SAN JOAQUIN COUNTY EMPLOYEES' RETIREMENT ASSOCIATION

SAN JOAQUIN COUNTY EMPLOYEES' RETIREMENT ASSOCIATION REAL ESTATE PORTFOLIO PERFORMANCE MEASUREMENT REPORT EXECUTIVE SUMMARY Third Quarter 2017 COURTLAND PARTNERS, LTD. 127 PUBLIC SQUARE, SUITE 5050 CLEVELAND, OH 44114 216-522-0330 10866 WILSHIRE BLVD., SUITE 830 LOS ANGELES, CA 90024 310-474-3040 COURTLAND PARTNERS, LTD.

Table of Contents Executive Summary... Summary of Portfolio Investment Net Returns... Total Returns vs. Benchmarks... Gross Returns vs. Benchmarks... Risk/Return Review... Portfolio Property Type Diversification... Portfolio Geographic Diversification... Investment Structure Diversification... Portfolio Partner/Manager Concentration... Investment Leverage Review... Investment Activity Statement Since Inception by Fund... Total Portfolio Investment Activity Statement... Performance Attribution... 1 2 3 4 5 7 8 9 10 11 12 13 14 COURTLAND PARTNERS, LTD.

EXECUTIVE SUMMARY San Joaquin County Employees' Retirement Association PORTFOLIO SUMMARY Current Portfolio Market Value: Current Portfolio, % of Total Plan Assets: $ 313,409,979 11.4% Current Unfunded Investment Commitments: Current Market Value + Unfunded Investment Commitments: Current Capital Available for Investment: Target Allocation to Real Estate: Target Real Estate, % of Total Plan Assets: Net Capital Invested: $ $ $ $ $ 50,387,340 363,797,319-275,790,618 10.0% 205,519,120 Portfolio Inception Date: August 2004 Total Number of Current Investments: 20 SUMMARY OF PORTFOLIO RETURNS Quarter YTD 1-Year 2-Year 3-Year 5-Year 10-Year Incept. Income Appreciation 1.3% 4.1% 5.3% 4.9% 5.0% 4.6% 1.8% 4.7% 5.2% 5.3% 5.9% 7.8% 3.6% 3.3% -2.1% 2.9% Total Gross Return 3.1% 8.9% 10.8% 10.4% 11.2% 12.7% 1.5% 6.3% Total Net Return Total Portfolio 2.7% 7.7% 9.0% 8.5% 9.1% 10.4% -0.8% 4.2% $ 313,409,979 Internal Rate of Return: 4.0% COURTLAND PARTNERS, LTD. PAGE 1

SUMMARY OF PORTFOLIO INVESTMENT NET RETURNS Vintage % of Total Net Returns Equity ITD Target IRR ** Investments Year Market Value Portfolio Strategy Quarter YTD 1-Yr. 3-Yr. 5-Yr. Incept. Multiple IRR Return Quartile Principal US Property 2015 * $29,241,006 9.3% Core 2.1% 6.1% 8.8% N/A N/A 9.0% 1.17 10.3% N/A N/A Prologis Targeted US Logistics 2007 * $50,385,761 16.1% Core 6.9% 14.9% 21.2% 16.9% 16.2% 3.8% 1.35 3.8% 9.0% N/A RREEF America REIT II 2016 * $47,515,883 15.2% Core 1.5% 4.3% 6.9% N/A N/A 7.1% 1.09 8.7% 7.0% N/A RREEF America REIT III 2004 * $231,463 0.1% Value -0.8% -4.8% -5.1% -4.5% 4.8% N/M 0.79-3.2% 12.0% N/A Open-ended $127,374,114 40.6% 3.7% 8.7% 12.6% 12.8% 14.2% 4.5% 1.12 2.4% AG CPRF IV 2015 $9,219,228 2.9% Value 3.7% 9.3% 11.1% N/A N/A 2.8% 1.10 7.2% 11.0% 3 Almanac VI 2012 $12,037,398 3.8% Value -1.3% 1.5% 7.1% 14.4% 15.0% 15.0% 1.40 15.9% 12.0% 2 Colony Realty Partners III 2008 $15,645,606 5.0% Value 1.7% 3.2% 4.0% 4.5% 6.2% -12.5% 1.46 7.7% 13.0% 3 Colony Realty Partners IV 2012 $23,429,089 7.5% Value 4.2% 8.7% 11.7% 15.4% 16.6% 16.6% 1.52 17.0% 9.0% 1 Greenfield Acquisition V 2007 $836,751 0.3% Opp 4.1% -4.0% 2.8% -3.0% 3.4% -0.3% 1.37 8.5% 15.0% 1 Greenfield Acquisition VI 2011 $5,083,757 1.6% Opp 1.1% 4.1% 9.1% 8.6% 12.0% 10.8% 1.39 13.0% 15.0% 3 Greenfield Acquisition VII 2013 $16,427,536 5.2% Opp 0.8% 8.4% 14.4% 13.9% N/A 11.6% 1.36 14.3% 13.0% 3 Legacy Partners Realty II 2006 $1,000 0.0% Value N/M N/M N/M N/M N/M N/M 0.03-33.0% 13.0% 4 Miller Global V 2004 $5,111,976 1.6% Opp 2.4% 1.5% -0.5% 5.9% 8.8% -5.3% 1.15 4.3% 16.0% 2 Miller Global VI 2007 $16,329,496 5.2% Opp 3.2% 9.6% 10.7% 9.8% 9.1% 2.4% 1.52 7.8% 16.0% 2 Miller Global VII 2012 $4,070,193 1.3% Opp 8.9% 17.5% 16.4% 12.8% N/A 16.7% 1.27 17.3% 13.0% 1 Sarofim Multifamily II 2008 $194,122 0.1% Value -0.3% 6.1% 1.7% 1.8% 2.5% 3.3% 1.27 4.7% 16.0% 4 Walton Street RE V 2005 $8,513,676 2.7% Opp 0.0% 0.9% -0.3% 5.5% 8.0% -0.9% 0.81-2.5% 18.0% 2 Walton Street RE VI 2009 $6,453,830 2.1% Opp 2.4% 5.7% 6.5% 4.4% 8.6% -30.3% 1.51 9.3% 18.0% 3 Closed Total Private Real Estate $123,353,657 39.4% $250,727,771 80.0% 2.2% 3.0% 6.3% 7.4% 8.6% 10.5% 8.2% 9.7% 10.0% 11.2% -4.5% 1.5% 1.19 1.17 4.0% 3.4% BlackRock Developed Ex-US REIF 2014 $26,748,610 8.5% Value 3.2% 13.4% 4.6% 4.1% N/A 1.9% 1.06 2.1% N/A N/A Invesco US RES 2004 $35,933,598 11.5% Core 0.8% 5.6% 1.9% 9.2% 9.1% 9.4% 2.21 10.9% 9.0% N/A REIT Total Portfolio $62,682,208 20.0% $313,409,979 100.0% 1.8% 2.7% 8.8% 7.7% 3.0% 9.0% 6.9% 9.1% 7.4% 10.4% 6.7% 4.2% 1.36 1.20 6.3% 4.0% Core Value Opportunistic $163,076,249 52.0% $87,506,515 27.9% $62,827,215 20.0% 3.1% 2.6% 2.2% 8.0% 8.0% 6.6% 10.1% 7.5% 8.7% 12.1% 6.7% 8.4% * The first year of SJCERA investing in the open-ended fund. ** ITD IRR ranking based on prior-quarter Courtland Partners Index by vintage year. 12.0% 8.1% 1.40 7.2% 8.5% -0.2% 1.03 0.6% 10.5% -2.1% 1.26 5.4% COURTLAND PARTNERS, LTD. PAGE 2

