GFC era, mezzanine financing is utilized primarily by sophisticated institutional investors to fund a debt proceeds gap, not an equity funding gap that was prevalent pre‑GFC. The Fund is targeting a portfolio of mezzanine loans that will have an average last dollar risk of up to 65% LTV which provides Michael Sobolik, Regional Director of Research a considerable equity cushion in the potential event of declining values. Mezzanine investments are not collateralized by direct, perfected lien security interests in real estate assets, but are secured by an assignment of borrower ● HFF, L.P. and USAA Real Estate Company. equity ("SPE") in the real estate assets held by the sponsoring affiliate (i.e the Fund). Therefore, the ownership interests securing the mezzanine investments may represent only partial interests in the SPE and may not control either ● BBA, Texas A&M University the SPE or the underlying commercial property. However, a well‑capitalized mezzanine fund will generally have the ability and wherewithal to quickly payoff a senior position and foreclose on real estate collateral when necessary. + / – Commitment Fee: While there is no fund promote, the Fund charges commitment fees (i.e. an origination fee) to borrowers, a portion of which may either be paid out or received as fees by fund limited partners Michael Kirby, Managing Director depending on the percentage of the commitment fee, which is charged on a per loan basis on the amount effectively held by the Fund. In cases where the borrower pays a fee of less than 0.75% of the loan balance, the Fund’s ● BSCE, University of Texas at Austin limited partners will pay to the Fund’s GP the difference (i.e. a commitment fee charged to a borrower of 0.50% of the loan balance would result in a fee to limited partners of 0.75%‑0.50% = 0.25% of the loan balance). In such situations, this results in fees being paid by limited partners above and beyond their management fees. However, should the Manager extract a commitment fee of above 0.75% of a loan’s balance, the portion above 0.75% will go to Jay Hurley, Portfolio Manager limited partners as additional income. StepStone will need to further diligence the Firm’s negotiations with borrowers to further understand if this commitment fee is likely to be an additional expense to, or source of income to, ● Amstar Group; Citicorp Real Estate limited partners. ● MBA, Southern Methodist University; BS Civil Engineering, University of Texas at Austin Jason Geer, Managing Director ● Newport Mortgage, Jacobson‑Berger Capital Group ● BS, Southern Methodist University William Grubbs, Portfolio Manager ● Bailard, Biehl & Kaiser(BB&K) ● MBA, University of Michigan; BS, Colorado State 1. Assets under management represent AUM for the GP's entire platform; includes target size for current fund. University 2. Performance and track record information obtained from the General Partner. 3. In September 2017, the Fund closed on US$1.3 billion of commitments which is considered the first tranche of equity. For the current or second tranche of equity being raised US$250 million has been committed and the remaining US$250 million is expected to close by 1Q 2020. 4. AUM per partner based on AUM for the specific fund strategy (excluding any other GP product lines); includes the target size for current fund.

As of June 30, 2019 CLIENT VALUE MARKET INVESTMENTS STRATEGY $1,000 VALUE % QTR YTD 1‐YR 2‐YR 3‐YR 5‐YR ITD SI DATE AG Core Plus Realty Fund IV Value Add 17,677.4 5.6% Net Return 2.1% 3.5% 8.8% 9.9% 9.0% N/A 5.3% Dec‐14 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% N/A 9.1% Difference 1.0% 1.0% 2.3% 2.4% 1.4% N/A (3.8%) Almanac Realty Securities VI Value Add 8,071.9 2.6% Net Return (0.1%)(3.6%)(5.3%)(2.7%)2.1%7.6%10.2%Sep‐12 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 10.6% Difference (1.1%) (6.1%) (11.8%) (10.2%) (5.5%) (2.3%) (0.4%) BlackRock Developed Ex‐US Real Estate Index Fund Value Add 30,300.6 9.6% Net Return (0.4%) 13.3% 6.6% 8.0% 7.2% 3.8% 3.8% Aug‐14 * EPRA/NAREIT Developed Ex‐US (0.3%) 13.3% 6.7% 8.2% 7.5% 4.1% 4.1% Difference (0.1%) (0.1%) (0.1%) (0.2%) (0.3%) (0.3%) (0.3%) Colony Realty Partners III Value Add 8,364.3 2.7% Net Return (4.6%) (16.0%) (19.2%) (7.1%) (4.1%) (0.4%) (11.9%) Sep‐09 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 10.0% Difference (5.7%) (18.5%) (25.7%) (14.6%) (11.7%) (10.2%) (21.9%) Colony Realty Partners IV Value Add 1,054.6 0.3%Net Return (12.5%) (8.9%) (13.0%) (2.4%) 1.7% 8.0% 10.6% Jun‐12 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 10.6% Difference (13.6%) (11.3%) (19.5%) (9.9%) (6.0%) (1.8%) 0.0% Greenfield Acquisition Partners V Opportunistic 326.0 0.1% Net Return 8.0% 4.2% (6.1%) 6.9% 3.9% 0.4% 0.6% Apr‐08 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 6.8% Difference 6.9% 1.7% (12.6%) (0.6%) (3.8%) (9.5%) (6.2%) Greenfield Acquisition Partners VI Opportunistic 1,000.0 0.3% Net Return (20.4%) (20.5%) (31.9%) (25.4%) (15.5%) (6.6%) (0.1%) Dec‐11 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 10.6% Difference (21.4%) (23.0%) (38.4%) (32.9%) (23.1%) (16.5%) (10.7%) Greenfield Acquisition Partners VII Opportunistic 14,692.7 4.7% Net Return 7.7% 7.9% 12.6% 13.1% 13.5% 12.6% 12.6% Dec‐13 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 9.8% Difference 6.6% 5.4% 6.1% 5.6% 5.8% 2.8% 2.8% Greenfield Acquisition Partners VIII Opportunistic 14,855.2 4.7% Net Return 3.9% 4.7% 5.4% N/A N/A N/A 18.9% Dec‐16 ODCE +1% Blended Net 1.0% 2.5% 6.5% N/A N/A N/A 7.3% Difference 2.9% 2.2% (1.1%) N/A N/A N/A 11.6% Invesco US Real Estate Securities Core 42,692.9 13.6% Net Return 2.2%19.6%12.6%8.9%6.1%8.4%9.4%Aug‐04 * NAREIT Equity REIT 1.8% 19.3% 12.6% 8.7% 5.8% 8.8% 9.4% Difference 0.4% 0.4% (0.0%) 0.2% 0.3% (0.4%) 0.0% Miller Global Fund V Opportunistic 72.9 0.0% Net Return (1.1%) (1.9%) 67.0% 18.1% 9.1% 10.8% (2.5%) Jul‐05 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 8.6% Difference (2.1%) (4.4%) 60.5% 10.6% 1.4% 1.0% (11.1%)

23 As of June 30, 2019 CLIENT VALUE MARKET INVESTMENTS STRATEGY $1,000 VALUE % QTR YTD 1‐YR 2‐YR 3‐YR 5‐YR ITD SI DATE Miller Global Fund VI Opportunistic 1,601.7 0.5% Net Return 5.8% 10.9%16.5%13.6%12.7%11.6%4.0%Feb‐08 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 6.8% Difference 4.8% 8.4% 10.0% 6.1% 5.0% 1.8% (2.8%) Miller Global Fund VII Opportunistic 763.2 0.2%Net Return (9.2%)(16.4%) (25.8%) (12.0%) (4.7%) 2.7% 5.0% Dec‐13 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 10.1% Difference (10.3%) (18.9%) (32.4%) (19.5%) (12.3%) (7.1%) (5.2%) Principal US Property Account Core 33,147.2 10.5% Net Return 1.3% 3.0%6.9%7.6%8.0%N/A8.2%Dec‐14 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% N/A 8.3% Difference 0.3% 0.5% 0.4% 0.1% 0.3% N/A (0.0%) Prologis Targeted US Logistics Fund Core 65,515.5 20.9% Net Return 4.3% 7.3% 14.4% 17.5% 17.2% 16.3% 5.5% Jul‐07 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 7.1% Difference 3.3% 4.9% 7.9% 10.0% 9.6% 6.4% (1.6%) **RREEF America REIT II Core 50,791.9 16.2%Net Return 1.5% 3.2% 6.5% 7.1% 7.1% N/A N/A Jun‐05 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% N/A N/A Difference 0.5% 0.7% (0.0%) (0.4%) (0.5%) N/A N/A Stockbridge Value Fund III Value Add 13,212.8 4.2% Net Return 0.9% 1.8% 0.8% N/A N/A N/A (6.5%) Oct‐17 ODCE +1% Blended Net 1.0% 2.5% 6.5% N/A N/A N/A 6.9% Difference (0.1%) (0.7%) (5.7%) N/A N/A N/A (13.4%) Walton Street Real Estate Fund V Opportunistic 4,420.1 1.4%Net Return (4.3%) (3.9%) (16.0%) (9.6%) (6.5%) (0.6%) (2.3%) Aug‐06 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 7.9% Difference (5.3%) (6.3%) (22.5%) (17.1%) (14.2%) (10.4%) (10.1%) Walton Street Real Estate Fund VI Opportunistic 5,661.0 1.8%Net Return (0.4%) 0.9% (0.5%) 4.3% 2.0% 4.3% (25.4%) Apr‐09 ODCE +1% Blended Net 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 9.2% Difference (1.4%) (1.6%) (7.0%) (3.2%) (5.7%) (5.6%) (34.6%) ***TOTAL 314,221.9 100.0% Net Return 1.5% 5.5% 5.9% 7.5% 7.6% 8.6% 6.0% Aug‐04 SJ Blended Net 1.0% 6.1% 7.7% 7.9% 7.5% 9.2% 10.9% Difference 0.5% (0.6%) (1.7%) (0.4%) 0.1% (0.7%) (5.0%) * Gross returns ** Returns excluding the $7.5 million investment made in the 2nd quarter of 2005, which was liquidated in the 3rd quarter of 2007. *** Excluding the liquidated investments

24 Quarterly Real Estate Monitoring Report

For the period ended June 30, 2019

Report prepared for: SAN JOAQUIN EMPLOYEES' RETIREMENT ASSOCIATION

REAL ESTATE PORTFOLIO ‐ Executive Summary IMPORTANT INFORMATION

This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use. Thus, all such information is subject to independent verification by prospective investors. The presentation is being made based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing in private market products. All expressions of opinion are intended solely as general market commentary and do not constitute investment advice or a guarantee of returns. All expressions of opinion are as of the date of this document, are subject to change without notice and may differ from views held by other businesses of StepStone. All valuations are based on current values calculated in accordance with StepStone's Valuation Policies and may include both realized and unrealized investments. Due to the inherent uncertainty of valuation, the stated value may differ significantly from the value that would have been used had a ready market existed for all of the portfolio investments, and the difference could be material. The long‐term value of these investments may be lesser or greater than the valuations StepStoneid d Group LP, its affiliates and employees are not in the business of providing tax, legal or accounting advice. Any tax‐ related statements contained in these materials are provided for illustration purposes only and cannot be relied upon for the purpose of avoiding tax penalties. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective investor is urged to discuss any prospective investment with its legal, tax and regulatory advisors in order to make an independent determination of the suitability and consequences of such an investment. An investment involves a number of risks and there are conflicts of interest. Each of StepStone Group LP, StepStone Group Real Assets LP and StepStone Group Real Estate LP is an investment adviser registered with the Securities and Exchange Commission (“SEC”). StepStone Group Europe LLP is authorized and regulated by the Financial Conduct Authority, firm reference number 551580. Swiss Capital Invest Holding (Dublin) Ltd (“SCHIDL”) is an SEC Registered Investment Advisor. Such registrations do not imply a certain level of skill or training and no inference to the contrary should be made. None of StepStone is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with any investor’s continued engagement of StepStone. All data is as of June 30, 2019, unless otherwise noted.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY. I. EXECUTIVE SUMMARY

PERFORMANCE SUMMARY

StepStone Group LP (“StepStone”) was engaged by SJCERA to provide Real Estate services for prospective investment opportunities, as well as portfolio management on SJCERA's portfolio (the“Portfolio”).TheinceptiondateofthePortfoliowasin September 2004. The following table illustrates the Portfolio's since inception investment performance as of June 30, 2019 as well as the change in performance from the prior quarter‐end and the end of the same quarter in theprioryear.ThePortfolio’ssinceinceptionnet Internal Rate of Return (“IRR”) now stands at 4.5% at June 30, 2019, which is up 4 basis point(s) quarter‐over‐quarter.

All dollar amounts are in USD millions INCEPTION TO INCEPTION TO INCEPTION TO JUNE 30, 2019 MARCH 31, 2019 JUNE 30, 2018 QUARTERLY ∆ ANNUAL ∆ Number of Managers 16 16 16 0 0 Number of Investments 25 25 25 0 0 Number of Active Investments 19 19 20 0 ‐1 Committed Capital $623.7$623.7$623.7$0.0$0.0 Unfunded Commitment 62.4 68.7 90.0 (6.4) (27.6) Total Exposure 376.6 400.1 419.7 (23.5) (43.1) Contributed Capital 584.8 580.6 561.8 4.2 23.0 Distributed Capital 419.4393.0362.126.357.3 Market Value 314.2 331.4329.6(17.1)(15.4) TOTAL VALUE $733.6 $724.4 $691.7 $9.2 $41.9 Total Gain/(Loss) 148.8 143.8 129.9 5.0 18.9 Net DPI 0.72x 0.68x 0.64x 0.04x 0.07x Net TVM 1.25x 1.25x 1.23x 0.01x 0.02x Net IRR 4.5% 4.5% 4.4% +4 bps +12 bps Past performance is not necessarily indicative of future results and therecanbenoassurancethattheinvestmentwillachievecomparableresultsoravoid substantial losses.

CURRENT PORTFOLIO UNFUNDED TOTAL TARGET TOTAL PLAN VALUE COMMITMENT EXPOSURE ALLOCATION ASSET Value$ 314.2 $ 62.4 $ 376.6 $ 306.8 $ 3,067.5 % of Total Plan Asset 10.2% 2.0% 12.3% 10.0% 100.0%

PERIODIC TWR PERFORMANCE

The following table illustrates the Portfolio's periodic time‐weighted returns (“TWR”) for the period ended June 30, 2019 by attribution for gross level returns, as well as a total net return over the respective time periods.

QTR1 YTD1 1‐Yr 2‐Yr 3‐Yr 5‐Yr ITD Income 1.0% 2.2% 4.4% 5.0% 5.1% 4.9% 3.6% Appreciation 0.7% 3.7% 2.5% 4.0% 4.1% 4.9% 2.8% Total Gross Return 1.7% 5.9% 7.1% 9.1% 9.3% 10.0% 6.5% Total Net Return 1.6% 5.5% 6.0% 7.5% 7.6% 8.1% 4.4%

1 Quarterly and year‐to‐date returns are unannualized.

1 TOTAL RETURNS vs. BENCHMARKS

The following graph depicts the Portfolio’s periodic total gross TWR and total net TWR compared to SJ Blended benchmark for the period ended June 30, 2019. 4 12.0% 10.9% 10.0% 10.0% 9.3% 9.2% 9.1% 8.1% 7.9% 7.7% 7.6%

8.0% 7.5% 7.5% 7.1% 6.5% 6.1% 6.0% 6.0% 5.9% 5.5% 4.4%

4.0% 1.7%

2.0% 1.6% 1.0%

0.0% QTD YTD 1‐Yr 2‐Yr 3‐Yr 5‐Yr ITD

SJCERA Gross SJCERA Net SJ Blended Total

Note: The referenced indices are shown for general market comparisons and are not meant to represent any particular fund. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented.

2 TOTAL RETURNS vs. BENCHMARKS—INVESTMENT TYPE

As of June 30, 2019 QTR3 YTD3 1‐YR 2‐YR 3‐YR 5‐YR ITD

Private Real Estate (Net) Total Private Real Estate 1.7% 2.8% 4.9% 7.3% 7.8% 8.6% 2.2% NFI‐ODCE Index (Net) + 100 bps1 1.0% 2.5% 6.5% 7.5% 7.7% 9.8% 9.1% Over/(Under) Performance 0.7% 0.3% (1.6%) (0.2%) 0.2% (1.2%) (6.9%)

US Public RE Securities (Gross) Invesco US RES 2.3% 19.9% 13.2% 9.5% 6.7% 9.0% 10.0% FTSE NAREIT All Equity REIT Index 1.8% 19.3% 12.6% 8.7% 5.8% 8.8% 9.4% Over/(Under) Performance 0.5% 0.7% 0.6% 0.8% 0.9% 0.2% 0.6%

Non‐US Public RE Securities (Gross) BlackRock Developed Ex‐US REIF (0.4%) 13.3% 6.7% 8.2% 7.3% 3.9% 3.9% EPRA/NAREIT Developed Ex‐US Index2 (0.3%) 13.3% 6.7% 8.2% 7.5% 4.1% N/A Over/(Under) Performance (0.1%) 0.0% (0.0%) (0.1%) (0.2%) (0.2%) N/A

Total Portfolio (Net) 1.6% 5.5% 6.0% 7.5% 7.6% 8.1% 4.4% Portfolio Blended Benchmark3 1.0% 6.1% 7.7% 7.9% 7.5% 9.2% 10.9% Over/(Under) Performance 0.6% (0.6%) (1.7%) (0.4%) 0.1% (1.2%) (6.6%) 1NCREIF ODCE Index (net) + 100 bps starting 10/1/12. Previously NCREIF Index. 2EPRA/NAREIT Developed Ex. U.S. Index starting 10/1/12. Previously GPR General Global Index. 3Comprised of approximate portfolio weightings and indexes as per above.

Comments On the Public Portion of the Portfolio For information and discussion purposes only, the public markets portion’s performance is updated as follows as of the more recent period ending 9/30/2019. The US Public Real Estate portfolio gross return was 7.5% for the quarter and 21.1% for the one‐year period compared to the FTSE NAREIT All Equity REIT index of 7.7% and 20.7%, respectively. The non‐US Public Real Estate portfolio gross return was 1.6% for the quarter and 9.4% for the one‐year period compared to the EPRA/NAREIT Developed Ex. U.S. Net Index (USD) Index of 1.5% and 8.9%, respectively.

3 QUARTERLY VALUATION MOVEMENT

The valuation bridge below illustrates the net gain/loss that occurred during the quarter generated by the Portfolio's underlying investments. During the second quarter of 2019, the valuation of the Portfolio increased by $5.0 million or 1.5%.

QUARTERLY TOP INVESTMENT GAINS AND LOSSES

The following tables show the top gains and losses in the Portfolio by investment during the quarter ended June 30, 2019.

Amounts in USD millions INVESTMENT $ % INVESTMENT $ % Prologis Targeted US Logistics Fund 2.7 4.3% Colony Realty Partners IV (1.0) (5.0%) Greenfield Acquisition Partners VII 1.2 7.5% Colony Realty Partners III (0.5) (4.2%) Invesco US Real Estate Securities 0.9 2.2% Greenfield Acquisition Partners VI (0.3) (15.1%) RREEF America REIT II 0.8 1.5% Walton Street Real Estate Fund V (0.2) (4.3%) Greenfield Acquisition Partners VIII 0.5 4.4% BlackRock Developed Ex‐US Real Estate In (0.1) (0.4%) Principal US Property Account 0.4 1.3% Miller Global Fund VII (0.1) (9.2%) AG Core Plus Realty Fund IV 0.4 2.1% Walton Street Real Estate Fund VI (0.0) (0.3%) Stockbridge Value Fund III 0.1 0.9% Almanac Realty Securities VI (0.0) (0.1%) Miller Global Fund VI 0.1 5.8% Miller Global Fund V (0.0) (1.1%) Legacy Partners Realty Fund II 0.1 0.0% TOP LOSSES (2.2) (2.7%) TOP GAINS 7.2 2.9%

4 SINCE INCEPTION VALUATION MOVEMENT

The valuation bridge below details the sources of value generated by SJCERA’s underlying portfolio investments since inception. Through June 30, 2019, the valuation of SJCERA’s Portfolio increased by $148.8 million.

$800.0m $700.0m +$148.8m $600.0m $314.2m MARKET VALUE $500.0m $400.0m

$300.0m $584.8m $419.4m TOTAL $200.0m DISTRIBUTIONS $100.0m $0.0m TOTAL CONTRIBUTIONS SINCE INCEPTION NET GAIN/(LOSS) TOTAL VALUE

SINCE INCEPTION TOP PERFORMING INVESTMENTS

The following charts depict the top performing investments in SJCERA’s Portfolio by IRR and TVM since inception through June 30, 2019.

TOP PERFORMING INVESTMENTS BY IRR* TOP PERFORMING INVESTMENTS BY TVM*

Greenfield Acquisition Partners VIII 18.5% Invesco US Real Estate Securities 2.4x (O) (C) 0.9x

Prologis Targeted US Logistics Fund Miller Global Fund VII (O) 15.1% 1.6x (C) 0.3x

Greenfield Acquisition Partners VII Miller Global Fund VI (O) 1.6x (O) 14.3% 1.5x

Walton Street Real Estate Fund VI 1.5x Colony Realty Partners IV (V) 12.7% (O) 1.1x

Greenfield Acquisition Partners VII 1.5x Almanac Realty Securities VI (V) 12.2% (O) 0.7x

Invesco US Real Estate Securities Colony Realty Partners IV (V) 1.5x (C) 10.8% 1.5x

Greenfield Acquisition Partners VI Almanac Realty Securities VI (V) 1.4x 0.9x (O) 10.7% Greenfield Acquisition Partners V 1.4x RREEF America REIT II (C) 10.0% (O) 1.4x

Colony Realty Partners III (V) 1.4x Principal US Property Account (C) 8.8% 1.0x

Principal US Property Account (C) 1.3x Walton Street Real Estate Fund VI 0.0x (O) 8.8% TVM DPI *(C)—Core, (V)—Value Add, (O)—Opportunistic

5 PERFORMANCE BY VINTAGE YEAR

Amounts in USD millions TOTAL YEAR COMMIT CONT DIST NAV VALUE UNFUNDED DPI TVM IRR 2004$ 65.0 $ 80.4 $ 73.5 $ 42.8 $ 116.2 $ ‐ 0.9x 1.4x 5.3% 2005 30.0 30.0 18.5 4.4 22.9 ‐ 0.6x 0.8x (3.0%) 2006 35.0 36.0 16.8 ‐ 16.8 ‐ 0.5x 0.5x (12.5%) 2007 115.0 118.5 97.1 67.4 164.5 0.4 0.8x 1.4x 4.9% 2008 41.0 36.0 39.4 8.4 47.7 4.0 1.1x 1.3x 5.2% 2009 15.0 13.3 14.8 5.7 20.5 ‐ 1.1x 1.5x 8.8% 2011 20.0 24.1 30.8 1.0 31.8 0.8 1.3x 1.3x 10.7% 2012 86.0 78.1 95.4 9.9 105.3 3.0 1.2x 1.3x 12.4% 2013 19.1 18.3 13.0 14.7 27.7 2.8 0.7x 1.5x 14.3% 2014 25.0 25.2 ‐ 30.3 30.3 ‐ 0.0x 1.2x 4.0% 2015 45.0 41.8 2.0 50.8 52.8 3.9 0.0x 1.3x 8.7% 2016 52.5 54.1 16.2 50.8 67.0 ‐ 0.3x 1.2x 10.0% 2017 75.0 29.0 2.0 28.1 30.0 47.4 0.1x 1.0x 5.0% TOTAL $ 623.7 $ 584.8 $ 419.4 $ 314.2 $ 733.6 $ 62.4 0.7x 1.3x 4.5%

20.0% 1.8x

1.5x 1.5x 1.4x 1.6x 15.0% 1.4x 1.3x 1.3x 1.3x 1.4x 1.3x 1.2x 10.0% 1.2x 1.2x 1.0x

5.0% 1.0x 5.3% 0.8x 4.9% 5.2% 8.8% 10.7% 12.4% 14.3% 4.0% 8.7% 10.0% 5.0% 0.0% 0.8x ‐3.0% ‐12.5% 0.5x 0.6x (5.0%) 0.4x (10.0%) 0.2x

(15.0%) 0.0x 2004 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015 2016 2017

IRR TVM EXPOSURE BY VINTAGE YEAR

The following charts illustrate the Portfolio’s net asset value and current exposure by vintage year at the underlying investment level as of June 30, 2019.

NAV EXPOSURE

8.9% 13.6% 1.4% 16.2%

21.5%

16.2% 2.7% 3.1% 9.6% 4.7% 1.8% 0.3%

2004 2005 2007 2008 2009 2011 2012 2013 2014 2015 2016 2017

NAV + UNFUNDED EXPOSURE

11.4% 20.0% 1.2%

18.0%

13.5%

3.3%

3.4% 1.5% 14.5% 4.6% 0.5% 8.0%

2004 2005 2007 2008 2009 2011 2012 2013 2014 2015 2016 2017

7 PERFORMANCE BY SECTOR

Amounts in USD millions SECTOR COMMIT CONT DIST NAV NAV % UNFUNDED DPI TVM IRR Core $137.5 $154.9 $53.2 $192.1 61.2%$ ‐ 0.3x 1.6x 8.1% Value Add 282.0 237.8 168.0 78.7 25.0% 38.7 0.7x 1.0x 0.7% Opportunistic 204.1 192.1 198.2 43.4 13.8% 23.7 1.0x 1.3x 5.3% TOTAL $623.7 $584.8 $419.4 $314.2 100.0% $62.4 0.7x 1.3x 4.5%

TWR QTD YTD 1‐Yr 2‐Yr 3‐Yr 5‐Yr 10‐Yr 15‐Yr ITD Core 2.6% 7.8% 10.5% 10.8% 10.1% 11.0% 12.2% 8.3% 8.3% Value Add (1.2%) 1.9% (1.0%) 3.0% 4.5% 4.5% 9.9% N/A 0.0% Opportunistic 2.7% 3.2% 3.0% 4.9% 5.5% 7.2% 13.2% N/A (1.3%) TOTAL 1.6% 5.5% 6.0% 7.5% 7.6% 8.1% 12.0% 4.4% 4.4%

EXPOSURE BY SECTOR

The following charts illustrate the Portfolio’s NAV and current exposure by sector (i.e. risk/return profile) at the underlying investment level as of June 30, 2019.

NAV NAV + UNFUNDED EXPOSURE

13.8% 17.8%

25.0% 51.0% 61.2% 31.2%

Core Value Add Opportunistic Core Value Add Opportunistic

8 SINCE INCEPTION TOP PERFORMING MANAGERS

The following charts depict the top performing managers of active investments in the Portfolio by IRR and TVM since inception through June 30, 2019.

