Salter & Company, LLC

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1 Salter & Company, LLC SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES FINANCIAL STATEMENTS DECEMBER 31,2016 AND 2015

2 Salter & Company, LLC SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES FINANCIAL STATEMENTS WITH ADDITIONAL INFORMATION DECEMBER 31, 2016 AND 2015 CONTENTS Page Report of Independent Auditors Statements ofnet Assets Available for Benefits Statements of Changes in Net Assets Available for Benefits Statement of Accumulated Plan Benefits Statement of Changes in Accumulated Plan Benefits Notes to the Financial Statements Additional Information Schedules of Administrative Expenses Assets Held for Investment Purposes 24 25

3 Salter & Company, LLC Certified Public Accountants 4600 EAST-WEST HIGHWAY SUITE 300 BETHESDA, MD Telephone Facsimile Independent Auditors' Report To the Board of Trustees of the SEIU National Industry Pension Plan - United States We have audited the accompanying financial statements of SEIU National Industry Pension Plan - United States (the Plan) which comprise the statements of net assets available for benefits as of December 31, 2016 and 20 15, and the related statements of changes in net assets available for benefits for the years then ended, and the statement of accumulated plan benefits as of December 31, 2015 and the related statement of changes in accumulated plan benefits for the year then ended, and the related notes to the financial statements. Management's Responsibility for the Financial Statements The Plan's management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions

4 Salter & Company, LLC Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, information regarding the Plan's net assets available for benefits as of December 31, 2016 and changes therein for the year then ended, and its financial status as of December 31, 2015 and changes therein for the year then ended in accordance with accounting principles generally accepted in the United States of America. Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The schedule on pages 24 is presented for the purpose of additional analysis and is not a required part of the financial statements. The schedule on page 25 is required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of Such information is the responsibility of the Plan's management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Bethesda, Maryland September 20,

5 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31, 2016 AND 2015 ASSETS December 31, Investments- at fair value (Notes 7 & 8) Plan interest in SEIU Pension Plans Master Trust $ 1,096,561 '146 $ 1,045,926,215 Insurance company general account 236, ,228 Total investments 1,096, 797,844 1,046,299,443 Receivables Employer contributions, net 8,465,959 13,397,817 Withdrawal liability, net 10,899,180 12,502,088 Due from related parties 396,277 95,229 Deposits and other receivables 72,492 15,071 Total receivables 19,833,908 26,010,205 Property and Equipment, net 73,071 6,169,536 Prepaid Expenses 300, ,411 Cash 4,613,596 7,414,585 TOTAL ASSETS $ 1,121,618,765 $ 1,086, 183,180 LIABILITIES AND NET ASSETS LIABILITIES Accounts payable $ 447,442 $ 414,452 Deferred rent 14, ,735 TOTAL LIABILITIES 462, ,187 NET ASSETS AVAILABLE FOR BENEFITS $ 1,121,156,721 $ 1,085,591,993 See accompanying notes to the financial statements

6 SEIU NATIONAL INDUSTRY PENSION PLAN - UNITED STATES STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEARS ENDED DECEMBER 31,2016 AND 2015 ADDITIONS Investment income (loss) Plan interest in Master Trust net investment income Non-master trust investments Net appreciation in fair value of investments Interest and dividends Less: investment expenses Net non-master trust investment income $ Year Ended December 31, ,725,108 $ (5,061,895) --~.;.-~ 16,311 18,727 35,038 (5,601) 29,437 14,487 16,781 31,268 (5,945) 25,323 Total investment income (loss) 81,754,545 (5,036,572) Contributions Employer contributions Withdrawal liability Interest on withdrawal liability contributions Total contributions 62,039,146 5,932, ,626 68,881,607 69,580,554 8,866,965 1,064,033 79,511,552 Other Revenue TOTAL ADDITIONS DEDUCTIONS Pension benefits Lump-sum pension benefits Administrative expenses TOTAL DEDUCTIONS NET INCREASE (DECREASE) $ $ $ 752,532 56, ,388,684 $ 74,531, ,077,496 $ 662,702 14,083,758 ;...;. ;,.;. 98,716, ,505 9,328, ,823,956 $ 108,544,879 35,564,728 (34,013, 727) NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 1,085,591,993 1,119,605,720 End of year $ 1,121,156,721 $ 1,085,591,993 See accompanying notes to the financial statements. -4-

7 SEIU NATIONAL INDUSTRY PENSION PLAN - UNITED STATES STATEMENT OF ACCUMULATED PLAN BENEFITS AS OF DECEMBER 31, 2015 ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS Vested benefits Participants currently receiving benefits Other participants Total vested benefits Nonvested benefits TOTAL ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS December 31, 2015 $ 748,852, ,444,640 1,472,297,117 17,774,858 $ 1,490,071,975 See accompanying notes to the financial statements

8 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES STATEMENT OF CHANGES IN ACCUMULATED PLAN BENEFITS YEAR ENDED DECEMBER 31, 2015 ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS AS OF JANUARY 1, 2015 INCREASE (DECREASE) DURING THE YEAR ATTRIBUTABLE TO: Benefits accumulated, net experience gain or loss and changes in data Interest Changes in actuarial assumptions Benefits paid Plan amendments Net increase ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS AS OF DECEMBER 31, 2015 Year Ended December 31, 2015 $ 1,483,897, , ,261,679 (1,698,673) (99,215,931) (345,804) 6,174,299 $ 1,490,071,975 See accompanying notes to the financial statements

9 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 1. DESCRIPTION OF THE PLAN The following description of the SEIU National Industry Pension Plan- United States (the Plan) provides only general information. Participants should refer to the plan document for a more complete description of the Plan's provisions. General - The Plan is a defined benefit pension plan that covers employees for whom contributions are made in accordance with collective bargaining and/or participation agreements. The Plan offers normal, early, disability and survivor benefits. The benefit amount is in accordance with schedules, taking into consideration age, length of service, and contribution amounts. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). In accordance with the Pension Protection Act of 2006 (PP A), the actuaries declared the Plan in critical status as of January 1, As a result, the Trustees were required to develop a Rehabilitation Plan that was designed to reasonably enable the Plan to emerge from critical status. The Rehabilitation Plan includes a Preferred Schedule and a Default Schedule. As of December 31, 2015, the Plan remained in critical status. Pension Benefits - Participants become vested after reaching age 65 as an active participant with five years of participation in the Plan; or earning five vesting credits; or earning five pension credits, at least one of which is for future service (if a participant in the Plan on December 31, 2004 ); or earning five pension credits, at least three of which are for future service (if a participant in the plan on or after January 1, 2005). The Plan uses two formulas to calculate benefits accrued prior to January 1, Any benefit earned through 2007 is based on the formula that produces the highest benefit as of December 31, The contribution formula is a percentage of the contributions made to the Plan. The benefit table formula is based on years of service and Average Contribution Rate. Please refer to the plan document for an explanation of the contribution formula and benefit table formula for service through the end of For service earned on or after January 1, 2008, the benefit is based on the contribution formula. The contribution formula provides a benefit based on a percentage of the contributions made to the Plan. If contributions were first required to be made before 2008, the monthly benefit earned during 2008 and 2009 is equal to 2.5o/o of the total contributions made for work during this period. If contributions were first required to be made on or after January 1, 2008, the monthly benefit earned during 2008 and 2009 equals 2.25% of the total contributions made for work during this period. For all work on or after January 1, 2010, the monthly benefit is equal to 1.75% of the total contributions for groups under the Preferred Schedule and 1.00% of the total contributions for groups under the Default Schedule. Please refer to the plan document for more details regarding benefits provided by the Plan

10 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 1. DESCRIPTION OF THE PLAN (continued) The Plan permits early retirement at ages 55-64, at a reduced benefit rate. For pensions awarded on or after January 1, 1997, a participant who is at least 55 years old and whose age plus years of service total 80 or more, will have an early retirement reduction based on the number of months the pension is commencing prior to age 62 rather than age 65. As of January 1, 2010, this option is no longer available. If a participant withdraws from the Plan before rendering 5 years of service, but with at least one year of future service credit (3 years for racetrack employees), in the year of or the year before they reach age 65, the participant is entitled to 50% of total contributions submitted on their behalf as a one-time lump sum payment. This option is no longer available for participants whose 65th birth date is after January 1, Each person entitled to a benefit may elect to receive the benefit as a single lump sum if the benefit has a lump sum value under $5,000 or the monthly benefit payable if less than $50. If the designated beneficiary is an estate, a benefit of any value can be paid as a single lump sum. As of January 1, 2010, the Fund cannot issue a lump sum payment that exceeds $5,000. Death and Disability Benefits- If an active participant who is eligible for, but not receiving, pension benefits dies at age 55 or older, the death benefit is payable immediately in the amount of 50% of the benefit the participant would have received had he or she retired and elected the husband and wife option. If the participant dies before age 55, the spouse's benefit would be deferred to the month after the participant would have attained age 55. A five year payment certain benefit is payable (if participant is not eligible for spouse's benefit, discussed above, or lump sum benefit, discussed below) upon the death of a participant who is at least 55 years old with 5 years pension credit (including one year of future service). The monthly benefit, payable for 60 payments, would be the same as the participant would have been entitled to, had he or she retired the day before he or she died (this option is not available for death that occurred after January 1, 2005). A lump sum benefit is payable (if a participant is not eligible for five year payment certain or spouse's benefit) upon the death of a participant of any age with 5 years of pension credit (including one year of future service) or a participant age 65 with at least one year of pension credit, in the amount of a 50o/o return of contributions. (This option is not available for any death that occurs after January 1, 2005). For any death that occurs after January 1, 2005, if you are not married or are married for less than one year, vested and die, the beneficiary will receive a lump sum death benefit equal to 50% of contributions submitted to this office. For any death after January 1, 2005 at age 55 the spouse of the participant will receive benefits in the amount of 50% of the benefit the participant would have received had he or she retired and elected the husband and wife option or the lump sum benefit equal to 50% of contributions submitted to this office

11 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 1. DESCRIPTION OF THE PLAN (continued) Prior to January 1, 2005, disability pension benefits are payable immediately to any disabled participants with 5 years of vested credit, or 5 years of pension credit, including one year Future Service. After January 1, 2005, disability pension benefits are payable immediately to any disabled participant with 10 years of vested credit, or 10 years of pension credit, including three years of future service credit (lower for racetrack employees) in the amount of his or her accrued normal benefit. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Method of Accounting -The financial statements have been prepared using the accrual basis of accounting. Investment Valuation and Income Recognition - The fair value of the Plan's interest in the SEIU Pension Plans Master Trust Account is based on the beginning of the year value of the Plan's interest in the trust, plus actual contributions and allocated investment income, less actual distributions and allocated administrative expenses. Investments in the SEIU Pension Plans Master Trust Account are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan's Board of Trustees determines the Plan's valuation policies utilizing information provided by its investment advisers and custodians. See Note 7 and 8 for a discussion of fair value measurements. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the plan's gains and losses on investments bought and sold as well as held during the year. Property and Equipment - Property and equipment are stated at cost. Major additions are capitalized while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are expensed currently. Depreciation expense is computed using the straight-line method over the estimated useful lives of the related assets, generally five years for furniture and equipment and over the life of the lease for leasehold improvements. Employer Contributions - Employer contributions due and unpaid at the end of the year are recorded as contributions receivable. Management of the Plan has established an allowance for doubtful accounts of $7,174,661 and $7,722,837 at December 31, 2016 and 2015, respectively, to reflect the uncertainty of collectability of certain employer contributions receivable. Payment of Benefits - Benefit payments to participants are recorded upon distribution

