Q IPREO REGIONAL FLOW OF FUNDS SERIES

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1 Q IPREO REGIONAL FLOW OF FUNDS SERIES

2 Flow of Funds: Market Overview S&P Developed REIT Index (ex-japan, with dividends, USD base) started with a 0.8% drop in October, gaining 3% in November and further 1.1% in December. On the global market, with Europe leading (+7.6%) and followed by n property stocks (+5.5%), North American REITs were the weakest (+1.5%). Continuous cash outflow of investment trusts throughout Q4-17 caused the J-REIT market to move on a weak note. The TSE REIT Index (with dividends) gained +2.9% MOM in November after dropping 1.29% in October, and remained almost flat in December. In, Japan was the main laggard because investors continue to perceive the sector as being less amenable to implementing capital management initiatives to unlock value for shareholders, and as having less exciting growth prospects relative to companies in other sectors. Principal Global Investors Q Office sector underperformed in both October and December, while commercial logistics sector was the weakest in November. The Japan property market remained stable throughout Q4-17. Institutional Investment Flow Highlights Net Change by Region Net Change by Style 2, , , , , , ,500.0 N. America UK & Ireland W. Europe Scandinavia Rest of World Q1-17 Q2-17 Q3-17 Q Agg Gr./Growth Deep Val./Value Index GARP Specialty Yield Alternative Q1-17 Q2-17 Q3-17 Q4-17 This time, North America dominated the net inflows (+$545.6M) into the after a decrease in the last quarter; as opposed to the n shareholders, who are still reducing their investments in the sector (-$158.7M). Index investors, headed by The Vanguard Group, Inc. and BlackRock entities, have dramatically increased their investment inflows into the sector (+$601.3M). Growth investors changed their trend of decreasing the funds in the past two quarters and this time ended on a positive note (+$144.2M). Ownership by Investor Region vs Issuer Region Ownership by Investor Style vs Issuer Region E. Europe 0.0% E. Europe 0.1% Alternative 0.4% Alternative 1.2% Rest of World 0.5% Rest of World 0.4% Yield 1.0% Yield 3.5% MENA 0.0% MENA 0.4% Specialty 3.2% Specialty 7.0% 74.1% 58.7% Scandinavia 0.4% Scandinavia 3.6% GARP 9.8% GARP 4.3% UK & Ireland 3.8% UK & Ireland 8.0% Index 16.1% Index 13.1% W. Europe 3.2% W. Europe 3.8% Deep Val./Value 12.1% Deep Val./Value 25.1% N. America 18.0% N. America 25.0% Agg Gr./Growth 57.4% Agg Gr./Growth 45.6% The Japanese Real Estate Market has a lighter impact in the Northern American region by 7pp than does; and the same is true for most parts of the world to the exception of where the Japanese REITs are overweight by 15.4pp than the rest of. Growth investors have an 11.8pp overweight in compare to the rest of, while value investors are 3.8pp lighter in the sector.