TOP PERFORMING MANAGERS BY IRR

Almanac Realty Investors 12.2%

INVESCO Asset Management 10.8%

Greenfield Partners 10.2%

Deutsche Asset & Wealth Management 10.0%

Principal Real Estate Investors 8.8%

Angelo, Gordon & Co., L.P. 8.5%

Colony NorthStar 8.2%

Miller Global Properties 7.0%

Prologis 5.6%

BlackRock 4.0%

Tag Active/Liquidated DPI TVM TOP PERFORMING MANAGERS BY TVM

2.4x INVESCO Asset Management 0.9x 1.6x Prologis 0.3x 1.4x Colony NorthStar 1.2x 1.4x Almanac Realty Investors 0.9x 1.3x Greenfield Partners 1.0x General Partner Name 1.3x Principal Real Estate Investors 0.0x 1.3x Miller Global Properties 1.3x 1.2x Deutsche Asset & Wealth Management 0.3x 1.2x BlackRock 0.0x 1.2x Angelo, Gordon & Co., L.P. 0.1x

Values TVM DPI

9 EXPOSURE BY MANAGER

The following charts illustrate the Portfolio’s current exposure by manager at the underlying investment level as of June 30, 2019.

NAV Prologis

Deutsche Asset & Wealth Management 6.3% 3.2% INVESCO Asset Management 4.2% 20.9% Principal Real Estate Investors 5.6% Greenfield Partners

9.6% BlackRock

16.2% Angelo, Gordon & Co., L.P.

9.8% Stockbridge

10.5% 13.6% Walton Street Capital

Other Managers

NAV + UNFUNDED EXPOSURE Prologis

Greenfield Partners 6.3% 3.6% 17.4% Deutsche Asset & Wealth 5.7% Management Stockbridge

8.0% INVESCO Asset Management

13.7% Principal Real Estate Investors 8.8% BlackRock

Angelo, Gordon & Co., L.P. 11.3% 13.5% Colony NorthStar 11.7% Other Managers

10 QUARTERLY CASH FLOW ACTIVITY

During the second quarter of 2019, the Portfolio contributed $4.2 million and received $26.3 million of distributions, for a net cash inflow of $22.1 million.

$30.0m 26.3

19.7 $20.0m 14.9 12.9 12.7 12.2 11.5 11.2 10.0 9.5 9.4 8.2 $10.0m 7.6 7.7 6.7 5.0 4.8 4.5

$0.0m (0.9) (0.6) (0.8) (1.1) (3.6) (4.7) (4.0) (5.0) (3.9) (5.1) (4.2) ($10.0m) (9.2) (9.8)

(15.3) (14.7) ($20.0m) (22.1) (24.5) (25.0) ($30.0m) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 2018 2019

CONTRIBUTIONS DISTRIBUTIONS NET CASH FLOW

QUARTERLY TOP CONTRIBUTIONS AND DISTRIBUTIONS

The following tables show the top contributions and distributions in the Portfolio by investment during the quarter ended June 30, 2019.

Amounts in USD millions INVESTMENT CONT % INVESTMENT DIST % Greenfield Acquisition Partners VIII 2.9 67.9% Colony Realty Partners IV 18.0 68.4% Prologis Targeted US Logistics Fund 0.7 15.6% Greenfield Acquisition Partners VII 2.9 10.8% Colony Realty Partners IV 0.6 14.8% Colony Realty Partners III 2.3 8.8% Invesco US Real Estate Securities0.11.2%Greenfield Acquisition Partners VI 0.9 3.4% Almanac Realty Securities VI 0.0 0.4% Prologis Targeted US Logistics Fund 0.7 2.5% TOP CONTRIBUTIONS 4.2 100.0% Walton Street Real Estate Fund VI 0.5 1.8% RREEF America REIT II 0.4 1.5% Miller Global Fund V 0.3 1.3% Greenfield Acquisition Partners V 0.2 0.6% Stockbridge Value Fund III 0.1 0.3% TOP DISTRIBUTIONS 26.2 99.4%

11 YEARLY CASH FLOW ACTIVITY

During the six months ended June 30, 2019, SJCERA’s Portfolio contributed $9.3 million and received $33.1 million in distributions, for a net cash inflow of $23.7 million.

$100.0m 85.8 $80.0m

$60.0m 42.4 43.0 42.8 36.9 39.1 $40.0m 33.1 33.1

$20.0m 10.3 0.9 $0.0m

(6.1) ($20.0m) (9.3) (24.2) (28.9) (29.4) ($40.0m) (33.4) (36.9) (46.6) ($60.0m) (60.3) ($80.0m) (68.8) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

CONTRIBUTIONS DISTRIBUTIONS NET CASH FLOW

ROLLING ONE‐YEAR TOP CONTRIBUTIONS AND DISTRIBUTIONS

The following tables show the top contributions and distributions in the Portfolio by investment during the twelve months ended June 30, 2019.

Amounts in USD millions INVESTMENT CONT % INVESTMENT DIST % Greenfield Acquisition Partners VIII 9.5 41.2% Colony Realty Partners IV 18.7 32.6% AG Core Plus Realty Fund IV 5.8 25.2% Greenfield Acquisition Partners VII 9.0 15.7% Stockbridge Value Fund III 4.6 19.8% Miller Global Fund VI 8.7 15.1% Prologis Targeted US Logistics Fund 2.2 9.7% Colony Realty Partners III 5.0 8.7% Colony Realty Partners IV 0.6 2.7% Miller Global Fund V 4.1 7.2% Invesco US Real Estate Securities0.20.8%Almanac Realty Securities VI 2.3 4.1% Miller Global Fund VII 0.1 0.3% Prologis Targeted US Logistics Fund2.23.9% Almanac Realty Securities VI 0.0 0.1% Walton Street Real Estate Fund V 1.7 3.0% BlackRock Developed Ex‐US Real Estate Index Fund 0.0 0.1% Greenfield Acquisition Partners VI 1.6 2.8% TOP CONTRIBUTIONS 23.0 100.0% RREEF America REIT II 1.6 2.8% TOP DISTRIBUTIONS 54.9 95.8%

12 II. PORTFOLIO UNDERLYING HOLDINGS ANALYSIS

PROPERTY TYPE EXPOSURE

The following charts illustrate the Portfolio’s current exposure by property type compared to the benchmark, as of June 30, 2019. MARKET VALUE EXPOSURE

14.8% 21.1%

3.2%

14.7%

8.9% 37.2%

Office Industrial Retail Residential Hotel Other Property

PROPERTY TYPE EXPOSURE vs. BENCHMARKS (for period ended June 30, 2019)

50.0% 50% 50% 50% 50%

45.0%

40.0% 37.2% 34.0% 35.0%

30.0% 30% 25.0% 25.0% 21.1% 18.7% 20.0% 17.7% 20% 14.7% 14.8% 15.0% 8.9% 10.0% 10% 10% 10% 10% 4.2% 5.0% 3.2% 0.3% 0.0% 0% 0% Office Industrial Retail Residential Hotel Other Property

SJCERA NFI‐ODCE Policy Max Policy Min

13 GEOGRAPHIC EXPOSURE

The following charts illustrate the Portfolio’s current exposure by geography compared to the benchmark, as of June 30, 2019.

MARKET VALUE EXPOSURE

0.7% 0.6% US West 1.0% 0.4% US East

3.8% US South 5.0% 30.2% US Midwest 10.4% Asia

Europe

Australia/Pacific 23.8% US Other

24.1% Foreign Other

Latin America

GEOGRAPHIC EXPOSURE vs. BENCHMARKS (for period ended June 30, 2019)

50.0%

45.0% 45.0% 45.0% 45.0% 41.5% 40.0%

35.0% 35.0% 31.3% 30.2% 30.0% 24.1% 25.0% 23.8%

20.0% 18.5% 20.0%

15.0% 10.4% 10.8% 10.0% 8.8%

5.0% 0.7% 0.0% US East US Midwest US South US West US Other Ex‐US

SJCERA NFI‐ODCE Policy

14 LEVERAGE EXPOSURE

The following charts depict the Portfolio’s leverage exposure as of June 30, 2019.

LEVERAGE EXPOSURE BY STRATEGY

Core 20.4% 79.6%

Value Add 49.9% 50.1%

Opportunistic 54.2% 45.8%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

Debt Equity

TOTAL PORTFOLIO LEVERAGE

32.4%

67.6%

Debt Equity

15 LEVERAGE EXPOSURE BY FUND

Miller Global Fund VI

Miller Global Fund VII

Greenfield Acquisition Partners VI

Stockbridge Value Fund III

Greenfield Acquisition Partners VIII

AG Core Plus Realty Fund IV

Walton Street Real Estate Fund VI

Almanac Realty Securities VI

Colony Realty Partners III

Walton Street Real Estate Fund V

Greenfield Acquisition Partners VII

BlackRock Developed Ex‐US Real Estate Index Fund

Invesco US Real Estate Securities

Prologis Targeted US Logistics Fund

Principal US Property Account

RREEF America REIT II

Greenfield Acquisition Partners V

Miller Global Fund V

Colony Realty Partners IV

0.0% 25.0% 50.0% 75.0% 100.0%

Debt Equity

16 INVESTMENT STRUCTURE EXPOSURE

The following chart illustrates the Portfolio’s current exposure by investment structure, as of June 30, 2019.

MARKET VALUE EXPOSURE

3.9% 0.2%

23.3%

72.6%

Private Equity Public Equity Private Debt Public Debt

17 III. EXHIBITS—Schedule of Investments

“Past performance is not necessarily indicative of future results. No assurance can be given that the performance of unrealized investments has not significantly changed from the date the performance reflected herein was determined. Target returns provided by fund managers are hypothetical and are neither guarantees nor predictions or projections of future performance. Future performance indications and financial market scenarios are no guarantee of current or future performance. There can be no assurance that such target IRRs will be achieved or that the investment will be able to implement its investment strategy, achieve its investment objectives or avoid substantial losses. Stepstone does not assume any responsibility for fund manager's methodology in determining target returns. Investors should be aware that different methodologies could result in different returns. Further information regarding target IRR calculation is available upon request. Gross IRR will ultimately be reduced by management fees, carried interest, taxes, and other fees and expenses. The referenced indices are shown for general market comparisons and are not meant to represent any particular fund. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented.”

18 SCHEDULE OF INVESTMENTS

Amounts in USD millions CLOSING VINTAGE TARGET INVESTMENT DATE YEAR COMMIT CONT DIST NAV NAV % UNFUNDED DPI TVM IRR RETURN LEVERAGE Active N/A N/A 503.7 464.4 323.4 314.2 100.0% 62.4 0.7x 1.4x 6.9% N/A 32.4% Core N/A N/A 137.5 154.9 53.2 192.1 61.2% ‐ 0.3x 1.6x 8.1% N/A 20.4% Invesco US Real Estate Securities 08/2004 2004 25.0 27.0 23.1 42.7 13.6% ‐ 0.9x 2.4x 10.8% 9% 29.7% Principal US Property Account 12/2014 2015 25.0 25.0 ‐ 33.1 10.5% ‐ 0.0x 1.3x 8.8% N/A 17.1% Prologis Targeted US Logistics Fund 07/2007 2007 35.0 48.8 13.8 65.5 20.9% ‐ 0.3x 1.6x 5.6% 9% 18.5% RREEF America REIT II 06/2005 2016 52.5 54.1 16.2 50.8 16.2% ‐ 0.3x 1.2x 10.0% 2% 17.0% Value Add N/A N/A 162.0 117.4 72.1 78.7 25.0% 38.7 0.6x 1.3x 7.4% N/A 49.9% AG Core Plus Realty Fund IV 12/2014 2015 20.0 16.8 2.0 17.7 5.6% 3.9 0.1x 1.2x 8.5% 11% 62.3% Almanac Realty Securities VI 09/2012 2012 30.0 18.7 17.7 8.1 2.6% ‐ 0.9x 1.4x 12.2% 12% 55.0% BlackRock Developed Ex‐US Real Estate Index Fund 08/2014 2014 25.0 25.2 ‐ 30.3 9.6% ‐ 0.0x 1.2x 4.0% N/A 35.8% Colony Realty Partners III 09/2009 2008 21.0 20.1 19.2 8.4 2.7% 4.0 1.0x 1.4x 5.7% 13% 46.2% Colony Realty Partners IV 06/2012 2012 21.0 22.4 32.7 1.1 0.3% ‐ 1.5x 1.5x 12.7% 9% N/A Stockbridge Value Fund III 10/2017 2017 45.0 14.2 0.5 13.2 4.2% 30.8 0.0x 1.0x ‐4.5% 12% gross 68.7% Opportunistic N/A N/A 204.1 192.1 198.2 43.4 13.8% 23.7 1.0x 1.3x 5.3% N/A 54.2% Greenfield Acquisition Partners V 04/2008 2007 30.0 29.6 40.4 0.3 0.1% 0.4 1.4x 1.4x 8.5% 15% 1.0% Greenfield Acquisition Partners VI 12/2011 2011 20.0 24.1 30.8 1.0 0.3% 0.8 1.3x 1.3x 10.7% 15% 69.4% Greenfield Acquisition Partners VII 12/2013 2013 19.1 18.3 13.0 14.7 4.7% 2.8 0.7x 1.5x 14.3% 13% 43.3% Greenfield Acquisition Partners VIII 12/2016 2017 30.0 14.8 1.5 14.9 4.7% 16.7 0.1x 1.1x 18.5% 13% 63.3% Miller Global Fund V 07/2005 2004 15.0 24.1 27.1 0.1 0.0% ‐ 1.1x 1.1x 3.5% 16% N/A Miller Global Fund VI 02/2008 2007 30.0 21.2 32.2 1.6 0.5% ‐ 1.5x 1.6x 8.0% 16% 76.4% Miller Global Fund VII 12/2013 2012 15.0 16.6 19.9 0.8 0.2% 3.0 1.2x 1.2x 15.1% 13% 73.4% Walton Street Real Estate Fund V 08/2006 2005 30.0 30.0 18.5 4.4 1.4% ‐ 0.6x 0.8x ‐3.0% 18% 44.7% Walton Street Real Estate Fund VI 04/2009 2009 15.0 13.3 14.8 5.7 1.8% ‐ 1.1x 1.5x 8.8% 18% 58.3% Liquidated N/A N/A 120.0 120.4 95.9 ‐ 0.0% ‐ 0.8x 0.8x ‐4.1% N/A N/A TOTAL N/A N/A 623.7 584.8 419.4 314.2 100.0% 62.4 0.7x 1.3x 4.5% N/A 32.4% (1) Returns Including the $7.5 million investment made in the 2nd quarter of 2005, which was liquidated in the 3rd quarter of 2007.

19 SCHEDULE OF INVESTMENTS—NET TIME‐WEIGHTED RETURNS

Amounts in USD millions CLOSING INVESTMENT DATE NAV QTD YTD 1‐YR 3‐YR 5‐YR ITD Active N/A 314.2 1.5% 5.5% 5.9% 7.6% 8.6% 6.0% Private Real Estate N/A 241.2 1.7% 2.7% 4.9% 7.8% 9.2% 3.4% Closed‐End N/A 91.8 0.2% ‐0.2% ‐1.2% 4.1% 6.6% ‐2.4% AG Core Plus Realty Fund IV 12/2014 17.7 2.1% 3.5% 8.8% 9.0% N/A 5.3% Almanac Realty Securities VI 09/2012 8.1 ‐0.1% ‐3.6% ‐5.3% 2.1% 7.6% 10.2% Colony Realty Partners III 09/2009 8.4 ‐4.6% ‐16.0% ‐19.2% ‐4.1% ‐0.4% ‐11.9% Colony Realty Partners IV 06/2012 1.1 ‐12.5% ‐8.9% ‐13.0% 1.7% 8.0% 10.6% Greenfield Acquisition Partners V 04/2008 0.3 8.0% 4.2% ‐6.1% 3.9% 0.4% 0.6% Greenfield Acquisition Partners VI 12/2011 1.0 ‐20.4% ‐20.5% ‐31.9% ‐15.5% ‐6.6% ‐0.1% Greenfield Acquisition Partners VII 12/2013 14.7 7.7% 7.9% 12.6% 13.5% 12.6% 12.6% Greenfield Acquisition Partners VIII 12/2016 14.9 3.9% 4.7% 5.4% N/A N/A 18.9% Miller Global Fund V 07/2005 0.1 ‐1.1% ‐1.9% 67.0% 9.1% 10.8% ‐2.5% Miller Global Fund VI 02/2008 1.6 5.8% 10.9% 16.5% 12.7% 11.6% 4.0% Miller Global Fund VII 12/2013 0.8 ‐9.2% ‐16.4% ‐25.8% ‐4.7% 2.7% 5.0% Stockbridge Value Fund III 10/2017 13.2 0.9% 1.8% 0.8% N/A N/A ‐6.5% Walton Street Real Estate Fund V 08/2006 4.4 ‐4.3% ‐3.9% ‐16.0% ‐6.5% ‐0.6% ‐2.3% Walton Street Real Estate Fund VI 04/2009 5.7 ‐0.4% 0.9% ‐0.5% 2.0% 4.3% ‐25.4% Open‐End N/A 149.5 2.7% 4.9% 9.9% 11.3% 12.4% 6.0% Principal US Property Account 12/2014 33.1 1.3% 3.0% 6.9% 8.0% N/A 8.2% Prologis Targeted US Logistics Fund 07/2007 65.5 4.3% 7.3% 14.4% 17.2% 16.3% 5.5% RREEF America REIT II 06/2005 50.8 1.5% 3.2% 6.5% 7.1% N/A N/A Securities/REITs N/A 73.0 1.1% 16.9% 10.0% 6.6% 6.3% 8.7% Securities/REITs N/A 73.0 1.1% 16.9% 10.0% 6.6% 6.3% 8.7% BlackRock Developed Ex‐US Real Estate Index Fund 08/2014 30.3 ‐0.4% 13.3% 6.6% 7.2% 3.8% 3.8% Invesco US Real Estate Securities 08/2004 42.7 2.2% 19.6% 12.6% 6.1% 8.4% 9.4%

(1) SJCERA has carried the Legacy II value at $1,000 since 2009 indicating that some value may be realized at a later date. Eden Shores remains in the Legacy II portfolio. The Industrial building was sold in September 2018. The residential parcels are under contract to close in 3 phases. The final phase is scheduled in Q1 2020 for a total sales price of $8,320,000. Quarterly updates are no longer available. The fund‐level NAV as of December 31, 2018 was $10,276,297 and SJCERA's NAV share was $136,472. SJCERA received $23,561.25 on December 28, 2018, $75,953.71 on June 21, 2019 and $39,462 on September 5, 2019. (2) Returns excluding the $7.5 million investment made in the 2nd quarter of 2005, which was liquidated in the 3rd quarter of 2007.

20 NET TOTAL RETURN ATTRIBUTION

As of June 30, 2019 INVESTMENTS* QTR 1‐YR 2‐YR 3‐YR 5‐YR 10‐YR AG Core Plus Realty Fund IV Net Return 2.1% 8.8% 9.9% 9.0% N/A N/A Contribution to Total Net Return 0.1% 0.5% 0.4% 0.3% N/A N/A % Contribution to Total Net Return 5.9% 7.4% 5.5% 4.4% N/A N/A Almanac Realty Securities VI Net Return (0.1%) (5.3%) (2.7%) 2.1% 7.6%N/A Contribution to Total Net Return(0.0%)(0.1%)(0.1%)0.1%0.3%N/A % Contribution to Total Net Return(0.1%)(2.3%)(1.1%)1.0%4.8%N/A Alpine Woods Non US Real Estate Securities Net Return N/A N/A N/A N/AN/AN/A Contribution to Total Net Return N/A N/A N/A N/A N/A N/A % Contribution to Total Net Return N/A N/A N/A N/A N/A N/A BlackRock Developed Ex‐US Real Estate Index Fund Net Return (0.4%)6.6%8.0%7.2%3.8%N/A Contribution to Total Net Return (0.0%) 0.6% 0.7% 0.6% 0.3% N/A % Contribution to Total Net Return (2.2%) 9.8% 9.7% 8.6% 5.7% N/A Colony Realty Partners III Net Return (4.6%) (19.2%) (7.1%) (4.1%) (0.4%) (11.9%) Contribution to Total Net Return (0.1%) (0.7%) (0.3%) (0.2%) (0.0%) (0.7%) % Contribution to Total Net Return(6.4%)(11.8%)(4.2%)(2.6%)(0.4%) (14.9%) Colony Realty Partners IV Net Return (12.5%) (13.0%) (2.4%) 1.7% 8.0% N/A Contribution to Total Net Return(0.0%)(0.6%)(0.1%)0.1%0.5%N/A % Contribution to Total Net Return(2.2%)(9.9%)(1.8%)1.5%8.7%N/A EII Non US Real Estate Securities Net Return N/A N/A N/A N/A N/A N/A Contribution to Total Net Return N/A N/A N/A N/A N/A N/A % Contribution to Total Net Return N/A N/A N/A N/A N/A N/A Greenfield Acquisition Partners V Net Return 8.0% (6.1%) 6.9% 3.9% 0.4% 6.8% Contribution to Total Net Return 0.0% (0.0%) 0.0% 0.0% 0.0% 0.4% % Contribution to Total Net Return 0.4% (0.1%) 0.2% 0.2% 0.1% 8.4% Greenfield Acquisition Partners VI Net Return (20.4%) (31.9%) (25.4%) (15.5%) (6.6%) N/A Contribution to Total Net Return (0.1%) (0.2%) (0.3%) (0.3%) (0.2%) N/A % Contribution to Total Net Return(3.3%)(3.7%)(3.5%)(3.5%)(4.2%)N/A Greenfield Acquisition Partners VII Net Return 7.7% 12.6% 13.1% 13.5% 12.6% N/A Contribution to Total Net Return 0.4% 0.7% 0.7% 0.8% 0.6% N/A % Contribution to Total Net Return 18.4% 11.2% 10.0% 10.4% 10.7% N/A Greenfield Acquisition Partners VIII Net Return 3.9% 5.4% N/A N/A N/A N/A Contribution to Total Net Return 0.2% 0.2% N/A N/A N/A N/A % Contribution to Total Net Return 9.5% 2.8% N/A N/A N/A N/A Invesco US Real Estate SecuritiesNet Return2.2%12.6%8.9%6.1%8.4% 15.0% Contribution to Total Net Return 0.3% 1.5% 1.1% 0.7% 1.0% 1.9% % Contribution to Total Net Return 15.1% 25.5% 14.4% 9.9% 16.9% 38.4% Legacy Partners Realty Fund II Net Return N/A N/A N/A N/A N/A N/A Contribution to Total Net Return N/A N/A N/A N/A N/A N/A % Contribution to Total Net Return N/A N/A N/A N/A N/A N/A Legacy Partners Realty Fund III Net Return N/A N/A N/A N/A N/A N/A Contribution to Total Net Return N/A N/A N/A N/A N/A N/A % Contribution to Total Net Return N/A N/A N/A N/A N/A N/A Miller Global Fund V Net Return (1.1%) 67.0% 18.1% 9.1% 10.8% 18.8% Contribution to Total Net Return (0.0%) 0.1% 0.1% 0.1% 0.2% 0.5% % Contribution to Total Net Return (0.0%) 1.1% 1.6% 1.3% 2.9% 9.8% Miller Global Fund VI Net Return 5.8% 16.5% 13.6% 12.7% 11.6% 12.2% Contribution to Total Net Return 0.0% 0.1% 0.3% 0.4% 0.5% 0.8% % Contribution to Total Net Return 1.5% 1.3% 4.1% 5.6% 8.9% 15.1%

21 As of June 30, 2019 INVESTMENTS* QTR 1‐YR 2‐YR 3‐YR 5‐YR 10‐YR Miller Global Fund VII Net Return (9.2%) (25.8%) (12.0%) (4.7%) 2.7% N/A Contribution to Total Net Return (0.0%) (0.1%) (0.1%) (0.0%) 0.0% N/A % Contribution to Total Net Return(1.2%)(1.1%)(0.8%)(0.6%)0.8%N/A Principal US Property Account Net Return 1.3% 6.9% 7.6% 8.0% N/A N/A Contribution to Total Net Return 0.1% 0.7% 0.7% 0.8% N/A N/A % Contribution to Total Net Return 7.1% 11.5% 10.0% 10.5% N/A N/A Prologis Targeted US Logistics Fund Net Return 4.3% 14.4% 17.5% 17.2% 16.3% 11.6% Contribution to Total Net Return 0.9% 2.8% 3.2% 2.9% 2.6% 1.6% % Contribution to Total Net Return 45.9% 45.9% 42.8% 40.2% 43.3% 32.5% **RREEF America REIT II Net Return 1.5% 6.5% 7.1% 7.1% N/A N/A Contribution to Total Net Return 0.3% 1.0% 1.1% 1.1% N/A N/A % Contribution to Total Net Return 12.9% 16.7% 14.8% 14.8% N/A N/A RREEF America REIT III Net Return N/A N/A N/A N/A N/A N/A Contribution to Total Net Return N/A N/A N/A N/A N/A N/A % Contribution to Total Net Return N/A N/A N/A N/A N/A N/A Sarofim Multifamily Fund II Net Return N/A N/A N/A N/A N/A N/A Contribution to Total Net Return N/A N/A N/A N/A N/A N/A % Contribution to Total Net Return N/A N/A N/A N/A N/A N/A Stockbridge Value Fund III Net Return 0.9% 0.8% N/A N/A N/A N/A Contribution to Total Net Return 0.0% 0.0% N/A N/A N/A N/A % Contribution to Total Net Return 1.9% 0.5% N/A N/A N/A N/A Walton Street Real Estate Fund V Net Return (4.3%) (16.0%) (9.6%) (6.5%) (0.6%) 10.7% Contribution to Total Net Return (0.1%) (0.3%) (0.2%) (0.2%) (0.0%) 0.7% % Contribution to Total Net Return(3.1%)(4.6%)(2.7%)(2.3%)(0.3%)13.3% Walton Street Real Estate Fund VI Net Return (0.4%) (0.5%) 4.3% 2.0% 4.3% (3.6%) Contribution to Total Net Return (0.0%) (0.0%) 0.1% 0.0% 0.1% (0.1%) % Contribution to Total Net Return(0.3%)(0.2%)1.1%0.6%2.1%(2.6%) ***TOTAL Net Return 1.6% 6.0% 7.5% 7.6% 8.1% 12.0% * Positive returns in green represent the top three contributors and negative returns in red are the bottom three detractors. ** Returns excluding the $7.5 million investment made in the 2nd quarter of 2005, which was liquidated in the 3rd quarter of 2007. *** Including the liquidated investments