12 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, disclosures of contingent assets and liabilities and the actuarial present value of accumulated plan benefits at the date of the financial statements, and changes therein. Actual result could differ from those estimates. Reclassifications - Some items may have been reclassified from pnor years financial statements for comparability purposes. Withdrawal Liability - The Plan assesses withdrawal liability to employers who have withdrawn from the Plan in accordance with plan provisions and related regulations. Amounts assessed as withdrawal liability contributions are recorded as receivable when collection of the assessment appears reasonably certain. Once the receivable is recorded, a portion of each payment received reduces the receivable and a portion is recorded as interest income on withdrawal liability contributions. The payment status of each employer is reviewed annually by the Plan's legal counsel and an allowance for doubtful collection is recorded if warranted. Payments received during the years ended December 31, 2016 and 2015 to reduce the receivable totaled $7,535,918 and $8,015,771, respectively, and $909,626 and $1,064,030, respectively, was recorded as interest income on the withdrawal liability receivable. Subsequent Events - The Plan has evaluated subsequent events through September 20, 2017, the date the financial statements were available to be issued. Accounting Changes- In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) , Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using net asset value per share as a practical expedient. ASU is effective for fiscal years beginning after December 15, 2016, with early adoption permitted, and is to be applied retrospectively. The Plan has elected to adopt early ASU for the year ended December 31, 2016 and Plan management does not believe the adoption of the ASU had a material impact on the financial statements. In July 2015, the FASB issued ASU , Plan Accounting: Defined Benefit Pension Plans (Topic 960), Plan Investment Disclosures (Part II). ASU eliminates the requirements to disclose individual investments that represent 5 percent or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type. It also simplifies the level of disaggregation of investments that are measured using fair value

13 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Plans will continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics and risks. Further, the disclosure of information about fair value measurements shall be provided by general type of plan asset. ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted, and is to be applied retrospectively. The Plan has elected to adopt early the ASU for the year ended December 31, Plan management does not believe the adoption of the ASU had a material impact on the financial statements. NOTE 3. PRIORITIES UPON TERMINATION It is the intent of the Trustees to continue the Plan in full force and effect; however, to safeguard against any unforeseen contingencies, the right to discontinue the Plan is reserved to the Trustees. Termination shall not permit any part of the Plan assets to be used for or diverted to purposes other than the exclusive benefit of the pensioners, beneficiaries and participants. In the event of termination, the net assets of the Plan will be allocated to pay benefits in priorities as prescribed by ERISA and its related regulations. Whether all participants receive their benefits should the Plan terminate at some future time will depend on the sufficiency, at that time, of the Plan's net assets to provide those benefits and may also depend on the level of benefits guaranteed by the Pension Benefit Guaranty Corporation (PBGC). The PBGC provides financial assistance to plans to help them avoid insolvency. Should a plan become insolvent, the PBGC guarantees certain benefits to participants; however, the benefits guaranteed are generally only a portion of the normal pension benefit. In addition, no benefit increases as a result of plan amendments in effect for less than five years are guaranteed. For Plan terminations occurring during 20 16, PBGC guarantees a portion of the pension earned up to $35.75 per month times the years of credited services. Some benefits may be fully or partially provided for while other benefits may not be provided at all. NOTE 4. ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS Accumulated plan benefits are those future periodic payments, including lump-sum distributions that are attributable under the Plan's provisions to the service employees have rendered. Accumulated plan benefits include benefits expected to be paid to (a) retired employees or their beneficiaries, (b) beneficiaries of employees who have died, and (c) present employees or their beneficiaries. Benefits payable under all circumstances -retirement, death, disability and termination of employment - are included, to the extent they are deemed attributable to employee service rendered to the valuation date. The actuarial present value of accumulated plan benefits is determined by an actuary and is the amount that results from applying actuarial assumptions to adjust the accumulated plan benefits to reflect the time value of money (through discounts for interest) and the probability of payment (by means of decrements such as death, disability, withdrawal, or retirement) between the valuation date and the expected date of payment

14 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 4. ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS (continued) The actuarial valuations were made using the entry age normal actuarial cost method. The significant actuarial assumptions used in the valuation as of December 31, 2015 were: a. Retirement age assumptions- weighted average assumed retirement age was 68.0 years. b. Net investment rate of return - 7.5o/o per year. c. Administrative expenses- $9,500,000. d. Mortality rates: healthy life- 102o/o of the unprojected experience rates (as of2006) for the RP-2014 blue collar mortality table projected generationally from 2006 with SSA scale. Disabled participants o/o of the unprojected experience rates (as of 2006) for the RP disabled retiree mortality table projected generationally from 2006 with SSA-2014 scale. The above actuarial assumptions are based on the presumption that the Plan will continue. Were the Plan to terminate, different actuarial assumptions and other factors might be applicable in determining actuarial results. The Plan's actuary has determined the Plan has met the minimum funding requirements of ERISA through December 31, NOTE 5. TAX STATUS The Plan obtained its latest determination letter on January 11, 2013, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving that determination letter. However, the Plan's administrator and the Plan's tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Internal Revenue Code. Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress

15 SEIU NATIONAL INDUSTRY PENSION PLAN - UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 6. PROPERTY AND EQUIPMENT Property and equipment at December 31, 2016 and 2015 consisted of the following: Property and equipment Computer programming and software Furniture and equipment Tenant improvements Less: accumulated depreciation Property and equipment, net $ $ December 31, ,702 $ 591, ,510 1,386,893 (1,313,822) 6,313, , ,510 7,560,186 (1,390,650) $ ==~6,=16=9~,5=36= NOTE 7. INVESTMENTS IN SEIU PENSION PLANS MASTER TRUST The SEIU National Industry Pension Plan - United States, the SEIU Affiliates Officers and Employees Pension Plan - United States, and the Pension Plan for Employees of the Service Employees International Union- United States each contributed investment assets to a combined investment account entitled SEIU Pension Plans Master Trust. Each of the three contributing pension plans has an undivided interest in the Master Trust. The value of the Plan's interest in the SEIU Pension Plans Master Trust is based on the beginning of year value of the Plans' interest in the Trust plus actual contributions and allocated investment income less actual distributions and allocated administrative expenses. The Plan's interest in the net assets of the Master Trust was o/o and % as of December 31, 2016 and 2015, respectively. Investment income and administrative expenses relating to the Master Trust are allocated to the individual plans based upon ending monthly balances invested in each plan. The following table presents the net assets of the Master Trust as of December 31, 2016 and 2015: Cash equivalents U.S. government securities Corporate bonds Common stocks Common collective trusts $ December 31, ,517,275 $ 18,020, ,872, ,570, ,444, ,939, ,469, ,717, ,811, ,969,

16 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 7. INVESTMENTS IN SEIU PENSION PLANS MASTER TRUST (continued) Insurance company pooled separate accounts $ Limited partnerships Hedge funds Other pooled funds Accrued income Total net assets ,399, ,065,838 72,213,975 2,934,644 2, 195,729,985 December 31, 2015 $ 38,293, ,898,810 90,655,004 19,869,554 2,851,466 2,061,786,174 Plan interest in SEIU Pension Plans Master Trust $ 1,096,561' 146 $ 1,045,926,215 The following are the changes in net assets for the Master Trust for the years ended December 31, 2016 and 2015: Changes in Net Assets: Net appreciation (depreciation) in fair value of investments Interest and dividends Income from partnerships Class action rewards Commission recapture Net investment income Net transfers Investment fees Increase (decrease) in net assets $ Year Ended December 31, ,910,060 $ 28,070, ,988 (12,878) 164,340,959 (28,012,000) (2,385, 148) 133,943,811 (21,240,453) 12,122,818 1,049,962 93,285 1,109 (7,973,279) (30,362,022) (2,868,333) (41,203,634) Net Assets: Beginning of year End of year $ 2,061,786,174 2, 195,729,985 $ 2,1 02,989,808 2,061,786,

17 SEIU NATIONAL INDUSTRY PENSION PLAN - UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 7. INVESTMENTS IN SEIU PENSION PLANS MASTER TRUST (continued) The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy are described as follows: Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the plan has the ability to access. Level 2 - Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset's or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2016 and Corporate bonds: Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote if available. United States Government and government agency obligations: Valued using pricing models maximizing the use of observable inputs for similar securities. Common and Preferred stocks: Valued at the closing price reported on the active market on which the individual securities are traded

18 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 7. INVESTMENTS IN SEIU PENSION PLANS MASTER TRUST (continued) Common Collective Trusts: Valued at the NA V of units of a bank collective trust. The NA V, as provided by the trustee, is used as a practical expedient to estimate fair value. The NA V is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchased and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner. Limited Partnerships and Hedge Funds: The fair values of limited partnerships recorded by the Plan are determined from financial statements received by the Plan from the limited partnerships or other entities in which the Plan has invested. These financial statements are financial statements audited by independent accountants other than the Plan's independent auditors. In addition, some of these investment vehicles operate as "fund of funds" which invest in limited partnerships and other nonmarketable investments. The entities in which the Plan invests prepare their financial statements stating their investments at fair value as determined in good faith by the general partner or by a third party valuator based on the best information available, in the absence of readily ascertainable market values. The following table sets forth by level, within the fair value hierarchy, the Master Trust's assets at fair value as of December 31, 2016 and 2015: Cash equivalents United States Government & government agency oblig. $ Master Trust Assets at Fair Value as of December 31, 2016 Level 1 Level 2 Level 3 Total $ 19,517,275 $ $ 19,517,275 86,542,055 71,330, ,872,489 Corporate bonds and notes 108,444, ,444,61 0 Common stocks 821,368,294 2,101, ,469,378 Accrued income 2,934,644 2,934,644 Total assets in the fair value hierarchy $ 910,844,993 $ 199,292,319 $ 2,101,084 $ 1,112,238,396 Investments measured at NAY: Common collective trusts $ 668,811,971 Insurance company pooled separate account 39,399,805 Limited partnerships 303,065,838 Other pooled funds 72,213,975 Total investments at NAY 1,083,491,589 Total assets at fair value $ 2,195,729,

19 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 7. INVESTMENTS IN SEIU PENSION PLANS MASTER TRUST (continued) Cash equivalents United States Government & government agency oblig. Corporate bonds and notes Common stocks Accrued income Total assets in the fair value hierarchy Investments measured at NAY: Common collective trusts Insurance company pooled separate account Limited partnerships Hedge funds Other pooled funds Total investments at NAY $ Master Trust Assets at Fair Value as of December 31, 2015 Level 1 Level 2 Level 3 Total $ 18,020,213 $ $ 18,020, ,536,069 82,034, ,570, ,939, ,939, ,008,877 1,709, ,717,978 2,851,466 2,851, ,396, ,994,264 1,709, 101 1,064,099, 777 $ 622,969,281 38,293, ,898,810 90,655,004 19,869, ,686,397 Total assets at fair value $ 2,061,786,174 Transfers Between Levels The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model based valuation techniques may require the transfer of financial instruments from one fair value to another. In such instances, the transfer is reported at the beginning of the reporting period. We evaluated the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits. For the year ended December 31, 2016 there were no significant transfers in or out of levels 1, 2 or

20 SEIU NATIONAL INDUSTRY PENSION PLAN - UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 7. INVESTMENTS IN SEIU PENSION PLANS MASTER TRUST (continued) Changes in Fair Value of Level 3 Assets and Related Gains and Losses The following table sets forth a summary of changes in the fair value of the Plan's level 3 assets for the year ended December 31, 2016 and 2015: Common Stocks $ 1,709,101 Level 3 Gains and Losses Beginning balance, January 1, 2016 Realized gains (losses) Unrealized gains (losses) Purchases Sales and settlements Transfers in or out of Level 3 Ending balance, December 31, 2016 Level 3 Gains and Losses Beginning balance, January 1, 2015 Realized gains (losses) Unrealized gains (losses) Purchases Sales and settlements Transfers in or out of Level 3 Ending balance, December 31, ,983 $ 2,101,084 =======::::i:::::=== $ Common Stocks 2,438,244 (729,143) $ 1,709,101 ======~== Gains and losses (realized and unrealized) included in changes in net assets for the period above are reported in net appreciation in fair value of investments in the statement of changes in net assets available for benefits. Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements The following table represents the Plan's level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments as of December 31, 2016 and 2015, respectively, and the significant unobservable inputs and the ranges of values for those inputs: Fair Fair Value Value Instrument 12/31/16 12/31/15 Common Stock $ 2,101,084 $ 1,709,101 Principal Valuation Technique Third Party Appraisal Significant Unobservable Inputs n/a Range of Significant Input Values, Weighted Average n/a, n/a