TOTAL RETURNS vs. BENCHMARKS - INVESTMENT TYPE Quarter YTD 1-Yr. 2-Yr. 3-Yr. 5-Yr. Incept. Private Real Estate (Net): Core Value Opportunistic Total Private Real Estate NCREIF ODCE Index (net) + 100 bps (1) Over (Under) Performance 3.7% 8.7% 12.6% 11.9% 13.3% 14.1% 2.9% 2.3% 5.8% 8.5% 5.5% 7.6% 9.6% -3.1% 2.2% 6.6% 8.7% 6.9% 8.4% 10.5% -2.1% 3.0% 7.4% 10.5% 8.4% 9.7% 11.2% 1.5% 1.9% 5.5% 7.8% 8.9% 10.9% 11.6% 9.3% 1.1% 1.9% 2.7% -0.6% -1.2% -0.4% -7.8% US Public RE Securities (Gross): Invesco US RES FTSE NAREIT All Equity REIT Index Over (Under) Performance Non-US Public RE Securities (Gross): BlackRock Developed Ex-US REIF EPRA/NAREIT Developed Ex. U.S. Index (2) Over (Under) Performance 0.9% 6.0% 2.4% 10.0% 9.7% 9.6% 9.9% 1.1% 6.0% 2.6% 11.4% 10.2% 10.0% 9.4% -0.2% 0.0% -0.2% -1.4% -0.5% -0.4% 0.5% 3.2% 13.5% 4.7% 8.0% 4.3% N/A 2.1% 3.2% 13.6% 4.9% 8.2% 4.5% N/A 2.3% 0.0% -0.1% -0.2% -0.2% -0.2% N/A -0.3% Total Portfolio (Net) Portfolio Blended Benchmark (3) Over (Under) Performance 2.7% 7.7% 9.0% 8.5% 9.1% 10.4% 1.9% 6.4% 6.7% 9.3% 10.3% 10.9% 0.8% 1.3% 2.3% -0.8% -1.2% -0.6% 4.2% 11.3% -7.2% (1) NCREIF ODCE Index (net) + 100 bps starting 10/1/12. Previously NCREIF Index. (2) EPRA/NAREIT Developed Ex. U.S. Index starting 10/1/12. Previously GPR General Global Index. (3) Comprised of approximate portfolio weightings and indexes as per above. COMMENTS ON TOTAL RETURNS The real estate portfolio market value was $313 million, which equates to 11.4% of total plan assets. The entire real estate portfolio had a netof-fees return of 2.7% for the quarter and 9.0% for the trailing one-year period while the portfolio blended benchmark returned 1.9% and 6.7%, respectively. The Private portion of the real estate portfolio had a net-of-fees return for the quarter of 3.0% while the one-year return was 10.5%. The benchmark returned 1.9% for the quarter, while the one-year return was 7.8%. The public securities portion of the portfolio includes the domestic strategy, Invesco US RES portfolio had a gross return of 0.9% and 2.4% for the quarter and one-year period, respectively while the benchmark returned 1.1% and 2.6% over the same time periods. The international strategy is the Blackrock Developed Ex-US REIF portfolio which had a gross return of 3.2% and 4.7% for the quarter and one-year period, respectively while the benchmark returned 3.2% and 4.9% over the same time periods. The public markets portion of the real estate portfolio was updated for the period ending 12/31/2017. The US Public Real Estate portfolio return was 3.6% for the quarter and 9.8% for the one-year period compared to the NAREIT index of 2.5% and 8.7%, respectively. For the non-us Public Real Estate portfolio, the quarter-ended 12/31/2017 return was 6.3%, while the one-year return was 20.7%. In comparison, the EPRA/NAREIT Developed Ex. U.S. Net Index (USD) Index was 6.3% and 20.0%, respectively. COURTLAND PARTNERS, LTD. PAGE 3