22 FLASH REPORT (NET TIME‐WEIGHTED RETURNS)

24 TOTAL PORTFOLIO Investment Activity Statement NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 4,223,105 (26,330,259) 2,248,929 5,814,452 (3,090,754) 314,221,911 (366,484) 2019 Q1 5,096,907 (6,722,165) 2,935,952 9,549,500 (76,292) 331,356,501 (860,823) 2018 Q4 9,797,164 (4,504,646) 2,400,706 (6,370,721) 1,482,145 320,572,599 (1,405,480) 2018 Q3 3,881,354 (19,731,074) 2,975,023 (2,224,195) 3,230,899 317,767,925 (703,987) 2018 Q2 14,665,616 (4,835,432) 3,144,791 5,778,584 1,226,219 329,635,918 (1,943,402) 2018 Q1 5,033,213 (9,982,609) 2,902,015 (2,860,190) 2,330,428 309,656,139 (1,393,621) 2017 Q4 3,647,892 (11,533,949) 3,151,289 131,854 3,539,197 312,233,283 (1,260,111) 2017 Q3 1,107,699 (4,960,540) 3,216,068 4,036,714 1,088,361 313,296,998 (1,315,056) 2017 Q2 761,807 (12,206,942) 3,953,149 1,049,514 3,127,953 308,808,695 (1,609,466) 2017 Q1 590,179 (8,247,525) 3,024,807 618,498 2,892,539 312,123,214 (985,409) 2016 Q4 15,306,729 (9,428,214) 2,745,955 893,535 247,131 313,244,716 (1,452,040) 2016 Q3 25,024,255 (9,459,516) 3,123,485 (1,902,549) 3,596,941 303,479,579 (1,497,686) 2016 Q2 24,486,063 (12,726,296) 1,977,904 142,541 2,873,207 283,096,966 (718,631) 2016 Q1 3,986,446 (11,201,453) 2,745,921 (31,562) 2,884,241 266,343,548 (1,581,729) 2015 Q4 22,081,625 (7,684,546) 1,407,830 2,340,074 2,504,593 267,959,954 (1,434,927) 2015 Q3 9,214,263 (12,852,637) 2,296,055 (2,449,113) 5,125,276 247,310,376 (1,432,492) 2015 Q2 4,723,259 (14,876,419) 1,827,150 (5,067,501) 6,124,553 245,976,531 (1,696,645) 2015 Q1 879,988 (7,560,311) 2,891,780 1,903,668 1,553,700 253,245,491 (1,065,661) 2014 Q4 7,211,765 (17,319,158) 2,140,297 6,513,495 2,222,367 253,576,667 (1,923,649) 2014 Q3 29,000,302 (46,637,333) 1,418,273 (3,234,111) 4,338,761 252,807,901 (1,153,951) 2014 Q2 7,606,147 (18,203,505) 2,583,598 1,540,695 7,182,480 267,922,009 (1,705,264) 2014 Q1 2,818,965 (3,597,499) 1,919,225 708,434 3,633,791 267,212,591 (1,904,475) 2013 Q4 12,270,011 (16,675,617) 894,239 1,586,460 6,628,099 261,729,678 (2,096,786) 2013 Q3 7,086,702 (12,351,492) 1,723,979 2,633,631 2,276,978 257,026,484 (1,291,178) 2013 Q2 720,202 (8,832,288) 1,487,135 2,948,918 2,924,228 255,656,684 (2,073,883) 2013 Q1 9,306,195 (4,507,212) 2,052,735 2,109,468 1,724,602 256,408,490 (951,626) 2012 Q4 14,563,576 (9,992,393) 1,171,684 8,802,045 1,257,526 245,722,702 (1,467,293) 2012 Q3 25,919,579 (18,118,491) 1,628,756 16,951,304 (5,269,009) 229,920,265 (671,988) 2012 Q2 5,197,375 (3,671,946) 2,252,817 7,545,454 (5,009,101) 208,808,127 (897,479) 2012 Q1 14,612,563 (1,367,007) 686,129 7,515,325 607,191 202,493,528 (951,908) 2011 Q4 9,170,581 (3,845,949) 970,545 5,227,632 829,044 180,439,325 (787,539) 2011 Q3 4,652,145 (4,688,019) 581,388 (12,146,608) 1,986,947 168,087,473 (787,442) 2011 Q2 9,041,958 (1,222,187) 604,942 8,963,273 567,285 177,701,619 (703,316) 2011 Q1 1,328,816 (497,579) 1,227,300 3,542,148 550,752 159,746,347 (746,668) 2010 Q4 13,424,963 (159,011) 135,323 16,284,458 (8,251) 153,594,911 (709,935) 2010 Q3 4,542,141 (157,556) (70,990) 15,824,579 200,286 123,917,430 (748,235) 2010 Q2 3,489,104 (430,994) 42,512 226,138 966,107 103,578,968 (744,034) 2010 Q1 7,422,944 (154,471) (112,718) 2,567,090 (750,111) 99,286,101 (752,691) 2009 Q4 3,653,403 (229,167) (807,985) 5,244,877 (1,266,304) 90,313,366 (747,569) 2009 Q3 6,340,724 ‐ (1,897,030) 750,203 306,601 83,718,543 (1,209,585) 2009 Q2 3,655,721 ‐ (352,120) (13,429,245) (648,094) 78,218,042 (754,006) 2009 Q1 2,901,878 ‐ 1,647,764 (32,790,079) (1,938,820) 88,991,780 (729,773) 2008 Q4 18,446,936 (230,940) (806,729) (48,660,179) (2,311,031) 119,171,037 (803,147) 2008 Q3 8,062,648 (406,380) 294,956 (22,874,595) (772,168) 152,732,980 (716,917) 2008 Q2 7,796,823 (2,603,390) (299,033) (7,207,355) 9,017 168,428,519 (1,136,846)

25 TOTAL PORTFOLIO Investment Activity Statement NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2008 Q1 18,018,808 (593,977) (855,867) (2,675,316) (152,405) 170,732,459 (925,351) 2007 Q4 16,666,409 (460,686) (305,207) (4,417,265) 473,841 156,991,217 (324,003) 2007 Q3 22,226,324 (13,763,677) (837,857) 2,879,242 1,074,452 145,034,126 (681,008) 2007 Q2 18,619,981 (18,667,324) 117,830 (3,081,716) 5,151,634 133,455,644 (543,672) 2007 Q1 12,551,153 (417,184) 98,789 2,856,057 1,673,104 131,315,238 (363,870) 2006 Q4 17,558,305 (5,351,655) (43,419) 9,663,038 833,075 114,553,319 (530,893) 2006 Q3 25,713,691 (2,850,821) 288,843 2,181,340 1,039,249 91,893,974 (154,341) 2006 Q2 8,368,032 (585,786) 379,981 100,217 489,955 65,521,671 (220,282) 2006 Q1 4,010,645 (2,763,125) 399,172 4,326,767 517,606 56,769,271 (124,915) 2005 Q4 1,586,681 (1,320,757) 260,198 1,210,509 281,999 50,278,208 (255,178) 2005 Q3 12,576,363 (1,731,450) 137,805 1,111,612 470,688 48,259,578 (342,874) 2005 Q2 16,237,650 (67,127) 196,374 2,313,687 217,555 35,694,559 (65,034) 2005 Q1 40,173 (29,211) 130,092 (1,075,482) 19,786 16,796,422 (39,120) 2004 Q4 9,654,128 (22,400) 131,314 1,326,370 53,640 17,711,062 (29,848) 2004 Q3 6,250,000 ‐ 30,310 237,109 50,591 6,568,010 (4,128) TOTAL 584,830,075 (419,369,296) 70,214,157 5,452,729 73,094,281 314,221,911 (56,495,352)

26 Quarterly Real Estate Monitoring Report

For the period ended June 30, 2019

Report prepared for:

SAN JOAQUIN COUNTY EMPLOYEES' RETIREMENT ASSOCIATION

Real Estate Portfolio ‐ Investment Summary & Activity Statements IMPORTANT INFORMATION

This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use. Thus, all such information is subject to independent verification by prospective investors. The presentation is being made based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing in private market products. All expressions of opinion are intended solely as general market commentary and do not constitute investment advice or a guarantee of returns. All expressions of opinion are as of the date of this document, are subject to change without notice and may differ from views held by other businesses of StepStone. All valuations are based on current values calculated in accordance with StepStone's Valuation Policies and may include both realized and unrealized investments. Due to the inherent uncertainty of valuation, the stated value may differ significantly from the value that would have been used had a ready market existed for all of the portfolio investments, and the difference could be material. The long‐term value of these investments may be lesser or greater than the valuations provided. StepStone Group LP, its affiliates and employees are not in the business of providing tax, legal or accounting advice. Any tax‐ related statements contained in these materials are provided for illustration purposes only and cannot be relied upon for the purpose of avoiding tax penalties. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective investor is urged to discuss any prospective investment with its legal, tax and regulatory advisors in order to make an independent determination of the suitability and consequences of such an investment. An investment involves a number of risks and there are conflicts of interest. Each of StepStone Group LP, StepStone Group Real Assets LP and StepStone Group Real Estate LP is an investment adviser registered with the Securities and Exchange Commission (“SEC”). StepStone Group Europe LLP is authorized and regulated by the Financial Conduct Authority, firm reference number 551580. Swiss Capital Invest Holding (Dublin) Ltd (“SCHIDL”) is an SEC Registered Investment Advisor. Such registrations do not imply a certain level of skill or training and no inference to the contrary should be made. None of StepStone is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with any investor’s continued engagement of StepStone.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY. “Past performance is not necessarily indicative of future results. No assurance can be given that the performance of unrealized investments has not significantly changed from the date the performance reflected herein was determined. Target returns provided by fund managers are hypothetical and are neither guarantees nor predictions or projections of future performance. Future performance indications and financial market scenarios are no guarantee of current or future performance. There can be no assurance that such target IRRs will be achieved or that the investment will be able to implement its investment strategy, achieve its investment objectives or avoid substantial losses. Stepstone does not assume any responsibility for fund manager's methodology in determining target returns. Investors should be aware that different methodologies could result in different returns. Further information regarding target IRR calculation is available upon request. Gross IRR will ultimately be reduced by management fees, carried interest, taxes, and other fees and expenses. The referenced indices are shown for general market comparisons and are not meant to represent any particular fund. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented.”

1 AG Core Plus Realty Fund IV

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Value Add Investment End Date: 03/2019 Client Commitment Date: 12/2014 Termination Date: 01/2025 % Ownership of Fund: 1.5% Vintage Year: 2015 Investment Commitment: $20,000,000 No. of Active Investments: 40 Remaining Commitment: $3,946,500 Target Return: 11% Contributions: $16,800,000 NAV + Debt: $3,069,362,337 Distributions: $1,968,728 Net Asset Value: $1,158,098,948 Equity Value $17,677,373 Leverage Ratio: 62.3% NAV % of Portfolio: 5.6% Investment Strategy: Focus on sub‐performing office, retail, Net IRR: 8.5% apartment, and industrial real estate, Total Value Multiple: 1.2x predominantly located in the largest U.S. markets.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter 2.1% 0.9%1.6% 2.5% 1.0% Year‐to‐Date 3.5% 1.7%2.1% 3.8% 2.5% One‐Year 8.8% 3.7%7.1% 11.0% 6.5% Two‐Year 9.9% 3.9%8.3% 12.4% 7.5% Three‐Year 9.0% 4.1%7.6% 12.0% 7.7% Five‐Year N/A N/AN/A N/A N/A Since Inception 5.3% 4.0%6.1% 10.3% 9.1%

Property Type Diversification Geographic Diversification

2.3% 0.1%

2.6% 4.8% 3.3% 7.5% Office US West 12.3% Residential 33.2% US East Industrial US South 29.2% Retail US Midwest 58.3% 19.8% Healthcare Europe Land US Other 26.5%

Note: All totals may not sum to 100% due to rounding.

1 AG Core Plus Realty Fund IV Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ ‐ 97,934 282,468 (24,694) 17,677,373 (81,765) 2019 Q1 1,000,000 (550,000) 67,712 68,422 92,577 17,321,665 21,359 2018 Q4 2,400,000 ‐ 76,206 142,102 94,895 16,642,954 (80,741) 2018 Q3 2,400,000 ‐ 62,895 402,567 (81,232) 13,929,751 (142,594) 2018 Q2 1,000,000 (300,000) 36,968 603,559 2,502 11,145,521 (60,173) 2018 Q1 ‐ (350,000) 69,498 (309,105) 263,907 9,802,492 (59,970) 2017 Q4 1,600,000 (750,000) (35,613) 94,317 260 10,128,192 (59,770) 2017 Q3 600,000 ‐ 70,809 254,531 474 9,219,228 (60,858) 2017 Q2 ‐ ‐ 50,727 332,607 68 8,293,414 (60,336) 2017 Q1 ‐ ‐ 41,525 495 73 7,910,012 (60,177) 2016 Q4 2,400,000 ‐ (4,583) 109,498 587 7,867,919 (58,790) 2016 Q3 800,000 ‐ (4,523) 9,448 672 5,362,417 (56,248) 2016 Q2 1,400,000 (18,728) 8,992 8,735 5,334 4,556,820 (55,285) 2016 Q1 ‐ ‐ (16,178) ‐ ‐ 3,152,487 (54,394) 2015 Q4 (500,000) ‐ (36,478) 106,444 ‐ 3,168,665 (54,793) 2015 Q3 1,900,000 ‐ 6,061 ‐ ‐ 3,598,699 (53,740) 2015 Q2 1,800,000 ‐ (107,362) ‐ ‐ 1,692,638 (83,818) TOTAL 16,800,000 (1,968,728) 384,590 2,106,088 355,423 17,677,373 (1,062,093)

2 Almanac Realty Securities VI

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Value Add Investment End Date: 11/2016 Client Commitment Date: 09/2012 Termination Date: 11/2022 % Ownership of Fund: 3.7% Vintage Year: 2012 Investment Commitment: $30,000,000 No. of Active Investments: 3 Remaining Commitment: $0 Target Return: 12% Contributions: $18,680,539 NAV + Debt: $541,467,418 Distributions: $17,716,771 Net Asset Value: $243,660,338 Equity Value $8,071,851 Leverage Ratio: 55.0% NAV % of Portfolio: 2.6% Investment Strategy: Private placements of growth capital Net IRR: 12.2% into REITs and REOCs in convertible Total Value Multiple: 1.4x preferred stock or debentures.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter (0.1%) 2.5%(2.4%) 0.1% 1.0% Year‐to‐Date (3.6%) 4.6%(8.6%) (4.2%) 2.5% One‐Year (5.3%) 8.9%(13.5%) (5.6%) 6.5% Two‐Year (2.7%) 8.2%(10.4%) (2.9%) 7.5% Three‐Year 2.1% 7.9%(4.6%) 3.0% 7.7% Five‐Year 7.6% 7.4%2.5% 10.0% 9.8% Since Inception 10.2% 8.3%5.4% 14.0% 10.6%

Property Type Diversification Geographic Diversification

2.6% 7.0%

14.8% 27.4% US South Hotel US East Residential 53.2% US Midwest Land US West 70.1% 25.0%

Note: All totals may not sum to 100% due to rounding.

3 Almanac Realty Securities VI Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 16,447 (75,051) 185,070 (192,820) ‐ 8,071,851 (13,292) 2019 Q1 ‐ ‐ 163,810 (366,941) (94,508) 8,138,205 59,444 2018 Q4 17,854 (40,734) 155,553 (212,265) (21,267) 8,435,844 (17,336) 2018 Q3 ‐ (2,224,791) 171,809 (249,290) ‐ 8,536,703 (7,299) 2018 Q2 ‐ (337,483) 145,147 127,811 (67,564) 10,838,975 (52,906) 2018 Q1 ‐ (177,595) 194,165 (6,119) (59,894) 10,971,064 (137,900) 2017 Q4 ‐ (808,917) 198,483 (637,802) 231,345 11,020,507 22,961 2017 Q3 ‐ (173,729) 211,229 (369,822) ‐ 12,037,398 190,332 2017 Q2 188,384 (520,127) 195,440 (73,810) 35,592 12,369,720 (9,672) 2017 Q1 ‐ (191,150) 194,450 (2,038) ‐ 12,544,241 (60,770) 2016 Q4 74,401 (1,460,830) 219,819 338,392 155,859 12,542,979 (177,416) 2016 Q3 569,021 (334,710) 184,350 283,523 ‐ 13,215,338 (153,826) 2016 Q2 ‐ (1,269,772) 177,772 (117,871) 278,655 12,513,154 (156,262) 2016 Q1 1,136,960 (168,220) 164,933 71,211 ‐ 13,444,370 (45,724) 2015 Q4 837,746 (129,970) 186,849 1,640,110 ‐ 12,239,486 (433,168) 2015 Q3 650,258 (146,572) 117,947 198,656 ‐ 9,704,751 (47,480) 2015 Q2 819,146 (26,100) 94,138 (41,951) ‐ 8,884,462 (35,079) 2015 Q1 450,121 (505,528) 34,165 (175,859) ‐ 8,039,229 23,042 2014 Q4 ‐ (7,984,820) 136,212 (426,919) 1,161,020 8,236,330 (381,515) 2014 Q3 173,982 (334,441) 180,788 (163,016) 49,912 15,350,837 (59,979) 2014 Q2 2,893,482 (289,635) 201,469 (33,076) ‐ 15,443,612 (86,859) 2014 Q1 2,173,714 (98,082) 263,955 189,409 ‐ 12,671,372 (166,655) 2013 Q4 399,682 (85,244) 97,292 1,161,371 ‐ 10,142,376 (459,883) 2013 Q3 1,112,020 (40,920) 98,136 (68,883) ‐ 8,569,275 (48,908) 2013 Q2 369,245 (55,037) 63,460 (249,481) ‐ 7,468,922 (175,251) 2013 Q1 128,930 (237,313) 105,850 461,858 ‐ 7,340,735 (73,973) 2012 Q4 6,669,146 ‐ 185,740 26,524 ‐ 6,881,410 (45,902) TOTAL 18,680,539 (17,716,771) 4,328,031 1,110,902 1,669,150 8,071,851 (2,551,276)

4 BlackRock Developed Ex‐US Real Estate Index Fund

Fund‐Level Information Client‐Level Information Legal Structure: N/A Risk/Return: Value Add Investment End Date: N/A Client Commitment Date: 08/2014 Termination Date: N/A % Ownership of Fund: 1.1% Vintage Year: 2014 Investment Commitment: $25,040,616 No. of Active Investments: 192 Remaining Commitment: $0 Target Return: N/A Contributions: $25,177,828 NAV + Debt: $4,376,947,040 Distributions: $0 Net Asset Value: $2,810,000,000 Equity Value $30,300,576 Leverage Ratio: 35.8% NAV % of Portfolio: 9.6% Investment Strategy: Invest in the public stock market Net IRR: 4.0% through a diversified portfolio of Non‐ Total Value Multiple: 1.2x US real estate securities.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross EPRA NAREIT Ex Total Income Appreciation Total U.S. Quarter (0.4%) 2.8%(3.2%) (0.4%) (0.3%) Year‐to‐Date 13.3% 4.3%8.7% 13.3% 13.3% One‐Year 6.6% 6.2%0.5% 6.7% 6.7% Two‐Year 8.0% 6.2%1.9% 8.2% 8.2% Three‐Year 7.2% 5.5%1.8% 7.3% 7.5% Five‐Year 3.8% 5.0%(1.0%) 3.9% 4.1% Since Inception 3.8% 5.0%(1.0%) 3.9% 4.1%

Property Type Diversification Geographic Diversification

1.3% 1.2%

3.7% Other Property 6.5% 8.2% 10.8% Retail Asia 12.1% Office 46.7% Europe Industrial 55.4% Australia/Pacific Residential Foreign Other 18.1% Healthcare 36.0% Hotel

Note: All totals may not sum to 100% due to rounding.

5 BlackRock Developed Ex‐US Real Estate Index Fund Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ ‐ 847,096 (980,234) ‐ 30,300,576 (7,446) 2019 Q1 7,325 ‐ 383,331 3,298,520 ‐ 30,433,714 (7,325) 2018 Q4 6,784 ‐ 227,250 (1,630,421) ‐ 26,744,538 (6,784) 2018 Q3 7,173 ‐ 264,351 (533,537) ‐ 28,140,925 (7,173) 2018 Q2 7,167 ‐ 536,857 (392,761) ‐ 28,402,937 (7,167) 2018 Q1 8,479 ‐ 244,294 (423,984) ‐ 28,251,674 (8,479) 2017 Q4 8,360 ‐ 598,751 1,067,163 ‐ 28,422,885 (8,360) 2017 Q3 8,098 ‐ 253,086 575,289 ‐ 26,748,610 (8,098) 2017 Q2 7,722 ‐ 363,357 822,542 ‐ 25,912,137 (7,722) 2017 Q1 7,241 ‐ 242,896 909,694 ‐ 24,718,516 (7,241) 2016 Q4 7,142 ‐ 156,701 (2,153,205) ‐ 23,558,685 (7,142) 2016 Q3 7,734 ‐ 212,797 825,734 ‐ 25,548,047 (7,734) 2016 Q2 7,368 ‐ 248,298 (107,263) ‐ 24,501,782 (7,368) 2016 Q1 6,829 ‐ 203,680 976,439 ‐ 24,353,380 (6,829) 2015 Q4 7,120 ‐ 141,518 81,191 ‐ 23,166,432 (7,120) 2015 Q3 7,108 ‐ 219,946 (1,509,893) ‐ 22,936,603 (7,108) 2015 Q2 7,479 ‐ 265,005 (897,217) ‐ 24,219,441 (7,479) 2015 Q1 7,389 ‐ 533,582 315,885 ‐ 24,844,175 (7,389) 2014 Q4 7,324 ‐ 206,197 170,757 ‐ 23,987,319 (7,324) 2014 Q3 25,043,985 ‐ 125,853 (1,566,797) ‐ 23,603,041 (3,369) TOTAL 25,177,828 ‐ 6,274,846 (1,152,098) ‐ 30,300,576 (144,656)

6 Colony Realty Partners III

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Value Add Investment End Date: 06/2012 Client Commitment Date: 09/2009 Termination Date: 06/2020 % Ownership of Fund: 5.4% Vintage Year: 2008 Investment Commitment: $21,000,000 No. of Active Investments: 8 Remaining Commitment: $4,027,200 Target Return: 13% Contributions: $20,111,684 NAV + Debt: $286,258,836 Distributions: $19,191,044 Net Asset Value: $153,902,542 Equity Value $8,364,272 Leverage Ratio: 46.2% NAV % of Portfolio: 2.7% Investment Strategy: Focus on core‐enhanced, core‐plus and Net IRR: 5.7% value added investment properties in Total Value Multiple: 1.4x major cities located in the U.S.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter (4.6%) 0.0%(4.3%) (4.3%) 1.0% Year‐to‐Date (16.0%) 1.7%(17.0%) (15.3%) 2.5% One‐Year (19.2%) 4.2%(21.6%) (18.1%) 6.5% Two‐Year (7.1%) 4.9%(10.4%) (5.9%) 7.5% Three‐Year (4.1%) 4.7%(7.3%) (2.8%) 7.7% Five‐Year (0.4%) 5.3%(4.4%) 0.7% 9.8% Since Inception (11.9%) 0.8%0.5% (1.2%) 10.0%

Property Type Diversification Geographic Diversification

24.6%

US East 46.2% Office 46.4% US Midwest 53.8% Industrial US South

29.0%

Note: All totals may not sum to 100% due to rounding.

7 Colony Realty Partners III Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ (2,310,869) (36,974) (434,367) ‐ 8,364,272 (36,974) 2019 Q1 ‐ (145,109) 175,175 (1,693,306) 151 11,146,482 (40,700) 2018 Q4 ‐ (2,276,084) 151,400 (633,864) 55,096 12,809,572 (44,185) 2018 Q3 ‐ (271,739) 126,351 (277,505) (4,563) 15,513,004 (47,630) 2018 Q2 ‐ (163,044) 147,002 350,251 (287,661) 15,940,460 (48,928) 2018 Q1 ‐ (163,044) 142,904 171,308 ‐ 15,893,912 (48,451) 2017 Q4 ‐ (163,044) 209,648 50,478 ‐ 15,742,744 (49,000) 2017 Q3 ‐ (163,044) 169,391 94,978 ‐ 15,645,662 (49,500) 2017 Q2 ‐ (163,044) 160,800 27,900 ‐ 15,544,336 (49,124) 2017 Q1 ‐ (163,044) 140,623 (105,700) (500) 15,518,680 (48,500) 2016 Q4 ‐ (1,187,499) 89,200 (58,100) 108,800 15,647,301 (50,200) 2016 Q3 ‐ (2,698,900) 108,200 (1,578,600) 1,457,000 16,694,900 (59,300) 2016 Q2 ‐ (209,200) 193,900 (390,000) ‐ 19,407,200 (62,200) 2016 Q1 ‐ (260,870) 145,100 104,280 ‐ 19,812,500 (62,200) 2015 Q4 ‐ (260,870) 355,800 (415,100) ‐ 19,823,990 43,452 2015 Q3 ‐ (260,870) 260,500 204,000 ‐ 20,144,160 (71,202) 2015 Q2 ‐ (260,870) 251,200 183,400 ‐ 19,940,530 (65,548) 2015 Q1 ‐ (672,300) 240,000 137,000 ‐ 19,766,800 (52,663) 2014 Q4 ‐ (1,169,600) 166,700 315,700 108,300 20,062,100 (103,940) 2014 Q3 ‐ (271,700) 283,300 (360,900) 328,700 20,641,000 (18,300) 2014 Q2 688,100 (826,100) 419,800 99,200 ‐ 20,661,600 (85,800) 2014 Q1 ‐ (538,000) 208,800 321,200 ‐ 20,280,600 (90,200) 2013 Q4 ‐ (271,700) 541,000 (935,500) 264,000 20,288,600 70,900 2013 Q3 217,400 (271,700) 304,200 83,200 ‐ 20,690,800 (58,500) 2013 Q2 ‐ (271,700) 294,600 214,300 ‐ 20,357,700 (90,200) 2013 Q1 ‐ (271,700) 149,300 555,500 ‐ 20,120,500 (138,800) 2012 Q4 ‐ (244,600) 92,800 548,200 (200) 19,687,400 (118,400) 2012 Q3 ‐ (233,700) 214,500 95,400 ‐ 19,291,200 (30,200) 2012 Q2 2,184,800 (391,300) 257,800 198,800 17,000 19,215,000 (135,900) 2012 Q1 ‐ (206,500) 277,100 385,200 ‐ 16,947,900 (121,300) 2011 Q4 1,902,200 (190,200) 238,600 479,400 (300) 16,492,100 (75,000) 2011 Q3 ‐ (896,700) 175,000 (72,200) 233,400 14,062,400 (75,000) 2011 Q2 2,717,400 (1,032,600) 175,400 398,200 287,000 14,622,900 (75,000) 2011 Q1 ‐ (309,800) 173,400 759,800 (200) 12,077,500 (75,000) 2010 Q4 4,076,100 ‐ 179,000 794,500 (12,200) 11,454,300 (75,000) 2010 Q3 2,717,400 ‐ (8,500) 382,900 ‐ 6,416,900 (75,000) 2010 Q2 ‐ ‐ (60,000) 261,400 ‐ 3,325,100 (75,000) 2010 Q1 2,717,400 ‐ (81,300) 64,600 ‐ 3,123,700 (75,000) 2009 Q4 ‐ ‐ (2,500) (26,400) ‐ 423,000 (75,000) 2009 Q3 2,890,884 ‐ (1,835,984) (603,000) ‐ 451,900 (504,000) TOTAL 20,111,684 (19,191,044) 5,193,236 (303,447) 2,553,823 8,364,272 (2,942,493)