21 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 7. INVESTMENTS IN SEIU PENSION PLANS MASTER TRUST (continued) In estimating fair value of the investments in level 3, the Board of Trustees may use third-party pricing sources or appraisers. In substantiating the reasonableness of the pricing data provided by third parties, the Board of Trustees evaluates a variety of factors including review of methods and assumptions used by external sources, recently executed transactions, existing contracts, economic conditions, industry and market developments, and overall credit ratings. The investment in common stock represents stock issued from a private company. A third party appraiser is hired annually to evaluate the fair value. Fair Value of Investments that Calculate Net Asset Value The following table summarizes investments measured at fair value based on net asset value (NA V's) per share as of December 31, 2016 and 2015, respectively. December 3 1, Common collective trusts Insurance company pooled separate account Limited partnerships Other pooled funds $ Fair Value 668,811,971 39,399, ,065,838 72,213,975 Unfunded Commitments None None 60,601 '123 None Redemption Frequency (if currently eligible} varies Redemption Notice Period one year temporarily suspended last day of quarter varies varies varies varies December 31, 2015 Common collective trusts Insurance company pooled separate account Limited partnerships Hedge funds Other pooled funds $ Fair Value 622,969,281 38,293, ,898,810 90,655,004 19,869,554 Unfunded Commitments None None 57,659,370 None None Redemption Frequency (if currently eligible} varies Redemption Notice Period one year temporarily suspended last day of quarter varies varies quarterly days vanes varies The investments in the common collective trust class is comprised of several investments. Underlying assets in these funds primarily include publicly traded equity securities and fixed income securities and are valued at their Net Asset Values calculated by the fund sponsor and have daily or monthly liquidity

22 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 7. INVESTMENTS IN SEIU PENSION PLANS MASTER TRUST (continued) The investments in insurance company pooled separate accounts from insurance contracts seeks to capitalize on opportunities in the U.S. commercial real estate market through making loans to borrowers in connection with the acquisition, development or refinancing of commercial properties. This investment is valued based on the underlying portfolio of investments valued primarily through cash flow models and appraisals. The investments in the limited partnerships class seek to achieve long term-growth of capital consistent with risk reduction through diversification. These investments are subject to various restrictions on redemption and frequency. The fair value of these investments is estimated based on the audited capital accounts and the Master Trust's respective ownership as reported by the investment manager. The investments in the hedge funds class is a feeder fund to a master trust fund in which the investment holds a 95% interest. The objective of the master fund is to seek above-average rates of return and long term capital growth through a portfolio of private investment entities and separately managed accounts. The underlying investments are primarily valued using the net asset value as reported by the respective manager. The investment in the other pooled funds class is an investment in a manager that seeks to provide sound means to invest in a portfolio of high-quality, short-term construction loans secured by the projects being built. This investment is valued based on the underlying value of its portfolio. NOTE 8. INVESTMENTS OTHER THAN THE MASTER TRUST The Plan is also invested in an insurance company general account. This investment is carried at an estimated fair value of$236,698 and $373,228 at December 31, 2016 and 2015, respectively. For the years ended December 31, 2016 and 2015, the Plan's investment, including gains and losses on investments bought and sold, as well as held at year end, appreciated in value $16,311 and $14,487, respectively. The insurance company contract's fair value is estimated based on the weighted average of the Plan's share of investment income, benefits paid, and fees as reported by the insurance company. The Plan's investment in the insurance company general account is reported using Level 2 inputs. Refer to Note 7 for a description of the valuation methodologies used. -20-

23 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 9. FUNDING POLICY Funding of the Plan is provided by employer contributions in accordance with formulas set forth in collective bargaining agreements. Contributions to the Plan for 2016 and 2015 exceeded the minimum funding requirements of ERISA. See Note 1, for additional funding information. NOTE 10. RISKS AND UNCERTAINTIES The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statement of net assets available for benefits. Plan contributions are made and the actuarial present value of accumulated plan benefits are reported based on certain assumptions pertaining to interest rates, inflation rates and employee demographics, all of which are subject to change. Due to uncertainties inherent in the estimations and assumptions process, it is at least reasonably possible that changes in these estimates and assumptions in the near term would be material to the financial statements. NOTE 11. TRANSACTIONS WITH RELATED PARTIES The Plan serves as the employer for all employees who work on the SEIU National Industry Pension Plan United States, the SEIU Affiliates Officers and Employees Pension Plan- United States, the Pension Plan for Employees of the Service Employees International Union- United States, and the Service Employees International Union- Health and Welfare Plan. These plans are related through common trustees. The Plan allocates total salaries, payroll taxes, and employee benefits to these entities based on services performed for each plan. The Plan paid for most of the administrative expenses incurred by the SEIU Affiliates Officers and Employees Pension Plan - United States, SEIU National Industry Pension Plan - United States, the Pension Plan for Employees of the Service Employees International Union- United States, and the Service Employees International Union- Health and Welfare Plan. These plans are related through common trustees. The Plan allocated administrative expenses to these entities based on services received by each Plan. These administrative expenses allocated include certain investment fees, equipment rental and maintenance, insurance and bonding, office supplies and expense, printing and postage, real estate and personal property taxes, rent and utilities expense, telephone and facsimile expense, administrative fees and services, trustee meeting expenses, temporary help, data processing services, computer supplies and software development

24 SEIU NATIONAL INDUSTRY PENSION PLAN - UNITED STATES NOTES TO THE FINANCIAL STATEMENTS NOTE 11. TRANSACTIONS WITH RELATED PARTIES (continued) In addition, the Service Employees International Union (the International Union) provides certain general administrative services. The Plan reimburses the International Union for the cost of such services, which were $20,094 and $119,256 in 2016 and 2015, respectively. Certain International Union Executive Board members and officers also serve as trustees of the Plan. At December 31, the Plan had receivables from/payables to related parties as summarized below: NOTE 12. PENSION PLAN Due from SEIU Affiliates Officers and Employees Pension Plan - United States $ 119,049 $ 13,449 SEIU Affiliates Officers and Employees Pension Plan - Canada 12,659 23,093 Pension Plan for Employees of the Service Employees International Union- United States 42,578 4,129 Pension Plan for Employees International Union Canada 905 1,667 Service Employees International Union 10,325 4,153 Service Employees International Union Health and Welfare Plan 150,358 11,372 SEIU Affiliates Officers and Employees 401(k) Plan 43,691 37, Massachusetts A venue Corp. (SEIU) 16,712 $ 396,277 $ 95,229 Certain employees of the Plan are covered under the Pension Plan for Employees of the Service Employees International Union - United States (Staff Plan), which is a defined benefit pension multiemployer plan. The Staff Plan is funded by employer contributions which were 18.1% of eligible salary for years ended December 31, 2016 and The risk of participating in a multiemployer plan is different from single-employer plans in the following aspects. a. Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. b. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. c. If the Plan chooses to stop participating in the Staff Plan then the Plan may be required to pay the Staff Plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability

25 NOTE 12. PENSION PLAN (continued) SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES NOTES TO THE FINANCIAL STATEMENTS The Plan's participation in Staff Plan for the year ending December 31, 2016 is outlined in the table below. The "EIN/Pension Plan Number" column provides the Employer Identification Number (EIN) and the threedigit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act (PP A) zone status available in 2016 and 2015 is for the Plan's year-end at December 31, 2015 and 2014, respectively. The zone status is based on information that the Plan received from the Staff Plan and is certified by the Staff Plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. Pension Plan for Employees of the Service Employees International Union EIN/Pension Plan Number PP A Zone Status Contributions Surcharge Imposed FIP /RP Status Pending/Implemented December 31, /001 Green Green 336, ,809 No No NOTE 13. LEASE AGREEMENTS On September 1, 2006, the Plan entered into an operating lease for office space in Washington, D.C. the Plan has a ten-year, four month lease which expires in January The lease provides for annual 2.25% step increases in base rent, plus annual adjustment for increases in operating expenses and real estate taxes. The lease also provided for a lease incentive of $433,345 to be used for build out of the leased premises. These deferred lease amounts related to the annual step increases and amount received for leasehold improvements are being amortized on a straight line basis over the life of the lease. The future minimum lease payments are as follows: Year Ending December 31, $ Rental expense for office space was $378,713 and $392,551 for 2016 and 2015, respectively

26 SEIU NATIONAL INDUSTRY PENSION PLAN UNITED STATES SCHEDULES OF ADMINISTRATIVE EXPENSES YEARS ENDED DECEMBER 31,2016 AND 2015 Administrative Expenses Bank charges Depreciation of property and equipment Employee benefits Pension contributions Hospitalization and life insurance Other employee benefits Equipment rental and maintenance Insurance and bonding Interest and penalties Loss on impairment of property & equipment Office supplies and expense Payroll taxes Pension Benefit Guaranty Corporation premiums Postage Printing Personal property taxes Rent and utilities expense Salaries Telephone Professional and Outside Service Fees Actuarial consulting and related fees Administrative fees and services Audit fees and expenses Insurance service fees Legal fees and expenses Other professional services Outside services Temporary help Trustee expenses Trustee meeting expenses Computer Services Data processing services Computer supplies Technical support $ Year Ended December 31, ,666 $ 111, , ,742 47,766 20, ,941 1,672 4,253,555 30, ,613 3,053, ,792 66, ,899 2,546,369 13,891 12,199, , ,725 58,272 23, , ,310 17,872 57,286 32,854 16,775 1,521, , , , ,135 27,720 30, , , ,779 2,787, ,151 45, ,481 2,499,477 I 0,899 7,586, , ,676 55,000 24, , ,028 18,927 44,577 60,039 12,165 1,616, ,584 80,134 10,469 11,039 31,859 34, , ,840 TOTAL -24- $ 14,083,758 $ 9,328,948 ========

27 SEIU NATIONAL INDUSTRY PENSION PLAN - UNITED STATES SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 2016 Form 5500, Schedule H, Part IV, Line i (c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value EIN Plan No. 001 (a) (b) Identity of issuer, borrower, lessor, or similar party Collateral Maturity Date Interest Rate Shares/ Par Value (d) Cost (e) Current Value INTEREST IN MASTER TRUST N/A N/A N/A Varies $ 958,750,660 $ 1,096,561,146 VALUE OF FUNDS HELD IN INSURANCE COMPANY GENERAL ACCOUNTS AXA Equitable Life Insurance Company Total assets held for Investment Purposes N/A N/A N/A NIA 236, ,698 $ 958,987,358 $ 1,096,797,

28 EIN / PN 001 EXHIBIT 5 - SUMMARY OF PLAN PROVISIONS (SCHEDULE MB, LINE 6) This exhibit summarizes the major provisions of the Plan included in the valuation. It is not intended to be, nor should it be interpreted as, a complete statement of all plan provisions. Plan Year January 1 through December 31 Pension Credit Year January 1 through December 31 Plan Status Ongoing plan Normal Pension Age Requirement: 65 Service Requirement1: 5 years Vesting Credit or 5 Pension Credits, including 3 years Future Service Amount for benefit accruals on or after January 1, 2010: 1.75% of contributions (1.0% for participants under the Default Schedule of the Rehabilitation Plan) Amount for benefit accruals on or after January 1, 2008 through December 31, 2009: 2.50% of contributions for those whose first contribution date is prior to January 1, 2008, and 2.25% of contributions for those whose first (or first following a permanent break in service) contribution date is on or after January 1, Amount for Benefit accruals through December 31, 2007: Greater of a) 3.00% of contributions for hours worked through December 31, 2004, and 2.70% of contributions for hours worked on or after January 1, 2005 through December 31, 2007, made on the employee s behalf (the Contributions Formula), or b) amount based on the Benefit Table Formula in Section 7.04 of the Plan for pension credit earned through December 31, 2004, plus 90% of the scheduled amount for pension credit earned after December 31, 2004 through December 31, In addition, a 7.35% increase is applied to future service benefits accrued through December 31, 2003, if service is earned on or after January 1, For former participants in the Pittsburgh Building Employees Pension Fund, the benefit amount will not be less than: a) Accrued benefit as of merger date (1/1/91) plus SEIU future accrual rate per the Benefit Table Formula for up to 25 total years of service; b) If over age 50, or more than 25 years of credited service, as of January 1, 1991: accrued benefit as of merger date plus 2% of employer contributions thereafter. 1 For seasonal employees, 3 Pension Credits including 3 years of Future Service required Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 6 - Summary of Plan Provisions 60

