UBS REALTY INVESTORS, LLC 10 State House Square, 15th Floor Hartford, CT 06103

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1 UBS REALTY INVESTORS, LLC 10 State House Square, 15th Floor Hartford, CT History UBS Global Asset Management, Global Real Estate provides a range of real estate investment advisory services in a variety of direct investment structures and commingled vehicles. The firm operates through its primary legal entity, UBS Realty Investors LLC. The firm manages assets on behalf of over 300 primarily US clients, in core, core-plus, value-added, and participating mortgage strategies. These strategies are implemented through open-end, closed-end, and individual discretionary client vehicles and a handful of nondiscretionary accounts. Since 1978, UBS Realty and its predecessor companies have provided an array of real estate investment management services on behalf of its clients, which include corporations, state and municipal governments, foundations, and offshore and private investors. UBS Realty has invested utilizing a variety of strategies ranging from acquiring existing unleveraged investments to developing projects with significant leverage. UBS Realty's permanent investment committee averages 31 years of real estate investment experience. It is headquartered in Hartford, CT with regional offices in Dallas, TX and San Francisco, CA. UBS Realty is the successor organization to the real estate investment advisory business of Aetna Realty Investors, Inc. ("Aetna Realty"). From 1978 to 1996, Aetna Realty provided a wide array of real estate investment services to institutional clients. In June 1996, Aetna Life Insurance Company ("Aetna Life") sold its third party real estate investment management business, Aetna Realty, as part of its strategy to exit the financial services business and focus on health insurance. The new firm, Allegis Realty Investors LLC ("Allegis") continued to manage the pooled and individual client real estate investments. In 1999, UBS Global Asset Management acquired Allegis, which became a 100% indirect wholly owned subsidiary of UBS AG and was renamed UBS Realty Investors LLC. The entire staff of Allegis became employees of UBS Realty. Structure Founded: 1996 Type of Firm: Bank Affiliate Ownership: Subsidiary of UBS AG Errors and Omissions Insurance: Yes In Compliance with SEC and DOL: Yes Registered Investment Advisor: Yes Key Professionals Matthew Lynch Head of Real Estate US Year started in Industry Year started w/firm Kevin Crean William Hughes Global Head of Research & Strategy William Harrison Head of Asset Management John Connelly Head of Acquisitions Steven Kapiloff General Counsel Thomas O Shea Head of Portfolio & Client Services Contact Ronald Lanier 10 State House Square, 15th Floor Hartford, CT Phone: Fax: Ronald.Lanier@ubs.com Employee Structure Portfolio Management 15 Research 8 Acquisitions 20 Dispositions 4 Asset Management 50 Property Management - Leasing - Accounting/Financial 35 Legal 10 Client Servicing/Marketing 21 IT (Technology) 9 Senior Management 1 Engineering 5 29 Total 207 * includes business operations, valuations, and admin.

2 Investment Professional Turnover Additions Termination/Departures Port. Mgrs. Acq. Asset Mgmt. Research/ Inv. Comm. Total Port. Mgrs. Acq. Asset Mgmt. Research/ Inv. Comm. Total Total Private Real Estate Assets Under Management ($mm) Total Asset Growth $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 $29,097 $25,188 $21,476 $21,237 $18,256 $30,409 $31,046 $24,236 $25,471 $25,606 YE 2013 YE 2014 YE 2015 YE2016 YE 2017 Gross Net The following table provides a breakdown of total Tax-exempt assets by client type. Net Asset Value Number of Accounts ($mm) Employee-Benefit Funds Corporate 143 6,522 Multi-Employer 46 2,576 Public ,119 Endowments & Foundations * Total Accounts 637 $25,781 * includes hospital, religious organizations, and individual clients.

3 UBS Trumbull Property Fund Inception Date: January 13, 1978 Key Professionals Kevin Crean Managing Director, Stephen Olstein Assistant Pamela Thompson Assistant Peter Juliani - Director, Cash Mgmt, Forecasting Nolan Henry - Director, Financings and Reporting Year started in Industry Year started w/firm Fund Overview Fund Structure: Total Fund Assets - Gross Total Fund Assets - Net Limited Partnership w/reit and non-reit subsidiaries $23,550 million $19,219 million % of Leverage: 17.3% Queue: Cash: No entry queue No exit queue $718 million # of Institutional Investors: 430 Strategy The Fund is an actively managed core portfolio of equity real estate, diversified by property type and geographic region. Its focus is to acquire existing, well-leased properties, or properties with expansion and/or rehabilitation potential and, to a very limited extent, make forward commitments on to be built properties. Name: Kevin Crean % of Dedication: 100% Responsibilities: Prior Experience Kevin is the for the Fund and is also a member of UBS Realty s Strategy Team and Investment Committee. Prior to working with the Fund, Kevin was responsible for property dispositions nationally. Before joining UBS, he worked for Travelers Insurance Company s Real Estate Department, focusing on acquisition and loan production. Property Type Diversification vs. ODCE Regional Diversification vs ODCE 40% 35% 30% 25% 10% 5% 0% 36% 30% 31% 24% 21% 16% 14% 3% 4% 0% 0% Residential Office Industrial Retail Hotel 45% 40% 35% 30% 25% 10% 5% 0% 41% 37% 34% 31% 18% 13% 9% East West South Midwest TPF ODCE TPF ODCE