8 Colony Realty Partners IV

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Value Add Investment End Date: 07/2016 Client Commitment Date: 06/2012 Termination Date: 07/2024 % Ownership of Fund: 18.0% Vintage Year: 2012 Investment Commitment: $21,000,000 No. of Active Investments: N/A Remaining Commitment: $0 Target Return: 9% Contributions: $22,366,647 NAV + Debt: $7,331,370 Distributions: $32,703,311 Net Asset Value: $7,331,370 Equity Value $1,054,641 Leverage Ratio: N/A NAV % of Portfolio: 0.3% Investment Strategy: AdiversifiedCore‐plus/Value‐addNet IRR: 12.7% portfolio in the U.S. Total Value Multiple: 1.5x

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter (12.5%) (5.4%)(20.1%) (25.5%) 1.0% Year‐to‐Date (8.9%) (3.8%)(17.3%) (21.6%) 2.5% One‐Year (13.0%) (1.0%)(21.5%) (23.4%) 6.5% Two‐Year (2.4%) 2.5%(9.2%) (7.6%) 7.5% Three‐Year 1.7% 4.2%(5.0%) (1.5%) 7.7% Five‐Year 8.0% 5.2%2.9% 7.7% 9.8% Since Inception 10.6% 4.5%8.1% 12.7% 10.6%

9 Colony Realty Partners IV Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 626,834 (18,014,915) (442,251) (4,380,660) 3,849,305 1,054,641 1,003,318 2019 Q1 ‐ (213,083) 260,608 531,416 ‐ 19,416,389 (173,583) 2018 Q4 ‐ (213,083) 176,853 (1,382,360) ‐ 18,837,448 (422,697) 2018 Q3 ‐ (213,083) 304,087 ‐ ‐ 20,256,033 (51,493) 2018 Q2 ‐ (241,853) 266,422 36,951 ‐ 20,165,029 (51,875) 2018 Q1 ‐ (3,668,256) 218,663 (1,188,281) 1,283,432 20,103,509 (46,487) 2017 Q4 ‐ (476,514) 335,667 282,746 ‐ 23,457,951 (120,516) 2017 Q3 ‐ (251,743) 297,646 539,054 ‐ 23,316,052 (168,962) 2017 Q2 ‐ (251,743) 387,100 32,743 5,300 22,731,095 (77,828) 2017 Q1 ‐ (4,207,706) 273,900 (849,600) 1,171,292 22,557,695 (112,108) 2016 Q4 ‐ (251,743) 438,400 259,886 ‐ 26,169,809 (135,110) 2016 Q3 4,944,954 (251,743) 451,122 278,900 ‐ 25,723,266 (63,235) 2016 Q2 ‐ (251,743) 298,500 113,576 ‐ 20,300,033 (177,999) 2016 Q1 ‐ (233,700) 309,243 223,429 ‐ 20,139,700 (122,844) 2015 Q4 ‐ (215,780) 307,400 41,200 ‐ 19,840,728 (76,995) 2015 Q3 4,351,559 (179,816) 139,100 1,006,400 ‐ 19,707,908 (282,719) 2015 Q2 ‐ (161,835) 151,200 691,000 ‐ 14,390,665 (225,414) 2015 Q1 ‐ (148,300) 97,200 673,700 ‐ 13,710,300 (208,920) 2014 Q4 ‐ (134,900) 154,100 457,700 ‐ 13,087,700 (114,403) 2014 Q3 ‐ (130,400) 55,200 480,200 ‐ 12,610,800 (136,200) 2014 Q2 3,002,900 (2,769,172) 75,272 502,700 ‐ 12,205,800 (37,100) 2014 Q1 ‐ ‐ (25,800) 407,300 ‐ 11,394,100 (242,700) 2013 Q4 428,900 (122,200) 250,000 (1,163,100) 910,200 11,012,600 (1,600) 2013 Q3 ‐ ‐ (460,200) 502,900 ‐ 10,708,800 (211,700) 2013 Q2 ‐ ‐ (155,900) 1,560,900 ‐ 10,666,100 (368,800) 2013 Q1 5,406,900 ‐ 170,200 82,000 ‐ 9,261,100 (88,100) 2012 Q4 3,604,600 (100,000) (161,900) 259,300 ‐ 3,602,000 (186,300) TOTAL 22,366,647 (32,703,311) 4,171,832 ‐ 7,219,529 1,054,641 (2,902,370)

10 Greenfield Acquisition Partners V

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Opportunistic Investment End Date: 11/2011 Client Commitment Date: 04/2008 Termination Date: 11/2017 % Ownership of Fund: 3.0% Vintage Year: 2007 Investment Commitment: $30,000,000 No. of Active Investments: 4 Remaining Commitment: $420,000 Target Return: 15% Contributions: $29,580,000 NAV + Debt: $13,724,682 Distributions: $40,376,818 Net Asset Value: $13,585,084 Equity Value $326,042 Leverage Ratio: 1.0% NAV % of Portfolio: 0.1% Investment Strategy: Invest in urban redevelopment, Net IRR: 8.5% undervalued or distressed real estate Total Value Multiple: 1.4x and real estate in need of market repositioning.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter 8.0% (0.2%)10.2% 9.9% 1.0% Year‐to‐Date 4.2% (0.3%)5.4% 5.1% 2.5% One‐Year (6.1%) (2.3%)(6.7%) (9.5%) 6.5% Two‐Year 6.9% (1.6%)11.0% 9.0% 7.5% Three‐Year 3.9% (1.1%)8.3% 6.9% 7.7% Five‐Year 0.4% (0.2%)3.4% 3.2% 9.8% Since Inception 0.6% 1.9%4.1% 6.1% 6.8%

Property Type Diversification Geographic Diversification

1.2% 8.5% 19.8% 16.0% Retail US East Residential US West Other Property US Other

75.6% 79.1%

Note: All totals may not sum to 100% due to rounding.

11 Greenfield Acquisition Partners V Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ (158,400) (1,066) 110,727 (74,483) 326,042 (8,795) 2019 Q1 ‐ ‐ (362) 4,086 (20,070) 449,264 4,086 2018 Q4 ‐ ‐ (11,205) (187,154) 41,142 465,610 39,304 2018 Q3 ‐ (144,960) (1,211) (30,005) 151,239 622,827 (30,005) 2018 Q2 ‐ (43,920) 6,467 (6,600) (19,652) 647,764 4,946 2018 Q1 ‐ (44,400) (1,024) (7,906) 40,554 711,469 (7,906) 2017 Q4 ‐ (222,000) (18,086) 237,964 (110,384) 724,245 (34,602) 2017 Q3 ‐ (72,000) (22,773) 280,241 (222,141) 836,751 (30,303) 2017 Q2 ‐ (144,000) (23,485) (194,879) 116,444 873,424 4,515 2017 Q1 ‐ (576,000) (11,446) (400,804) 437,612 1,119,344 (28,655) 2016 Q4 ‐ (578,400) (39,329) 879,000 (693,476) 1,669,982 (65,292) 2016 Q3 ‐ (72,000) (14,079) (21,392) 21,691 2,102,187 (7,640) 2016 Q2 ‐ (1,089,360) (55,913) (842,067) 707,202 2,187,967 (12,487) 2016 Q1 ‐ (580,378) (20,721) (1,163) 22,663 3,468,105 (53,011) 2015 Q4 ‐ (360,000) (543,378) 576,690 (239,848) 4,047,704 (8,016) 2015 Q3 ‐ (2,025,000) 98,758 (895,103) 1,131,106 4,614,240 (129,420) 2015 Q2 ‐ (975,000) 133,071 (1,336,682) 548,341 6,304,479 110,228 2015 Q1 ‐ (360,000) 203,657 (30,456) ‐ 7,934,749 (90,496) 2014 Q4 ‐ (2,160,000) 146,497 (129,370) 84,092 8,121,548 (82,939) 2014 Q3 ‐ (2,790,000) 65,881 (1,325,349) 1,451,969 10,180,329 (84,741) 2014 Q2 ‐ (6,900,000) 72,331 (3,401,847) 3,533,735 12,777,828 (79,532) 2014 Q1 ‐ (240,000) 31,677 (49,108) 101,346 19,473,609 (63,035) 2013 Q4 ‐ (9,801,000) 157,052 (2,642,759) 3,919,804 19,629,694 (395,769) 2013 Q3 ‐ (2,730,000) 342,127 1,018,392 649 27,996,597 (348,017) 2013 Q2 ‐ (2,700,000) 267,076 753,485 975,845 29,365,429 (501,324) 2013 Q1 ‐ (300,000) 186,121 46,935 ‐ 30,069,023 (62,865) 2012 Q4 ‐ (360,000) 415,129 1,227,869 (268,395) 30,135,967 (350,739) 2012 Q3 720,000 ‐ 79,833 71,598 ‐ 29,121,364 (39,142) 2012 Q2 480,000 (300,000) 337,373 660,561 (294,708) 28,249,933 (184,075) 2012 Q1 1,650,000 ‐ 68,075 237,595 (165,728) 27,366,707 (39,984) 2011 Q4 4,800,000 (1,050,000) 94,513 1,735,779 (12,025) 25,576,765 (173,905) 2011 Q3 ‐ (3,600,000) 64,498 (249,598) 261,967 20,008,498 (112,500) 2011 Q2 3,150,000 ‐ 1,278 1,163,560 ‐ 23,531,631 (112,500) 2011 Q1 1,050,000 ‐ (84,817) 127,599 (127,981) 19,216,793 (112,500) 2010 Q4 ‐ ‐ (68,207) 3,013,046 (137,247) 18,251,992 (112,500) 2010 Q3 600,000 ‐ 21,376 668 119 15,444,400 (112,500) 2010 Q2 750,000 ‐ (39,483) 1,443,741 ‐ 14,822,237 (112,500) 2010 Q1 3,750,000 ‐ (5,074) (32,749) ‐ 12,667,979 (112,500) 2009 Q4 3,000,000 ‐ (151,819) (187,605) 230 8,955,802 (112,500) 2009 Q3 450,000 ‐ 90,833 (18,078) ‐ 6,294,996 (112,500) 2009 Q2 ‐ ‐ (58,805) (2,118,987) ‐ 5,772,241 (112,500) 2009 Q1 ‐ ‐ (81,450) ‐ 16,828 7,950,033 (112,500) 2008 Q4 3,180,000 ‐ (135,731) (682,643) ‐ 8,014,655 (112,500) 2008 Q3 3,000,000 ‐ 113,116 ‐ ‐ 5,653,029 (112,500) 2008 Q2 3,000,000 ‐ (698,779) 237,861 831 2,539,913 (642,441) TOTAL 29,580,000 (40,376,818) 908,496 (964,907) 11,179,271 326,042 (4,854,555)

12 Greenfield Acquisition Partners VI

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Opportunistic Investment End Date: 04/2015 Client Commitment Date: 12/2011 Termination Date: 04/2020 % Ownership of Fund: 5.6% Vintage Year: 2011 Investment Commitment: $20,000,000 No. of Active Investments: 7 Remaining Commitment: $813,680 Target Return: 15% Contributions: $24,119,741 NAV + Debt: $92,565,499 Distributions: $30,780,684 Net Asset Value: $28,352,876 Equity Value $999,957 Leverage Ratio: 69.4% NAV % of Portfolio: 0.3% Investment Strategy: Invest in urban redevelopment, Net IRR: 10.7% undervalued or distressed real estate Total Value Multiple: 1.3x and real estate in need of market repositioning.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter (20.4%) 1.0%(24.5%) (23.5%) 1.0% Year‐to‐Date (20.5%) 1.3%(23.8%) (22.5%) 2.5% One‐Year (31.9%) 1.6%(36.0%) (34.8%) 6.5% Two‐Year (25.4%) 1.8%(29.3%) (27.9%) 7.5% Three‐Year (15.5%) 1.9%(18.1%) (16.5%) 7.7% Five‐Year (6.6%) 2.6%(8.9%) (6.5%) 9.8% Since Inception (0.1%) 3.0%(1.4%) 1.5% 10.6%

Property Type Diversification Geographic Diversification

21.3%

US East Office US Midwest

78.7% 100.0%

Note: All totals may not sum to 100% due to rounding.

13 Greenfield Acquisition Partners VI Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ (884,498) (15,890) 877,791 (1,196,915) 999,957 50,994 2019 Q1 ‐ (240,958) (28,188) 513,169 (490,218) 2,219,469 (34,157) 2018 Q4 ‐ (366,797) (41,256) (1,417,294) 1,000,212 2,465,664 78,813 2018 Q3 ‐ (98,753) (21,114) 396,301 (388,022) 3,290,799 (31,437) 2018 Q2 ‐ (341,403) (19,428) (143,443) (263,208) 3,402,387 69,309 2018 Q1 ‐ (317,139) (7,741) 74,840 59,278 4,169,869 (68,789) 2017 Q4 ‐ (110,039) (11,971) (896,533) 295,417 4,360,631 116,447 2017 Q3 ‐ (818,240) (12,316) (21,267) 95,395 5,083,757 (46,312) 2017 Q2 ‐ (3,447,895) (12,020) (677,560) 898,091 5,840,185 (89,441) 2017 Q1 ‐ (1,185,037) (7,553) (443,878) 447,738 9,079,569 (22,681) 2016 Q4 ‐ (208,792) 6,135 361,054 108,546 10,268,299 (142,760) 2016 Q3 ‐ (790,025) 48,453 (422,115) 447,933 10,001,356 (41,059) 2016 Q2 ‐ (1,636,480) 41,490 (874,885) 391,026 10,717,110 87,633 2016 Q1 ‐ (2,612,726) 109,602 (1,149,050) 1,172,735 12,795,959 (50,902) 2015 Q4 ‐ (1,506,690) 52,782 34,603 394,131 15,275,398 (129,790) 2015 Q3 ‐ (4,469,284) 203,333 (2,400,540) 2,563,045 16,300,572 (97,905) 2015 Q2 ‐ (2,793,302) 216,811 (4,158) 1,190,302 20,404,018 (360,269) 2015 Q1 ‐ (857,741) (4,529) (264,271) 230,250 21,794,365 2,231 2014 Q4 ‐ (564,304) 41,335 1,252,635 229,559 22,690,656 (371,564) 2014 Q3 677,164 (338,582) 155,136 2,619 29,859 21,731,431 (52,806) 2014 Q2 620,734 (959,315) 181,319 772,403 441,597 21,205,235 (437,512) 2014 Q1 ‐ (451,443) 106,448 7,346 (39,812) 20,148,497 (11,715) 2013 Q4 1,636,480 ‐ 171,152 1,303,040 2,342 20,525,958 (361,764) 2013 Q3 4,796,580 (705,379) 86,377 (18,790) 77,994 17,412,944 (60,132) 2013 Q2 ‐ (722,739) 27,352 552,515 54,049 13,176,162 (144,883) 2013 Q1 2,992,854 ‐ 140,731 9,169 ‐ 13,264,985 (51,365) 2012 Q4 1,321,237 (2,142,380) 68,162 923,881 ‐ 10,122,231 (202,154) 2012 Q3 3,303,093 (56,002) 6,937 ‐ ‐ 9,951,331 (62,156) 2012 Q2 434,757 (2,154,741) 111,469 304,792 ‐ 6,697,303 (59,734) 2012 Q1 8,336,842 ‐ (367,739) 31,923 ‐ 8,001,026 (187,755) TOTAL 24,119,741 (30,780,684) 1,225,279 (1,315,703) 7,751,324 999,957 (2,713,615)

14 Greenfield Acquisition Partners VII

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Opportunistic Investment End Date: 06/2018 Client Commitment Date: 12/2013 Termination Date: 06/2023 % Ownership of Fund: 5.0% Vintage Year: 2013 Investment Commitment: $19,122,340 No. of Active Investments: 23 Remaining Commitment: $2,759,574 Target Return: 13% Contributions: $18,275,000 NAV + Debt: $568,865,692 Distributions: $12,992,719 Net Asset Value: $322,518,777 Equity Value $14,692,663 Leverage Ratio: 43.3% NAV % of Portfolio: 4.7% Investment Strategy: Invest in suburban office and industrial Net IRR: 14.3% properties in markets with situational Total Value Multiple: 1.5x opportunities and in university student housing.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter 7.7% 0.5%9.3% 9.7% 1.0% Year‐to‐Date 7.9% 0.9%9.3% 10.2% 2.5% One‐Year 12.6% 2.0%14.2% 16.4% 6.5% Two‐Year 13.1% 3.1%13.6% 17.0% 7.5% Three‐Year 13.5% 3.5%13.6% 17.4% 7.7% Five‐Year 12.6% 4.5%13.6% 18.6% 9.8% Since Inception 12.6% 4.5%13.6% 18.6% 9.8%

Property Type Diversification Geographic Diversification

3.6% 6.2% 10.1% Residential 33.3% US South Industrial 20.3% 25.5% 46.3% US East Office US West Hotel US Other Other Property 23.3% 31.5%

Note: All totals may not sum to 100% due to rounding.

15 Greenfield Acquisition Partners VII Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ (2,856,750) 6,261 570,645 640,453 14,692,663 (330,771) 2019 Q1 ‐ (2,660,200) 173 (246,169) 289,352 16,332,054 (32,255) 2018 Q4 ‐ (636,500) 38,013 167,569 523,498 18,948,898 (197,146) 2018 Q3 ‐ (2,866,330) 36,225 44,852 1,264 18,856,318 (27,074) 2018 Q2 1,340,000 ‐ 281,881 (610,932) 1,309,829 21,640,307 (259,300) 2018 Q1 1,300,000 ‐ 51,968 (756,284) 836,277 19,319,529 (50,753) 2017 Q4 1,585,000 (1,235,000) 37,317 887,878 184,837 17,887,568 (295,202) 2017 Q3 ‐ (1,265,000) 109,066 (840,770) 871,194 16,427,536 (51,933) 2017 Q2 ‐ (1,450,000) 100,336 138,709 974,189 17,553,046 (318,137) 2017 Q1 ‐ ‐ 79,304 40,893 (28,475) 17,789,812 (37,253) 2016 Q4 1,125,000 ‐ 88,913 628,142 184,089 17,698,090 (242,541) 2016 Q3 1,975,000 ‐ 120,604 (65,598) 30,356 15,671,946 (44,190) 2016 Q2 ‐ ‐ 48,566 498,029 39,271 13,611,584 (174,550) 2016 Q1 250,000 ‐ 72,587 (215,443) 263,440 13,025,718 (58,857) 2015 Q4 600,000 ‐ 1,059 556,869 284,728 12,655,134 (230,710) 2015 Q3 ‐ ‐ 267,769 (129,539) (5,157) 11,212,478 (204,858) 2015 Q2 600,000 ‐ (51,680) 842,287 ‐ 11,079,405 (159,078) 2015 Q1 ‐ ‐ 87,134 (1,927) 2,422 9,688,798 (57,048) 2014 Q4 6,750,000 (4,839) 14,501 182,121 ‐ 9,601,169 (80,242) 2014 Q3 2,750,000 (18,100) (101,273) 28,759 ‐ 2,659,386 (156,913) TOTAL 18,275,000 (12,992,719) 1,288,724 1,720,091 6,401,567 14,692,663 (3,008,811)

16 Greenfield Acquisition Partners VIII

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Opportunistic Investment End Date: 04/2021 Client Commitment Date: 12/2016 Termination Date: 12/2028 % Ownership of Fund: 20.5% Vintage Year: 2017 Investment Commitment: $30,000,000 No. of Active Investments: 5 Remaining Commitment: $16,675,964 Target Return: 13% Contributions: $14,790,991 NAV + Debt: $200,776,691 Distributions: $1,487,090 Net Asset Value: $73,725,338 Equity Value $14,855,249 Leverage Ratio: 63.3% NAV % of Portfolio: 4.7% Investment Strategy: Invest in suburban office and industrial Net IRR: 18.5% properties in markets with situational Total Value Multiple: 1.1x opportunities and in university student housing.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter 3.9% 0.5%4.7% 5.3% 1.0% Year‐to‐Date 4.7% 2.1%4.7% 6.9% 2.5% One‐Year 5.4% 1.1%9.5% 10.7% 6.5% Two‐Year N/A N/AN/A N/A N/A Three‐Year N/A N/AN/A N/A N/A Five‐Year N/A N/AN/A N/A N/A Since Inception 18.9% (7.4%)54.7% 46.9% 7.3%

Property Type Diversification Geographic Diversification

13.7% 21.8%

Industrial US Midwest 43.3% Other Property 43.3% 21.2% US South Office US East Residential

34.9% 21.8%

Note: All totals may not sum to 100% due to rounding.

17 Greenfield Acquisition Partners VIII Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 2,867,587 ‐ (23,797) 121,367 411,498 14,855,249 (175,578) 2019 Q1 3,328,448 ‐ 60,081 15,382 ‐ 11,478,594 (77,084) 2018 Q4 2,253,104 ‐ (122,608) 282,657 ‐ 8,074,683 (112,236) 2018 Q3 1,024,138 ‐ (117,990) 35,582 ‐ 5,661,530 (58,939) 2018 Q2 2,064,857 (1,487,090) 119 882,126 ‐ 4,719,800 (256,590) 2018 Q1 3,252,857 ‐ (998,365) 1,005,296 ‐ 3,259,788 (645,103) TOTAL 14,790,991 (1,487,090) (1,202,560) 2,342,410 411,498 14,855,249 (1,325,530)

18 Invesco US Real Estate Securities

Fund‐Level Information Client‐Level Information Legal Structure: SMA Risk/Return: Core Investment End Date: N/A Client Commitment Date: 08/2004 Termination Date: N/A % Ownership of Fund: 100.0% Vintage Year: 2004 Investment Commitment: $25,000,000 No. of Active Investments: 63 Remaining Commitment: $0 Target Return: 9% Contributions: $27,001,662 NAV + Debt: $60,729,529 Distributions: $23,114,551 Net Asset Value: $42,692,859 Equity Value $42,692,859 Leverage Ratio: 29.7% NAV % of Portfolio: 13.6% Investment Strategy: Invest in the public equity REITs Net IRR: 10.8% through well‐diversified portfolios with Total Value Multiple: 2.4x exposure to major sectors of the U.S. market.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total NAREIT Quarter 2.2% 0.9%1.4% 2.3% 1.8% Year‐to‐Date 19.6% 1.9%17.9% 19.9% 19.3% One‐Year 12.6% 3.8%9.1% 13.2% 12.6% Two‐Year 8.9% 3.7%5.7% 9.5% 8.7% Three‐Year 6.1% 3.6%3.0% 6.7% 5.8% Five‐Year 8.4% 3.5%5.3% 9.0% 8.8% Since Inception 9.4% 3.9%5.9% 10.0% 9.4%

Property Type Diversification Geographic Diversification

2.6% Other Property 4.7% 13.8% 9.3% Residential 31.8% 31.7% Retail US West 9.7% Industrial US East Healthcare 25.0% US South 9.8% Office US Midwest Hotel 17.7% 14.4% Natural Resources 29.5%

Note: All totals may not sum to 100% due to rounding.

19 Invesco US Real Estate Securities Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 52,172 ‐ 312,533 (98,370) 688,963 42,692,859 (53,366) 2019 Q1 44,502 ‐ 297,695 5,609,504 183,948 41,737,562 (52,172) 2018 Q4 47,372 ‐ 319,048 (3,080,686) 418,638 35,601,913 (44,502) 2018 Q3 47,164 ‐ 295,669 (175,632) (749) 37,897,541 (47,164) 2018 Q2 44,007 ‐ 292,768 1,618,364 570,003 37,731,089 (47,164) 2018 Q1 46,541 ‐ 257,927 (2,221,398) (109,742) 35,205,946 (44,007) 2017 Q4 44,917 ‐ 278,920 887,636 87,547 37,232,618 (46,541) 2017 Q3 44,520 ‐ 245,913 54,632 (27,712) 35,933,598 (44,917) 2017 Q2 43,503 ‐ 254,053 453,811 62,528 35,616,245 (44,520) 2017 Q1 42,377 ‐ 243,816 252,822 361,543 34,802,350 (43,503) 2016 Q4 43,868 ‐ 255,445 (1,462,497) (29,720) 33,901,792 (42,377) 2016 Q3 43,992 ‐ 270,093 (1,188,205) 775,505 35,094,696 (43,868) 2016 Q2 41,513 ‐ 236,250 491,337 1,213,595 35,193,312 (43,992) 2016 Q1 39,586 ‐ 217,486 760,347 524,097 33,210,617 (41,513) 2015 Q4 37,141 ‐ 281,423 551,633 1,085,779 31,669,100 (39,586) 2015 Q3 36,312 ‐ 217,815 (160,496) 569,992 29,713,123 (37,141) 2015 Q2 39,968 ‐ 127,525 (3,938,113) 845,521 29,049,501 (36,312) 2015 Q1 38,529 ‐ 192,161 325,172 595,299 31,974,601 (39,968) 2014 Q4 34,020 ‐ 245,927 3,165,844 161,338 30,823,440 (38,529) 2014 Q3 34,729 ‐ 183,187 (944,873) 159,801 27,216,311 (34,020) 2014 Q2 32,280 ‐ 179,615 1,446,307 301,453 27,783,466 (34,729) 2014 Q1 29,689 ‐ 169,613 1,892,383 (18,942) 25,823,810 (32,280) 2013 Q4 29,745 ‐ 198,791 (284,434) 11,360 23,751,067 (29,689) 2013 Q3 34,285 (3,000,000) 169,758 (1,731,973) 895,755 23,795,605 (29,745) 2013 Q2 34,906 ‐ 188,986 (1,746,775) 1,026,093 27,427,781 (34,285) 2013 Q1 36,340 (3,000,000) 161,839 80,588 1,573,707 27,924,570 (34,906) 2012 Q4 35,468 ‐ 217,132 17,581 427,520 29,072,096 (36,340) 2012 Q3 35,113 ‐ 176,797 (643,899) 715,612 28,374,395 (35,468) 2012 Q2 33,980 ‐ 166,439 (39,021) 745,622 28,090,772 (35,113) 2012 Q1 30,799 ‐ 172,837 1,572,313 768,570 27,183,753 (33,980) 2011 Q4 26,567 ‐ 202,291 3,085,759 70,943 24,639,234 (30,799) 2011 Q3 31,151 ‐ 162,494 (4,278,778) 418,132 21,253,674 (26,567) 2011 Q2 29,947 ‐ 158,445 440,147 334,845 24,920,675 (31,151) 2011 Q1 28,121 ‐ 153,676 540,999 737,636 23,957,292 (29,947) 2010 Q4 26,430 ‐ 179,580 394,540 752,466 22,496,860 (28,121) 2010 Q3 23,314 ‐ 159,319 2,138,466 171,536 21,143,845 (26,430) 2010 Q2 24,448 ‐ 147,367 (1,561,200) 481,927 18,651,209 (23,314) 2010 Q1 22,614 ‐ 156,879 1,007,476 279,324 19,558,668 (24,448) 2009 Q4 20,641 ‐ 171,676 1,557,608 (170,714) 18,092,374 (22,614) 2009 Q3 15,614 ‐ 159,369 3,896,861 (50,070) 16,513,162 (20,641) 2009 Q2 12,373 ‐ 171,271 3,355,076 (945,907) 12,491,387 (15,614) 2009 Q1 17,321 ‐ 172,467 (2,560,679) (1,589,169) 9,898,573 (12,373) 2008 Q4 26,748 ‐ 210,270 (5,484,274) (2,292,768) 13,858,633 (17,321) 2008 Q3 25,666 ‐ 209,749 1,301,943 (671,628) 21,398,657 (26,748) 2008 Q2 27,014 ‐ 210,897 (1,324,688) 8,372 20,532,927 (25,666) 2008 Q1 26,266 ‐ 201,015 482,505 (111,390) 21,611,331 (27,014)

20 Invesco US Real Estate Securities Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2007 Q4 30,157 ‐ 250,802 (3,929,391) 535,804 21,012,935 (26,266) 2007 Q3 28,871 ‐ 183,687 499,139 316,950 24,125,563 (30,157) 2007 Q2 53,904 (17,114,551) 252,508 (7,589,606) 4,371,270 23,096,917 (28,871) 2007 Q1 51,941 ‐ 279,398 (262,688) 1,471,244 43,123,391 (53,904) 2006 Q4 47,106 ‐ 399,414 2,830,406 621,665 41,583,496 (51,941) 2006 Q3 43,402 ‐ 256,606 1,772,633 890,363 37,684,905 (47,106) 2006 Q2 43,268 ‐ 263,538 (505,527) 305,916 34,721,901 (43,402) 2006 Q1 37,735 ‐ 242,626 3,816,790 329,508 34,614,705 (43,268) 2005 Q4 36,265 ‐ 280,786 812,725 46,056 30,188,047 (37,735) 2005 Q3 6,277,100 ‐ 277,640 551,133 226,095 29,012,216 (36,265) 2005 Q2 6,266,439 ‐ 155,883 2,064,060 42,288 21,680,247 (27,100) 2005 Q1 17,773 ‐ 114,472 (1,218,856) 19,786 13,151,577 (16,439) 2004 Q4 6,254,128 ‐ 115,318 1,227,305 53,640 14,218,401 (17,773) 2004 Q3 6,250,000 ‐ 30,310 237,109 50,591 6,568,010 (4,128) TOTAL 27,001,662 (23,114,551) 12,757,214 4,760,895 21,287,636 42,692,859 (2,054,826)

21 Miller Global Fund V

Fund‐Level Information Client‐Level Information Legal Structure: LLC Risk/Return: Opportunistic Investment End Date: 07/2011 Client Commitment Date: 07/2005 Termination Date: 06/2018 % Ownership of Fund: 5.2% Vintage Year: 2004 Investment Commitment: $15,000,000 No. of Active Investments: 1 Remaining Commitment: $0 Target Return: 16% Contributions: $24,111,448 NAV + Debt: $1,409,458 Distributions: $27,143,116 Net Asset Value: $1,409,458 Equity Value $72,895 Leverage Ratio: N/A NAV % of Portfolio: 0.0% Investment Strategy: Focus on Class A office and hotel Net IRR: 3.5% properties primarily located in major Total Value Multiple: 1.1x markets throughout the U.S.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter (1.1%) (0.8%)(0.3%) (1.1%) 1.0% Year‐to‐Date (1.9%) (1.6%)(0.3%) (1.9%) 2.5% One‐Year 67.0% (51.6%)146.5% 67.7% 6.5% Two‐Year 18.1% (38.6%)56.0% 19.5% 7.5% Three‐Year 9.1% (25.2%)27.0% 10.4% 7.7% Five‐Year 10.8% (12.9%)17.9% 12.2% 9.8% Since Inception (2.5%) (6.2%)6.7% 2.4% 8.6%

Property Type Diversification Geographic Diversification

Hotel US South

100.0% 100.0%

Note: All totals may not sum to 100% due to rounding.