29 EIN / PN 001 For former participants in the Building Service Employees Pension Plan (BSEPP), the benefit amount through December 31, 2007 is the greater of the following: a) The accrued benefit as of the merger date (5/1/94) plus 40.8% of the accrued benefit at merger, all multiplied by an index factor (as defined below), plus the SEIU future accrual rate per the Benefit Table Formula for up to 24 total years of service following merger (90% of the scheduled accrued rate for service after December 31, 2004). The index factor is determined by dividing the Hourly Contribution rate at retirement by the BSEPP Contribution Rate as of May 1, 1994, subtracting 1.0, then multiplying the result by 72.5% and adding back 100%. The index factor cannot exceed 200% nor be less than 100%. b) 2.25% of total contributions plus the Past Service benefit before merger, increased by 40.8%, plus 3.00% of total contributions after merger through December 31, 2004, plus 2.70% of total contributions after December 31, 2004, through December 31, 2007 In addition, a 7.35% increase is applied to future service benefits accrued through December 31, For former participants in the Service Employees of Michigan Race Tracks Pension Fund (MIRT), the benefit amount is the accrued benefit as of the merger date (4/1/2000), plus the SEIU future accrual rate per the Benefit Table Formula for up to 25 years of service following merger (90% of the scheduled accrued rate for service after December 31, 2004). In addition, a 7.35% increase is applied to future service benefits accrued from January 1, 2000 through December 31, For former participants in the SEIU Local 49 Pension Plan (Local 49), the benefit amount is the accrued benefit as of the merger date (6/1/2003), plus the SEIU future accrual rate per the Benefit Table Formula for up to 25 years of service following merger (90% of the scheduled accrued rate for service after December 31, 2004). In addition, a 7.35% increase is applied to future service benefits accrued from June 1, 2003 through December 31, Past Service benefit levels may be lower than those shown above for certain employers. Pre-participation credit is assigned at employer entry based on policies set by Trustees. Current policy (effective January 1, 2008) is to grant up to 7 years for vesting status, and up to 2 years of full pension credit (at 50% of the contribution rate), multiplied by 1,800 hours (or other appropriate basis for contributions not made on an hourly basis), for new groups that constitute less than 1% of the Plan s current active participants. Early Pension Age Requirement: 55 Service Requirement2: Vested Status Amount: Normal Pension accrued through December 31, 2009, reduced by 6% for each year of age less than 65. If participant's age plus pension credit total at least 80, the first contribution date is before January 1, 2008, and no schedule has been adopted, the reduction is 3% per year of age less than 62 (6% if no pension credit earned in year of retirement or prior year, plus Normal pension accrued on or after January 1, 2010, actuarially reduced from age 65 For participants covered by a Rehabilitation Plan schedule, the entire benefit is actuarially reduced from age 65. * For seasonal employees, 3 Pension Credits including 1 year of Future Service required. Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 6 - Summary of Plan Provisions 61

30 EIN / PN 001 Contributions Considered Contributions used for benefit calculation purposes exclude any surcharges or non-benefit bearing contribution rate increases prescribed by the Rehabilitation Plan. Disability Pension Age Requirement: None Service Requirement: 10 years vesting Credit Amount: Normal Pension accrued, payable immediately (actuarially reduced from age 65 for participants under the Default Schedule) Vesting Age Requirement: None Service Requirement 3 : (a) 5 years of Vesting Credit or (b) 5 years Pension Credit with at least 1 year (3 years if not yet a participant at 12/31/2004) of Future Service Amount: Same as Normal Pension; if payable before age 65, benefit is actuarially reduced Normal Retirement Age: 65 or age on the fifth anniversary of participation, if later Medicare Supplement (for covered BSEPP participants in pay status as of January 1, 2010 only) Age Requirement: None Service Requirement: Vested status Amount: $54.00 per month commencing at age 65 for employees vested prior to merger or with at least 10 vesting credits earned prior to January 1, For others, benefit is multiplied by 50%, plus 5% for each 1/2 Vesting Credit earned prior to January 1, 2005 in excess of 5 (but not greater than 100%). Spouse s Pre- Retirement Death Benefit Age Requirement: None Service Requirement: Vested Status Amount: 50% of the benefit employee would have received upon retirement, having elected the Husband and Wife option. The amount is payable immediately if the employee's death occurred after age 55. If employee died before age 55, the spouse's benefit is deferred to the month after the employee would have attained age 55 Charge for Coverage: None Post-Retirement Death Benefit Husband and Wife: If married, pension benefits are paid in the form of a 50% joint and survivor annuity unless this form is properly rejected. If not rejected, the benefit amount otherwise payable is reduced to reflect the joint and survivor coverage. Benefits accrued prior to January 1, 2005 for participants not under Default or Preferred Schedules are restored to the unreduced amount if the beneficiary dies before the employee. If rejected, or if not married, benefits are payable for the life of the employee (with 5 years of payment guaranteed on all 3 For seasonal employees, 3 Pension Credits including 3 years of Future Service required Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 6 - Summary of Plan Provisions 62

31 EIN / PN 001 benefits accrued prior to January 1, 2010) without reduction, or in any other available optional form (including the 50% joint and survivor annuity described above) elected by the employee in an actuarially equivalent amount. Benefits are payable without the guarantee described above for participants under a Rehabilitation Plan schedule. Optional Forms of Payment 50% Joint and Survivor Annuity both with and without pop-up, 75% Joint and Survivor Annuity without pop-up, 100% Joint and Survivor Annuity both with and without pop-up Participation On the earliest January 1 or July 1 after completion of 350 hours of service in Covered Employment during a twelve month period. Pension Credit Contributions in Calendar Year for Hours Years of Credit 1,800 or more ,600 to 1, ,400 to 1, ,200 to 1, ,000 to to to to to to to to Vesting Credit One credit for 700 or more hours of Covered Employment in a Calendar Year; one-half credit for 350 or more hours. For seasonal employees, one credit for 120 or more hours of Covered Employment in a Calendar Year. Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 6 - Summary of Plan Provisions 63

32 EIN / PN 001 Estimated Average Hourly Contribution Rate (for benefit purposes) For Active Employees on 1/1/2015 on 1/1/2016 Seasonal Employees $ $ Other Employees Progress of Rehabilitation Plan Schedule Adoption As of January 1, 2016, 21.1% of active participants are under the Default Schedule and 78.9% are under the Preferred Schedule. The actuarial present value of accrued benefit reductions adopted through that date (but subsequent to January 1, 2015) is $345,804. Changes in Plan Provisions None, other than benefit reductions for those participants for whom a Rehabilitation Plan schedule was first adopted (subsequent to the prior valuation date), and the effect of any contribution rate increases bargained beyond those mandated by these schedules. Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 6 - Summary of Plan Provisions 64

33 SEIU NATIONAL INDUSTRY PENSION PLAN - UNITED STATES SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 2016 Form 5500, Schedule H, Part IV, Line i (c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value EIN Plan No. 001 (a) (b) Identity of issuer, borrower, lessor, or similar party Collateral Maturity Date Interest Rate Shares/ Par Value (d) Cost (e) Current Value INTEREST IN MASTER TRUST N/A N/A N/A Varies $ 958,750,660 $ 1,096,561,146 VALUE OF FUNDS HELD IN INSURANCE COMPANY GENERAL ACCOUNTS AXA Equitable Life Insurance Company Total assets held for Investment Purposes N/A N/A N/A NIA 236, ,698 $ 958,987,358 $ 1,096,797,

34 EIN / PN 001 EXHIBIT 8 - SCHEDULE OF ACTIVE PARTICIPANT DATA (SCHEDULE MB, LINE 8b(2)) The participant data is for the year ended December 31, Pension Credits Age Total & over Under 25 1, ,058 1,555 1, ,533 1,287 1, ,891 1,206 2, ,339 1,160 2, ,248 1,285 2, ,108 1,375 2, ,114 1,182 2, , , , & over Unknown Total 42,115 11,460 18,975 4,776 2,800 1,652 1, Note: Excludes 5,809 participants with less than one pension credit (or less than ½ pension credit for seasonal employees). Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 8b(2) - Schedule of Active Participant data 71

35 March 30, 2016 Internal Revenue Service Employee Plans Compliance Unit Group 7602 (TEGE:EP:EPCU) Room th Floor 230 S. Dearborn Street Chicago, IL To Whom It May Concern: As required by ERISA Section 305 and the Internal Revenue Code (IRC) Section 432, we have completed the actuarial status certification for the Plan Year beginning January 1, 2016 for the following plan: Name of Plan: SEIU National Industry Pension Fund (NIPF) Plan number: EIN / PN 001 Plan sponsor: Board of Trustees, SEIU National Industry Pension Fund (NIPF) Address: 11 Dupont Circle - Suite 900, Washington, DC Phone number: For the Plan Year beginning January 1, 2016, the Plan is in critical status. It is not in critical and declining status. This certification also notifies the IRS that the Plan is making the scheduled progress in meeting the requirements of its rehabilitation plan, based on information received from the sponsor and based on the annual standards of the rehabilitation plan. If you have any questions on the attached certification, you may contact me at the following: Segal Consulting Phone number: Sincerely, Eli Greenblum, FSA, MAAA Senior Vice President and Actuary Enrolled Actuary No Schedule MB, Line 4b - Actuarial Certification Status

36 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 March 30, 2016 Illustration Supporting Actuarial Certification of Status (Schedule MB, line 4b) ACTUARIAL STATUS CERTIFICATION AS OF JANUARY 1, 2016 UNDER IRC SECTION 432 This is to certify that Segal Consulting, a Member of The Segal Group, Inc. ( Segal ) has prepared an actuarial status certification under Internal Revenue Code Section 432 for the SEIU NIPF as of January 1, 2016 in accordance with generally accepted actuarial principles and practices. It has been prepared at the request of the Board of Trustees to assist in administering the Fund and meeting filing and compliance requirements under federal law. This certification may not otherwise be copied or reproduced in any form without the consent of the Board of Trustees and may only be provided to other parties in its entirety. The measurements shown in this actuarial certification may not be applicable for other purposes. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the plan's funded status); differences in statutory interpretation and changes in plan provisions or applicable law. This certification is based on the January 1, 2015 actuarial valuation, dated November 6, This certification reflects the changes in the law made by the Multiemployer Pension Reform Act of 2014 (MPRA). Additional assumptions required for the projections (including those added under MPRA), and sources of financial information used are summarized in Exhibit VI. Segal Consulting does not practice law and, therefore, cannot and does not provide legal advice. Any statutory interpretations on which this certification is based reflect Segal s understanding as an actuarial firm. This certification was based on the assumption that the Plan was qualified as a multiemployer plan for the year. I am a member of the American Academy of Actuaries and I meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion herein. To the best of my knowledge, the information supplied in this actuarial certification is complete and accurate. As required by IRC Section 432(b)(3)(B)(iii), the projected industry activity is based on information provided by the plan sponsor. In addition, as allowed by IRC Section 432(b)(3)(B), in my opinion the contributions used for the Solvency Projection are reasonable. In my opinion, the projections are based on reasonable actuarial estimates, assumptions and methods that (other than projected industry activity and withdrawal liability contributions as specified) offer my best estimate of anticipated experience under the Plan. Eli Greenblum, FSA, MAAA Senior Vice President and Actuary Enrolled Actuary No Schedule MB, Line 4a - Actuarial Certification of Status 1

37 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 EXHIBIT I Status Determination as of January 1, 2016 Test Component Result Status Condition Critical Status: Determination of critical status: C1. A funding deficiency is projected in four years?... Yes Yes C2. (a) A funding deficiency is projected in five years,... Yes (b) AND the present value of vested benefits for non-actives is more than the present value of vested benefits for actives,... Yes (c) AND the normal cost plus interest on the unfunded actuarial accrued liability (unit credit basis) is greater than the contributions for the current year?... No No C3. (a) A funding deficiency is projected in five years,... Yes (b) AND the funded percentage is less than 65%?... No No C4. (a) The funded percentage is less than 65%,... No (b) AND the sum of assets plus the present value of contributions is less than the present value of benefit payments and administrative expenses over seven years?... No No C5. The sum of assets plus the present value of contributions is less than the present value of benefit payments and administrative expenses over five years?... No No Test regular emergence rules: C6. (a) Was in critical status for the immediately preceding plan year,... Yes (b) AND EITHER a funding deficiency is projected for the plan year or any of the next nine plan years, without regard to the use of the shortfall method but taking into account any extension of amortization periods under IRC Section 431(d)(2) or IRC Section 412(e) as in effect prior to PPA 06,... Yes (c) OR is projected to become insolvent for the current year or any of the 30 succeeding plan years?... N/A Yes In Critical Status? (If any of (C1) through (C6) is Yes then Yes)... Yes Final Result Schedule MB, line 4b - illustration Supporting Actuarial Certification of Status 3

