LASALLE INVESTMENT MANAGEMENT 333 W Wacker Drive Chicago, IL 60606

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1 LASALLE INVESTMENT MANAGEMENT 333 W Wacker Drive Chicago, IL History LaSalle Investment Management is an independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL). The firm was founded in 1978 as LaSalle Advisors, an investment management subsidiary. In 1999, Jones Lang Wooten completed the merger with LaSalle Partners to form LaSalle Investment Management. The firm s investor base includes public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. The firm operates across all major property types and markets within Europe, North America and the Asia-Pacific region. LaSalle is focused solely on real estate and no other asset class. With close to 700 professionals in 24 offices worldwide, LaSalle specializes in public, private, debt and equity real estate investments across all major real estate types. In 2011, LaSalle acquired Trinity Funds Management in Australia. In 2012, the firm acquired JER European fund management business. LaSalle Securities was formed in 1985 as Alex Brown Realty Advisors, a subsidiary of the investment bank of Alex Brown & Sons in Baltimore. It was acquired by LaSalle Partners in International investment in European real estate securities began in 1997 and in the Asia Pacific region and the rest of the world in As of December 31, 2017, LaSalle and its affiliates had $59 billion in AUM. Structure Founded: 1978 Type of Firm: Limited Liability Company Ownership: Subsidiary of Jones Lang LaSalle Errors and Omissions Insurance: Yes In Compliance with SEC and DOL: Yes Registered Investment Advisor: Yes Key Professionals in Industry w/ Firm Jeff Jacobson Global CEO Jason Kern Americas CEO Wade Judge Americas CIO Karen Brennan Head of Americas Custom Accounts Dan Witte Head of Strategic Capital Group Bill Maher Head of Americas Research & Strategy Contact Yelena Diggs, Vice President 100 E. Pratt Street, 20th Floor Baltimore, MD Phone: Fax: Yelena.diggs@lasalle.com Employee Structure Portfolio Management 13 Research 6 Acquisitions 20 Dispositions - Asset Management 43 Property Management - Leasing - Accounting/Financial 40 Legal 3 Client Servicing/Marketing 30 IT (Technology) 6 Senior Management 7 Engineering 1 6 Other* 30 Total 204 *Other includes human resources and support personnel.

2 Investment Professional Turnover Additions Port. Asset Research/ Mgrs. Acq. Mgmt. Other Inv. Comm. Port. Mgrs. Termination/Departures Asset Research/ Inv. Mgmt. Other Comm. Total Acq. Total Total Private Real Estate Assets Under Management ($mm) Total Asset Growth $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 $55,346 $58,310 $58,013 $59,026 $47,989 $45,315 $48,581 $48,160 $47,634 $38,630 YE 2013 YE 2014 YE 2015 YE 2016 YE 2017 Gross Net The following table provides a breakdown of total Tax-exempt assets by client type. Number of Accounts Net Asset Value ($mm) Employee-Benefit Funds 61 7,598 Corporate 3 58 Multi-Employer - - Public 86 16,054 Endowments & Foundations Other* 35 16,536 Total Accounts 220 $40,602 *Other accounts represent government clients, high net worth individuals, fund of funds, and insurance company accounts

3 LaSalle Property Fund Inception Date: July 2010 Key Professionals in Industry with Firm Wade Judge Fund President Jim Garvey Portfolio Manager Allan Marques Fund CFO Fund Overview Fund Structure: Total Fund Assets - Gross Total Fund Assets - Net Private REIT $4,160 million $3,300 million % of Leverage: 19.1% Queue: Cash: $623 mm entry queue/no exit $38 million # of Institutional Investors: 47 Strategy LaSalle Property Fund s principal investment objective is to invest in a diversified portfolio of stabilized real estate and real estaterelated assets in the industrial, multifamily, office and retail sectors in the United States. The Fund aims to outperform the NCREIF ODCE Index by more than 100 basis points over each rolling five-year period. Portfolio Manager Name: Jim Garvey % of Dedication: 10 Responsibilities: Prior Experience: Jim is responsible for developing portfolio and property-level strategic plans, driving the execution of those plans and overseeing asset management activities and performance. Prior to joining the firm, Jim worked for Hamilton Partners as a Partner and with Trammell Crow Company in leasing and development. Property Type Diversification vs. ODCE Regional Diversification vs ODCE % 31% 27% 24% 16% 17% 4% Residential Office Industrial Retail Hotel Other % 41% 31% 27% 18% 18% 11% 9% East West South Midwest LaSalle ODCE LaSalle ODCE

4 Investment Size Diversification Investment Stage Diversification 22% 1% 12% < $20MM $20 - $50MM 3% Development/Forward Commitment $50 - $100MM $100 - $150MM Fully/Substantially Leased 24% 42% >$150MM 97% Terms Fees Minimum Investment: $5 million Acquisition Fee: Sponsor Commitment: Total Return Target: $25 million Exceed ODCE by 100 bps over each 5-year rolling period Asset Management Fee Disposition Fee: First $10mm: 1.0 Next $40mm: 0.9 Next $50mm: 0.8 Above $100mm: 0.7 Income Return Target: Performance Fee: Advisory Board: Yes Limitations Cash: No more than of NAV for a period exceeding 90 days Portfolio Characteristics Average Occupancy: 94.7% Joint Ventures: 16.6% Portfolio Leverage: 3 Average Investment Size: $77 million Property Leverage: Average Age of Assets: 17 years Geography: Property Type: Joint Venture: Non-Core Allocation: Other U.S. Only 5 limit in single property sector; No hotels 1 Limit No more than 1 in any single investment Number of Investments 53 Dividend Policy: Redemption Policy: Mark Debt to Market Quarterly On a quarterly basis with 45 days of notice prior to quarter end, at the discretion of the Advisor Yes Implied Going-In Cap Rate: 4.6

5 Comments As of March 31, 2017, the Fund had a contribution queue of approximately $623 million. LaSalle anticipates it will take one to two quarters to drawdown this capital. Derek Lopez, LaSalle s Head of U.S. Acquisitions, left the firm in January He was replaced in August of 2017 by Brad Gries, who joined LaSalle from RREEF where he was Managing Director, Real Estate Transactions. The Fund has a weighted average cost of debt of 3.7%; 77% of the Fund s debt is fixed rate and 23% is floating. of the Fund s debt is maturing over the next 12 months and 1.3% matures over the subsequent 12 months. Flows into Fund ($mm) Inflows Outflows Net Flows 2016 $441.7 ($10.0) $ $712.8 ($42.5) $670.4 YTD 2018 $48.2 $0.0 $48.2 Total $1,202.8 ($52.5) $1,150.3 New Commitments by Client Type ($mm) Interval Funds Non-US Investors Domestic Investors Other Total 2016 $0.0 $95.7 $346.0 $0.0 $ $0.0 $229.5 $483.3 $0.0 $712.8 YTD 2018 $0.0 $20.0 $28.2 $0.0 $48.2 Total $0.0 $345.2 $857.5 $0.0 $1,202.8