14.0% TOTAL GROSS RETURNS vs. BENCHMARKS 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% Quarter YTD 1-yr. 2-yr. 3-yr. 5-yr. 10-yr. Inception SJCERA - Gross 3.1% 8.9% 10.8% 10.4% 11.2% 12.7% 1.5% 6.3% SJCERA - Net 2.7% 7.7% 9.0% 8.5% 9.1% 10.4% -0.8% 4.2% Blended Benchmark 1.9% 6.4% 6.7% 9.3% 10.3% 10.9% 9.0% 11.3% Total Gross Returns vs. Courtland Index (for the period ended June 30, 2017) Quarter YTD 1-Yr 2-Yr 3-Yr 5-Yr 10-Yr Inception SJCERA - Gross 3.1% 5.6% 9.7% 10.0% 10.5% 13.4% 1.4% 6.2% Courtland 2.9% 5.6% 10.9% 11.8% 13.1% 14.1% 4.9% 9.6% Weighted Courtland * 2.9% 5.6% 11.2% 12.1% 13.4% 14.0% 5.0% 9.5% * The Courtland Partners Index returns have been weighted to match SJCERA - Gross's current risk return profile. PORTFOLIO PERFORMANCE COMMENTS The Courtland Partners Index ("CPI") refers to investments reported in Courtland's Quarterly Performance Measurement databases. It contains 443 realized investments and 477 active pooled funds, separate accounts, direct investments, and real estate securities in which public and ERISA pension funds, endowments and/or foundations currently have investments since 1971. The CPI has a total net asset value of $433.6 billion with a total gross real estate value of $736.6 billion and 37.1% leverage weighted by the market value of Courtland's clients. It includes three risk/return categories: 58% core, 19% value and 23% opportunistic. The CPI differs from NCREIF because it includes leverage and higher risk/return investments (i.e., value and opportunistic). It cannot be finalized until all of its members submit their data; therefore, the COURTLAND PARTNERS, LTD. PAGE 4

R ISK /R ETURN R EVIEW RISK/RETURN REVIEW - MARKET VALUES AND INVESTMENT COMMITMENTS Investment Commitments Summary Client % of Original Inv. Unfund. Remaining Est. % of Current & Investments Incept. Market Value Port. Commitment Commitment Commitment Unfunded Port. Core * $ 163,076,249 52.0% $ 130,000,000 $ - $ - 44.8% Invesco US RES 8/04 $ 35,933,598 11.5% $ 25,000,000 $ - $ - 9.9% Principal US Property 10/15 $ 29,241,006 9.3% $ 25,000,000 $ - $ - 8.0% Prologis Targeted US Logistics 7/07 $ 50,385,761 16.1% $ 35,000,000 $ - $ - 13.8% RREEF America REIT II 4/16 $ 47,515,883 15.2% $ 45,000,000 $ - $ - 13.1% Value $ 87,506,515 27.9% $ 197,040,616 $ 23,613,073 $ 12,600,000 27.5% AG CPRF IV 6/15 $ 9,219,228 2.9% $ 20,000,000 $ 11,600,000 $ 11,600,000 5.7% Almanac VI 11/12 $ 12,037,398 3.8% $ 30,000,000 $ 4,500,000 $ 1,000,000 3.6% BlackRock Developed Ex-US REIF 8/14 $ 26,748,610 8.5% $ 25,040,616 $ - $ - 7.4% Colony Realty Partners III 9/09 $ 15,645,606 5.0% $ 21,000,000 $ 4,027,200 $ - 4.3% Colony Realty Partners IV 12/12 $ 23,429,089 7.5% $ 21,000,000 $ 3,485,873 $ - 6.4% Legacy Partners Realty II 11/06 $ 1,000 0.0% $ 15,000,000 $ - $ - 0.0% Legacy Partners Realty III ** 2/08 $ - 0.0% $ 20,000,000 $ - $ - 0.0% RREEF America REIT III 11/04 $ 231,463 0.1% $ 25,000,000 $ - $ - 0.1% Sarofim Multifamily II 10/08 $ 194,122 0.1% $ 20,000,000 $ - $ - 0.1% Opportunistic $ 62,827,215 20.0% $ 204,122,340 $ 44,277,955 $ 37,787,340 27.7% Greenfield Acquisition V 4/08 $ 836,751 0.3% $ 30,000,000 $ 420,000 $ - 0.2% Greenfield Acquisition VI 1/12 $ 5,083,757 1.6% $ 20,000,000 $ 2,813,680 $ - 1.4% Greenfield Acquisition VII 9/14 $ 16,427,536 5.2% $ 19,122,340 $ 7,787,340 $ 7,787,340 6.7% Greenfield Acquisition VIII N/A $ - 0.0% $ 30,000,000 $ 30,000,000 $ 30,000,000 8.2% Miller Global V 7/05 $ 5,111,976 1.6% $ 15,000,000 $ - $ - 1.4% Miller Global VI 2/08 $ 16,329,496 5.2% $ 30,000,000 $ - $ - 4.5% Miller Global VII 12/13 $ 4,070,193 1.3% $ 15,000,000 $ 3,256,935 $ - 1.1% Walton Street RE V 8/06 $ 8,513,676 2.7% $ 30,000,000 $ - $ - 2.3% Walton Street RE VI 4/09 $ 6,453,830 2.1% $ 15,000,000 $ - $ - 1.8% Total Portfolio $ 313,409,979 100.0% $ 531,162,956 $ 67,891,028 $ 50,387,340 100.0% * Other Core real estate investments in the form of debt are included in the Fixed Income category. ** Legecy III made a liquidating distribution in the 3Q17 period. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] COURTLAND PARTNERS, LTD. PAGE 5