38 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 Determination of critical and declining status: C7. (a) Is in critical status because one of tests C1-C5 is YES,... Yes (b) AND insolvency is projected within 15 years using assumptions described in Exhibit VI.B?... No No C8. (a) Is in critical status because one of tests C1-C5 is YES,... Yes (b) AND the ratio of inactives to actives is at least 2 to 1,... No (c) AND insolvency is projected within 20 years using assumptions described in Exhibit VI.B?... No No C9. (a) Is in critical status because one of tests C1-C5 is YES,... Yes (b) AND the funded percentage is less than 80%,... Yes (c) AND insolvency is projected within 20 years using assumptions described in Exhibit VI.B?... No No In Critical and Declining Status? (If any of (C7) through (C9) is Yes, then Yes)... No This certification also notifies the IRS that the Plan is making the scheduled progress in meeting the requirements of its rehabilitation plan, based on information received from the sponsor and based on the annual standards of the rehabilitation plan. The projected December 31, 2016 credit balance is $12.6 million compared to the annual standard (of a $110 million funding deficiency as of that date) in the Rehabilitation Plan. Schedule MB, line 4b - illustration Supporting Actuarial Certification of Status 4

39 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 EXHIBIT II Summary of Actuarial Valuation Projections The actuarial factors as of January 1, 2016 (based on projections from the January 1, 2015 valuation certificate): I. Financial Information 1. Market value of assets $1,072,558, Actuarial value of assets 1,126,730, Reasonably anticipated contributions a. Upcoming year 69,462,747 b. Present value for the next five years 311,225,252 c. Present value for the next seven years 410,230, Projected benefit payments 101,269, Projected administrative expenses for the upcoming year 9,532,500 II. Liabilities 1. Present value of vested benefits for active participants 362,690, Present value of vested benefits for non-active participants 1,132,197, Total unit credit accrued liability 1,512,892, Present value of payments Benefit Payments Administrative Expenses Total a. Next five years $446,829,110 $41,770,859 $488,599,969 b. Next seven years 600,282,145 55,885, ,167, Unit credit normal cost plus expenses 28,754, Ratio of inactive participants to active participants III. Funded Percentage (I.2)/(II.3) 74.4% IV. Funding Standard Account 1. Credit Balance as of the end of prior year (estimated) $67,231, Years to projected funding deficiency 2 V. Projected Year of Emergence (based on the terms of the Rehabilitation Plan) 2024 VI. Years to Projected Insolvency N/A Schedule MB, line 4b - illustration Supporting Actuarial Certification of Status 5

40 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 EXHIBIT III Funding Standard Account Projections The table below presents the Funding Standard Account Projections for the Plan Years beginning January 1. Year Beginning January 1, Credit balance (BOY) $111,394,240 $67,231,374 $12,622,844 ($19,299,456) ($42,566,307) ($66,660,717) ($87,801,781) ($108,314,422) ($135,609,472) ($166,556,715) ($174,405,916) 2. Interest on (1) 8,354,568 5,042, ,713 (1,447,459) (3,192,473) (4,999,554) (6,585,134) (8,123,582) (10,170,710) (12,491,754) (13,080,444) 3. Normal cost 10,948,038 11,214,104 11,391,804 11,541,707 11,673,007 11,797,897 11,918,720 12,027,057 12,118,407 12,211,166 12,293, Administrative expenses 8,944,664 9,168,281 9,397,488 9,632,425 9,873,236 10,120,067 10,373,069 10,632,396 10,898,206 11,170,661 11,449, Net amortization charges 99,340, Interest on (3), (4) and (5) 8,942, Expected contributions 101,944,510 80,105,932 73,156,243 71,869,410 67,037,275 64,580,115 68,509,454 68,831,229 44,816,625 57,075,366 9,174,517 7,567,142 7,074,778 7,006,174 6,671,643 6,515,393 6,837,668 6,888,588 5,114,884 6,061,413 73,144,454 69,462,747 73,081,187 76,940,917 76,877,235 76,843,864 76,819,132 76,215,209 75,369,085 75,365,210 75,365, Interest on (7) 2,514,341 2,387,782 2,512,166 2,644,844 2,642,655 2,641,508 2,640,658 2,619,898 2,590,812 2,590,679 2,590, Credit balance (EOY): (1) + (2) (3) (4) (5) (6) + (7) + (8) $67,231,374 $12,622,844 ($19,299,456) ($42,566,307) ($66,660,717) ($87,801,781) ($108,314,422) ($135,609,472) ($166,556,715) ($174,405,916) ($196,410,728) Schedule MB, line 4b - illustration Supporting Actuarial Certification of Status 6

41 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 EXHIBIT IV Funding Standard Account Projected Bases Assumed Established After January 1, 2015 Schedule of Funding Standard Account Bases Base Established Amortization Period Amortization Payment Type of Base Date Established Experience Loss* 1/1/2016 $3,543, $373,466 Plan Amendment** 1/1/ , ,790 Experience Loss 1/1/ ,677, ,125,262 Experience Loss 1/1/ ,608, ,804,080 Experience Loss 1/1/ ,176, ,337,038 Experience Loss 1/1/2020 2,445, ,710 Experience Loss 1/1/2021 1,468, ,712 Experience Loss 1/1/ , ,186 Experience Loss 1/1/ , ,132 Experience Loss 1/1/ , ,028 Experience Loss 1/1/ , , * Includes small component to reflect increases in negotiated benefit-bearing contribution rates. ** Due to reflection of Rehabilitation Plan Schedule adoption in Schedule MB, line 4b - illustration Supporting Actuarial Certification of Status 7

42 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 EXHIBIT V Solvency Projection The table below presents the projected Market Value of Assets for the Plan Years beginning January 1, 2015 through Year Beginning January 1, Market Value at beginning of year $1,107,954,826 $1,072,558,259 $1,109,610,717 $1,150,438,030 $1,195,279,405 $1,244,893,493 $1,299,176,636 $1,358,844, Contributions 73,144,454 69,462,747 73,081,187 76,940,917 81,181,027 85,776,106 90,746,104 95,519, Benefit payments 99,228, ,269, ,672, ,351, ,963, ,364, ,781, ,182, Administrative expenses 9,312,504 9,168,283 9,397,490 9,632,427 9,873,238 10,120,069 10,373,071 10,632, Interest earnings 0 78,027,939 80,816,449 83,884,721 87,269,433 90,991,747 95,076,057 99,516, Market Value at end of year: (1)+(2)-(3)-(4)+(5) $1,072,558,259 $1,109,610,717 $1,150,438,030 $1,195,279,405 $1,244,893,493 $1,299,176,636 $1,358,844,617 $1,423,066, Market Value at beginning of year $1,423,066,415 $1,486,495,760 $1,550,073,145 $1,613,282,530 $1,676,399,477 $1,739,426,945 $1,802,961,109 $1,867,293, Contributions 94,673,716 94,669,841 94,669,841 94,615,428 94,515,020 94,504,994 94,504,994 94,504, Benefit payments 124,457, ,601, ,248, ,543, ,775, ,510, ,003, ,248, Administrative expenses 10,898,208 11,170,663 11,449,930 11,736,178 12,029,582 12,330,322 12,638,580 12,954, Interest earnings 104,110, ,679, ,237, ,780, ,317, ,869, ,469, ,138, Market Value at end of year: (1)+(2)-(3)-(4)+(5) $1,486,495,760 $1,550,073,145 $1,613,282,530 $1,676,399,477 $1,739,426,945 $1,802,961,109 $1,867,293,489 $1,932,734,368 Schedule MB, line 4b - illustration Supporting Actuarial Certification of Status 8

43 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 EXHIBIT V (continued) Solvency Projection Year Beginning January 1, Market Value at beginning of year $1,932,734,368 $2,000,131,592 $2,069,387,823 $2,141,609,412 $2,217,427, Contributions 94,504,994 94,332,953 94,042,171 93,990,462 93,967, Benefit payments 154,750, ,307, ,808, ,146, ,388, Administrative expenses 13,278,409 13,610,369 13,950,628 14,299,394 14,656, Interest earnings 140,921, ,841, ,938, ,273, ,922, Market Value at end of year: (1)+(2)-(3)-(4)+(5) $2,000,131,592 $2,069,387,823 $2,141,609,412 $2,217,427,646 $2,298,272,025 Schedule MB, line 4b - illustration Supporting Actuarial Certification of Status 9

44 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 EXHIBIT VI Actuarial Assumptions and Methodology The actuarial assumptions and plan of benefits are as used in the January 1, 2015 actuarial valuation certificate, dated November 6, 2015, except as specifically described below. We also assumed that experience would emerge as projected, except as described below. The calculations are based on a current understanding of the requirements of ERISA Section 305 and IRC Section 432. A. Actuarial Assumptions and Plan Provisions (except as modified by Section B) Plan of Benefits and Rehabilitation Plan Schedule Adoption: There were no changes to the plan of benefits, except for the impact of Rehabilitation Plan schedule adoption during 2015, valued based on data provided by the Plan Sponsor through September 2015, and the modest impact of negotiated increases in benefit-bearing contribution rates. This data indicates that through September 2015, collective bargaining agreements for 33,106 participants had adopted the Preferred Schedule and 3,385 had adopted the Default Schedule; an additional 6,174 had the Default Schedule imposed. The remaining 25 active participants (0.06%) did not have a Rehabilitation Plan Schedule in place. Contribution Rates: The average benefit-bearing contribution rate for 2016 and beyond is projected to be The average total contribution rates for 2016, 2017, and 2018 (and beyond) are projected to be 80.45, 84.90, and These changes to contribution rates on and after January 1, 2015 (when the average benefit-bearing and total rates were and 76.27, respectively) are based on formal commitments by the collective bargaining parties as provided in the valuation data by the plan sponsor. Asset Information: The financial information as of December 31, 2015 was based on an unaudited financial statement provided by the Fund Administrator. The market value of assets as of January 1, 2016 was estimated using a preliminary rate of return of 0% for 2015 estimated based on financial statements provided by the Fund Office and reports provided by the Investment Consultant. The income and expense items were provided by the Fund Office. Schedule MB, line 4b - illustration Supporting Actuarial Certification of Status 10

45 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 For projections after that date, the assumed administrative expenses were increased by 2.5% per year and the benefit payments were projected on an open group basis based on the January 1, 2015 actuarial valuation. The projected net investment return was assumed to be 7.5% of the average market value of assets for the 2016 and subsequent Plan Years. Any resulting investment gains or losses due to the operation of the asset valuation method are amortized over 15 years in the Funding Standard Account. Projected Industry Activity: As required by Internal Revenue Code Section 432, assumptions with respect to projected industry activity are based on information provided by the plan sponsor. Based on this information, the number of active participants is assumed to remain level at the January 1, 2015 level of 42,690 and, on the average, contributions will be made for 1,950 hours each year per active participant. In addition to projections of industry activity directly linked to the level of ongoing employment, these determinations also project contribution amounts derived from withdrawal liability assessments, based on information from the Trustees, as follows: Withdrawal Liability Year Contributions 2016 $2,491, ,405, ,278, ,214, ,180, ,156, ,552, , , , , , , , , , , , , and thereafter - Schedule MB, line 4b - illustration Supporting Actuarial Certification of Status 11