22 Miller Global Fund V Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ (346,551) (3,574) ‐ (1,114) 72,895 ‐ 2019 Q1 ‐ (51,724) (3,500) ‐ ‐ 424,136 ‐ 2018 Q4 ‐ ‐ (129,101) 233,150 66,844 479,360 ‐ 2018 Q3 ‐ (3,721,006) (396,840) (782,767) 1,418,982 308,467 (11,252) 2018 Q2 ‐ (205,552) 191,123 814,449 ‐ 3,790,098 (16,878) 2018 Q1 ‐ (51,724) (941,134) 997,577 ‐ 2,990,078 (16,878) 2017 Q4 ‐ (72,414) 60,717 (2,114,919) ‐ 2,985,360 (16,878) 2017 Q3 ‐ (153,878) 167,292 (45,023) ‐ 5,111,976 (16,878) 2017 Q2 ‐ (166,241) 207,461 (304,850) ‐ 5,143,584 (16,878) 2017 Q1 ‐ (35,199) 127,512 (79,007) ‐ 5,407,215 (16,878) 2016 Q4 ‐ (86,043) 47,527 (155,360) ‐ 5,393,909 (18,753) 2016 Q3 ‐ (123,233) 143,467 (398,571) 884 5,587,785 (18,753) 2016 Q2 ‐ (128,224) 159,492 (31,638) ‐ 5,965,238 (18,753) 2016 Q1 ‐ (64,914) 118,571 6,841 (1,034) 5,965,608 (18,753) 2015 Q4 ‐ (1,377,930) 88,883 561,335 40,386 5,906,144 (21,862) 2015 Q3 ‐ (116,793) 126,197 (92,611) ‐ 6,593,470 (22,413) 2015 Q2 ‐ (207,543) 210,482 154,461 ‐ 6,676,677 (22,413) 2015 Q1 ‐ (51,724) 164,141 (43,383) ‐ 6,519,277 (22,413) 2014 Q4 ‐ (120,358) (15,656) 1,615,379 (1,594,566) 6,450,243 (25,077) 2014 Q3 ‐ (153,829) 97,698 92,803 21,506 6,565,444 (26,409) 2014 Q2 ‐ (710,431) 294,155 215,201 ‐ 6,507,266 (26,409) 2014 Q1 ‐ ‐ 69,769 (197,270) ‐ 6,708,340 (26,409) 2013 Q4 ‐ (1,758,620) 32,090 (399,313) 561,740 6,835,841 (27,746) 2013 Q3 ‐ (3,113,791) 236,421 (1,119,110) 999,905 8,399,944 (39,529) 2013 Q2 ‐ ‐ 230,146 322,584 ‐ 11,396,519 (44,391) 2013 Q1 ‐ ‐ 146,837 (45,542) ‐ 10,843,789 (44,391) 2012 Q4 ‐ ‐ 27,117 626,803 ‐ 10,742,494 (44,391) 2012 Q3 ‐ ‐ 223,989 (105,606) ‐ 10,088,574 (44,391) 2012 Q2 ‐ ‐ 104,983 549,158 ‐ 9,970,191 (48,387) 2012 Q1 ‐ ‐ 139,248 449,754 ‐ 9,316,050 (40,395) 2011 Q4 ‐ ‐ 47,432 (133,355) ‐ 8,727,048 (40,395) 2011 Q3 53,512 ‐ 261,236 ‐ ‐ 8,812,971 (41,671) 2011 Q2 114,569 ‐ 67,888 761,543 ‐ 8,498,223 (44,003) 2011 Q1 43,965 ‐ 72,958 129,985 ‐ 7,554,223 (43,649) 2010 Q4 684,899 ‐ 1,182 2,686,896 ‐ 7,307,314 (42,040) 2010 Q3 232,758 ‐ 60,836 786,832 ‐ 3,934,337 (40,367) 2010 Q2 517,241 ‐ 115,278 659,604 ‐ 2,853,910 (39,024) 2010 Q1 344,082 ‐ (71,935) 434,109 ‐ 1,561,787 (37,471) 2009 Q4 74,252 ‐ (83,257) (747,008) ‐ 855,531 (36,728) 2009 Q3 ‐ ‐ (13,279) ‐ ‐ 1,611,544 (36,647) 2009 Q2 ‐ ‐ (75,780) (2,933,009) ‐ 1,624,823 (36,647) 2009 Q1 1,368,447 ‐ (167,870) ‐ ‐ 4,633,613 (34,855) 2008 Q4 573,687 ‐ (1,051,213) (977,064) ‐ 3,433,036 (30,373) 2008 Q3 624,158 ‐ (153,990) (267,673) ‐ 4,887,626 (28,012) 2008 Q2 453,647 ‐ (188,271) (376,302) (186) 4,685,130 (51,026) 2008 Q1 365,214 ‐ (245,127) ‐ ‐ 4,796,243 (56,250)

23 Miller Global Fund V Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2007 Q4 938,375 ‐ (299,774) (538,821) 719 4,676,157 (56,250) 2007 Q3 829,655 (2,985,921) (359,705) ‐ 767,729 4,575,658 (56,250) 2007 Q2 1,045,654 (1,382,583) (149,142) ‐ 470,530 6,323,901 (56,250) 2007 Q1 586,034 (77,586) (233,416) ‐ ‐ 6,339,441 (56,250) 2006 Q4 7,172,840 (4,784,479) (97,521) 1,220,817 ‐ 6,064,409 (56,250) 2006 Q3 386,741 ‐ (62,369) ‐ ‐ 2,552,752 (56,250) 2006 Q2 647,844 ‐ (52,920) ‐ ‐ 2,228,380 (56,250) 2006 Q1 3,583,187 (2,586,205) (40,511) ‐ ‐ 1,633,456 (56,250) 2005 Q4 1,396,551 (931,034) (89,101) ‐ ‐ 676,985 (56,250) 2005 Q3 2,074,136 (1,577,585) (195,982) ‐ ‐ 300,569 (179,229) TOTAL 24,111,448 (27,143,116) (1,078,840) 1,431,079 2,752,325 72,895 (2,039,195)

24 Miller Global Fund VI

Fund‐Level Information Client‐Level Information Legal Structure: LLC Risk/Return: Opportunistic Investment End Date: 12/2012 Client Commitment Date: 02/2008 Termination Date: 12/2019 % Ownership of Fund: 9.2% Vintage Year: 2007 Investment Commitment: $30,000,000 No. of Active Investments: 1 Remaining Commitment: $0 Target Return: 16% Contributions: $21,245,720 NAV + Debt: $73,894,353 Distributions: $32,196,913 Net Asset Value: $17,473,553 Equity Value $1,601,743 Leverage Ratio: 76.4% NAV % of Portfolio: 0.5% Investment Strategy: Focus on Class A office and hotel Net IRR: 8.0% properties primarily located in major Total Value Multiple: 1.6x markets throughout the U.S.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter 5.8% 6.5%(0.1%) 6.4% 1.0% Year‐to‐Date 10.9% 12.3%(0.1%) 12.2% 2.5% One‐Year 16.5% 57.9%(29.1%) 19.1% 6.5% Two‐Year 13.6% 42.5%(22.3%) 15.6% 7.5% Three‐Year 12.7% 31.8%(15.7%) 14.5% 7.7% Five‐Year 11.6% 22.4%(9.1%) 13.2% 9.8% Since Inception 4.0% 11.5%(3.5%) 8.5% 6.8%

Property Type Diversification Geographic Diversification

Office US South

100.0% 100.0%

Note: All totals may not sum to 100% due to rounding.

25 Miller Global Fund VI Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ ‐ 89,435 ‐ (1,974) 1,601,743 (8,892) 2019 Q1 ‐ ‐ 70,154 ‐ ‐ 1,514,282 (8,892) 2018 Q4 ‐ ‐ 311,239 (413,194) 118,815 1,444,128 (8,892) 2018 Q3 ‐ (8,675,566) 988,525 (3,242,795) 2,514,756 1,427,268 (31,495) 2018 Q2 ‐ (352,458) 420,349 (462,223) ‐ 9,842,348 (42,797) 2018 Q1 ‐ (3,960,803) 2,232,545 (2,071,537) ‐ 10,236,681 (42,797) 2017 Q4 ‐ (3,281,438) 238,368 (524,473) 1,274,523 14,036,476 (47,949) 2017 Q3 ‐ (596,748) 548,186 (16,837) ‐ 16,329,496 (50,026) 2017 Q2 ‐ (349,617) 736,359 (172,569) ‐ 16,394,895 (50,392) 2017 Q1 ‐ (80,712) 374,120 33,233 ‐ 16,180,722 (50,392) 2016 Q4 ‐ (175,404) 216,000 (57,002) ‐ 15,854,081 (50,392) 2016 Q3 ‐ (518,604) 436,334 100,662 ‐ 15,870,487 (50,653) 2016 Q2 ‐ (312,134) 480,488 (510,329) ‐ 15,852,095 (50,710) 2016 Q1 ‐ (277,338) 282,058 40,460 1,040 16,194,071 (50,610) 2015 Q4 ‐ (645,412) 195,134 249,606 (917) 16,147,851 (51,052) 2015 Q3 ‐ (332,108) 416,482 163,382 (38) 16,349,440 (51,200) 2015 Q2 ‐ (858,229) 435,454 (584,490) (1,243) 16,101,722 (51,680) 2015 Q1 ‐ (1,879,442) 424,753 (348,588) 489,157 17,110,230 (55,468) 2014 Q4 ‐ (397,524) 483,542 340,527 (52,568) 18,424,350 (55,675) 2014 Q3 ‐ (4,010,418) (28,217) 3,008,300 (2,084,954) 18,050,373 (61,175) 2014 Q2 ‐ (275,000) 163,030 143,939 ‐ 21,165,662 (72,175) 2014 Q1 ‐ ‐ 212,132 434,080 ‐ 21,133,693 (72,175) 2013 Q4 ‐ (1,163,336) 74,708 (39,722) 491,136 20,487,481 (72,555) 2013 Q3 ‐ (1,834,326) 249,503 (557,312) 720,286 21,124,695 (74,531) 2013 Q2 ‐ ‐ 307,353 (1,138,250) 655,726 22,546,544 (74,938) 2013 Q1 ‐ (68,750) 154,408 (115,277) ‐ 22,721,715 (74,938) 2012 Q4 2,654,492 (36,667) 126,533 392,943 ‐ 22,751,335 (112,500) 2012 Q3 78,833 (1,439,167) 228,975 808,493 257,272 19,614,034 (112,500) 2012 Q2 880,000 (45,833) 263,077 281,542 ‐ 19,679,628 (112,500) 2012 Q1 2,108,334 ‐ 281,321 454,765 ‐ 18,300,842 (112,500) 2011 Q4 1,420,834 ‐ 140,151 (603,308) ‐ 15,456,421 (112,500) 2011 Q3 834,167 ‐ 140,123 ‐ ‐ 14,498,745 (112,500) 2011 Q2 87,083 ‐ (77,332) 1,514,661 ‐ 13,524,454 (112,500) 2011 Q1 ‐ ‐ 27,016 368,732 ‐ 12,000,042 (112,500) 2010 Q4 3,177,168 ‐ (131,864) 1,695,416 ‐ 11,604,294 (112,500) 2010 Q3 776,417 ‐ (74,905) ‐ ‐ 6,863,575 (112,500) 2010 Q2 110,000 (275,000) (19,041) ‐ ‐ 6,162,062 (112,500) 2010 Q1 548,340 ‐ (121,088) ‐ ‐ 6,346,103 (112,500) 2009 Q4 504,460 (229,167) (86,109) 671,420 ‐ 5,918,851 (112,500) 2009 Q3 1,295,138 ‐ (70,445) ‐ ‐ 5,058,248 (112,500) 2009 Q2 1,364,739 ‐ (68,392) (1,121,336) ‐ 3,833,554 (112,500) 2009 Q1 421,667 ‐ (40,350) ‐ ‐ 3,658,542 (112,500) 2008 Q4 ‐ ‐ (133,560) (649,450) ‐ 3,277,225 (112,500) 2008 Q3 ‐ ‐ (117,130) (219,635) ‐ 4,060,235 (112,500) 2008 Q2 458,334 ‐ (96,305) ‐ ‐ 4,397,000 (112,500) 2008 Q1 4,525,714 (125,712) (365,030) ‐ ‐ 4,034,972 (314,516)

26 Miller Global Fund VI Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES TOTAL 21,245,720 (32,196,913) 10,318,087 (2,146,166) 4,381,017 1,601,743 (3,764,467)

27 Miller Global Fund VII

Fund‐Level Information Client‐Level Information Legal Structure: LLC Risk/Return: Opportunistic Investment End Date: 06/2018 Client Commitment Date: 12/2013 Termination Date: 01/2022 % Ownership of Fund: 6.6% Vintage Year: 2012 Investment Commitment: $15,000,000 No. of Active Investments: 2 Remaining Commitment: $2,986,409 Target Return: 13% Contributions: $16,648,879 NAV + Debt: $55,932,725 Distributions: $19,898,889 Net Asset Value: $14,869,435 Equity Value $763,231 Leverage Ratio: 73.4% NAV % of Portfolio: 0.2% Investment Strategy: Focus on Class A office and hotel Net IRR: 15.1% properties primarily located in major Total Value Multiple: 1.2x markets throughout the U.S.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter (9.2%) (1.9%)(11.0%) (12.9%) 1.0% Year‐to‐Date (16.4%) (2.4%)(19.5%) (21.7%) 2.5% One‐Year (25.8%) (4.7%)(22.1%) (25.9%) 6.5% Two‐Year (12.0%) 4.3%(4.6%) (0.8%) 7.5% Three‐Year (4.7%) 5.1%2.1% 6.9% 7.7% Five‐Year 2.7% 3.1%11.3% 14.6% 9.8% Since Inception 5.0% 1.9%14.6% 16.9% 10.1%

Property Type Diversification Geographic Diversification

Office US West

100.0% 100.0%

Note: All totals may not sum to 100% due to rounding.

28 Miller Global Fund VII Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ ‐ (22,152) (57,973) 2,514 763,231 30,592 2019 Q1 32,991 (10,557) (11,328) (58,178) (2,639) 840,842 19,849 2018 Q4 32,991 ‐ (33,936) 10,118 (800) 890,553 (1,188) 2018 Q3 ‐ (658,818) 425 352,694 (462,145) 882,180 (73,209) 2018 Q2 138,562 (106,777) 24,902 74,843 (42,086) 1,650,024 (89,267) 2018 Q1 ‐ (40,148) 3,393 10,000 (4,361) 1,560,580 (43,793) 2017 Q4 65,982 (2,380,136) (6,423) (1,542,421) 1,384,501 1,591,696 (236,330) 2017 Q3 79,178 (48,496) 37,246 303,520 (10,969) 4,070,193 (170,175) 2017 Q2 65,982 (2,325,129) 29,440 (940,092) 1,144,965 3,709,714 (376,288) 2017 Q1 85,776 (121,738) 39,009 96,143 (38,682) 5,734,548 (45,722) 2016 Q4 32,991 (108,304) 26,404 (64,992) (16,018) 5,674,040 20,101 2016 Q3 49,487 (228,590) 15,530 309,052 (64,695) 5,803,959 (83,410) 2016 Q2 125,366 (75,880) (26,259) 67,764 (1,333) 5,723,175 (66,418) 2016 Q1 2,177,406 (5,805,155) (29,169) (562,851) 898,046 5,633,517 (423,889) 2015 Q4 745,550 (527,144) (150,499) 149,639 174,243 8,955,240 (283,872) 2015 Q3 2,025,647 (1,220,666) (54,897) 193,781 350 8,563,451 (125,700) 2015 Q2 1,121,694 (4,266,971) (336,976) (2,022,848) 2,746,031 7,619,236 (286,649) 2015 Q1 65,982 ‐ 58,754 265,286 ‐ 10,378,306 (123,781) 2014 Q4 112,216 ‐ (48,388) (143,888) ‐ 9,988,284 (38,935) 2014 Q3 ‐ (62,683) 301,385 765,709 ‐ 10,068,344 (236,821) 2014 Q2 ‐ ‐ 277,204 427,475 ‐ 9,063,933 (257,038) 2014 Q1 261,949 (1,007,208) (7,971) 291,452 ‐ 8,359,254 (56,250) 2013 Q4 9,429,129 (904,489) (1,142,466) 1,438,857 ‐ 8,821,032 (347,500) TOTAL 16,648,879 (19,898,889) (1,056,772) (636,910) 5,706,922 763,231 (3,295,693)

29 Principal US Property Account

Fund‐Level Information Client‐Level Information Legal Structure: Insurance SMA Risk/Return: Core Investment End Date: N/A Client Commitment Date: 12/2014 Termination Date: N/A % Ownership of Fund: 0.4% Vintage Year: 2015 Investment Commitment: $25,000,000 No. of Active Investments: 134 Remaining Commitment: $0 Target Return: N/A Contributions: $25,000,000 NAV + Debt: $9,952,044,270 Distributions: $0 Net Asset Value: $8,245,372,249 Equity Value $33,147,187 Leverage Ratio: 17.1% NAV % of Portfolio: 10.5% Investment Strategy: Well‐diversified portfolio reflecting Net IRR: 8.8% overall performance of the U.S. Total Value Multiple: 1.3x commercial real estate market with a low to moderate risk profile.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter 1.3% 1.1%0.5% 1.5% 1.0% Year‐to‐Date 3.0% 2.2%1.2% 3.5% 2.5% One‐Year 6.9% 4.4%3.4% 7.9% 6.5% Two‐Year 7.6% 4.6%3.9% 8.6% 7.5% Three‐Year 8.0% 4.6%4.2% 9.0% 7.7% Five‐Year N/A N/AN/A N/A N/A Since Inception 8.2% 4.7%4.4% 9.3% 8.3%

Property Type Diversification Geographic Diversification

0.7% 4.8% 15.1%

Office 22.6% US West 39.6% Industrial 46.6% US East 19.8% Residential US South Retail US Midwest Land 26.1% 24.8%

Note: All totals may not sum to 100% due to rounding.

30 Principal US Property Account Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ ‐ 278,439 147,507 ‐ 33,147,187 (77,925) 2019 Q1 ‐ ‐ 278,843 254,138 ‐ 32,721,241 (76,001) 2018 Q4 ‐ ‐ 258,676 137,746 ‐ 32,188,260 (76,586) 2018 Q3 ‐ ‐ 263,539 510,766 ‐ 31,791,838 (75,193) 2018 Q2 ‐ ‐ 285,201 390,013 ‐ 31,017,533 (72,698) 2018 Q1 ‐ ‐ 295,680 271,108 ‐ 30,342,320 (70,442) 2017 Q4 ‐ ‐ 247,066 287,459 ‐ 29,775,532 (70,720) 2017 Q3 ‐ ‐ 257,576 338,673 ‐ 29,241,006 (69,357) 2017 Q2 ‐ ‐ 258,695 323,168 ‐ 28,644,757 (67,031) 2017 Q1 ‐ ‐ 262,837 248,798 ‐ 28,062,894 (65,022) 2016 Q4 ‐ ‐ 242,164 432,346 ‐ 27,551,259 (65,491) 2016 Q3 5,000,000 ‐ 236,063 256,429 ‐ 26,876,748 (60,768) 2016 Q2 ‐ ‐ 210,361 267,977 ‐ 21,384,256 (52,513) 2016 Q1 ‐ ‐ 203,153 174,107 ‐ 20,905,917 (51,464) 2015 Q4 20,000,000 ‐ 174,059 354,599 ‐ 20,528,658 (46,556) TOTAL 25,000,000 ‐ 3,752,350 4,394,835 ‐ 33,147,187 (997,767)

31 Prologis Targeted US Logistics Fund

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Core Investment End Date: N/A Client Commitment Date: 07/2007 Termination Date: N/A % Ownership of Fund: 0.7% Vintage Year: 2007 Investment Commitment: $35,000,000 No. of Active Investments: 585 Remaining Commitment: $0 Target Return: 9% Contributions: $48,828,542 NAV + Debt: $11,381,512,000 Distributions: $13,829,314 Net Asset Value: $9,273,495,000 Equity Value $65,515,493 Leverage Ratio: 18.5% NAV % of Portfolio: 20.9% Investment Strategy: Invest in logistics real estate assets in Net IRR: 5.6% key U.S. Submarkets near airports, Total Value Multiple: 1.6x seaports and ground transportation hubs that are critical to trade.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter 4.3% 1.1%3.8% 4.9% 1.0% Year‐to‐Date 7.3% 2.3%5.9% 8.3% 2.5% One‐Year 14.4% 4.8%11.2% 16.4% 6.5% Two‐Year 17.5% 5.0%14.8% 20.3% 7.5% Three‐Year 17.2% 5.3%14.3% 20.2% 7.7% Five‐Year 16.3% 5.5%12.8% 18.9% 9.8% Since Inception 5.5% 6.2%1.1% 7.4% 7.1%

Property Type Diversification Geographic Diversification

10.0%

17.5% US West US South Industrial 49.9% US East US Midwest

22.6% 100.0%

Note: All totals may not sum to 100% due to rounding.