SUMMARY OF PORTFOLIO RISK/RETURN PROFILE Market Value Market Value plus Unfunded Commitments Opp. 20% Opp. 28% Core 52% Core 45% Value 28% Value 27% Note: All totals may not sum to 100% due to rounding. Core Value Opp. 0% 10% 20% 30% 40% 50% 60% 70% Policy Range Current Market Value Potential Exposure [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] COURTLAND PARTNERS, LTD. PAGE 6

P ORTFOLIO C OMPOSITION R EVIEW PORTFOLIO PROPERTY TYPE DIVERSIFICATION Healthcare 1% Industrial 30% Retail 9% Resid'l 11% Hotel 11% Other 12% Land 0.2% Timber 1% Storage 1% Mixed Use 3% Gaming 1% Office 26% Leisure <0.1% Other 6% Note: All totals may not sum to 100% due to rounding. 50.0% PROPERTY TYPE DIVERSIFICATION vs. BENCHMARKS 40.0% 37% 30.0% 26% 30% 24% 24% 20.0% 10.0% 15% 9% 11% 11% 12% 0.0% Office Industrial Retail Residential Hotel Other 1% SJCERA Policy Range NCREIF COURTLAND PARTNERS, LTD. PAGE 7

PORTFOLIO GEOGRAPHIC DIVERSIFICATION US Not Allocated 1% Foreign 10% East 24% West 31% Midwest 9% South 26% Note: All totals may not sum to 100% due to rounding. 50.0% GEOGRAPHIC DIVERSIFICATION vs. BENCHMARKS 40.0% 38% 30.0% 24% 33% 26% 31% 20.0% 20% 10.0% 9% 9% 10% 0.0% East Midwest South West US Not Allocated Int'l 1% SJCERA Policy Range NCREIF COURTLAND PARTNERS, LTD. PAGE 8

INVESTMENT STRUCTURE DIVERSIFICATION Public Debt Private Debt Residual Value * Public Equity Private Equity * Residual value of liquidating funds INVESTMENT CAPITAL STRUCTURE REVIEW Investment Public Equity Private Equity Public Debt Private Debt AG CPRF IV 0.0% 98.0% 2.0% 0.0% Almanac VI 27.0% 2.1% 0.0% 71.0% BlackRock Developed Ex-US REIF 100.0% 0.0% 0.0% 0.0% Colony Realty Partners III 0.0% 100.0% 0.0% 0.0% Colony Realty Partners IV 0.0% 100.0% 0.0% 0.0% Greenfield Acquisition V 0.0% 100.0% 0.0% 0.0% Greenfield Acquisition VI 0.0% 100.0% 0.0% 0.0% Greenfield Acquisition VII 0.0% 88.3% 0.0% 11.7% Invesco US RES 100.0% 0.0% 0.0% 0.0% Legacy Partners Realty II 0.0% 100.0% 0.0% 0.0% Miller Global V 0.0% 100.0% 0.0% 0.0% Miller Global VI 0.0% 100.0% 0.0% 0.0% Miller Global VII 0.0% 100.0% 0.0% 0.0% Principal US Property 0.0% 100.0% 0.0% 0.0% Prologis Targeted US Logistics 0.0% 100.0% 0.0% 0.0% RREEF America REIT II 0.0% 100.0% 0.0% 0.0% RREEF America REIT III 0.0% 0.0% 0.0% 0.0% Sarofim Multifamily II 0.0% 0.0% 0.0% 0.0% Walton Street RE V 0.0% 100.0% 0.0% 0.0% Walton Street RE VI 0.0% 100.0% 0.0% 0.0% Weighted Total 21.0% 75.4% 0.1% 3.3% COURTLAND PARTNERS, LTD. PAGE 9