3 MOST INVESTED MOST INVESTORS BOUGHT SOLD Flow of Funds: Active vs. Passive Investment (% Chg) Ownership by Orientation vs Issuer Region 15.0% 100.0% 18.8% 23.5% 10.0% 80.0% 5.0% 60.0% 0.0% 40.0% -5.0% 20.0% -10.0% Q4-16 Q1-17 Q2-17 Q3-17 Q % 81.2% 76.5% Active Passive Active Passive Most Bought & Sold Stocks Security Industry Change $M Invincible Investment Corporation Real Estate Japan Hotel REIT Investment Corporation Real Estate 84.9 United Urban Investment Corp. Real Estate 79.4 Nippon Prologis REIT, Inc. Real Estate 77.2 ORIX JREIT Inc. Real Estate 77.1 GLP J-Reit. Real Estate 69.9 Hoshino Resorts REIT,Inc. Real Estate 59.5 Japan Real Estate Investment Corporation Real Estate 56.7 Invesco Office J-Reit, Inc. Real Estate 54.2 Japan Logistics Fund Inc. Real Estate 51.9 Includes Active & Passive Investors Security Industry Change $M Daiwa House REIT Investment Corporation Real Estate Nippon Building Fund Inc. Real Estate Japan Retail Fund Investment Corporation Real Estate Mori Hills REIT Investment Corporation Real Estate Mori Trust Sogo Reit, Inc. Real Estate Japan Prime Realty Investment Corp. Real Estate Kenedix Office Investment Corporation Real Estate Premier Investment Corporation Real Estate Advance Residence Investment Corporation Real Estate Frontier Real Estate Investment Corporation Real Estate Includes Active & Passive Investors Top Invested Cities Country / City Total Equity Assets Value Activity # Firms Country / City Total Equity Assets Value Activity # Firms Japan (Tokyo) 1,071, , United Kingdom (London) 2,556, , United States (San Francisco) 2,437, , Japan (Tokyo) 1,071, , United Kingdom (London) 2,556, , United States (New York) 2,059, , United States (Boston) 4,023, , United States (Boston) 4,023, , United States (New York) 2,059, , France (Paris) 361, United States (Austin) 441, , Canada (Toronto) 581, United States (Baltimore) 684, Taiwan (Taipei) 24, United States (Malvern) 2,943, Switzerland (Zürich) 262, Netherlands (Amsterdam) 195, Hong Kong (Hong Kong) 106, United States (Radnor) 12, United States (Chicago) 512, Switzerland (Zürich) 262, Sweden (Stockholm) 243, Canada (Toronto) 581, South Korea (Seoul) 48, Netherlands (The Hague) 48, Italy (Milan) 35, United States (Atlanta) 180, Netherlands (Amsterdam) 195, United States (Chicago) 512, Singapore (Singapore) 69, Includes Active & Passive Investors 50, Includes Active & Passive Investors 44,