46 Actuarial Status Certification as of January 1, 2016 under IRC Section 432 for the SEIU NIPF EIN / PN 001 Future Normal Costs: Based on the assumed industry activity, we have determined the Normal Cost based on an open group forecast, with the number of active participants assumed to remain level and new entrants having the same characteristics as new hires in the last 4 years. B. Assumptions for Insolvency Projections Assumptions for this purpose are the same as shown in Section A with the following exceptions: Contribution Rates: All contribution rate increases included in the Rehabilitation Plan were reflected, regardless of whether they have been adopted in bargaining agreements: Effective Date Average Contribution Rate January 1, 2016 $ January 1, 2017 $ January 1, 2018 $ January 1, 2019 $ January 1, 2020 $ January 1, 2021 $ January 1, 2022 $ Projected Industry Activity: It is anticipated that participants of all employers will continue to be covered by the same Rehabilitation Plan schedule as in September The plan sponsor indicated that it is reasonable to assume this will occur. Technical Issues Segal Consulting ( Segal ) does not practice law and, therefore, cannot and does not provide legal advice. Any statutory interpretation on which the certification is based reflects Segal s understanding as an actuarial firm. Due to the complexity of the statute and the significance of its ramifications, Segal recommends that the Board of Trustees consult with legal counsel when making any decisions regarding compliance with ERISA and the Internal Revenue Code v1/ Schedule MB, line 4b - illustration Supporting Actuarial Certification of Status 12

47 EIN / PN 001 EXHIBIT 9 - FUNDING STANDARD ACCOUNT (CONTINUED) Schedule of FSA Bases (Charges) (Schedule MB, Line 9c) Type of Base Date Established Amortization Amount Years Remaining Outstanding Balance Combined Bases 01/01/1995 $21,602,878 1 $21,602,878 Benefit Level Changes* 01/01/ , ,087,822 Benefit Level Changes* 01/01/ , ,433,696 Plan Amendment 01/01/1997 5,414, ,579,379 Benefit Level Changes* 01/01/ , ,298,599 Plan Amendment 01/01/1998 3,992, ,197,996 Benefit Level Changes* 01/01/ , ,955,158 Plan Amendment 01/01/1999 7,017, ,298,962 Changes in Assumptions 01/01/ , ,604,848 Benefit Level Changes* 01/01/ , ,963,793 Plan Amendment 01/01/2000 4,119, ,594,417 Plan Amendment 11/01/ , ,248,346 Benefit Level Changes* 01/01/ , ,285,601 Plan Amendment 01/01/2001 1,257, ,933,326 Experience Loss 01/01/2002 1,360, ,360,969 Changes in Assumptions 01/01/ , ,112,725 Benefit Level Changes* 01/01/ , ,855,883 Benefit Level Changes* 01/01/ , ,667,690 Experience Loss 01/01/2003 9,753, ,827,028 Benefit Level Changes* 01/01/ , ,643,562 Experience Loss 01/01/2004 3,623, ,130,802 Changes in Assumptions 01/01/ , ,264,584 Benefit Level Changes* 01/01/ , ,493,066 Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 9c and 9h - Schedule of Funding Standard Account Bases 73

48 EIN / PN 001 EXHIBIT 9 - FUNDING STANDARD ACCOUNT (CONTINUED) Schedule of FSA Bases (Charges) (Schedule MB, Line 9c) Type of Base Date Established Amortization Amount Years Remaining Outstanding Balance Experience Loss 01/01/2005 5,089, ,326,087 Benefit Level Changes* 01/01/ , ,371,789 Experience loss 01/01/2006 2,611, ,359,912 Benefit Level Changes* 01/01/ , ,854,837 Benefit Level Changes* 01/01/ , ,623,558 Benefit Level Changes* 01/01/ , ,389,360 Experience Loss 01/01/ ,015, ,214,120 Benefit Level Changes* 01/01/ , ,172,013 Changes in Assumptions 01/01/ , ,004 Benefit Level Changes* 01/01/ , ,025,833 Experience Loss 01/01/2011 3,752, ,691,148 Benefit Level Changes* 01/01/ , ,869,930 Benefit Level Changes* 01/01/2012 5,542, ,588,355 Changes in Assumptions 01/01/2012 5,639, ,351,714 Benefit Level Changes* 01/01/ , ,795,129 Experience Loss 01/01/2013 2,964, ,648,286 Benefit Level Changes* 01/01/ , ,018 Experience Loss 01/01/ ,184, ,967,876 Benefit Level Changes* 01/01/ , ,177 Change in Assumptions 01/01/2015 3,416, ,177,582 Experience Loss 01/01/2015 6,452, ,888,314 Plan Amendment (net effect of schedule adoption, imposition, and switching) 01/01/2016 6, ,960 Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 9c and 9h - Schedule of Funding Standard Account Bases 74

49 EIN / PN 001 EXHIBIT 9 - FUNDING STANDARD ACCOUNT (CONTINUED) Schedule of FSA Bases (Charges) (Schedule MB, Line 9c) Type of Base Date Established Amortization Amount Years Remaining Outstanding Balance Change in Assumptions 01/01/ , ,903 Benefit Level Changes* 01/01/ , ,223 Total $138,724,535 $837,915,258 * Due to changes in negotiated benefit-bearing contribution rates. Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 9c and 9h - Schedule of Funding Standard Account Bases 75

50 EIN / PN 001 EXHIBIT 9 - FUNDING STANDARD ACCOUNT (CONTINUED) Schedule of FSA Bases (Credits) (Schedule MB, Line 9h) Type of Base Date Established Amortization Amount Years Remaining Outstanding Balance Change in Assumptions 01/01/1997 $1,773, $13,945,536 Changes in Assumptions 01/01/ , ,952,789 Changes in Assumptions 01/01/ , ,827,309 Plan Amendment 01/01/2005 1,943, ,804,129 Changes in Assumptions 01/01/ , ,357,761 Experience Gain 01/01/2007 3,867, ,513,227 Changes in Assumptions 01/01/ , ,121 Plan Amendment 01/01/ , ,972,886 Experience Gain 01/01/ , ,144,252 Changes in Assumptions 01/01/ , ,355,097 Experience Gain 01/01/ , ,372 Plan Amendment (schedule adoption/imposition) 01/01/ ,700, ,091,588 Plan Amendment (schedule adoption/imposition) 01/01/2011 2,192, ,176,376 Plan Amendment (schedule adoption/imposition) 01/01/2012 1,301, ,232,313 Changes in Assumptions 01/01/ , ,519,250 Plan Amendment (schedule adoption/imposition) 01/01/2013 3,406, ,322,971 Plan Amendment (schedule adoption/imposition) 01/01/2014 2,316, ,231,262 Changes in Assumptions 01/01/2014 3,132, ,367,490 Plan Amendment (schedule adoption/imposition) 01/01/ , ,570,642 Actuarial Gain 01/01/2016 1,756, ,668,674 Total $38,831,427 $296,440, v2/ Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 9c and 9h - Schedule of Funding Standard Account Bases 76

51 EIN / PN 001 Current Liability Assumptions Interest: 3.28% per year, within the permissible range prescribed under IRC Section 431(c)(6)(E) Mortality: Mortality prescribed under IRS Regulations 1.431(c)(6)-1 and 1.430(h)(3)-1: RP-2000 tables projected forward to the valuation year, plus seven years for annuitants and 15 years for non-annuitants Justification for Change in Actuarial Assumptions (Schedule MB, line 11) Based on past experience, industry studies and future expectations, the following actuarial assumptions used in the prior actuarial valuations were changed: The percent married (used also for the form of payment) assumption was changed, from Social Security awards in 1972, to 60% for males and 45% for females. The load on withdrawal rates was changed, from 15,15,15,10 and 10, to 25,20,15,15 and 0 percentage points for years 1 through 5 of employment, respectively. Annual administrative expenses were increased, from $9,300,000, to $9,500,000. The effect of these assumption changes was a 0.03% increase in liabilities and a 2.4% decrease in entry age normal cost. For purposes of determining current liability, the current liability interest rate was changed due to a change in the permissible range, recognizing that any rate within the permissible range satisfies the requirements of IRC Section 431(c)(6)(E), and the mortality tables were changed in accordance with IRS Regulations 1.431(c)(6)-1 and 1.430(h)(3)-1. Estimated Rate of Investment Return On actuarial value of assets (Schedule MB, line 6g): 7.0%, for the Plan Year ending December 31, 2015 On current (market) value of assets (Schedule MB, line 6h): -0.5%, for the Plan Year ending December 31, 2015 FSA Contribution Timing (Schedule MB, line 3a) Unless otherwise noted, contributions are paid periodically throughout the year pursuant to collective bargaining agreements. The interest credited in the FSA is therefore assumed to be equivalent to July 15 contribution date. Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 11 - Justification for Change in Actuarial Assumptions 69

52 EIN / PN 001 EXHIBIT 6 - STATEMENT OF ACTUARIAL ASSUMPTIONS/METHODS (SCHEDULE MB, LINE 6) Rationale for Demographic and Noneconomic Assumptions Mortality Rates The information and analysis used in selecting each demographic assumption that has a significant effect on this actuarial valuation has been accumulated over the past valuations. Current and past data is reviewed in conjunction with each annual valuation. Based on professional judgment, the following assumptions were used for this valuation; changes were made as described later in this Exhibit 6. Healthy Life: 102% of the unprojected experience rates (as of 2006) for the RP-2014 Blue Collar Mortality Table projected forward generationally from 2006 with SSA-2014 scale. Disabled Life: 102% of the unprojected experience rates (as of 2006) for the RP-2014 Disabled Retiree Mortality Table, projected forward generationally from 2006 with SSA-2014 scale. The underlying tables with the generational projection to the ages of participants as of the measurement date reasonably reflect the mortality experience of the Plan as of the measurement date. These mortality tables were then adjusted to future years using the generational projection to reflect future mortality improvement between the measurement date and those years. The mortality rates were based on historical and current demographic data, adjusted to reflect estimated future experience, industry studies, and professional judgment. As part of the analysis, a comparison was made between the actual number of deaths by age and the projected number based on the prior assumptions over the most recent six years. Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 6 - Statement of Actuarial Assumptions/Methods 65

53 EIN / PN 001 Termination Rates before Retirement Rate (%) Mortality (Base Table Rates) Age Male Female Disability Withdrawal (1) An additional 25 and 20 percentage points are added to the withdrawal rates for the first two years of employment, respectively, and 15 percentage points are added to the third and fourth years of employment. Rates end at age 64 The termination rates and disability rates were based on historical and current demographic data, adjusted to reflect estimated future experience and professional judgment. As part of the analysis, a comparison was made between the actual number of terminations and disability retirements by age and the projected number based on the prior years' assumption over the most recent six years. Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 6 - Statement of Actuarial Assumptions/Methods 66

54 EIN / PN 001 Retirement Rates Actives Inactive Vesteds Age Rate Age Rate % % % % and over 100% and over 100 The retirement rates were based on historical and current demographic data, adjusted to reflect estimated future experience under the rehabilitation plan and professional judgment. As part of the analysis, a comparison was made between the actual number of and liability change due to retirements by age and the projected number and liability change based on the prior years' assumption over the most recent five years. Description of Weighted Average Retirement Age (Schedule MB, line 6b) Future Benefit Accruals Unknown Data for Participants Age 68.0, determined as follows: The weighted average retirement age for each participant is calculated as the sum of the product of each potential current or future retirement age times the probability of surviving from current age to that age and then retiring at that age, assuming no other decrements. The overall weighted retirement age is the average of the individual retirement ages, based on all the active participants included in the January 1, 2016 actuarial valuation benefit credit and 1,750 hours per future year of service per active employee included in the valuation (0.56 benefit credit and 1,050 hours per future year of service for seasonal employees.) The future benefit accruals were based on historical and current demographic data, adjusted to reflect economic conditions of the industry and estimated future experience and professional judgment. As part of the analysis, a comparison was made between the assumed and the actual benefit accruals over the most recent five years. In general, same as those exhibited by employees with similar known characteristics. If not specified, participants are assumed to be male. For participants missing past service credit information: 2 years past service credit assumed at 50% of the contribution rate. 5 years eligibility service assumed for participants with new employers entered under the past service rules effective January 1, Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 6 - Statement of Actuarial Assumptions/Methods 67