PORTFOLIO PARTNER/MANAGER CONCENTRATION (1) (2) ORIGINAL COMMITMENTS CURRENT INVESTMENTS POTENTIAL EXPOSURE Principal REI 5% Invesco 5% Blackrock 5% Almanac 6% Legacy 6% Prologis 6% Colony 8% Angelo Gordon 4% Walton Street 8% Sarofim 4% Greenfield 19% Deutsche AWM 13% Miller Global 11% Walton Street 5% Greenfield 7% Miller Global 8% Blackrock 9% Almanac 4% Principal REI 9% Angelo Gordon 3% Invesco 11% Sarofim 0.1% Legacy 0% Prologis 16% Deutsche AWM 15% Colony 13% Almanac 4% Angelo Gordon 6% Blackrock 7% Miller Global 8% Principal REI 8% Invesco 10% Walton Street 4% Sarofim 0.1% Legacy 0% Greenfield 16% Colony 11% Prologis 13% Deutsche AWM 13% Original Commitments Current Investments Potential Exposure (3) Managers $ % Managers $ % Managers $ % Greenfield $99,122,340 18.7% Prologis $50,385,761 16.1% Greenfield $60,135,384 16.1% Deutsche AWM $70,000,000 13.2% Deutsche AWM $47,747,346 15.2% Prologis $50,385,761 13.5% Miller Global $60,000,000 11.3% Colony $39,074,694 12.5% Deutsche AWM $47,747,346 12.8% Walton Street $45,000,000 8.5% Invesco $35,933,598 11.5% Colony $42,560,567 11.4% Colony $42,000,000 7.9% Principal REI $29,241,006 9.3% Invesco $35,933,598 9.6% Prologis $35,000,000 6.6% Blackrock $26,748,610 8.5% Principal REI $29,241,006 7.8% Legacy $35,000,000 6.6% Miller Global $25,511,664 8.1% Miller Global $28,768,600 7.7% Almanac $30,000,000 5.6% Greenfield $22,348,044 7.1% Blackrock $26,748,610 7.2% Blackrock $25,040,616 4.7% Walton Street $14,967,507 4.8% Angelo Gordon $20,819,228 5.6% Invesco $25,000,000 4.7% Almanac $12,037,398 3.8% Almanac 16,537,398 4.4% Principal REI $25,000,000 4.7% Angelo Gordon $9,219,228 2.9% Walton Street $14,967,507 4.0% Angelo Gordon $20,000,000 3.8% Sarofim $194,122 0.1% Sarofim $194,122 0.1% Sarofim $20,000,000 3.8% Legacy $1,000 0.0% Legacy $1,000 0.0% Total 531,162,956 100.0% Total $313,409,979 100.0% Total $374,040,127 100.0% (1) Investment Policy generally limits private manager exposure to 30% of the Private Real Estate portfolio, or approximately 21% of the total Real Estate portfolio (70% * 30%). (2) All totals may not sum to 100% due to rounding. (3) Including current market value and estimated unfunded commitments. 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Original Current Potential COURTLAND PARTNERS, LTD. PAGE 10

Investment Market Value Leverage Policy Limit Greenfield Acquisition VI Opportunistic $5,083,757 62.9% AG CPRF IV Value $9,219,228 62.7% Miller Global VII Opportunistic $4,070,193 62.3% Greenfield Acquisition VII Opportunistic $16,427,536 60.9% Miller Global VI Opportunistic $16,329,496 53.5% Walton Street RE VI Opportunistic $6,453,830 51.5% Colony Realty Partners IV Value $23,429,089 47.7% Miller Global V Opportunistic $5,111,976 46.3% Walton Street RE V Opportunistic $8,513,676 44.9% Colony Realty Partners III Value $15,645,606 44.6% Greenfield Acquisition V Opportunistic $836,751 33.9% Legacy Partners Realty II Value $1,000 32.0% Prologis Targeted US Logistics Core $50,385,761 24.3% Principal US Property Core $29,241,006 22.8% RREEF America REIT II Core $47,515,883 18.7% Almanac VI Value $12,037,398 N/A RREEF America REIT III Value $231,463 N/A Sarofim Multifamily II Value $194,122 N/A * Core $127,142,651 21.9% 50.0% * Value $60,757,905 39.4% 65.0% * Opportunistic $62,827,215 54.6% 75.0% * Total Private Real Estate $250,727,771 34.3% 65.0% * Weighted by market value. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% INVESTMENT LEVERAGE REVIEW Debt Equity COURTLAND PARTNERS, LTD. PAGE 11