32 Prologis Targeted US Logistics Fund Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 660,065 (660,065) 614,410 2,076,166 ‐ 65,515,493 (386,626) 2019 Q1 683,641 (684,413) 671,618 1,119,724 ‐ 62,824,918 (195,064) 2018 Q4 475,679 (475,679) 610,789 1,221,851 ‐ 61,034,348 (256,751) 2018 Q3 402,878 (402,878) 635,924 1,281,248 ‐ 59,201,709 (237,209) 2018 Q2 399,191 (399,191) 615,577 2,149,113 ‐ 57,284,536 (445,930) 2018 Q1 425,336 (425,336) 609,413 1,278,598 ‐ 54,519,846 (237,700) 2017 Q4 343,633 ‐ 587,389 1,315,051 ‐ 52,631,834 (320,922) 2017 Q3 375,903 (343,633) 560,258 2,720,063 ‐ 50,385,761 (601,029) 2017 Q2 456,216 (375,903) 562,246 986,512 ‐ 47,073,170 (376,439) 2017 Q1 454,785 (456,216) 535,104 1,222,581 ‐ 45,444,099 (325,259) 2016 Q4 373,327 (454,785) 551,252 1,741,554 ‐ 43,687,845 (422,425) 2016 Q3 384,067 (373,327) 548,449 617,757 ‐ 41,476,496 (116,992) 2016 Q2 411,816 (384,067) 504,954 734,884 ‐ 40,299,551 (128,311) 2016 Q1 375,665 (411,816) 473,977 310,652 ‐ 39,031,964 (39,347) 2015 Q4 354,068 (375,665) 476,926 1,226,181 ‐ 38,283,485 (272,086) 2015 Q3 243,379 (354,068) 473,728 660,998 ‐ 36,601,975 (145,420) 2015 Q2 334,972 (243,379) 443,114 877,026 ‐ 35,577,937 (203,734) 2015 Q1 317,967 (334,972) 411,935 599,476 ‐ 34,166,205 (113,642) 2014 Q4 308,205 (317,967) 415,410 1,293,437 ‐ 33,171,799 (296,278) 2014 Q3 297,951 (308,205) 407,634 541,196 ‐ 31,472,714 (97,688) 2014 Q2 308,934 (297,951) 401,489 640,631 ‐ 30,534,138 (151,422) 2014 Q1 297,352 (308,934) 342,488 379,310 ‐ 29,481,035 (73,395) 2013 Q4 288,517 (297,352) 383,403 686,674 ‐ 28,770,819 (184,185) 2013 Q3 268,838 (288,517) 283,300 567,542 ‐ 27,709,577 (130,975) 2013 Q2 262,590 (268,838) 49,063 1,819,118 ‐ 26,878,414 (349,690) 2013 Q1 226,263 (262,590) 347,995 202,825 ‐ 25,016,481 (54,059) 2012 Q4 224,148 (226,263) 279,928 469,371 ‐ 24,501,988 (93,490) 2012 Q3 222,019 (224,148) 311,599 301,195 ‐ 23,754,804 (69,942) 2012 Q2 219,885 (222,019) 330,744 150,390 ‐ 23,144,140 (50,225) 2012 Q1 193,070 (219,885) 245,261 673,300 ‐ 22,665,139 (132,591) 2011 Q4 191,319 (193,070) 331,387 539,261 ‐ 21,773,393 (66,056) 2011 Q3 189,587 (191,319) 317,101 (173,623) ‐ 20,904,497 (51,549) 2011 Q2 187,779 (189,587) 299,550 970,151 ‐ 20,762,750 (49,348) 2011 Q1 159,011 (187,779) 300,637 615,076 ‐ 19,494,857 (51,882) 2010 Q4 157,556 (159,011) 340,795 1,207,104 ‐ 18,607,912 (58,788) 2010 Q3 155,994 (157,556) 321,244 1,165,284 ‐ 17,061,468 (58,945) 2010 Q2 154,471 (155,994) 312,546 (403,823) ‐ 15,576,503 (60,254) 2010 Q1 ‐ (154,471) 300,738 (54,791) ‐ 15,669,303 (63,383) 2009 Q4 ‐ ‐ 365,454 (1,838,403) ‐ 15,577,826 (75,856) 2009 Q3 ‐ ‐ 392,107 (5,275,382) ‐ 17,050,775 (74,244) 2009 Q2 ‐ ‐ 399,788 (2,938,321) ‐ 21,934,050 (82,959) 2009 Q1 230,940 ‐ 401,007 (726,128) ‐ 24,472,583 (82,508) 2008 Q4 406,380 (230,940) 443,536 (6,539,058) ‐ 24,566,764 (86,352) 2008 Q3 401,980 (406,380) 429,867 (6,667,449) ‐ 30,486,846 (82,347) 2008 Q2 397,578 (401,980) 300,863 527,689 ‐ 36,728,827 (156,489) 2008 Q1 385,303 (397,578) 228,217 475,045 ‐ 35,904,677 (220,829)

33 Prologis Targeted US Logistics Fund Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2007 Q4 15,220,284 (385,303) 382,396 (321,428) ‐ 35,213,690 (68,869) 2007 Q3 20,000,000 (220,284) 161,876 376,149 ‐ 20,317,741 (98,613) TOTAL 48,828,542 (13,829,314) 19,714,487 10,801,777 ‐ 65,515,493 (7,998,095)

34 RREEF America REIT II

Fund‐Level Information Client‐Level Information Legal Structure: Private REIT Risk/Return: Core Investment End Date: N/A Client Commitment Date: 06/2005 Termination Date: N/A % Ownership of Fund: 0.4% Vintage Year: 2016 Investment Commitment: $52,500,000 No. of Active Investments: 109 Remaining Commitment: $0 Target Return: 2% Contributions: $54,109,553 NAV + Debt: $14,032,671,208 Distributions: $16,238,888 Net Asset Value: $11,650,812,320 Equity Value $50,791,947 Leverage Ratio: 17.0% NAV % of Portfolio: 16.2% Investment Strategy: Attractive risk adjusted returns from a Net IRR: 10.0% portfolio of modestly leveraged equity Total Value Multiple: 1.2x investments in income producing real estate.

Summary of Performance1 For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter 1.5% 1.0%0.8% 1.8% 1.0% Year‐to‐Date 3.2% 2.1%1.6% 3.7% 2.5% One‐Year 6.5% 4.2%3.2% 7.5% 6.5% Two‐Year 7.1% 4.3%3.8% 8.1% 7.5% Three‐Year 7.1% 4.3%3.7% 8.1% 7.7%

1. Excluding the $7.5million investment made in the 2nd quarter of 2005, which was liquidated in the 3rd quarter of 2007.

Property Type Diversification Geographic Diversification

9.1% 19.1%

32.9% Office 16.2% US West 41.5% Industrial US East Retail US South 19.2% Residential US Midwest

33.2% 28.8%

Note: All totals may not sum to 100% due to rounding.

35 RREEF America REIT II Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ (396,265) 388,726 377,392 10,969 50,791,947 (119,504) 2019 Q1 ‐ (394,755) 396,229 403,079 (2,052) 50,411,125 (118,563) 2018 Q4 ‐ (392,132) 394,783 450,679 ‐ 50,008,625 (118,155) 2018 Q3 ‐ (393,378) 392,138 306,379 9,702 49,555,295 (116,989) 2018 Q2 ‐ (385,866) 393,377 509,971 22,883 49,240,454 (115,567) 2018 Q1 ‐ (396,499) 385,868 633,468 ‐ 48,700,089 (114,143) 2017 Q4 ‐ (388,324) 396,501 555,203 (2,011) 48,077,253 (112,762) 2017 Q3 ‐ (372,088) 388,332 316,807 ‐ 47,515,883 (111,816) 2017 Q2 ‐ (363,705) 372,069 335,153 128 47,182,833 (111,026) 2017 Q1 ‐ (394,569) 363,704 205,811 5,322 46,839,188 (110,435) 2016 Q4 11,250,000 (297,260) 394,320 710,051 3,012 46,658,920 (108,933) 2016 Q3 11,250,000 (190,981) 297,642 280,287 19,594 34,598,796 (81,329) 2016 Q2 22,500,000 ‐ 190,658 281,833 (30,237) 22,942,255 (53,736) 2007 Q3 ‐ (10,147,755) ‐ ‐ ‐ ‐ ‐ 2007 Q2 159,797 (115,756) 92,831 ‐ 309,834 10,147,755 (31,734) 2007 Q1 473,036 (159,797) 117,003 ‐ 222,270 9,701,049 (10,417) 2006 Q4 156,695 (473,036) 140,144 ‐ 245,546 9,048,537 18,452 2006 Q3 250,433 (156,696) 63,784 ‐ 148,886 8,979,188 (61,215) 2006 Q2 109,146 (250,433) 76,152 ‐ 195,591 8,672,781 (43,714) 2006 Q1 297,764 (109,146) 160,267 ‐ 188,098 8,542,325 40,755 2005 Q4 114,106 (297,764) 47,245 ‐ 235,943 8,005,342 (73,943) 2005 Q3 48,576 (114,106) 60,411 ‐ 244,593 7,905,812 (59,791) 2005 Q2 7,500,000 (48,576) 39,647 ‐ 175,267 7,666,338 (4,130) TOTAL 54,109,553 (16,238,888) 5,551,830 5,366,114 2,003,339 50,791,947 (1,618,696)

36 Stockbridge Value Fund III

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Value Add Investment End Date: 04/2020 Client Commitment Date: 10/2017 Termination Date: 04/2025 % Ownership of Fund: 12.7% Vintage Year: 2017 Investment Commitment: $45,000,000 No. of Active Investments: 10 Remaining Commitment: $30,764,789 Target Return: 12% gross Contributions: $14,235,211 NAV + Debt: $332,745,617 Distributions: $490,574 Net Asset Value: $104,234,312 Equity Value $13,212,801 Leverage Ratio: 68.7% NAV % of Portfolio: 4.2% Investment Strategy: The Fund will invest in a portfolio of Net IRR: (4.5%) multifamily, retail, industrial, and office Total Value Multiple: 1.0x properties across the U.S. seeking value‐ added returns.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter 0.9% 1.1%0.7% 1.9% 1.0% Year‐to‐Date 1.8% 2.0%1.8% 3.8% 2.5% One‐Year 0.8% 3.7%1.9% 5.7% 6.5% Two‐Year N/A N/AN/A N/A N/A Three‐Year N/A N/AN/A N/A N/A Five‐Year N/A N/AN/A N/A N/A Since Inception (6.5%) 3.4%0.6% 4.0% 6.9%

Property Type Diversification Geographic Diversification

5.0% 6.9% 10.1%

26.7% Industrial US South 39.8% Residential 10.8% US East Office US Midwest Retail US West 72.2%

28.5%

Note: All totals may not sum to 100% due to rounding.

37 Stockbridge Value Fund III Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ (81,629) 20,236 98,457 ‐ 13,212,801 (129,021) 2019 Q1 ‐ (80,172) (14,566) 134,279 ‐ 13,175,737 (127,603) 2018 Q4 4,563,380 (80,075) (61,573) (83,470) ‐ 13,136,195 (130,438) 2018 Q3 ‐ (59,771) (44,177) 86,230 ‐ 8,797,933 (130,438) 2018 Q2 9,671,831 (188,928) (583,519) (83,732) ‐ 8,815,652 (619,583) TOTAL 14,235,211 (490,574) (683,598) 151,763 ‐ 13,212,801 (1,137,083)

38 Walton Street Real Estate Fund V

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Opportunistic Investment End Date: 06/2010 Client Commitment Date: 08/2006 Termination Date: 06/2017 % Ownership of Fund: 1.9% Vintage Year: 2005 Investment Commitment: $30,000,000 No. of Active Investments: 8 Remaining Commitment: $0 Target Return: 18% Contributions: $30,000,000 NAV + Debt: $425,016,198 Distributions: $18,490,390 Net Asset Value: $235,226,151 Equity Value $4,420,146 Leverage Ratio: 44.7% NAV % of Portfolio: 1.4% Investment Strategy: Diversified global value enhancement, Net IRR: (3.0%) value investing & event‐driven Total Value Multiple: 0.8x investment by capital market or real estate fundamentals.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter (4.3%) (1.0%)(3.2%) (4.2%) 1.0% Year‐to‐Date (3.9%) 0.2%(3.8%) (3.6%) 2.5% One‐Year (16.0%) 0.6%(16.1%) (15.5%) 6.5% Two‐Year (9.6%) 1.2%(10.2%) (9.1%) 7.5% Three‐Year (6.5%) 2.6%(8.2%) (5.8%) 7.7% Five‐Year (0.6%) 3.0%(2.5%) 0.5% 9.8% Since Inception (2.3%) 1.9%(2.4%) (0.5%) 7.9%

Property Type Diversification Geographic Diversification

2.6% 4.7% 18.4% 17.3% Asia Residential 32.8% Latin America Other Property US East Hotel 56.7% US West 22.2% Retail 22.4% US South 22.7%

Note: All totals may not sum to 100% due to rounding.

39 Walton Street Real Estate Fund V Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ ‐ (53,553) (148,035) 2,462 4,420,146 (6,355) 2019 Q1 ‐ (1,691,194) 53,056 (4,104) (26,475) 4,619,272 (6,355) 2018 Q4 ‐ ‐ 11,325 317,833 (841,960) 6,287,989 (9,331) 2018 Q3 ‐ ‐ (2,475) (399,099) 3,918 6,800,791 (9,230) 2018 Q2 ‐ (281,866) 11,528 (95,860) (24,378) 7,198,447 (9,694) 2018 Q1 ‐ ‐ 125,940 (418,770) 3,190 7,589,023 (9,988) 2017 Q4 ‐ (845,597) 14,297 64,983 131,304 7,878,663 (10,085) 2017 Q3 ‐ ‐ (51,358) 59,824 (5,838) 8,513,676 (10,220) 2017 Q2 ‐ (2,649,538) 341,588 (111,553) (182,609) 8,511,048 (33,439) 2017 Q1 ‐ (375,821) 59,512 (499,047) 484,784 11,113,160 (37,759) 2016 Q4 ‐ (751,642) (2,666) (395,728) 245,780 11,443,732 (42,816) 2016 Q3 ‐ (1,127,463) (27,779) (297,893) 355,252 12,347,988 (44,987) 2016 Q2 ‐ ‐ 40,036 (28,903) 1,143 13,445,871 (45,184) 2016 Q1 ‐ ‐ 259,295 (20,143) (17,552) 13,433,595 (45,184) 2015 Q4 ‐ ‐ 66,723 53,547 (13,453) 13,211,995 (45,184) 2015 Q3 ‐ (469,776) (112,924) 390,676 (95,023) 13,105,178 (45,324) 2015 Q2 ‐ ‐ 32,866 429,822 (3,747) 13,392,225 (45,600) 2015 Q1 ‐ ‐ 257,689 415,030 (138,887) 12,933,284 (45,600) 2014 Q4 ‐ (2,067,015) 43,848 (64,147) 669,036 12,399,452 (47,852) 2014 Q3 ‐ (2,067,015) (12,615) (125,375) 315,731 13,817,730 (50,934) 2014 Q2 ‐ (1,465,702) 73,091 (916,567) 1,136,236 15,707,004 (53,064) 2014 Q1 ‐ ‐ 294,522 324,548 (57,815) 16,879,946 (54,272) 2013 Q4 ‐ (939,552) 130,810 474,648 (215,982) 16,318,692 (54,600) 2013 Q3 ‐ ‐ 64,072 903,163 (449,854) 16,868,768 (55,971) 2013 Q2 ‐ (1,879,105) (8,956) 543,545 93,782 16,351,387 (59,232) 2013 Q1 ‐ ‐ 177,971 125,115 (2,699) 17,602,121 (88,329) 2012 Q4 ‐ ‐ (5,567) 1,163,710 (316,807) 17,301,734 (61,661) 2012 Q3 ‐ ‐ (102,036) 467,131 (149,827) 16,460,398 (53,559) 2012 Q2 ‐ ‐ (12,482) 4,464,753 (4,426,810) 16,245,130 (68,271) 2012 Q1 ‐ (939,552) 130,752 409,928 (361,544) 16,219,669 (76,189) 2011 Q4 ‐ (939,552) 8,774 (47,024) 213,559 16,980,085 (82,078) 2011 Q3 ‐ ‐ 161,248 54,489 113,919 17,744,328 (86,116) 2011 Q2 ‐ ‐ 99,257 476,105 (13,348) 17,414,672 (87,383) 2011 Q1 ‐ ‐ 99,718 197,422 (36,556) 16,852,658 (88,381) 2010 Q4 ‐ ‐ (173,102) 3,542,191 (669,336) 16,592,074 (91,526) 2010 Q3 ‐ ‐ (5,327) 516,932 20,850 13,892,321 (95,336) 2010 Q2 ‐ ‐ (85) 527,278 523,621 13,359,866 (95,336) 2010 Q1 ‐ ‐ 258,256 1,454,091 (922,262) 12,309,052 (95,082) 2009 Q4 ‐ ‐ (52,090) 5,414,644 (1,007,891) 11,518,967 (112,167) 2009 Q3 ‐ ‐ (176,330) (670,405) 26,950 7,164,304 (112,167) 2009 Q2 ‐ ‐ (57,377) (6,543,868) (32,173) 7,984,089 (112,167) 2009 Q1 ‐ ‐ (295,067) (1,683,057) (113,072) 14,617,507 (112,167) 2008 Q4 779,922 ‐ (227,344) (7,830,601) (1,898) 16,708,703 (110,641) 2008 Q3 1,409,329 ‐ 99,793 (7,354,884) 6,845 23,988,624 (104,187) 2008 Q2 2,348,881 ‐ (4,187) 820,047 ‐ 29,827,541 (95,303) 2008 Q1 2,818,657 ‐ 239,773 (417,877) (41,015) 26,662,800 (92,593)

40 Walton Street Real Estate Fund V Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2007 Q4 ‐ ‐ (414,348) 1,925,247 (17,961) 24,063,262 (84,912) 2007 Q3 ‐ ‐ (334,979) (226,241) 60,760 22,570,324 (84,912) 2007 Q2 11,368,583 ‐ 43,319 44,626 ‐ 23,070,784 (65,886) 2007 Q1 3,758,209 ‐ (38,676) 376,777 (8,770) 11,614,256 (40,416) 2006 Q4 2,818,657 ‐ (116,276) 466,012 (34,136) 7,526,716 (28,870) 2006 Q3 4,697,762 ‐ (203,950) (101,353) ‐ 4,392,459 (46,119) TOTAL 30,000,000 (18,490,390) 707,510 (1,976,417) (5,820,556) 4,420,146 (3,150,014)

41 Walton Street Real Estate Fund VI

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Opportunistic Investment End Date: 03/2013 Client Commitment Date: 04/2009 Termination Date: 03/2021 % Ownership of Fund: 0.8% Vintage Year: 2009 Investment Commitment: $15,000,000 No. of Active Investments: 12 Remaining Commitment: $0 Target Return: 18% Contributions: $13,297,180 NAV + Debt: $1,329,926,774 Distributions: $14,827,394 Net Asset Value: $554,563,375 Equity Value $5,660,984 Leverage Ratio: 58.3% NAV % of Portfolio: 1.8% Investment Strategy: Diversified global value enhancement, Net IRR: 8.8% value investing & event‐driven Total Value Multiple: 1.5x investment by capital market or real estate fundamentals.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total SJ Blended Quarter (0.4%) 0.4%(0.5%) (0.1%) 1.0% Year‐to‐Date 0.9% 2.6%(1.2%) 1.4% 2.5% One‐Year (0.5%) 4.5%(11.0%) (6.9%) 6.5% Two‐Year 4.3% 3.9%(6.6%) (2.9%) 7.5% Three‐Year 2.0% 3.5%(5.3%) (1.9%) 7.7% Five‐Year 4.3% 3.3%(1.3%) 2.0% 9.8% Since Inception (25.4%) (11.1%)0.3% (20.1%) 9.2%

Property Type Diversification Geographic Diversification

0.4% 1.5% 2.4% 2.3%

4.6%2.1% 3.0% Other Property 4.5% 9.7% US East Residential US Midwest Hotel Asia Office US South Land Latin America Retail 81.6% 87.8%

Note: All totals may not sum to 100% due to rounding.

42 Walton Street Real Estate Fund VI Investment Activity Statement

NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ (469,312) 8,048 70,656 (99,958) 5,660,984 (15,077) 2019 Q1 ‐ ‐ 115,411 (33,520) (6,357) 6,151,550 (15,807) 2018 Q4 ‐ ‐ 69,250 (317,278) 27,032 6,076,016 3,372 2018 Q3 ‐ ‐ 16,891 50,817 67,749 6,297,012 431,837 2018 Q2 ‐ ‐ 92,050 16,684 25,551 6,161,555 178,860 2018 Q1 ‐ (387,665) 18,021 100,998 17,787 6,027,270 259,965 2017 Q4 ‐ (310,132) 18,317 53,969 62,145 6,278,129 31,329 2017 Q3 ‐ (465,198) (4,415) (229,411) 387,958 6,453,830 (12,876) 2017 Q2 ‐ ‐ 84,685 (34,547) 73,257 6,764,896 76,418 2017 Q1 ‐ (460,333) 43,670 (2,544) 51,832 6,641,501 88,785 2016 Q4 ‐ ‐ 15,177 (137,559) 179,672 7,008,876 161,897 2016 Q3 ‐ (694,042) (46,049) (945,021) 506,883 6,951,586 (553,297) 2016 Q2 ‐ (915,825) 1,286 (249,847) 268,551 8,129,816 354,178 2016 Q1 ‐ (272,734) 92,270 (368,457) 145,306 9,025,651 (390,285) 2015 Q4 ‐ (1,404,624) (30,070) (428,907) 828,978 9,429,266 297,507 2015 Q3 ‐ (709,674) 48,682 (794,670) 974,665 10,463,889 (25,908) 2015 Q2 ‐ (1,515,180) 73,094 (501,186) 806,342 10,944,886 (129,217) 2015 Q1 ‐ (1,796,472) 44,041 73,142 234,213 12,081,816 (172,982) 2014 Q4 ‐ (930,396) 113,929 (1,128,404) 1,370,256 13,526,892 (135,970) 2014 Q3 ‐ (1,007,929) 102,971 (55,488) 243,933 14,101,507 3,162 2014 Q2 ‐ (775,330) 41,593 17,822 333,246 14,818,020 (185,026) 2014 Q1 ‐ ‐ 74,724 176,025 554,356 15,200,689 (837,701) 2013 Q4 ‐ ‐ 33,928 105,442 477,868 14,395,584 (48,419) 2013 Q3 600,000 ‐ 100,618 132,146 10,252 13,778,346 (47,977) 2013 Q2 ‐ ‐ 71,752 382,419 74,022 12,935,330 (46,715) 2013 Q1 ‐ ‐ 112,435 190,516 59,690 12,407,137 (54,093) 2012 Q4 ‐ (682,291) (41,504) 403,314 262,316 12,044,496 (40,636) 2012 Q3 1,500,000 ‐ 125,535 22,241 19,749 12,102,661 (41,373) 2012 Q2 ‐ (557,130) 170,249 944,335 (992,781) 10,435,136 (42,514) 2012 Q1 2,250,000 ‐ 129,121 30,984 23,610 10,870,463 (41,974) 2011 Q4 ‐ (1,473,127) (2,663) (149,876) 432,946 8,436,748 (39,308) 2011 Q3 ‐ ‐ 21,916 (123,129) 171,875 9,629,468 (40,144) 2011 Q2 2,250,000 ‐ 6,774 89,254 2,071 9,558,806 (38,167) 2011 Q1 ‐ ‐ 16,929 418,589 30,419 7,210,707 (30,143) 2010 Q4 1,597,180 ‐ (103,796) 2,144,211 19,958 6,744,770 (28,180) 2010 Q3 ‐ ‐ (74,942) 153,474 42,792 3,087,217 (25,341) 2010 Q2 1,200,000 ‐ (111,405) 600,551 172,493 2,965,893 (20,698) 2010 Q1 ‐ ‐ (138,641) 81,235 ‐ 1,104,254 (18,628) 2009 Q4 ‐ ‐ (158,997) (342,503) (9,907) 1,161,660 (19,201) 2009 Q3 1,650,000 ‐ (120,366) (47,039) 30,810 1,673,067 (14,182) 2009 Q2 2,250,000 ‐ (643,025) (1,440,533) (6,780) 159,662 (68,829) TOTAL 13,297,180 (14,827,394) 387,494 (1,071,095) 7,874,800 5,660,984 (1,293,359)

43 Commercial Mortgage Portfolio * Performance data excluded from the Real Estate portfolio

For the period ended June 30, 2019

Report prepared for:

SAN JOAQUIN COUNTY EMPLOYEES' RETIREMENT ASSOCIATION IMPORTANT INFORMATION

This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or otherservicesbyStepStoneGroupLP,StepStone Group Real Assets LP, StepStone Group Real Estate LP, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use. Thus, all such information is subject to independent verification by prospective investors. The presentation is being made based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing in private market products. All expressions of opinion are intended solely as general market commentary and do not constitute investment advice or a guarantee of returns. All expressions of opinion are as of the date of this document, are subject to change without notice and may differ from views held by other businesses of StepStone. All valuations are based on current values calculated in accordance with StepStone's Valuation Policies and may include both realized and unrealized investments. Due to the inherent uncertainty of valuation, the stated value may differ significantly from the value that would have been used had a ready market existed for all of the portfolio investments, and the difference could be material. The long‐term value of these investments may be lesser or greater than the valuations provided. StepStone Group LP, its affiliates and employees are not in the business of providing tax, legal or accounting advice. Any tax‐ related statements contained in these materials are provided for illustration purposes only and cannot be relied upon for the purpose of avoiding tax penalties. Any taxpayer should seek advice based onthetaxpayer’sparticularcircumstancesfroman independent tax advisor. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective investor is urged to discuss any prospective investment with its legal, taxandregulatoryadvisorsinordertomakean independent determination of the suitability and consequences of such an investment. An investment involves a number of risks and there are conflicts of interest. Each of StepStone Group LP, StepStone Group Real Assets LP and StepStone Group Real Estate LP is an investment adviser registered with the Securities and Exchange Commission (“SEC”). StepStone Group Europe LLP is authorized and regulated by the Financial Conduct Authority, firm reference number 551580. Swiss Capital Invest Holding (Dublin) Ltd (“SCHIDL”) is an SEC Registered Investment Advisor. Such registrations do not imply a certain level of skill or training and no inference to the contrary should be made. None of StepStone is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with any investor’s continued engagement of StepStone. All data is as of June 30, 2019, unless otherwise noted.