4 Investment Size Diversification Investment Stage Diversification 6% 8% 3% 1% 51% 16% < $20MM $20 - $50MM $50 - $100MM $100 - $150MM >$150MM Development/Forward Commitment Leasing Fully/Substantially Leased 19% 97% Terms Fees Minimum Investment: $5 million Acquisition Fee: Sponsor Commitment: Total Return Target: Income Return Target: Advisory Board: 5% real; outperform the NFI-ODCE index over any given three- to fiveyear period. No formal target stated Yes Asset Management Fee: See comment section* Disposition Fee: Performance Fee: See comment section* *See comments for more fee information. Limitations Cash: Portfolio Leverage: Property Leverage: Geography: Property Type: Joint Venture: Non-Core Allocation:, limit on ST borrowing, limit on ST borrowing U.S. only; No more than in a single Area; No more than 50% in single NCREIF property type No more than 50% of GAV Limit No more than 10% in a single investment; No more than 5% in REITs Portfolio Characteristics Average Occupancy: 92.6% Joint Ventures: 44% Average Investment Size: Average Age of Assets: $109 million 15 years Number of Investments 208 Dividend Policy: Redemption Policy: Mark Debt to Market Quarterly On a quarterly basis, with 60 days of notice Yes Implied Going-In Cap Rate: 4.6%

5 Comments As of April 1, 2018 the Fund had a redemption queue of $383 million. UBS does not have an estimate on how long it will take to pay out the queue. There is not currently a contribution queue. In April 2018, UBS announced that portfolio manager Kevin Crean will be retiring in the near future. Crean has been the portfolio manager for TPF since Paul Canning, currently the portfolio manager of the Trumbull Growth & Income Fund, will become the Senior for TPF effective July 1st, Mr. Canning has been assisting the TPF team with its regional mall portfolio since In anticipation of Mr. Crean s eventual retirement, UBS added Peter Shaplin and Mario Maturo to the TPF team in Additionally, Steve Olstein,, will be retiring in There is no specific target dividend for the Fund. Dividends payable are a result of the income from properties available to be distributed. Over the life of the Fund, the dividend has never been suspended. The Fund has 4.4% of its debt maturing in the next twelve months, and 1.4% maturing in the subsequent twelve months. The Fund s weighted average cost of debt is 3.42%. Appraisals are performed at least annually by independent, third-party firms. Currently, the Fund is appraising all properties each quarter. The Fund has the following tiered management fee schedule: o First $10 million: 0.955% o Next $15 million: 0.825% o Next $25 million: 0.805% o Next $50 million: 0.790% o Next $150 million: 0.670% o Above $250 million: 0.600% The Incentive Fee for each quarter is calculated by multiplying the Incentive Fee Percentage times the Investor s share of average Net Asset Value for the quarter. The Incentive Fee Percentage is set at a fulcrum point of 0., and ranges from a minimum of 0% to a maximum of 0.25%. The Incentive Fee Percentage increases or decreases rateably from the fulcrum point at a rate of 0.075% for each 1%, or portion thereof, that the Fund s gross return is above or below the Absolute Return Objective of CPI plus 5%. UBS announced in April 2018 that the variable fee for TPF would be waived for a period of two years, starting in Q UBS has historically used a very conservative approach to use of leverage in this fund. Since 2008 the leverage has ranged from approximately 12% to 19% with high end of the range experienced during the GFC as a result of the decline in asset values. The Fund has underperformed NCREIF and its peer group in the last quarter, year and three year time periods due to its conservative use of leverage. UBS TPF has the lowest leverage out of the core open end fund group. Flows into Fund ($mm) Inflows Outflows Net Flows 2016 $1,443.9 $1,221.8 $ $1,580.4 $2,684.8 ($1,104.4) YTD 2018 $296.4 $623.1 ($326.7) Total $3,320.7 $4,529.7 ($1,209.0) New Commitments by Client Type ($mm) Interval Funds Non-US Investors Domestic Investors Total 2016 $155.0 $164.0 $929.0 $0.0 $1, $4.0 $97.0 $1,357.0 $0.0 $1,458.0 YTD 2018 $0.0 $6.0 $296.0 $0.0 $302.0 Total $159.0 $267.0 $2,582.0 $0.0 $3,008.0