Vintage Investment Year AG CPRF IV 2015 Almanac Realty Securities VI 2012 BlackRock Developed Ex-US REIF 2014 Colony Realty Partners III 2008 Colony Realty Partners IV 2012 Greenfield Acquisition Partners V 2007 Greenfield Acquisition Partners VI 2011 Greenfield Acquisition Partners VII 2013 Invesco US Real Estate Securities 2004 Legacy Partners Realty Fund II 2006 Legacy Partners Realty Fund III 2007 Miller Global Fund V 2004 Miller Global Fund VI 2007 Miller Global Fund VII 2012 Principal US Property Open Prologis Targeted US Logistics Fund Open RREEF America REIT II (2) Open RREEF America REIT II Open RREEF America REIT III Open Sarofim Multifamily Fund II 2008 Walton Street Real Estate Fund V 2005 Walton Street Real Estate Fund VI 2009 Completed Investments N/A Total Portfolio Investment Activity Statement Since Inception by Fund Original Inv. Gross Return of Net Unrealized Realized Ending Commitment Contributions Fees (1) Capital Distributions Income Appreciation Gain Market Value 20,000,000 8,400,000 (598,439) - (18,728) 8,990 821,758 7,208 9,219,228 30,000,000 18,646,238 (2,404,948) (9,531,800) (4,520,400) 3,113,994 2,633,358 1,696,008 12,037,398 25,040,616 25,132,538 (91,921) - - 3,172,916 (1,556,845) - 26,748,610 21,000,000 20,111,684 (2,691,324) (12,573,267) (1,124,900) 4,277,730 2,163,558 2,790,800 15,645,606 21,000,000 21,739,813 (2,152,324) (9,440,324) (222,200) 3,164,820 6,100,188 2,086,792 23,429,089 30,000,000 29,580,000 (4,821,583) (29,242,147) (10,520,991) 934,983 (1,086,019) 11,170,925 836,751 20,000,000 24,119,741 (2,894,794) (19,282,144) (9,138,953) 1,370,867 (720,534) 8,734,780 5,083,757 19,122,340 14,050,000 (1,816,310) (1,780,000) (957,939) 836,886 1,662,532 2,616,057 16,427,536 25,000,000 26,674,993 (1,719,909) (23,114,551) - 10,702,653 2,221,477 19,449,027 35,933,598 15,000,000 15,000,000 (1,570,980) (404,054) - (7,135,495) (7,459,451) - 1,000 20,000,000 18,798,121 (2,052,578) (10,679,380) - 568,298 (8,687,039) - - 15,000,000 24,111,448 (1,977,309) (9,646,545) (13,047,599) 143,468 2,283,590 1,267,613 5,111,976 30,000,000 21,245,720 (3,572,753) (125,712) (15,800,937) 5,967,473 4,568,056 474,897 16,329,496 15,000,000 16,378,353 (2,902,347) (4,329,936) (12,372,517) (1,011,653) 574,007 4,831,938 4,070,193 25,000,000 25,000,000 (478,202) - - 1,844,908 2,396,098-29,241,006 35,000,000 45,438,119 (5,917,894) - (10,781,751) 15,369,368 360,026-50,385,761 7,500,000 9,109,553 (225,737) - (11,873,065) 797,484-1,966,028-45,000,000 35,890,447 (239,721) - 10,254,461 1,209,241 2,129,942 (1,968,208) 47,515,883 25,000,000 29,260,996 (2,015,821) (21,830,052) (1,140,735) 1,967,638 (10,479,445) 2,453,060 231,463 20,000,000 15,931,956 (540,688) (15,428,793) (4,571,206) (44,556) - 4,306,721 194,122 30,000,000 30,000,000 (3,088,976) (15,671,733) - 547,392 (1,293,365) (5,068,617) 8,513,676 15,000,000 13,297,180 (2,167,768) (13,660,285) - 49,506 (1,013,421) 7,780,851 6,453,830 N/A 41,458,376 (1,458,377) (16,167,466) (25,110,506) 1,914,094 (0) (2,094,498) - N/A 529,375,275 (47,400,703) (212,908,188) (110,947,966) 49,771,005 (4,381,527) 62,501,381 313,409,979 Total (1) Fees are shown for informational purposes, and are also included as a deduction from Net Income. (2) The investment made in the 2nd quarter of 2005 was completed in the 3rd quarter of 2007. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] COURTLAND PARTNERS, LTD. PAGE 12