1 TOTAL PORTFOLIO Investment Activity Statement NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 179,291 (2,141,978) 3,102,262 2,762,772 (1,050,936) 222,511,559 (264,044) 2019 Q1 1,259,143 (1,265,554) 3,264,097 1,853,365 (243,436) 219,660,148 (289,047) 2018 Q4 11,285,175 (5,909,126) 3,270,524 (527,705) (506,040) 214,792,534 (347,499) 2018 Q3 1,525,882 (6,041,869) 3,176,897 (864,750) (365,325) 207,179,704 (294,418) 2018 Q2 1,191,561 (1,258,988) 3,436,575 (1,452,200) (542,383) 209,748,868 (303,573) 2018 Q1 1,633,170 (1,694,959) 3,150,477 (1,720,281) (579,241) 208,374,304 (298,728) 2017 Q4 1,279,746 (7,393,652) 3,734,167 (1,498,951) (618,213) 207,585,137 (338,490) 2017 Q3 16,376,927 (7,615,520) 3,671,206 (775,825) (389,802) 212,082,041 (336,890) 2017 Q2 1,030,203 (1,322,692) 3,328,647 808,429 (592,006) 200,815,054 (296,979) 2017 Q1 1,083,502 (1,852,827) 3,294,399 105,926 (649,038) 197,562,473 (285,193) 2016 Q4 1,213,148 (7,043,374) 3,372,699 (2,902,820) (2,021,219) 195,580,510 (511,666) 2016 Q3 1,240,783 (4,169,022) 3,702,590 1,174,396 (445,764) 202,962,075 (286,775) 2016 Q2 1,422,527 (56,761,281) 3,899,851 (281,664) 318,679 201,459,093 (307,189) 2016 Q1 6,633,180 (47,463,219) 5,256,747 (3,068,769) 1,687,852 252,860,981 (426,274) 2015 Q4 6,137,116 (5,802,814) 4,645,855 (3,604,627) (958,938) 289,815,191 (515,259) 2015 Q3 1,800,788 (9,494,422) 4,573,310 462,225 (713,297) 289,398,598 (403,026) 2015 Q2 6,472,531 (2,161,781) 5,230,946 (3,357,561) (1,815,410) 292,769,994 (497,959) 2015 Q1 1,469,452 (1,690,073) 4,245,354 2,961,843 (1,342,485) 288,401,268 (425,043) 2014 Q4 1,595,991 (11,216,104) 4,395,246 288,620 (623,596) 282,757,177 (526,744) 2014 Q3 20,050,124 (4,031,563) 4,338,470 (1,993,320) (432,899) 288,317,019 (490,949) 2014 Q2 185,148 (39,523,853) 4,035,110 (196,265) (487,739) 270,386,207 (546,250) 2014 Q1 2,014,310 (10,799,233) 5,037,158 790,432 (1,131,731) 306,373,805 (606,424) 2013 Q4 7,123,996 (7,306,946) 4,105,653 (3,828,662) (130,225) 310,462,870 (728,907) 2013 Q3 3,925,189 (8,374,647) 4,669,781 (2,152,399) (1,855,098) 310,499,055 (1,083,283) 2013 Q2 195,245 (16,012,180) 5,890,247 (9,303,321) (716,975) 314,286,230 (779,658) 2013 Q1 193,054 (12,180,625) 6,250,510 1,596,384 (969,956) 334,233,211 (664,443) 2012 Q4 187,301 (13,700,737) 5,460,161 9,629,789 3,849,684 339,343,845 (2,540,307) 2012 Q3 8,422,598 (3,075,222) 6,229,175 7,618,028 (1,394,900) 333,917,646 (551,588) 2012 Q2 4,055,976 (6,765,060) 5,434,430 2,944,130 (638,670) 316,117,966 (523,067) 2012 Q1 103,795,809 (2,776,302) 4,091,797 2,567,220 197,569 311,087,160 (419,211) 2011 Q4 4,839,910 (2,976,776) 3,249,119 840,606 (667,753) 203,211,066 (287,748) 2011 Q3 5,791,372 (2,615,448) 3,261,071 (1,620,151) 466,984 197,925,960 (358,329) 2011 Q2 6,999,492 (3,227,246) 3,430,478 791,062 212,102 192,642,134 (358,207) 2011 Q1 1,853,143 (2,675,955) 3,990,153 (321,494) (544,664) 184,436,245 (357,380) 2010 Q4 13,788,563 (3,327,848) 5,531,169 (3,745,581) (331,136) 182,135,061 (369,969) 2010 Q3 14,423,898 (2,084,434) 3,661,922 2,758,096 8,211 170,219,892 (317,745) 2010 Q2 16,448,469 (2,796,280) 3,518,989 4,644,480 4,302 151,452,200 (288,772) 2010 Q1 2,287,770 (3,942,076) 1,225,775 4,867,710 524,257 129,632,240 (1,166,653) 2009 Q4 ‐ (7,606,941) 3,449,610 424,022 186,880 124,668,801 172,026 2009 Q3 ‐ (2,334,047) 3,671,558 4,438,673 (13,469) 128,215,230 (209,394) 2009 Q2 ‐ (3,331,792) 3,594,399 1,747,720 ‐ 122,452,514 (84,254) 2009 Q1 25,722,892 (1,662,144) 3,128,855 (161,703) ‐ 120,442,187 188,746 2008 Q4 25,000,000 (6,263,716) 2,257,261 (24,945,739) ‐ 93,414,288 (180,627) 2008 Q3 ‐ (1,326,724) 2,283,773 (1,141,561) 96,676 97,366,482 12,468 2008 Q2 76,445,783 (530,435) 2,118,147 (1,626,872) ‐ 97,454,318 (110,159) 2008 Q1 20,396,323 ‐ 835,856 (184,484) ‐ 21,047,694 (1,038,291) TOTAL 428,976,480 (353,547,485) 177,502,476 (15,200,777) (15,219,148) 222,511,559 (20,643,168)

1 Doubleline Total Return Mortgage Backed Securities

Fund‐Level Information Client‐Level Information Legal Structure: SMA Risk/Return: Core Investment End Date: N/A Client Commitment Date: 02/2012 Termination Date: N/A % Ownership of Fund: 100.0% Vintage Year: 2012 Investment Commitment: $135,000,000 No. of Active Investments: 254 Remaining Commitment: $0 Target Return: N/A Contributions: $140,009,611 NAV + Debt: $108,522,971 Distributions: $72,849,405 Net Asset Value: $108,522,971 Equity Value $108,522,971 Leverage Ratio: N/A NAV % of Portfolio: 48.8% Investment Strategy: Produce a total return in excess of Net IRR: 6.1% Barclays' Capital U.S. Mortgage Backed Total Value Multiple: 1.3x Securities Index.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total BC Agg Bond Quarter 2.5% 1.9%0.8% 2.7% 3.1% Year‐to‐Date 4.8% 4.0%1.2% 5.2% 6.1% One‐Year 6.7% 7.9%(0.4%) 7.5% 7.9% Two‐Year 3.9% 8.2%(3.4%) 4.6% 3.7% Three‐Year 4.0% 9.0%(3.9%) 4.8% 2.3% Five‐Year 4.4% 8.8%(3.4%) 5.1% 3.0% Since Inception 5.5% 8.4%(2.0%) 6.2% 2.8%

Property Type Diversification Geographic Diversification

Other Property US Other

100.0% 100.0%

Note: All totals may not sum to 100% due to rounding.

2 Doubleline Total Return Mortgage Backed Securities Investment Activity Statement NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 179,291 ‐ 1,793,030 1,492,317 (642,354) 108,522,971 (185,399) 2019 Q1 179,937 ‐ 1,969,841 953,658 (597,438) 105,700,687 (179,291) 2018 Q4 10,160,420 ‐ 1,661,462 70,829 (506,116) 103,194,690 (179,937) 2018 Q3 157,583 ‐ 1,590,826 (562,851) (471,911) 91,808,092 (160,420) 2018 Q2 155,096 ‐ 1,625,111 (653,400) (661,204) 91,094,445 (157,583) 2018 Q1 158,286 ‐ 1,619,956 (799,018) (486,306) 90,628,843 (155,096) 2017 Q4 140,514 ‐ 1,761,666 (1,457,089) (620,790) 90,135,924 (158,286) 2017 Q3 15,127,653 ‐ 1,632,674 (493,495) (503,032) 90,311,623 (140,514) 2017 Q2 123,863 ‐ 1,646,802 651,774 (591,539) 74,547,823 (127,653) 2017 Q1 125,956 ‐ 1,652,738 (25,637) (655,617) 72,716,923 (123,863) 2016 Q4 125,322 ‐ 1,675,898 (1,766,060) (699,218) 71,619,483 (125,956) 2016 Q3 138,580 ‐ 1,760,247 (107,834) (445,764) 72,283,541 (125,322) 2016 Q2 211,773 (10,000,000) 2,043,984 (902,915) 136,387 70,938,313 (138,580) 2016 Q1 214,429 (45,000,000) 2,330,635 (2,118,250) 1,687,852 79,449,084 (211,773) 2015 Q4 212,103 ‐ 2,314,311 (1,964,189) (753,120) 122,334,419 (214,429) 2015 Q3 208,400 ‐ 2,359,885 1,275,862 (818,692) 122,525,314 (212,103) 2015 Q2 207,482 ‐ 2,198,351 (2,610,671) (718,889) 119,499,859 (208,400) 2015 Q1 202,560 ‐ 2,034,911 1,148,279 (619,537) 120,423,585 (207,482) 2014 Q4 181,754 ‐ 1,897,216 1,086,437 (588,901) 117,657,372 (202,560) 2014 Q3 10,180,495 (1,599,246) 1,723,733 73,632 (446,109) 115,080,866 (181,754) 2014 Q2 185,148 (1,629,546) 1,739,574 1,686,467 (463,123) 105,148,361 (180,495) 2014 Q1 184,288 (5,616,159) 1,731,819 1,562,224 (476,112) 103,629,841 (185,148) 2013 Q4 186,658 (1,653,440) 1,740,644 (854,688) (579,663) 106,243,782 (184,288) 2013 Q3 191,499 (1,781,716) 1,817,322 (1,166,706) (860,420) 107,404,272 (186,658) 2013 Q2 195,245 (1,892,730) 1,822,768 (2,529,018) (1,000,176) 109,204,293 (191,499) 2013 Q1 193,054 (1,809,322) 1,883,621 895,948 (980,182) 112,608,203 (195,245) 2012 Q4 187,301 (1,867,246) 2,000,101 1,863,624 (943,286) 112,425,084 (193,054) 2012 Q3 180,461 ‐ 2,089,210 4,986,515 (691,225) 111,184,590 (187,301) 2012 Q2 114,461 ‐ 2,105,390 1,304,366 (752,712) 104,619,628 (180,461) 2012 Q1 100,000,000 ‐ 744,792 1,228,257 (124,926) 101,848,123 (114,461) TOTAL 140,009,611 (72,849,405) 54,968,519 2,268,368 (15,874,123) 108,522,971 (5,195,010)

3 Mesa West Real Estate Income Fund III

Fund‐Level Information Client‐Level Information Legal Structure: LP Risk/Return: Value Add Investment End Date: 10/2017 Client Commitment Date: 12/2012 Termination Date: 10/2022 % Ownership of Fund: 6.0% Vintage Year: 2012 Investment Commitment: $45,000,000 No. of Active Investments: 2 Remaining Commitment: $42,631,738 Target Return: 12% Contributions: $34,090,524 NAV + Debt: $109,457,430 Distributions: $38,989,157 Net Asset Value: $87,384,976 Equity Value $5,213,102 Leverage Ratio: 20.2% NAV % of Portfolio: 2.3% Investment Strategy: Originate and service first mortgage Net IRR: 9.1% loans on middle‐market, value‐added Total Value Multiple: 1.3x and transitional commercial real estate assets.

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total Benchmark Quarter (0.3%) 1.8%(2.2%) (0.4%) 2.3% Year‐to‐Date 2.7% 5.0%(1.8%) 3.1% 4.5% One‐Year 9.8% 13.1%(1.0%) 11.9% 9.0% Two‐Year 10.5% 12.9%0.1% 12.9% 9.0% Three‐Year 9.9% 12.2%0.2% 12.4% 9.0% Five‐Year 9.7% 12.4%(0.1%) 12.3% 9.0% Since Inception 6.5% 12.7%(0.7%) 11.9% 9.0%

Property Type Diversification Geographic Diversification

35.8% Hotel US East Residential

64.2%

100.0%

Note: All totals may not sum to 100% due to rounding.

4 Mesa West Real Estate Income Fund III Investment Activity Statement NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ (2,141,978) 92,942 (109,055) (467) 5,213,102 4,628 2019 Q1 ‐ (186,348) 214,305 ‐ ‐ 7,371,660 (39,877) 2018 Q4 ‐ (4,784,371) 443,836 ‐ (467) 7,343,703 (99,604) 2018 Q3 ‐ (4,673,570) 302,928 ‐ ‐ 11,684,705 (67,235) 2018 Q2 ‐ (222,520) 452,571 ‐ (467) 16,055,347 (87,380) 2018 Q1 ‐ (220,075) 400,907 ‐ ‐ 15,825,763 (90,737) 2017 Q4 ‐ (6,254,420) 475,338 ‐ (467) 15,644,931 (125,680) 2017 Q3 ‐ (6,366,246) 696,486 ‐ ‐ 21,424,480 (147,806) 2017 Q2 ‐ (416,352) 545,667 ‐ (467) 27,094,240 (134,305) 2017 Q1 ‐ (895,281) 633,652 ‐ ‐ 26,965,392 (135,811) 2016 Q4 ‐ (5,980,464) 716,848 (280,250) (468) 27,227,021 (338,747) 2016 Q3 ‐ (3,066,819) 791,078 87,831 ‐ 32,771,355 (114,968) 2016 Q2 ‐ (550,527) 797,273 (127,371) (467) 34,959,265 (114,968) 2016 Q1 4,485,348 (529,816) 840,890 (4,955) ‐ 34,840,357 (151,875) 2015 Q4 4,485,348 (436,690) 733,258 (54,849) (467) 30,048,890 (151,875) 2015 Q3 ‐ (411,129) 550,705 (51,904) ‐ 25,322,290 (151,875) 2015 Q2 4,604,957 (405,841) 752,709 (46,772) (467) 25,234,618 (151,875) 2015 Q1 ‐ (328,386) 458,060 51,433 ‐ 20,330,032 (151,875) 2014 Q4 ‐ (335,684) 526,780 (113,088) (467) 20,148,925 (151,875) 2014 Q3 8,013,821 (294,596) 331,917 (2,761) ‐ 20,071,384 (151,875) 2014 Q2 ‐ (197,468) 226,389 53,880 (468) 12,023,003 (151,875) 2014 Q1 1,830,022 (182,675) 93,416 142,920 ‐ 11,940,670 (151,875) 2013 Q4 6,937,338 (107,901) (18,377) (206,610) (75) 10,056,987 (151,875) 2013 Q3 3,733,690 ‐ (273,272) ‐ (7,806) 3,452,612 (455,625) TOTAL 34,090,524 (38,989,157) 10,786,306 (661,551) (13,020) 5,213,102 (3,466,865)

5 Prima Mortgage Investment Trust

Fund‐Level Information Client‐Level Information Legal Structure: LLC Risk/Return: Core Investment End Date: N/A Client Commitment Date: 04/2008 Termination Date: N/A % Ownership of Fund: 12.5% Vintage Year: 1995 Investment Commitment: $135,000,000 No. of Active Investments: 65 Remaining Commitment: $0 Target Return: 10% Contributions: $178,983,168 NAV + Debt: $870,848,277 Distributions: $149,732,900 Net Asset Value: $870,848,277 Equity Value $108,775,486 Leverage Ratio: N/A NAV % of Portfolio: 48.9% Investment Strategy: Invest in first mortgages with superior Net IRR: 6.0% risk adjusted prospects, senior debt Total Value Multiple: 1.4x securities and B/Mezzanine notes

Summary of Performance For period ended 6/30/19

Net Gross Gross Gross Total Income Appreciation Total BC Agg Bond Quarter 2.1% 1.2%0.9% 2.1% 3.1% Year‐to‐Date 4.3% 2.3%2.1% 4.5% 6.1% One‐Year 6.0% 4.9%1.3% 6.3% 7.9% Two‐Year 4.7% 5.3%(0.3%) 5.0% 3.7% Three‐Year 4.4% 5.1%(0.4%) 4.6% 2.3% Five‐Year 4.2% 5.1%(0.7%) 4.4% 3.0% Since Inception 4.9% 6.6%(1.3%) 5.2% 3.9%

Property Type Diversification Geographic Diversification

8.4% 5.4% 1.7% 6.0% US Other Other Property 22.3% US East Office 45.8% US West Retail 53.1% 33.7% US South Residential US Midwest

23.5%

Note: All totals may not sum to 100% due to rounding.

6 Prima Mortgage Investment Trust Investment Activity Statement NET UNREALIZED REALIZED TOTAL QTR CONT DIST INCOME APPRECIATION GAIN/(LOSS) NAV FEES 2019 Q2 ‐ ‐ 1,216,290 1,379,510 (408,115) 108,775,486 (83,273) 2019 Q1 1,079,206 (1,079,206) 1,079,951 899,707 354,002 106,587,801 (69,879) 2018 Q4 1,124,755 (1,124,755) 1,165,226 (598,534) 543 104,254,141 (67,958) 2018 Q3 1,368,299 (1,368,299) 1,283,143 (301,899) 106,586 103,686,906 (66,763) 2018 Q2 1,036,465 (1,036,468) 1,358,893 (798,800) 119,288 102,599,076 (58,610) 2018 Q1 1,474,884 (1,474,884) 1,129,614 (921,263) (92,935) 101,919,698 (52,895) 2017 Q4 1,139,232 (1,139,232) 1,497,163 (41,862) 3,044 101,804,282 (54,524) 2017 Q3 1,249,274 (1,249,274) 1,342,046 (282,330) 113,230 100,345,938 (48,570) 2017 Q2 906,340 (906,340) 1,136,178 156,655 ‐ 99,172,991 (35,021) 2017 Q1 957,546 (957,546) 1,008,009 131,563 6,579 97,880,158 (25,519) 2016 Q4 1,062,910 (1,062,910) 1,004,869 (856,510) (1,321,533) 96,734,006 (46,963) 2016 Q3 1,102,203 (1,102,203) 1,151,265 1,194,399 ‐ 97,907,179 (46,485) 2016 Q2 1,210,754 (46,210,754) 1,058,594 748,622 182,759 95,561,515 (53,641) 2016 Q1 1,933,403 (1,933,403) 2,085,222 (945,564) ‐ 138,571,540 (62,626) 2015 Q4 1,439,665 (1,438,654) 1,570,587 (1,064,188) (720,067) 137,431,882 (81,760) 2015 Q3 1,592,388 (1,593,399) 1,548,752 (873,479) 153,720 137,644,539 (86,165) 2015 Q2 1,660,092 (1,660,092) 2,030,587 (2,003,355) 237,885 136,816,557 (93,285) 2015 Q1 1,266,892 (1,266,892) 1,430,422 1,725,940 (722,948) 136,551,440 (86,874) 2014 Q4 1,414,237 (1,414,237) 1,492,818 733,119 (32,756) 134,118,026 (84,004) 2014 Q3 1,855,808 (1,855,808) 1,741,300 (264,132) 13,210 131,924,845 (75,110) 2014 Q2 ‐ (34,055,973) 1,341,275 471,167 (22,677) 130,434,467 (76,775) 2014 Q1 ‐ (1,898,718) 2,328,484 1,540,589 (655,467) 162,700,675 (84,879) 2013 Q4 ‐ (943,619) 1,178,530 (806,431) 452,190 161,385,787 (66,485) 2013 Q3 ‐ (1,905,935) 1,703,831 1,409,180 (990,310) 161,505,117 (118,678) 2013 Q2 ‐ (1,915,259) 2,457,993 (3,500,808) 286,649 161,288,351 (118,021) 2013 Q1 ‐ (2,128,690) 2,949,944 423,174 11,013 163,959,776 (109,018) 2012 Q4 ‐ (2,213,784) 2,375,433 (5,123,566) 4,775,518 162,704,336 (124,955) 2012 Q3 2,403,397 (2,403,397) 2,606,667 1,557,138 (729,572) 162,890,733 (128,201) 2012 Q2 2,039,754 (2,039,754) 2,112,575 1,332,253 134,498 159,456,500 (117,149) 2012 Q1 1,710,545 (1,710,545) 1,858,880 1,349,203 314,589 155,877,174 (91,320) 2011 Q4 1,753,719 (1,753,719) 1,243,435 802,507 (671,955) 152,354,502 (74,137) 2011 Q3 1,620,844 (1,620,844) 1,620,170 (1,459,781) 450,306 150,980,515 (143,794) 2011 Q2 2,378,546 (2,378,546) 2,485,644 1,029,855 44,255 150,369,821 (143,141) 2011 Q1 1,853,143 (1,853,143) 3,230,819 (436,224) (859,792) 146,810,067 (142,158) 2010 Q4 2,147,785 (2,147,785) 4,716,965 (3,831,283) (317,547) 144,875,264 (139,291) 2010 Q3 1,765,084 (1,765,084) 2,992,317 2,638,591 (12,991) 144,307,129 (127,534) 2010 Q2 11,435,998 (2,001,099) 3,436,414 4,671,086 ‐ 138,689,212 (114,004) 2010 Q1 ‐ (1,845,690) 2,800,061 3,925,792 ‐ 121,146,813 (103,011) 2009 Q4 ‐ (2,710,617) 2,763,579 1,334,016 (171,525) 116,266,650 (103,645) 2009 Q3 ‐ (2,038,081) 2,589,505 5,129,407 ‐ 115,051,197 (94,181) 2009 Q2 ‐ (2,959,239) 2,628,521 3,332,620 ‐ 109,370,366 (92,571) 2009 Q1 25,000,000 (1,662,144) 2,086,916 (138,667) ‐ 106,368,464 (75,280) 2008 Q4 25,000,000 (2,049,720) 1,492,291 (16,387,624) ‐ 81,082,359 (68,127) 2008 Q3 ‐ (1,326,724) 1,203,834 (889,838) 96,676 73,027,412 (65,217) 2008 Q2 75,000,000 (530,435) 1,101,656 (1,627,757) ‐ 73,943,464 (34,689) TOTAL 178,983,168 (149,732,900) 84,636,668 (5,237,802) 126,350 108,775,486 (3,836,189)

7 Americas were up 6% to $113 billion in the quarter. ______

Figure 2| Regional Share of Global Transaction Volume StepStone Real Estate

Market Commentary 30% 33% 35% 36% 34% 33% 37% 39% 38% 37% 37% 47% Summer 2019 50%

After raising rates four times in 2018, many 18% 13% 20% 16% 17% 17% 20% 18% 18% observers expected that economic moderation 21% 26% would cause the US Federal Open Markets 19% Committee to reverse course and lower rates. 26%

Global real estate transaction volume fell -6% 50% 49% 50% 49% 51% 47% 46% 45% 45% 41% from 2Q18 to 2Q19 to $210 billion. Annualizing 34% 35% the YTD transaction volume would yield $778 24% billion of activity, which is 78% of the 2018 levels. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ______Americas Asia EMEA ______Figure 1| Annual Global Transaction Volume $1200 Source: Real Capital Analytics (6/30/19)

$1028 $997 The global decline in interest rates that followed $973 $1000 $911 the market correction of late 2018 led to $872 $837 widening cap rate spreads across most regions.

$800 The cap rate spread in Paris was highest among $725 major global developed markets, ending the $582 quarter at 5.40%. In contrast, Hong Kong ended $600 $533 the quarter with the lowest cap rate spread at $446 $413 $389 0.96%. The cap rate spread for New York Office $400

Transaction ($ billion) Transaction Volume was 2.47% as of June 30, 2019. $239 ______$200

Figure 3| Office Cap Rate Spread to 10 Year Sovereign Debt

$ 5.40% 5.39% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 4.38% ______3.86% 3.61% 3.35% Source: Real Capital Analytics (6/30/19) 2.47% North America posted 51% of Global volume, marking the third straight quarter for North 0.96% America to represent a majority of transaction Paris Frankfurt Tokyo London Sydney Toronto New York Hong activity. The Asia Pacific and EMEA (Europe Kong Africa and Middle East) regions were down -14% and -19% over that period to $34 billion and $63 ______billion, respectively. Transactions in the Source: Bloomberg (6/30/19)

1 | Page StepStone Real Estate – Summer 2019

______

Figure 5| Investor’s Targeted Commitments – By Region

65%

Fundraising and Dry Powder 52% 50% There were 102 funds closed through June 2019, 42% which is on pace to fall well below 2018 levels. 36% The $48 billion raised through June is on pace to 34% exceed 2018 levels. 25% 26% ______

Figure 4| Real Estate Funds Closed by Year 160 500

450 140 North America Europe Asia-Pacific Global 400 Q2 2018 Q2 2019 120 350

100 ______300 Source: Preqin (6/30/19) 80 250

200 60 Almost two thirds of investors are planning to Number of Funds Closed Number 150 commit to Core strategies in the coming year Capital Raised Annually Annually ($ Capital Bln) Raised 40 100 (63%), compared to less than half expressing 20 that intent a year ago (49%). Debt strategies are 50 on the radar for a quarter (25%) of investors. 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H19 ______

Capital Raised Funds Closed Figure 6| Investor’s Targeted Commitments – By Strategy

______63% 58% 56% Source: Preqin (6/30/19) 51% 49% 49%

45%

40% Investors were most interested in committing to Europe-focused funds over the next 12 months (52%), though the level of interest has declined 25% from the year ago period (65%). Interest in North 17% America strategies increased from 42% to 50% over that time period.

Core Core-Plus Value Added Opportunistic Debt

Q2 2018 Q2 2019

______

Source: Preqin (6/30/19)

2 | Page StepStone Real Estate – Summer 2019

Shift from Core and Gateway Markets ______

Figure 8| Major vs Non-Major Market

Contribution queues ($4.6 billion) to US Core _ Open-Ended funds are larger than redemption 125 Major Markets queues ($3.7 billion), after the former lagged the 122.3 latter last quarter. 120 Non Major Markets

Of the twenty-five ODCE funds, fifteen have 115.8 115 contribution queues and five have redemption queues. One fund in particular makes up $2.6 110 billion of the redemption queue. Index Value Index

______105

Figure 7| Core Contribution and Redemption Queues ($bil.) 100

95 $10.6 $10.8 Jun-17 Jun-18 Jun-19 Sep-16 Sep-17 Sep-18 Dec-16 Dec-17 Dec-18

$8.9 Mar-17 Mar-18 Mar-19 $7.5 $7.0 $6.2 $6.1 $6.2 ______

$4.55 Source: Moody’s Commercial Property Price Index (6/30/19) $3.79

$1.5 With falling yields and slowing appreciation, one-year total returns for NCREIF through the

-$.1 $.0 second quarter of 6.51% were below the long- -$.3 -$.4 -$.1 -$.2 -$.3 term historical income returns of 7.14%. -$1.9 -$2.3 -$3.7 ______

-$6.2 Figure 8| Core Contribution and Redemption Queues

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20%

Contribution Queue Redemption Queue 15%

10%

______5%

Source: StepStone Real Estate (6/30/19) 0%

Return -5% Income Return Appreciation Return -10% Average Total Return Average Income Return Price movement for the Major Markets of -15% Average Appreciation Return Boston, New York, Washington DC, Chicago, San -20% Francisco and Los Angeles (+2.2%) outpaced -25% 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Non-Major Markets (+1.3%) in the quarter. Price Year movement has also lifted the CPPI Industrial Index above the CPPI Apartment Index for the first time ever. ______Source: NCREIF (6/30/19)

3 | Page StepStone Real Estate – Summer 2019

nearly double the year ago levels while Retail NOI Growth has turned negative.

______US Fundamentals Remain Strong Figure 10| Four Quarter NOI Growth 14% 12% All four of the main NCREIF property types 10% 8.9% produced positive returns for the four quarters 8% 7.7% 6% ending in June. Industrials led with 13.9%, 4.7% 4% 4.4% followed by Office (6.8%), Apartments (5.8%) 2% and Retail (1.7%). Concerns over store closings 0% -0.4% and e-commerce continue to cause year-over- -2% year value declines of -2.8% for the Retail sector. -4%Growth NOI Rate4 Quarter -6% Average These same factors contributed to an 8.8% -8% Current Prior 4 Qtrs appreciation gain for Industrials. -10% NPI Apartment Industrial Office Retail

Vacancy has fallen to a 10-year low for Office (9.8%). Apartments (5.6%), Industrial (3.1%) and Retail (6.8%) vacancies are all below the year ago ______level. Source: NCREIF (6/30/19) Data reflect the prior 40 quarters.

______

Figure 9| US Vacancy NPI cap rates are near record lows (4.4%) and

near the year ago levels for all property types.

16% Industrial (4.5%) cap rates are at 10-year lows.

14%

12% ______

10% 9.8% Figure 11| Cap Rates

8% 8% Vacancy 6.8% 6% Average 5.7% 5.6% Current 7% Prior 4 Qtrs 4% Average Current 3.1% Prior 4 Qtrs 2% 6% NPI Apartment Industrial Office Retail

CapRate

5% ______4.5% 4.5% 4.4% 4.3% 4.2% Source: NCREIF (6/30/19) Data reflect the prior 40 quarters. 4% NPI Apartment Industrial Office Retail

NOI Growth for Industrials (8.9%) is near a 10- ______year high. Apartment (7.7%) NOI Growth is Source: NCREIF (6/30/19) Data reflect the prior 40 quarters.