55 EIN / PN 001 Definition of Active Participants Active participants are defined as those with at least 350 (180 hours if a seasonal employee) hours in the most recent plan year and who have accumulated at least one pension credit (one-half pension credit if a seasonal employee), excluding those who have retired as of the valuation date. Exclusion of Inactive Vested Participants Inactive vested employees over age 80 excluded from the actuarial valuation (1,915 were excluded from this valuation). Liabilities for inactive vested participants over age 70 are reduced by a linearly increasing percentage, starting at 50% at age 71 and ending with 95% at age 80. The exclusion of inactive vested participants over age 80 was based on historical and current demographic data, adjusted to reflect estimated future experience and professional judgment. As part of the analysis, the ages of new retirees from inactive vested status were reviewed. Percent Married Males: 60% Females: 45% Age of Spouse Where spouse information is not available, participants are assumed to have opposite-gender spouses with the female spouse three years younger than the male. Benefit Election Married participants are assumed to receive the 50% Joint & Survivor form of payment and non-married participants are assumed to receive the single life annuity form. Net Investment Return 7.50% per year. The net investment return assumption is a long-term estimate derived from historical data, current and recent market expectations, and professional judgment. As part of the analysis, a building block approach was used that reflects inflation expectations and anticipated risk premiums for each of the portfolio s asset classes as provided by Segal Rogerscasey, based on the Plan s target asset allocation. Annual Administrative Expenses $9,500,000 for the year beginning January 1, 2016 (equivalent to $9,137,022 payable at the beginning of the year). The annual administrative expenses were based on historical and current data, adjusted to reflect PBGC premium increases, estimated future experience, and professional judgment. Actuarial Value of Assets Four-year assumed yield asset valuation method in which net investment return greater or less than the actuarially assumed level (based on the actuarial value for the prior year) is recognized at the rate of 25% per year. Asset values are then determined as market value less the unrecognized net returns from prior years, but not less than 80% or more than 120% of market value. Actuarial Cost Method Entry Age Normal Actuarial Cost Method. Entry Age is the current age minus pension credits. Normal Cost and Actuarial Accrued Liability are calculated on an individual basis and are allocated by service, with Normal Cost determined as if the current benefit accrual rate had always been in effect. Benefits Valued Unless otherwise indicated, includes all benefits summarized in Exhibit 8 Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 6 - Statement of Actuarial Assumptions/Methods 68

56 EIN / PN 001 Current Liability Assumptions Interest: 3.28% per year, within the permissible range prescribed under IRC Section 431(c)(6)(E) Mortality: Mortality prescribed under IRS Regulations 1.431(c)(6)-1 and 1.430(h)(3)-1: RP-2000 tables projected forward to the valuation year, plus seven years for annuitants and 15 years for non-annuitants Justification for Change in Actuarial Assumptions (Schedule MB, line 11) Based on past experience, industry studies and future expectations, the following actuarial assumptions used in the prior actuarial valuations were changed: The percent married (used also for the form of payment) assumption was changed, from Social Security awards in 1972, to 60% for males and 45% for females. The load on withdrawal rates was changed, from 15,15,15,10 and 10, to 25,20,15,15 and 0 percentage points for years 1 through 5 of employment, respectively. Annual administrative expenses were increased, from $9,300,000, to $9,500,000. The effect of these assumption changes was a 0.03% increase in liabilities and a 2.4% decrease in entry age normal cost. For purposes of determining current liability, the current liability interest rate was changed due to a change in the permissible range, recognizing that any rate within the permissible range satisfies the requirements of IRC Section 431(c)(6)(E), and the mortality tables were changed in accordance with IRS Regulations 1.431(c)(6)-1 and 1.430(h)(3)-1. Estimated Rate of Investment Return On actuarial value of assets (Schedule MB, line 6g): 7.0%, for the Plan Year ending December 31, 2015 On current (market) value of assets (Schedule MB, line 6h): -0.5%, for the Plan Year ending December 31, 2015 FSA Contribution Timing (Schedule MB, line 3a) Unless otherwise noted, contributions are paid periodically throughout the year pursuant to collective bargaining agreements. The interest credited in the FSA is therefore assumed to be equivalent to July 15 contribution date. Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 6 - Statement of Actuarial Assumptions/Methods 69

57 EIN / PN 001 EXHIBIT 7 - SCHEDULE OF PROJECTION OF EXPECTED BENEFIT PAYMENTS (SCHEDULE MB, LINE 8b(1)) Plan Year Expected Annual Benefit Payments 2016 $107,643, ,190, ,249, ,267, ,470, ,073, ,965, ,071, ,245, ,071,407 Section 4: Certificate of Actuarial Valuation as of January 1, 2016 for the SEIU National Industry Pension Fund (U.S. Participants) Schedule MB, Line 8b(1) - Schedule of Projection of Expected Benefit Payments 70

58 Actuarial Status Certification as of January 1, 2017 under IRC Section 432 for the SEIU National Industry Pension Fund EIN / PN 001 EXHIBIT I Status Determination as of January 1, 2017 Component Result Status Condition Critical Status: I. Initial critical status tests: C1. A funding deficiency is projected in four years?... Yes Yes C2. (a) A funding deficiency is projected in five years,... Yes (b) AND the present value of vested benefits for non-actives is more than present value of vested benefits for actives,... Yes (c) AND the normal cost plus interest on unfunded actuarial accrued liability (unit credit basis) is greater than contributions for current year?... No No C3. (a) A funding deficiency is projected in five years,... Yes (b) AND the funded percentage is less than 65%?... No No C4. (a) The funded percentage is less than 65%,... No (b) AND the present value of assets plus contributions is less than the present value of benefit payments and administrative expenses over seven years?... No No C5. The present value of assets plus contributions is less than the present value of benefit payments and administrative expenses over five years?... No No II. Emergence test: C6. (a) Was in critical status for the immediately preceding plan year,... Yes (b) AND EITHER a funding deficiency is projected for the plan year or any of the next nine plan years, without regard to the use of the shortfall method but taking into account any extension of amortization periods under ERISA Section 304(d)(2) or ERISA Section 304 as in effect prior to PPA 06,... Yes (c) OR insolvency is projected for the current year or any of the 30 succeeding plan years?... N/A Plan did NOT emerge?... Yes III. In Critical Status? (If any of C1-C6 is Yes, then Yes)... Yes Final Result Schedule MB, Line 4c - Documentation Regarding Progress under Funding Improvement or Rehabilitation Plan 3

59 Actuarial Status Certification as of January 1, 2017 under IRC Section 432 for the SEIU National Industry Pension Fund EIN / PN 001 EXHIBIT I (continued) Status Determination as of January 1, 2017 Component Result Status Condition IV. Determination of critical and declining status: C7. (a) Any of (C1) through (C5) are Yes?... Yes Yes (b) AND EITHER Insolvency is projected within 15 years using assumptions described in Exhibit VI.B?... No No (c) OR (i) The ratio of inactives to actives is at least 2 to 1,... No (ii) AND insolvency is projected within 20 years using assumptions described in Exhibit VI.B?... No No (d) OR (i) The funded percentage is less than 80%,... Yes (ii) AND insolvency is projected within 20 years using assumptions described in Exhibit VI.B?... No No In Critical and Declining Status?... No Final Result This certification also notifies the IRS that the Plan is making the scheduled progress in meeting the requirements of its rehabilitation plan, based on information received from the plan sponsor and based on the annual standards of the rehabilitation plan. The projected December 31, 2017 funding deficiency is $0.7 million, compared to the annual standard of a $140 million funding deficiency as of that date in the Rehabilitation Plan. Schedule MB, Line 4c - Documentation Regarding Progress under Funding Improvement or Rehabilitation Plan 4

60 Form 5500 Department of the Treasury Internal Revenue Service Department of Labor Employee Benefits Security Administration Pension Benefit Guaranty Corporation Annual Return/Report of Employee Benefit Plan This form is required to be filed for employee benefrt plans under sections 104 and 4065 of the Employee Retirement Income Security Act of (ERISA) and sections 6057(b) and 6058(a) of the Internal Revenue Code (the Code).... Complete all entries in accordance with the instructions to the Form OMB Nos ooeg 2016 This Form is Open to Public Inspection 1 Part I 1 Annual Report Identification Information For calendar plan year 2016 or fiscal plan year beginning 0 1 I 0 1 I and ending 12 I 31 I A This return/report is for: ~ a multiemployer plan U a multiple employer plan (Filers checking this box must attach a list of participating employer information in accordance with the form instr.) a single-employer plan a DFE (specify) ~ ~ B This return/report is: the first return/report the final return/report an amended return/report a short plan year return/report (less than 12 mo;h~ d I h kh c~e:~=~x~~f:l~nog ~~~v;:y ar ~nefo~:~~~aec ere... n.. ~~~~-~~~;~-~~~~~-i~~... G.. ~~~.. ~~~-~~~~ram C If h II f I b D I Part II I special extension (enter description) Basic Plan Information enter all requested information 1a Name of plan 1b Three-digit S.E.I.U. NATIONAL INDUSTRY PENSION FUND plan number (PN) 001 2a Plan sponsor's name (employer, if for a single-employer plan) 1c Effective date of plan 01/01/ I 2b Employer Identification Number (EIN) Mailing address (include room, apt., suite no. and street, or P.0. Box) City or town, state or province, country, and ZIP or foreign postal code (if foreign, see instructions) 2c Plan Sponsor's telephone number BOARD OF TRUSTEES OF THE S.E.I.U. NATIONAL INDUSTRY d Business code (see instructions) CIO YOLANDA D. MONTGOMERY MASSACHUSETTS AVE. I NW, #301 WASHINGTON DC Caution: A penalty for the late or incomplete filing of this return/report will be assessed unless reasonable cause is established. Under penalties of perjury and other penalt1es set forth in the instructions, I declare that I have examined this return/report, including accompanying schedules, statements and attachments, as well as the electronic version of this return/report, and to the best of my knowledge and belief, it is true, correct, and complete. SIGN ~~t.~~~~~ '1/l'f lt7 William E.l)em ps.ey HERE "1 ~ Signature of plan administrator' 0 Date Enter name of individual signing as plan administrator SIGN ~~ t. P"~.e ~ c:; /1' w;tt, ah1 '. uerrq0'3.e.y HERE Signature of employer/plan spotisor 0 Date Enter name of individual signing as em~loyer or plan sponsor SIGN HERE Signature of DFE Date Enter name of individual signing as DFE Preparer's name (including firm name, if applicable) and address (include room or suite number) Preparer's telephone number For Paperwork Reductton Act Notice, see the Instructions for Form Form 5500 (2016) v ?.1nnqnh 1n?.h14 ~R1nn?n1~. n4n?.n ~n~~n n~ ~~n~~r~~ n~ ~~~ Q 1

61 Form 5500 (2016) Page 2 3a Plan administrator s name and addressx Same as Plan Sponsor 3b Administrator s EIN 3c Administrator s telephone number 4 If the name and/or EIN of the plan sponsor has changed since the last return/report filed for this plan, enter the name, 4b EIN EIN and the plan number from the last return/report: a Sponsor s name 4c PN 5 6 Total number of participants at the beginning of the plan year Number of participants as of the end of the plan year unless otherwise stated (welfare plans complete only lines 6a(1), 6a(2), 6b, 6c, and 6d). a(1) Total number of active participants at the beginning of the plan year ~~~~~~~~~~~~~~~~~~~~~ 6a(1) 48,313 a(2) Total number of active participants at the end of the plan year ~~~~~~~~~~~~~~~~~~~~~~~~ 6a(2) 47,900 b Retired or separated participants receiving benefits~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6b 17,029 c Other retired or separated participants entitled to future benefits ~~~~~~~~~~~~~~~~~~~~~~~~ 6c 46,871 d Subtotal. Add lines 6a(2), 6b, and 6c ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6d 111,800 e Deceased participants whose beneficiaries are receiving or are entitled to receive benefits ~~~~~~~~~~~ 6e 2,411 f Total. Add lines 6d and 6e ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6f 114,211 g Number of participants with account balances as of the end of the plan year (only defined contribution plans complete this item)~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 6g h Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 6h 7 Enter the total number of employers obligated to contribute to the plan (only multiemployer plans complete this item) 7 1,133 8a If the plan provides pension benefits, enter the applicable pension feature codes from the List of Plan Characteristics Codes in the instructions: 1A 5 113,080 b If the plan provides welfare benefits, enter the applicable welfare feature codes from the List of Plan Characteristics Codes in the instructions: 9a Plan funding arrangement (check all that apply) 9b Plan benefit arrangement (check all that apply) (1) X Insurance (1) Insurance (2) Code section 412(e)(3) insurance contracts (2) Code section 412(e)(3) insurance contracts (3) X Trust (3) X Trust (4) General assets of the sponsor (4) General assets of the sponsor 10 Check all applicable boxes in 10a and 10b to indicate which schedules are attached, and, where indicated, enter the number attached. (See instructions) a Pension Schedules b General Schedules (1) X R (Retirement Plan Information) (1) X H (Financial Information) (2) X MB (Multiemployer Defined Benefit Plan and Certain Money (2) I (Financial Information - Small Plan) Purchase Plan Actuarial Information) - signed by the plan (3) X 1 A (Insurance Information) actuary (4) X C (Service Provider Information) (3) SB (Single-Employer Defined Benefit Plan Actuarial (5) X D (DFE/Participating Plan Information) Information) - signed by the plan actuary (6) G (Financial Transaction Schedules) SE BOARD OF TRUSTEES OF THE S. SE100 1