Total Portfolio Investment Activity Statement Gross Return of Net Unrealized Realized Ending Qtr. Contributions Fees Capital Distributions Income Appreciation Gain Market Value Q3-04 6,250,000 (4,128) - - 30,310 237,109 50,591 6,568,010 Q4-04 9,654,128 (29,848) - (22,400) 131,315 1,326,370 53,640 17,711,062 Q1-05 40,173 (39,120) - (29,211) 130,092 (1,075,482) 19,786 16,796,422 Q2-05 8,737,650 (60,904) - (18,551) 156,726 2,313,687 42,288 28,028,221 Q3-05 12,527,788 (283,083) (1,577,585) (39,759) 77,394 1,111,612 226,095 40,353,766 Q4-05 1,472,575 (181,235) (931,034) (91,959) 212,953 1,210,509 46,056 42,272,865 Q1-06 3,712,881 (165,670) (2,586,205) (67,774) 238,905 4,326,767 329,508 48,226,946 Q2-06 8,258,887 (176,568) (161,984) (173,369) 303,829 100,217 294,364 56,848,890 Q3-06 25,463,258 (93,126) (2,632,068) (62,057) 225,059 2,181,341 890,363 82,914,786 Q4-06 17,401,610 (549,345) (4,551,721) (326,898) (183,563) 9,663,039 587,529 105,504,781 Q1-07 12,078,117 (353,453) (96,239) (161,148) (18,214) 2,856,057 1,450,834 121,614,190 Q2-07 18,460,185 (511,938) (17,114,551) (1,437,017) 25,000 (3,081,717) 4,841,800 123,307,889 Q3-07 22,226,324 (681,008) (221,480) (3,394,443) (837,858) 2,879,241 1,074,452 145,034,125 Q4-07 16,666,409 (324,003) (8,490) (452,196) (305,207) (4,417,265) 473,841 156,991,217 Q1-08 18,018,807 (925,351) (125,712) (468,265) (855,867) (2,675,316) (152,405) 170,732,458 Q2-08 7,796,822 (1,136,846) (2,123,709) (479,682) (299,034) (7,207,354) 9,017 168,428,519 Q3-08 8,062,648 (716,917) - (406,380) 294,955 (22,874,595) (772,168) 152,732,980 Q4-08 18,446,936 (803,147) - (230,940) (806,729) (48,660,178) (2,311,032) 119,171,038 Q1-09 2,901,878 (729,773) - - 1,647,763 (32,790,080) (1,938,820) 88,991,779 Q2-09 3,655,722 (754,006) - - (352,120) (13,429,246) (648,094) 78,218,042 Q3-09 6,340,725 (1,209,585) - - (1,897,029) 750,204 306,601 83,718,542 Q4-09 3,653,403 (747,569) - (229,167) (807,985) 5,244,877 (1,266,305) 90,313,366 Q1-10 7,422,944 (752,691) - (154,471) (112,718) 2,567,090 (750,111) 99,286,100 Q2-10 3,489,105 (744,034) - (430,994) 42,513 226,138 966,106 103,578,968 Q3-10 4,542,141 (748,235) - (157,556) (70,990) 15,824,579 200,287 123,917,429 Q4-10 13,424,962 (709,935) - (159,011) 135,324 16,284,458 (8,251) 153,594,910 Q1-11 1,328,817 (746,668) (201,100) (296,479) 1,227,299 3,542,147 550,752 159,746,346 Q2-11 9,041,958 (703,316) (635,900) (586,287) 604,943 8,963,274 567,286 177,701,619 Q3-11 4,652,145 (787,442) (4,100,000) (588,019) 581,388 (12,146,607) 1,986,946 168,087,472 Q4-11 9,170,581 (787,539) (2,662,879) (1,183,070) 970,545 5,227,630 829,044 180,439,325 Q1-12 14,612,563 (951,908) (1,147,122) (219,885) 686,130 7,515,324 607,191 202,493,526 Q2-12 5,197,375 (897,479) (2,986,470) (685,475) 2,252,817 7,545,454 (5,009,101) 208,808,126 Q3-12 25,919,578 (671,988) (16,454,671) (1,663,820) 1,628,754 16,951,304 (5,269,009) 229,920,263 Q4-12 14,563,576 (1,467,293) (9,463,574) (528,819) 1,171,684 8,802,044 1,257,526 245,722,701 Q1-13 9,306,196 (951,626) (3,638,559) (868,653) 2,052,735 2,109,468 1,724,602 256,408,491 Q2-13 720,202 (2,073,883) (8,481,299) (350,989) 1,487,135 2,948,918 2,924,228 255,656,685 Q3-13 7,086,702 (1,291,178) (7,073,938) (5,277,554) 1,723,980 2,633,631 2,276,978 257,026,485 Q4-13 12,270,011 (2,096,786) (13,248,864) (3,426,752) 894,240 1,586,459 6,628,100 261,729,678 Q1-14 2,818,965 (1,904,475) (2,645,759) (951,740) 1,919,225 708,434 3,633,790 267,212,592 Q2-14 7,606,147 (1,705,264) (12,801,051) (5,402,454) 2,583,599 1,540,694 7,182,480 267,922,008 Q3-14 29,000,303 (1,153,951) (12,007,193) (34,630,140) 1,418,273 (3,234,111) 4,338,761 252,807,900 Q4-14 7,211,765 (1,845,306) (13,787,129) (3,532,028) 2,140,297 6,513,494 2,222,367 253,576,666 Q1-15 879,988 (942,078) (4,613,111) (2,947,200) 2,891,779 1,903,668 1,553,700 253,245,490 Q2-15 4,723,259 (1,542,883) (7,252,148) (7,624,272) 1,827,150 (5,067,502) 6,124,553 245,976,531 Q3-15 9,214,263 (1,215,771) (7,912,302) (4,940,336) 2,296,055 (2,449,112) 5,125,276 247,310,374 Q4-15 22,081,625 (1,538,584) (4,155,377) (3,529,169) 1,407,830 2,340,075 2,504,593 267,959,952 Q1-16 3,986,446 (1,533,885) (4,608,393) (6,593,061) 2,745,920 (31,561) 2,884,241 266,343,545 Q2-16 24,486,063 (615,632) (10,236,944) (2,489,352) 1,977,904 142,541 2,873,207 283,096,965 Q3-16 25,024,255 (1,510,451) (7,473,166) (1,986,351) 3,123,484 (1,902,549) 3,596,941 303,479,580 Q4-16 15,306,729 (1,392,930) (7,580,956) (1,847,258) 2,745,955 893,535 247,131 313,244,716 Q1-17 590,180 (943,301) (6,172,224) (2,075,301) 3,024,806 618,499 2,892,539 312,123,215 Q2-17* 761,807 (1,598,462) (6,806,587) (5,400,355) 3,953,148 1,034,545 3,142,924 308,808,696 Q3-17 1,107,699 (1,099,103) (2,630,695) (2,329,901) 3,329,105 4,036,714 1,088,361 313,409,979 Total 529,375,275 (47,400,703) (212,908,188) (110,947,966) 49,771,005 (4,381,527) 62,501,381 * Management fees of ($116,981) that accrued to the 2Q17 period were added on the Total Portfolio report this quarter. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] COURTLAND PARTNERS, LTD. PAGE 13

