AEW CAPITAL MANAGEMENT Seaport East, Two Seaport Lane Boston, MA 02210

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1 AEW CAPITAL MANAGEMENT Seaport East, Two Seaport Lane Boston, MA History AEW was founded in 1981 and is an autonomous, wholly-owned subsidiary of Natixis Global Asset Management, a global asset management firm. Under the terms of an autonomy agreement, AEW maintains full independence from its parent company with respect to its day-to-day business affairs and investment management activities. AEW began providing investment management services to U.S. tax-exempt clients in AEW Capital Management, L.P. has one direct affiliate, AEW Europe S.A., which offers clients opportunities to invest in a variety of European real estate markets. AEW Europe maintains offices in Paris, London, Barcelona, Bucharest, Budapest, Düsseldorf, Luxembourg, Milan, Prague, Stockholm, and Warsaw. As discussed above, AEW is an autonomous, wholly-owned affiliate of Natixis Global Asset Management, which has 15 other autonomous investment advisory affiliates in addition to AEW Capital Management, L.P. and AEW Europe S.A. AEW is Natixis' only real estate investment affiliate. AEW has no involvement in the businesses of any of the other Natixis affiliates. In addition to AEW, Natixis' affiliated investment management firms and distribution and service groups include: Absolute Asia Asset Management, Capital Growth Management, Caspian Capital Management, Natixis Épargne Financière, Hansberger Global Investors, Harris Associates, Loomis, Sayles & Co., Natixis AM, Natixis Asset Management Japan, Natixis Global Associates, Natixis Multimanager, Reich & Tang Asset Management, Snyder Capital Management, Vaughan Nelson Investment Management, and Westpeak Global Advisors. All of AEW's investment capabilities have been developed in-house. There have been no changes in the firm's ownership during the past five years. Additionally, an office in Hong Kong was opened in As of December 31, 2017, AEW had over $37 billion in private real estate assets under management. Structure Founded: 1982 Type of Firm: Limited Partnership Ownership: Wholly-owned subsidiary of Natixis Global Errors and Omissions Insurance: Yes In Compliance with SEC and DOL: Yes Registered Investment Advisor: Yes Key Professionals Year started in Industry Year started w/firm Jeffrey Furber CEO Michael Acton Director of Research Pamela Herbst Head of Portfolio Mgmt Matthew Troxell Head of Securities Robert Plumb Head of Acquisitions Marc Davidson Head of AEW Partners Group James Finnegan General Counsel Contact Candida Hoeberichts 4 Embarcadero Center Suite 1400 San Francisco, CA Phone: Fax: candida.hoeberichts@aew.com Employee Structure Portfolio Management 11 Research 7 Acquisitions 19 Dispositions - Asset Management 52 Property Management - Leasing - Accounting/Financial 54 Legal 5 Client Servicing/Marketing 13 IT (Technology) 22 Senior Management 8 Engineering 4 * 27 Total 222 * includes insurance and risk management.

2 Investment Professional Turnover Additions Termination/Departures Port. Mgrs. Acq. Asset Mgmt. Research/ Inv. Comm. Total Port. Mgrs. Acq. Asset Mgmt. Research/ Inv. Comm. Total Total Private Real Estate Assets Under Management* ($mm) Total Asset Growth $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 $34,162 $28,968 $26,562 $19,840 $18,374 $35,958 $37,077 $22,745 $22,779 $23,779 YE 2013 YE 2014 YE 2015 YE 2016 YE 2017 Gross Net *Does not include AEW Europe assets under management. The following table provides a breakdown of total Tax-exempt assets by client type. Employee-Benefit Funds Number of Accounts Net Asset Value ($mm) Corporate 73 $1,505 Multi-Employer 26 $270 Public 69 $3,552 Endowments & Foundations 193 $1,673 * 31 $1,329 Total Accounts 392 $8,329 * represents high new worth, insurance, and bank clients.