62 Form 5500 (2016) Page 3 Part III 11a 11b 11c Form M-1 Compliance Information (to be completed by welfare benefit plans) If the plan provides welfare benefits, was the plan subject to the Form M-1 filing requirements during the plan year? (See instructions and 29 CFR ) ~~~~~~~~~ Yes No If "Yes" is checked, complete lines 11b and 11c. Is the plan currently in compliance with the Form M-1 filing requirements? (See instructions and 29 CFR ) Yes No Enter the Receipt Confirmation Code for the 2016 Form M-1 annual report. If the plan was not required to file the 2016 Form M-1 annual report, enter the Receipt Confirmation Code for the most recent Form M-1 that was required to be filed under the Form M-1 filing requirements. (Failure to enter a valid Receipt Confirmation Code will subject the Form 5500 filing to rejection as incomplete.) Receipt Confirmation Code SE BOARD OF TRUSTEES OF THE S. SE100 1

63 SCHEDULE MB (Form 5500) Multiemployer Def ned Benefit Plan and Certain Money Purchase Plan Actuarial lnformat on DepartmenÌ of the Treasury lnternal Revenue Seryice This schedule is required to be f led under section '104 of the Employee Depariment of Labor Ret rement lncome Security Act of 1974 (ERISA) and section 6059 of the Employee Benef ts Secur ty Admin stration lnternal Revenue Code (the Code). Pension Benel t Guaranty Corporat on ) File as an attachment to Form 5500 or 5500-SF. For calendar plan year or fìscal plan year beginning 0L/0L/2076 ) Round off amounts to nearest dollar. ) Caution: A penalty of $1,000 will be assessed for late filing of this report unless reasonable cause is established. A Name of plan SE]U NATIONAL INDUSTRY PENSION FUND OI B No This Form is Open to Public lnspection and ending 12/31,/201,6 B Three-digit plan number (PN) 001 C Plan sponsor's name as shown on line 2a of Form 5500 or 5500-SF BOARD OF TRUSTEES OF THE SEIU NATIONAL INDUSTRY PENSION FUND D Employer ldent f cal on Number (ElN) E Type of plan: 1a Enter the valuation date: b Assets 1t [ n4uttiemployer Defined Benefit (2)! Money Purchase (see nstructions) Month 01 Day 01 Yea 20L6 (1) Current value of assets.. 1 b(1) (2) Actuarial value of assets for funding standard account. 1 b(2) (2) lnformation for plans using spread gain methods: rc(r) 1 (a) Unfunded liability for methods with bases 1 c(2)(a) c (1) Accrued liability for plan using immediate gain methods r 802 d (b) Accrued liability under enlry age normal method... (c) Normal cost under entry age normal melhod (3) Accrued liability under unit credil cost method lnformalion on currcnt liabilitics of lhc plan: (1) Amount excluded from current liability attributable to pre-participation service (see instructions) (2) "RPA'94" information: (a) Current liability... (b) Expected increase in current liability due to benefits accruing during the plan year... (c) Expected release from "RPA'94'current liability for the plan year... nt disbursements for the an 1 c(2)(b) 1 c(2xc) 1 c(3) 1d(1 1 d(2xa) 1 d(2xb) 1 d(2xc) r d(3) L,0t3,089,905 r,490, 01r,915 2,523, 565,544 46,232, 646 7O1,138, ,238,238 assumptions, in æmbìnation, offer my best estimate of anticipated experience under the plan SIGN HERE LI GREENBT, ELl GREENBLUM, FSA, MAJ\i\ Segal Consulting 18OO M STREET, N WASHINGTON!{ DC Signature of actuary Type or print name of actuary Firm name SUITE 9OO S Address of the f rm tolslt? Date Most recent enrollmenl number Telephone number (including area code) lf the actuary has not fully reflected any regulation or ruling promulgated under the stalule in completing this schedule, check the box and see instructions For Paperwork Reduction Act Notice, see the lnstructions for Form 5500 or 5500-SF Schedule MB (Form 5500) 2016 v

64 Schedule MB (Form 5500) 2016 nase 2 - T-l 2 Operational information as of beginning of this plan year: a Current value of assets (see instructions) b "RPA'94" current liability/participant count breakdou n: (f ) For retired participants and beneficiaries receiving paymenl (21 For terminated vested partlc pants lo, FUr duuvg PdruurPdrrr>. (a) Non-vested benefits (b) Vested benefits (c) Total act ve... (a) Total c lf the percenlage resulting from dividing line 2a by line 2b(4), column (2), is less than 70%, enter such 2a (1) Number of part cipants L8, ,171 42,I1,5 101, 569 2c 1, 085,59r,993 Current I I,0r2,806, , L65,1L5 46,545,27r ' L52 775,593,423 2,523,565,54r 43. O2 o/o 3 Contributions made to the plan for the plan year by employe(s) and employees: (a) Date (b) Amount paid by (c) Amount paid by 07 / L5 / ernpti:verë- 10,484,5L5 0 -ernpkryees- (a) Dale (b) Amount paid by ----ernptc'vertð- (c) Amount paid by Totals > 3(b) 10,484,5L4 3(c) 0 4 lnformation on plan status: â Funded percentage for monitoring plan's status (line 'l b(2) divided by line '1 c(3)) b Enter code to indicate plan's status (see ìnstructions for attachment of supporting evidence of plan's status). lf code is "N," go to line 5... C ls the plan mak ng the scheduled progress under any applicable funding improvement or rehabilitation plan?... d li tne plan s n critical slatus or crilical and declining status, were any benefits reduced (see instructions)?.. ê lf line d is "Yes," enterthe reduction in l ability result ng from lhe reduclion n benelìts (see instructions), measured as of the valuation dale f lf the rehabilitat on plan pro.jects emergencefrom crilical status orcritical and declining status, enterihe plan year in which it is projected to emerge. lf the rehabilitat on plan is based on forestalling possible nsolvency, enler the plan year in wh ch nso expected and check here... IS 4a 4b 4e 4l C 15.9 % Eves!ruo E ves! rlo 345, BO Actuarial cost method used as the basis for this plan year's funding standard account computat ons (check all that apply) a e! Altained age normal Frozen initial liability b f E! tntry age normal lndividual level premium c s Accrued benetrl (unrt credrt) lndividual aggregate dn Aggregate h! Shortfall

65 i I Schedule MB (Form 5500) 2016 Otner (specify): Page 3 - j tf box h is checked, enter period of use of shorlfall method k Has a change been made in fund ng method for this plan year? I lf l ne k is "Yes," was the change made pursuant to Revenue Procedure or other automatic approval? m lf line k is "Yes," and line I is "No," enter the date (MM-DD-YYYY) of the ruling letter (individual or class) approving the change in fundlng method 5j.! ves fi r.ro!ves!ruo 6 Checklist of certa n actuarial assumptions: a lnterest rate for "RPA'94" cunent liability b Rates specified in insurance or annuity contracts-. G Mortality table code for valuation purposes: (1) Males... (2) Females d Valuation liability interest rate ê Expense loading $ Pre-retirement! ves! rrro fi run 6c(1) 6c(2) 6d 6e 84.B % I Estimated investment return on actuarial value of assets for year ending on lhe valuat on date h Estimatedinvestmentreturnoncurrenlvalueofassetsforyearendingonthevalualiondate f 'l.5oo/o A 6a r.rn Yo fi lun 6g 6h Post-ret rement Yes No N/A 3.28 % 7.50% N/A '7.0 Yo -0.s% A ^ 7 New amortization bases established in the current plan year: T of base 3 4? 1 f2) lnitial balance 63,960 4BB, ,223-76,668,614 Amortization 6,14Q 5L,522 58, 195-7,156,603 8 Miscellaneous informalion. â lf a waiver of a funding defìciency has been approved for th s plan year, enler the date (MM-DD-YYYY) of the ruling letter granting the approval b(1) tstneplanrequiredtoprovideaprojeclionof expectedbenefltpayments? (Seetheinstruct ons.) lf "Yes," attach a schedu1e... b(2) ts tfre plan required to provide a Schedule of Active Participant Data? (See the instructions.) lf "Yes," altach a schedule. C Areanyoftheplan'samortizationbasesoperatingunderanextensionoflimeundersection4l2(e) (asineffect priorto 2008) orsection 431(d) of the Code?... d lf l ne c is "Yes," provide the following additional information: (l) Wasanextensiongrantedautomat capproval undersection43l(dx1) ofthecode? fives!ruo Ives!No!v"sINo!ves!ruo (2) lflinebd(1)is"yes,"enterthenumberofyearsbywhichtheamortizationperiodwasextended I 8d(2) (3) Was an extension approved by the lnternal Revenue Service under section 412(e) (as in effect prior to 2008) or 431 (dx2) of the Code? (4) lflinesd(3) is"yes,"enternumberofyearsbywhichtheamort zalionperiodwasextended(not including the number of years in line (2)) (5) lflinebd(3) is"yes,"enterthedateoftherulingletterapprovinqtheextension 8d(5) (6) lf line 8d(3) is "Yes," is the amortizat on base eligible for amort zat on using nterest rates applicable under sect on 6621(b) of the Code for years beginning afler 20O7? ê lf box 5h is checked or line 8c is "Yes," enler the difference between the minimum required conlribution for the year and the minimum that would have been required wilhout using the shortfall melhod or 8e extending the amortization base(s).. 9 Funding standard account statement for this plan year: Charges to funding standard account: a Pr or year fund ng deficiency, if any b Employeis normal cost for plan year as of valuation dale. 8d(4) 9a! v"t! r.ro! v"t! r.ro 9b 19,909,081

66 Schedule MB (Form 5500) 2016 Page 4 c Amortizat on charges as of valuation date: Outstanding balance ('l) All bases except funding waivers and certain bases for which the amortizalion period has been extended 9c(l) (2) Funding waivers... (3) Certain bases for which the amortization period has been exlended... d lnterest as applicable on lines 9a, 9b, and 9c... e Total charges. Add lines 9a through 9d... 9c(2) 9c(3) 831,9L5,258 9d 9e 13B,'124,535 rr, B91,52L r'70,53]-,r3'7 Credits to funding standard account: f Prior year cred t bålance, if any g Employer contribulions. Total lrom column (b) of line 3 h Amortization credits as of valuat on date j Full funding limitalion (FFL) and credits (1) ERISA FFL (accrued liability FFL) (2) "RPA'94" override (90% current liability FFL) (3) FFL credit n Outstanding balance 9f 9g th 296,44 0, 045 ei(1 ) 666,196,105 si(2) 1, 195,648,828 9 si(3) 12,936,881 70,484,51"5 38, B3r,42'/ 1 BO k (1) Waived funding deficiency (2) Other credits I Total credits. Add lines gfthrough 9i, 9j(3), 9k(1), and 9k(2)... m Credit balance: lf line 9l s grealer than line 9e, enter the difference tì Funding deficiency: lf line 9e is greater than line 91, enter the difference... ek(r ) sk(2) 9l 9m 9n 193, 058,358 22,521,22r 9 O Current year's accumulated reconciliation account: (1) Due to waived funding deficiency accumulaled priorto the 2016 plan year... (21 Duetoamoriizationbasesextendedandamortizedus ngtheinterestrateundersection662l(b) ofthecode: (a) Reconciliation outstanding balance as of valuation date (b) Reconciliation amount (line 9c(3) balance m nus line 9o(2xa)) Total as of valuation date 10 Contribution necessary to avoid an accumulaled funding defìciency. (See instructions.) l0 11 nas a change been made in the actuarial assumptions forthe current plan year? lf "Yes," see instructions... 9o(1 ) eo(2)(a) so(2)(b) 9o(3) l! v"s f] r'ro