4 | Page StepStone Real Estate – Summer 2019

US Apartment Sector Rent growth for A-Class units in the quarter was 4.1%, which is in-line with the year ago growth Apartment demand has lagged supply for eight levels. Despite the tighter vacancy, BC-Class of the last nine quarters. The prior two years if units are seeing declining rent growth. Rent excess supply caused vacancy to rise and rents to growth in the quarter for the non-luxury fall. segment was 4.0%, down from 4.7% at year end. There were a little more than 40,000 new Rent growth was highest in Chicago (5.8%), Apartment units completed across the US in the Denver (5.8%) and Phoenix (5.3%). first quarter, the lowest quarterly level in almost six years. The four quarter total units supplied With $46 billion of transaction activity in the through 2Q19 was about 214,000, which is -19% quarter, the Apartment segment led all property below the four-quarter level through 2Q18. types and was 31% of activity for the quarter. Volume in the quarter was up 25.3% compared Demand in the quarter was around 37,000 units, to the same quarter a year ago. which is the lowest level in over five years. Dallas led the annualized volume through the Vacancy has fallen to 4.7% through June after end of the quarter. If combined, Manhattan and ticking up to 4.8% at year end. Vacancy is much the NYC Burroughs would have led the tighter for the BC-Class units (3.5%) compared to transaction activity for the quarter. The Inland A-Class units (6.0%). Empire posted the highest year-over-year Absorption for the quarter was highest in New growth in transaction volume (84%). Among the York (5.8%), Washington DC (3.9%) and Denver ten largest markets by volume, Chicago saw the (3.5%). largest year-over-year decline (-8%).

______

Figure 12| Apartment Supply & Demand Figure 13| Apartment Transaction Activity

120 9%

12 Month Volume ($ billion) 100 8% -$10 -$8 -$6 -$4 -$2 $ $2 $4 $6 $8 $10

Dallas 80 7% Los Angeles Atlanta Houston 60 6% Manhattan Volume Phoenix Seattle 40 5% Change (YoY) NYC Boroughs Denver Chicago 20 4% Vacancy Austin

Units (thousands) Units DC VA burbs 3% Philadelphia Tampa Charlotte Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 -20 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 2% Boston Orlando -40 1% Raleigh/Durham Demand Supply Vacancy Las Vegas San Francisco -60 0% DC MD burbs Baltimore No NJ Inland Empire San Antonio

-100% -75% -50% -25% 0% 25% 50% 75% 100% Year over Year Change in Volume (%) ______

Source: REIS (6/30/19) ______

Source: Real Capital Analytics (6/30/19)

5 | Page StepStone Real Estate – Summer 2019

US Industrial Sector to 2018. Industrial rent growth is down from the 4.4% level posted in 2017 as demand comes off Industrial demand has exceeded supply since slightly. Rent growth was highest in Denver 2011, which has resulted in tight vacancy and (3.4%), Chicago (3.2%) and Phoenix (3.1%). strong NOI growth. With $19 billion of transaction activity in the After growing for five straight years, demand quarter, the Industrial segment has overcome growth is beginning to slow. The 112 million the retail sector as the third largest sector square feet of demand is 13% below the year ago behind apartment and office. Volume in the level. That said, supply has not kept up with the quarter was down -4% compared to the same demand that has come from online retailers and quarter a year ago. logistics firms. Reis forecasts that new supply will step down over the next few years. Chicago had the highest amount of annualized volume through the end of the quarter, followed Vacancy has fallen to 7.0% through June, down by Los Angeles and the Inland Empire. Among 40 basis points from the 7.4% one year prior. the ten largest markets by volume, Los Angeles Vacancy is tighter for modern logistics facilities was the only market to post a year-over-year and in-fill locations that can serve “last mile” decline (-5%) and Boston saw the largest distribution. Vacancy is tightest in the west coast increase (58%). Cincinnati saw the highest year- markets of Los Angeles (4.7%), Orange County over-year volume growth (109%). (7.1%) and Philadelphia (7.3%).

Absorption for the quarter was highest in Fort Worth (4.1%), Riverside (3.8%) and Indianapolis ______(2.6%). Figure 15| Industrial Transaction Activity

12 Month Volume ($ billion) ______-$8 -$6 -$4 -$2 $ $2 $4 $6 $8 Chicago Los Angeles

Figure 14| Industrial Supply & Demand Inland Empire Dallas Atlanta Volume No NJ 200 14% NYC Boroughs Change (YoY) Seattle Houston 12% Boston 150 Phoenix Orange Co 10% East Bay 100 San Diego San Jose 8% Indianapolis 50 Memphis

6% Vacancy Miami/Dade Co Minneapolis Denver Square FeetSquare (millions) 4% Cincinnati Columbus Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 -50 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Baltimore 2% Detroit Demand Supply Vacancy Charlotte -100 0% -200% -150% -100% -50% 0% 50% 100% 150% 200% Year over Year Change in Volume (%)

______

Source: REIS (6/30/19) Source: Real Capital Analytics (6/30/19) Year-over-year rent growth of 2.8% was slightly below the five-year average of 3.3% from 2013

6 | Page StepStone Real Estate – Summer 2019

US Office Sector Rent growth was highest in Seattle (4.0%), Minneapolis (4.0%) and Austin (3.3%). Despite record employment levels, Office vacancy is rising as supply has exceeded demand With $40 billion of transaction activity in the for 12 of the past 13 quarters. quarter, the Office segment was behind only Apartments and was 23% of activity for the There were 8 msf new Office space completed quarter. Volume in the quarter was up 36% across the US in the second quarter, which is 25% compared to a year ago. below the amount delivered in the same period a year ago. The one-year total supplied through Boston moved into second place in terms of 2Q19 was about 37 msf, which is below the four- volume with an 82% increase year-over-year. quarter level of 47 msf through 2Q18. Among the 10 largest Office markets, Chicago saw the largest year-over-year decline in Demand of 4 msf in the quarter was flat transaction volume (-35%). compared to the prior quarter. The NYC Boroughs and Austin had the largest Vacancy was 16.8% through March, up 20 basis increase in volume, with 127% and 114% points from the 16.6% one year prior. Vacancy is respectively. tighter for the A-Class space (15.1%) compared to B-Class space (18.8%). ______

Absorption for the quarter was highest in the Figure 17| Office Transaction Activity

Western markets of Austin (2.9%), Seattle (2.7%) 12 Month Volume ($ billion) and Phoenix (1.9%). -$20 -$16 -$12 -$8 -$4 $ $4 $8 $12 $16 $20 Manhattan Boston ______Los Angeles San Francisco Seattle Figure 16| Office Supply & Demand Volume San Jose Dallas Change (YoY) DC Chicago Atlanta 25 20% East Bay 20 18% San Diego Houston 15 16% Phoenix Austin 10 14% DC VA burbs Denver 5 12% Orange Co NYC Boroughs 10% Philadelphia -5 No NJ Vacancy Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 8% Minneapolis -10 Charlotte Square FeetSquare (millions) 6% Portland -15 Raleigh/Durham -20 4% -100% -75% -50% -25% 0% 25% 50% 75% 100% Year over Year Change in Volume (%) -25 Demand Supply Vacancy 2%

-30 0%

______Source: Real Capital Analytics (6/30/19) Source: REIS (6/30/19) Rent growth for A-Class space in the quarter was 2.0%, which is below the growth level of 2.5% in 2018. Rental growth in BC-Class space was 0.5%, compared to 2.4% for 2018.

7 | Page StepStone Real Estate – Summer 2019

Rent growth was highest in Orlando (2.6%), Miami (2.5%) and Houston (2.2%). US Retail Sector With $17 billion of transaction activity in the Despite concerns over e-commerce and store quarter, the Retail segment was the lowest of closings, Retail demand has exceeded supply for the main property types and was 12% of activity the past two quarters. for the quarter. Volume in the quarter was down There were a little more than 1.5 msf of new 22% compared to the same quarter a year ago, Retail space completed across the US in the which was the largest decrease among the main second quarter. The four-quarter total supplied property types. through 2Q19 was about 8 million square feet, Among the ten largest markets by volume, Las which is 26% below the four-quarter level Vegas saw the largest year-over-year increase through 2Q18. (151%). Baltimore had the largest volume Demand in the four-quarters ending 1Q19 was increase with a gain of 154%. about 180% higher than the year ago levels. Los Angeles had the largest decline in transaction Vacancy has fallen to 10.1% through June, down volume, contracting -35%. 10 basis points from the 10.2% one year prior. ______With mall closings, vacancy is lower in 2018 than 2011, when vacancies hit 11.1% Figure 19| Retail Transaction Activity

Absorption for the quarter was highest in Palm 12 Month Volume ($ billion) -$8 -$6 -$4 -$2 $ $2 $4 $6 $8

Beach (2.0%), Orlando (1.1%), and Miami (0.8%). Manhattan Los Angeles Dallas ______Houston Chicago Volume Atlanta Figure 18| Retail Supply & Demand Las Vegas Change (YoY) Inland Empire NYC Boroughs Boston 10 12% Seattle Miami/Dade Co 8 No NJ 10% Phoenix 6 San Diego Philadelphia 4 San Francisco 8% DC VA burbs 2 Denver Minneapolis 6% Baltimore

Vacancy Richmond/Norfolk -2 San Antonio Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Orlando

Square FeetSquare (millions) 4% -4 Portland

-250% -200% -150% -100% -50% 0% 50% 100% 150% 200% 250% -6 2% Year over Year Change in Volume (%)

-8 Demand Supply Vacancy

-10 0% ______

Source: Real Capital Analytics (6/30/19) ______

Source: REIS (6/30/19) Rent growth for Retail was below inflation at 1.5%, about flat from a year ago.

8 | Page StepStone Real Estate – Summer 2019

Disclosures

This document is for information purposes only and has been compiled with publicly available information. StepStone makes no guarantees of the accuracy of the information provided. This information is for the use of StepStone’s clients and contacts only. This report is only provided for informational purposes. This report may include information that is based, in part or in full, on assumptions, models and/or other analysis (not all of which may be described herein). StepStone makes no representation or warranty as to the reasonableness of such assumptions, models or analysis or the conclusions drawn. Any opinions expressed herein are current opinions as of the date hereof and are subject to change at any time. StepStone is not intending to provide investment, tax or other advice to you or any other party, and no information in this document is to be relied upon for the purpose of making or communicating investments or other decisions. Neither the information nor any opinion expressed in this report constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. Past performance is not a guarantee of future results. Actual results may vary. Each of StepStone Group LP, StepStone Group Real Assets LP and StepStone Group Real Estate LP is an investment adviser registered with the Securities and Exchange Commission. StepStone Group Europe LLP is authorized and regulated by the Financial Conduct Authority, firm reference number 551580.

Manager references herein are for illustrative purposes only and do not constitute investment recommendations.

9 | Page StepStone Real Estate – Summer 2019

DEFINITIONS

Term Definition

Committed Capital An amount set by an investor and a fund manager, as the aggregate amount an investor will invest in the private equity fund, over the life of the investment period. Committed Capital is presented net of any commitment releases or expirations and reflects foreign currency exchange rate fluctuations.

Contribution Capital provided by the limited partners to pay a fund’s underlying investments, fees, and carried interest.

Distribution Cash or stock returned to the limited partners after the general partner has exited from an investment. Stock distributions are sometimes referred to as in‐kind distributions. The partnership agreement governs the timing of distributions to the limited partner, as well as how any profits are divided among the limited partners and the general partner.

Distributions to Paid‐in The amount a partnership has distributed to its investors relative to the total capital contribution of the Capital (“DPI”) fund. DPI is calculated as a Distributions divided by Contributions. Also referred to as the Realization Ratio.

Total Exposure Total Exposure represents the maximum exposure a portfolio has to a targeted sector, geography, or other specific cut of the data.

Fair Market Value The fair value of an investment, as defined within each limited partnership agreement, yet in compliance with the governmental regulation, generally prepared on a GAAP basis. Also referred to as Market Value.

Fund The investment vehicle, often a limited partnership, to which the limited partners commit capital.

Geography The region in which a portfolio company is located.

Internal Rate of Return A performance metric that measures total value created by the portfolio’s daily cash flows and market value (“IRR) as of quarter‐end. The discount rate that equates the net present value (NPV) of an investment’s cash flows with its cash outflows. IRR is net of fund manager’s fees, expenses, and carried interest.

Net Multiple (or Total A performance metric that measures total value created by the portfolio relative to capital invested, without Value Multiple, “TVM”) consideration for time. Calculated as the total value of an investment, which is comprised of the current market value of an investment plus the realizations generated from an investment, divided by the total capital invested in an investment. This metric addresses one particular shortfall of the IRR calculation, in that a high IRR over a short holding period is not necessarily attractive to a long‐term institutional investor.

Term Definition

Public Market Benchmarking metric which designs a set of analyses used in the Private Markets to evaluate the Equivalent (“PME”) performance of Private Markets investments against a public benchmark or index. To perform the public market analysis, StepStone will run a Direct Alpha analysis which will assume the cash flows to/from each investment were used to invest into and out of the given index. Direct Alpha is an annualized excess return, describing the relative performance of the private market investment to the stated index as of the measurement date. The calculation is a dollar‐weighted return, based on the series of fund cash flows and the residual value, discounted to a single point in time using the respective index returns. For presentation purposes, StepStone provides the implied PME based on the Direct Alpha methodology which subtracts/adds the out/underperformance from the net IRR which provides the implied return of the public benchmark.

Realization (or The capital received from a portfolio company, generally flowing from the portfolio company to the “Proceeds”) managing fund, in any dollar amount however, generally for the sale of the investment, dividends or interest payable, etc.

Sector A fund’s indicated investment focus, e.g. Buyout, Venture Capital, or Special Situations.

Unfunded The total remaining commitment to a fund. Unfunded represents the aggregate remaining commitments to partnership investments. Vintage Year The year of fund formation and first takedown of capital.

Additional Glossary of Terms & Methodology See the Appendix.

GLOSSARY OF TERMS GLOSSARY OF TERMS (continued)

GLOSSARY OF TERMS

Appreciation Return: Expressed as a percentage, the return generated by the Capital Appreciation of a property or portfolio over the period of analysis. (See formula in Appendix II)

Capital Appreciation: The change in market value of property or portfolio over the period of analysis, adjusted for Capital Improvements and Partial Sales for the period. (See formula in Appendix II)

Capital Expenditures: Investment of cash or the creation of a liability to acquire or improve an asset, e.g., land, buildings, building additions, site improvements, machinery, equipment; as distinguished from cash outflows for expense items that are normally considered part of the current period's operations. [Appraisal Institute]

Capital Improvements: Expenditures that cure or arrest deterioration of property or add new improvements and appreciably prolong its life. By comparison, repairs merely maintain property in an efficient operating condition. [Wurtzebach/Miles]

Commingled Funds: A term applied to all open-end and closed-end pooled investment vehicles designed for institutional tax-exempt investors. A commingled fund may be organized as a group trust, partnership, corporation, insurance company separate account or other multiple ownership entity. [NAREIM]

Open-end Fund: A commingled fund with no finite life, that allows continuous entry and exit of investors, and typically engages in on-going investment purchase and sale activities.

Closed-end Fund: A commingled fund with a stated maturity (termination) date, with few or no additional investors after the initial formation of the fund. Closed-end funds typically purchase a portfolio of properties to hold for the duration of the fund and, as sales occur, typically do not re-invest the sales proceeds.

Diversification Attributes:

Risk Strategy:

Core investments typically consist of stabilized, institutional quality Class A or B buildings in good to excellent condition. Occupancy is at market level, there is little upcoming tenant rollover, and the property has a strong current income usually constituting 70% or more of the total return. Low leverage, between 40-50% is utilized.

Value investments are functional, high quality assets with specific property issues, such as high vacancy, significant upcoming lease expirations, or below market rents. Value properties tend to be under-managed and/or underperforming and have some current income from existing leases. Through management and repositioning, there is significant appreciation potential. Moderate leverage, between 60-75% is utilized. GLOSSARY OF TERMS (continued)

Opportunistic strategies seek to exploit inefficiencies in the capital and real estate markets and can involve financing or acquisition of real estate assets, real estate operating companies, portfolios of real estate assets, and public and private REITs. A J-curve return is typical. Higher leverage.

Investment Structure:

Equity: Direct undivided ownership in real estate that has not been financed using borrowed funds.

Leveraged Equity: Direct undivided ownership in real estate that has been financed using borrowed funds.

Equity Oriented Debt: A mortgage loan with a stated interest rate in addition to equity participation by the lender via annual cash flow and/or sale proceeds or refinancing proceeds.

Traditional Debt: A mortgage loan payable at one or more stated interest rates.

Life Cycle:

Pre-development: Raw land.

Development: Properties under construction including preparation and installation of infrastructure.

Leasing: Completed construction that is less than 60% leased and that has been available for occupancy one year or less.

Operating: Properties with greater than 60% average leasing, or that have been available for occupancy for more than one year.

Redevelopment: Properties that are undergoing substantial expansion or re- tenanting, rehabilitation or remodeling.

GLOSSARY OF TERMS (continued)

Property Location:

Northeast Mideast E. North Central W. North Central Connecticut District of Columbia Illinois Iowa Massachusetts Delaware Indiana Kansas Maine Kentucky Michigan Minnesota New Hampshire Maryland Ohio Missouri New Jersey North Carolina Wisconsin Nebraska New York South Carolina North Dakota Pennsylvania Virginia South Dakota Rhode Island West Virginia Vermont Southeast Southwest Mountain Pacific Alabama Arkansas Arizona Alaska Florida Louisiana Colorado California Georgia Oklahoma Idaho Hawaii Mississippi Texas Montana Oregon Tennessee New Mexico Washington Nevada Utah Wyoming

Property Size: Property size categories refer to gross asset value of each property. The dollar amount entered in each category should reflect net asset value within each category.

Property Type:

Office: Low-rise, mid-rise and high-rise office buildings and office parks.

Industrial: Warehouse, manufacturing, office showroom, flex space and research and development.

Retail: Neighborhood center, community center, regional center, super regional center, fashion/specialty center, power center, theme/festival center and outlet center.

Residential: High-rise elevator projects, low-rise projects and garden type projects.

Hotel/Motel: Hotels, resorts and motels.

Timberland: Timber, timberland and mineral rights.

Agriculture: Row crops, permanent crops, pasture/ranch and agribusiness.

Vacant Land: Undeveloped land.

Other: Mobile home parks, self storage facilities, etc. GLOSSARY OF TERMS (continued)

Gross Asset Value: The fee simple or leased fee market value of an investment, without regard to the debt balance or ownership percentages.

Gross Income: The income or loss of a portfolio or entity resulting after deducting all expenses, except for portfolio and asset management fees, but before realized and unrealized gains and losses on investments.

Income Return: Expressed as a percentage, the component of return derived from property operations during the period of analysis. (See formula in Appendix II)

Lease Expiration Exposure Schedule: A tabulation listing the total leasable square footage of all current leases that expire in each of the next five years, without regard to renewal options.

Net Assets: Total Assets on a market value basis less total liabilities on a market value basis.

Net Investment Income (Net Income): The income or loss of a portfolio or entity resulting after deducting all expenses, including portfolio and asset management fees, but before realized and unrealized gains and losses on investments.

Net Operating Income: Rental and other income of property, less operating expenses other than Capital Expenditures and mortgage debt service.

Net Sales Proceeds: Proceeds from the sale of an asset or part of an asset less brokerage commissions, closing costs, and marketing expenses. [NAREIM] (See formula in Appendix II)

Partial Sales: The sale of an interest in real estate which is less than the whole property. This may include, for example, a sale of easement rights, parcel of land or retail pad, or a single building of a multi-building investment. [NCREIF] (See Net sales Proceeds)

Principal Payments: The return of invested capital to the lender, as compared to interest payments, which represents a return on invested capital.

Time-weighted Annual Rate of Return: The yield for a year calculated by geometrically compounding the previous four quarters' returns. (See formula in Appendix II)

Total Assets: The sum of all gross investments, cash and equivalents, receivables, and other assets presented on the Statement of Assets and Liabilities.

Total Return: The sum of the quarterly income and appreciation returns. (See formula in Appendix II)

Weighted Average Equity: The denominator of the fraction used to calculate investment level Income, Appreciation, and Total returns on a quarterly basis, consisting of the Net Assets at the beginning of the period adjusted for Weighted Contributions and Distributions. (See formulas in Appendix II)

COMPUTATION METHODOLOGIES

Appreciation Return: Investment Level

Capital Appreciation ______

Weighted Average Equity

Appreciation Return: Property Level (Quarterly)

(EVt -EVt-1) + PSPt - CIt + NLt - PDt - DSPt ______

EVt-1+ .5 (CIt - PSMt) - .33[ It - (DSIt + DSPt)] - 5NLt + .5PD t

Where:

EVt = Equity Value of Property at end of quarter EVt-1 = Equity Value of Property at beginning of quarter PSP = Net Sales Proceeds (Partial Sales) CI = Capital Improvements NL = New Loan Proceeds PD = Additional Loan Principal Paydowns DSP = Debt Service Principal I = Net Operating Income (gross of fees) DSI = Debt Service Interest PSM = Market Value of Sold Portion (Partial Sales) [NCREIF]

Asset-Weighted Return (Return on Equity):

WRi

DENtotal

Where WRi is the sum of the weighted returns of the investment or property for each year; DENtotal, is the total of all denominators of the annual returns; each of the weighted returns is calculated using the formula WRi = DENi x Ri where DENi is the denominator in the annual return calculation; and Ri is the return on equity.

COMPUTATION METHODOLOGIES (continued)

Average Occupancy: Last 12 Months

O1 + O2 + O3 ...... 012

T1 + T2 + T3 ...... T12

Where O1 through 012 are the Leased Area or Units for each of the preceding 12 months, and T1 through T12 is the Leasable Area or Units for each of the preceding 12 months. If T is constant, the Average Occupancy equals the Average of the Current Occupancy percentage for the 12 months.

Capital Appreciation: Ending Market Value Beginning Market Value Capital Improvements + Partial Net Sales Proceeds

Current Occupancy:

Retail = Leased Area/Gross Leasable Area Office and Industrial = Leased Area/Rentable Area Hospitality and Apartments = Leased Units/Total Units Agriculture, Timberland, Vacant Land = Leased Acres/Total Acres

Distributed Cash on Investment Return:

CD – DFF ______

BI + CC - DFF

Where: CD = Total Cash Distributed BI = Beginning Cash Investment CC = Cash Contributions DFF = Cash Distributed Resulting From Financing and Investing Activities

Note: The beginning investment for the succeeding period is equal to BI + CC - DFF for the current period.

Gross Investment in Real Estate (historic cost):

Gross Purchase Price + Capital Improvements + Acquisition Fees and Costs - Cost of Real Estate Sold

COMPUTATION METHODOLOGIES (continued)

Income Return (gross of fees) - Investment Level:

Net Investment Income + Investment Management Fees Expensed in Net Investment Income ______

Weighted Average Equity

Income Return (net of fees) - Investment Level:

Net Investment Income ______

Weighted Average Equity

Income Return (gross of fees) - Property Level (Quarterly):

It - DSIt ______

EVt - 1 + .5 (CIt - PSMt - 1) - .33 [It - (DSIt + DSPt )] - .5 NLt + .5 PDt

Where: I = Net Operating Income DSI = Debt Service (Interest) DSP = Debt Service (Principal) CI = Capital Improvements NL=New Loan Proceeds PD = Additional Loan Principal Paydowns PSM = Market Value of Sold Portion (Partial Sales) EVt - 1 = Equity Value of Property at Beginning of Quarter [NCREIF]

Internal Rate of Return: The rate (IRR) that discounts cash flows F1 through Fx back to F0 where: F0 is the original investment; and F1 through Fx-1 are the net Cash Distributions less Cash Contributions for each regular successive year up to the last year; and Fx is the Ending Net Asset Value less the Estimate of Current Cost to Sell Investments, plus Cash Distributions less Cash Contributions for the final year.

F1 F2 F3 Fx 0 = F0 + + + ...... + 1+ IRR (1+ IRR)2 (1+ IRR)3 (1+ IRR)x

Net Assets and Net Asset Value: Total Assets on a Market Value Basis - Total Liabilities on a Market Value Basis

COMPUTATION METHODOLOGIES (continued)

Net Investment in Real Estate: Gross Purchase Price + Capital Improvements + Acquisition Fees and Costs - Cost of Real Estate Sold - Debt Balance

Net Sales Proceeds: Sales Price Debt Balance at Sale Date Costs and Fees

Total Return (Gross of Fees): Property Level (Quarterly)

It - DSIt + (EVt - EVt-1) + PSPt - CIt + NLt - PDt - DSPt ______

EVt-1 + .5 (CIt - PSMt-1) - .33 [It - (DSIt + DSPt)] - .5 NLt + .5 PDt

Where: I = Net Operating Income DSI = Debt service (Interest) DSP = Debt Service (Principal) CI = Capital Improvements NL = New Loan Proceeds PD = Additional Loan Principal Paydowns EVt = Equity Value of Property at End of Quarter PSP = Net Sales Proceeds (Partial Sales) PSM = Market Value of Sold Portion (Partial Sales) EVt-1 = Equity Value of Property at Beginning of Quarter [NCREIF]

Time-weighted Annual Return - One year of quarterly returns:

[(1+Ql) * (1+Q2) * (1+Q3) * (1+Q4)] - 1

Where Ql, Q2, Q3 and Q4 are the returns for each of the 4 quarters expressed as a decimal.

Time-weighted Average Annual Rate of Return: Multiple years of quarterly returns:

1/n [(1+Ql) * (1+Q2) * (1+Q3) * (1+Q4) * .... *(1+Qt)] - 1

Where Ql, Q2, Q3 and Q4 are the quarterly returns for each of t quarters; and n is the number of years (t *.25).

COMPUTATION METHODOLOGIES (continued)

Weighted Average Equity - Investment Level: Beginning Net Assets + Weighted Contributions - Weighted Distributions

Weighted Contributions and Distributions:

- (Fi * W)

Where Fi is each cash flow (contribution and distribution) and W is a fraction, where the denominator is the total number of days in the period and the numerator is as follows:

For Contributions - the number of days remaining in the period including the day of the contribution.

For Distributions - the number of days remaining in the period after the date of the distribution.

______

Return Formula. Courtland uses the following formulas for calculating the portfolio returns shown in this report.

Gross Total Return. The formula used to calculate gross total returns is the following:

Gross Total Return = Income + Advisory Fees + Net Appreciation Weighted Average Equity

Net Total Return. The formula used to calculate net total returns is the following:

Net Total Return = Income + Net Appreciation Weighted Average Equity

Appreciation Return. The formula used to calculate appreciation returns is the following:

Appreciation Return = Net Appreciation [i.e., Contributions + Manager Incentive Fees] - [Distributions + Withdrawals] Weighted Average Equity

Gross Income Return. The formula used to calculate gross income returns is the following:

Gross Income Return = Income + Advisory Fees Weighted Average Equity