4 TOP SELLERS TOP BUYERS TOP HOLDERS Flow of Funds: Top Active & Passive Holders, Buyers & Sellers Firm Country Style Turnover Equity Assets Value Change % Portfolio % Portfolio Chg Asset Management One Company, LTD Japan Growth Low 164, , % -5.3% Sumitomo Mitsui Trust Asset Management Company, LTD Japan Growth Low 93, , % 0.9% Nomura Asset Management Company, LTD Japan Growth Low 166, , % 6.7% Daiwa Asset Management Company, LTD Japan Growth Low 84, , % 2.1% Nissay Asset Management Corporation Japan Value Low 18, , % -11.3% Shinko Asset Management Company, LTD Japan GARP Low n/a 2, n/a 0.0% Shinkin Asset Management Company, LTD P Japan Index Low 3, , % 0.0% Nikko Asset Management Company, LTD Japan Growth Low 78, , % 3.6% Tokio Marine Asset Management Company, LTD Japan GARP Medium 7, , % -2.5% Mitsubishi UFJ Kokusai Asset Management Company, LTD Japan Growth Low 45, , % -3.0% BlackRock Fund Advisors P United States Index Low 2,009, , % 7.5% Dimensional Fund Advisors, L.P. (U.S.) P United States Value Low 429, , % 6.9% State Street Global Advisors (SSgA) P United States Index Low 1,322, % -2.6% Norinchukin Zenkyoren Asset Management Company, LTD Japan Growth Low 4, % 14.9% LaSalle Investment Management Securities, LLC United States Specialty Low 9, % 0.3% BlackRock Advisors (U.K.), LTD P United Kingdom Index Low 152, % 4.6% BlackRock Japan Company, LTD P Japan Index Low 77, % 8.6% The Vanguard Group, Inc. P United States Index Low 2,943, % 117.4% Sumitomo Mitsui Asset Management Company, LTD Japan Growth Medium 18, % 0.0% APG Asset Management N.V. Netherlands Yield Low 174, % 0.0% 43, Firm Country Style Turnover Equity Assets Value Change % Portfolio % Portfolio Chg The Vanguard Group, Inc. P United States Index Low 2,943, % 117.4% Nomura Asset Management Company, LTD Japan Growth Low 166, , % 6.7% Fidelity International Limited - FIL Investments (Japan), LTD Japan Growth Low 13, % 140.6% BlackRock Fund Advisors P United States Index Low 2,009, , % 7.5% Norinchukin Zenkyoren Asset Management Company, LTD Japan Growth Low 4, % 14.9% Nikko Asset Management Company, LTD Japan Growth Low 78, , % 3.6% Dimensional Fund Advisors, L.P. (U.S.) P United States Value Low 429, , % 6.9% Daiwa Asset Management Company, LTD Japan Growth Low 84, , % 2.1% BlackRock Japan Company, LTD P Japan Index Low 77, % 8.6% Sumitomo Mitsui Trust Asset Management Company, LTD Japan Growth Low 93, , % 0.9% Northern Trust Global Investments, LTD P United Kingdom Index Low 75, % 32.3% Principal Global Investors, LLC United States Growth Low 117, % 19.0% NNIP Advisors B.V. Netherlands Value Medium 37, % 29.2% BlackRock Advisors (U.K.), LTD P United Kingdom Index Low 152, % 4.6% Amundi Asset Management S.A. France Value Medium 91, % 103.0% SYZ Asset Management (Suisse) SA Switzerland Deep Value Medium 1, % 116.8% BlackRock Investment Management (U.K.), LTD United Kingdom Growth Low 407, % 5.7% BlackRock Asset Management Canada, LTD P Canada Index Low 39, % 24.9% Delta Lloyd Asset Management N.V. Netherlands Value Medium 8, % 79.6% HSBC Global Asset Management (U.K.), LTD United Kingdom Growth Medium 86, % 12.8% 21, ,564.1 Firm Country Style Turnover Equity Assets Value Change % Portfolio % Portfolio Chg Asset Management One Company, LTD Japan Growth Low 164, , % -5.3% Nissay Asset Management Corporation Japan Value Low 18, , % -11.3% Mitsubishi UFJ Kokusai Asset Management Company, LTD Japan Growth Low 45, , % -3.0% Standard Life Investments, LTD (U.K.) United Kingdom Growth Medium 73, % -35.7% Tokio Marine Asset Management Company, LTD Japan GARP Medium 7, , % -2.5% Cohen & Steers Capital Management, Inc. United States Specialty Medium 44, % -17.1% Invesco Advisers, Inc. United States Growth Low 180, % -14.8% State Street Global Advisors (SSgA) P United States Index Low 1,322, % -2.6% J.P. Morgan Asset Management (Japan), LTD Japan Growth Medium 11, % -64.3% Deutsche Asset Management Investment GmbH Germany Value Low 124, % -94.4% CBRE Clarion Securities, LLC United States Specialty High 12, % -4.9% KLP Kapitalforvaltning AS Norway Value Low 15, % -45.3% Okasan Asset Management Company, LTD Japan Growth Medium 3, % -3.8% Duemme SGR S.p.A. Italy Value High 3, % -96.1% Swedbank Robur Fonder AB Sweden Growth Low 83, % -32.0% Morgan Stanley Investment Management Company (Singapore) Singapore Growth Medium 3, % -20.1% CenterSquare Investment Management, Inc. United States Specialty Medium 7, % -11.7% Colonial First State Global Asset Management Australia Growth Low 33, % -13.4% TIAA-CREF Investment Management, LLC United States Growth Low 320, % -2.3% RREEF America, LLC United States Specialty High 13, % -11.1% Includes Investors with EUM greater than $100M. 18, ,221.8 SWF - Sovereign Wealth Fund; HF - Hedge Fund/Alternative; P - Passive Investor

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