3 AEW Core Property Trust Inception Date: October 2007 Key Professionals Year Started in Industry Year Started with Firm Daniel Bradley Director Jonathan Martin Director Pamela Herbst Managing Director Fund Overview Fund Structure: Private REIT Total Fund Assets - Gross $8,601 million Total Fund Assets - Net $6,454 million % of Leverage: 24. Queue: $190 mm entry/no exit Cash: $143 million # of Institutional Investors: 301 Strategy The AEW Core Property Trust seeks to construct a diversified portfolio of multifamily, retail, office, industrial and, to a lesser extent, hotel properties. The Fund seeks to acquire institutional-quality assets in major metropolitan markets throughout the United States. The Fund also seeks to exploit America s changing demographics, markets and properties that are positively influenced by globalization. Targeted investments will be $50 - $100 million in size. Portfolio Manager Name: Dan Bradley, Jon Martin % of Dedication: 8, 10 Responsibilities: Prior Experience: Dan has overseen portfolio management of AEW s Core Property Trust since inception and is responsible for the management of two separate account relationships. Jon Martin also oversees the Direct Investment Accounting and Asset Management groups. Prior to joining the firm, Dan served as the Managing Director of Portfolio Management for GE Capital Investment Advisors and served as a member of the firm s Senior Management Group and Investment Committee. Prior to joining AEW in 2001, Mr. Martin worked as a Senior Manager with PricewaterhouseCoopers, LLP. Property Type Diversification vs. ODCE Regional Diversification vs ODCE 4 35% % 1 5% 36% 3 26% 2 22% 2 16% 16% 2% Residential Office Industrial Retail Hotel 45% 4 35% % 1 5% 41% 4 31% 31% 18% 9% East West South Midwest AEW ODCE AEW ODCE

4 Investment Size Diversification Investment Stage Diversification 8% 3% 39% 3 < $20MM $20 - $50MM $50 - $100MM Development/Forward Commitment Leasing $100 - $150MM >$150MM Fully/Substantially Leased 23% 93% Terms Fees Minimum Investment: $5 million Acquisition Fee: Sponsor Commitment: Total Return Target: Income Return Target: Advisory Board: Exceed the NFI-ODCE Index No formal target stated Yes Asset Management Fee: Disposition Fee: First $10mm: 1.1 Next $15mm: 1.0 Next $25mm: 0.85% Next $50mm: 0.8 Next $50mm: 0.75% Next $150mm: 0.65% Above $300mm: 0.5 Performance Fee: Fees: Limitations Portfolio Characteristics Cash: Average Occupancy: 96% Portfolio Leverage: 3 Joint Ventures: 28% Property Leverage: Geography: Property Type: Joint Venture: Non-Core Allocation: U.S Only 15% Limit No more than in any single investment Average Investment Size: Average Age of Assets: $95 million 13 years Number of Investments 68 Dividend Policy: Redemption Policy: Mark Debt to Market Quarterly Paid within 45 days after the end of the quarter Yes Implied Going-In Cap Rate: 5.

5 Comments The Fund had a contribution queue of $190 million as of April 1 st, AEW expects to draw down the queue in July or October of The Fund has 7. of its debt maturing over the next 12 months and 26.5% of its debt maturing over the subsequent 12 months. The Fund s weighted average cost of debt of 3.7%. Properties will be appraised by external third parties once a year, and internal valuations will occur once every quarter. Both the internal and external appraisals will be subject to valuation oversight. AEW is currently employing Altus for this function. The Fund pays an income dividend to investors but does not have a set target. The Fund intends to pay regular dividends on a quarterly basis in an amount not less than the amount necessary to maintain the Fund s qualification as a REIT. The Fund is overweight in the South and underweight in all other regions compared to the NCREIF ODCE Equal Weight Index. Flows into Fund ($mm) Inflows Outflows Net Flows 2016 $ $393.4 $ $ $33.5 $562.2 YTD 2018 $ $30.6 $166.4 Total $1, $457.6 $829.0 New Commitments by Client Type ($mm) Interval Funds Non-US Investors Domestic Investors Total 2016 $97.0 $219.3 $177.6 $0.0 $ $51.2 $227.0 $317.5 $0.0 $595.7 YTD 2018 $0.0 $160.0 $37.0 $0.0 $197.0 Total $148.2 $606.3 $532.1 $0.0 $1,286.6