SJCERA Net Total Return Attribution as of September 30, 2017 (Based on Averaged Weight) Investments Current Qtr 1-Yr 2-Yr 3-Yr 5-Yr 10-Yr AG CPRF IV Net Return 3.7% 11.1% 6.6% N/A N/A N/A Contribution to Total Net Return 0.1% 0.3% 0.1% N/A N/A N/A % Contribution to Total Net Return 3.9% 3.2% 1.7% N/A N/A N/A Almanac VI Net Return -1.3% 7.1% 17.3% 14.4% N/A N/A Contribution to Total Net Return 0.0% 0.3% 0.7% 0.6% N/A N/A % Contribution to Total Net Return -1.8% 3.1% 9.5% 7.1% N/A N/A Alpine Woods Non US RES Net Return 0.0% 0.0% 0.0% 0.0% 0.0% N/A Contribution to Total Net Return 0.0% 0.0% 0.0% 0.0% 0.0% N/A % Contribution to Total Net Return 0.0% 0.0% 0.0% 0.0% 0.0% N/A BlackRock Developed Ex-US REIF Net Return 3.2% 4.6% 7.9% 4.1% N/A N/A Contribution to Total Net Return 0.3% 0.4% 0.7% 0.4% N/A N/A % Contribution to Total Net Return 9.8% 4.0% 8.5% 4.5% N/A N/A Colony Realty Partners III Net Return 1.7% 4.0% 1.9% 4.5% 6.2% N/A Contribution to Total Net Return 0.1% 0.2% 0.1% 0.3% 0.4% N/A % Contribution to Total Net Return 3.0% 2.2% 1.5% 3.6% 7.1% N/A Colony Realty Partners IV Net Return 4.2% 11.7% 10.7% 15.4% N/A N/A Contribution to Total Net Return 0.3% 0.9% 0.8% 1.1% N/A N/A % Contribution to Total Net Return 11.2% 9.6% 10.5% 13.5% N/A N/A EII Non US RES Net Return 0.0% 0.0% 0.0% N/A N/A N/A Contribution to Total Net Return 0.0% 0.0% 0.0% N/A N/A N/A % Contribution to Total Net Return 0.0% 0.0% 0.0% N/A N/A N/A Greenfield Acquisition V Net Return 4.1% 2.8% -4.6% -3.0% 3.4% N/A Contribution to Total Net Return 0.0% 0.0% 0.0% 0.0% 0.1% N/A % Contribution to Total Net Return 0.4% 0.1% -0.4% -0.5% 2.4% N/A Greenfield Acquisition VI Net Return 1.1% 9.1% 4.8% 8.6% 12.0% N/A Contribution to Total Net Return 0.0% 0.2% 0.2% 0.4% 0.7% N/A % Contribution to Total Net Return 0.7% 2.4% 2.1% 5.3% 10.9% N/A Greenfield Acquisition VII Net Return 0.8% 14.4% 14.1% 13.9% N/A N/A Contribution to Total Net Return 0.0% 0.8% 0.7% 0.7% N/A N/A % Contribution to Total Net Return 1.5% 8.7% 9.5% 8.3% N/A N/A Invesco US RES Net Return 0.8% 1.9% 9.4% 9.2% 9.1% 5.9% Contribution to Total Net Return 0.1% 0.2% 1.1% 1.1% 1.0% 0.8% % Contribution to Total Net Return 3.1% 2.3% 14.2% 13.3% 16.4% 106.8% Legacy Partners Realty II Net Return N/M N/M N/M N/M N/M N/M Contribution to Total Net Return N/A N/A N/A N/A N/A N/A % Contribution to Total Net Return N/A N/A N/A N/A N/A N/A Legacy Partners Realty III Net Return 7.8% 5.2% -13.5% -8.6% N/M N/A Contribution to Total Net Return 0.0% 0.0% -0.1% -0.2% N/M N/A % Contribution to Total Net Return 0.0% 0.0% -1.4% -2.0% N/A N/A Miller Global V Net Return 2.4% -0.5% 4.8% 5.9% 8.8% -6.0% Contribution to Total Net Return 0.0% 0.0% 0.1% 0.1% 0.2% -0.2% % Contribution to Total Net Return 1.4% -0.1% 1.2% 1.6% 3.7% -25.9% Miller Global VI Net Return 3.2% 10.7% 9.4% 9.8% 9.1% N/A Contribution to Total Net Return 0.2% 0.6% 0.5% 0.6% 0.6% N/A % Contribution to Total Net Return 6.0% 6.0% 6.7% 7.1% 10.0% N/A Miller Global VII Net Return 8.9% 16.4% 14.7% 12.8% N/A N/A Contribution to Total Net Return 0.1% 0.3% 0.3% 0.3% N/A N/A % Contribution to Total Net Return 4.1% 2.7% 3.7% 4.0% N/A N/A COURTLAND PARTNERS, LTD. PAGE 14

SJCERA Net Total Return Attribution as of September 30, 2017 (Based on Averaged Weight) Investments Current Qtr 1-Yr 2-Yr 3-Yr 5-Yr 10-Yr Principal US Property Net Return 2.1% 8.8% N/A N/A N/A N/A Contribution to Total Net Return 0.2% 0.8% N/A N/A N/A N/A % Contribution to Total Net Return 6.9% 8.7% N/A N/A N/A N/A Prologis Targeted US Logistics Net Return 6.9% 21.2% 17.2% 16.9% 16.2% 3.6% Contribution to Total Net Return 1.1% 3.2% 2.5% 2.4% 2.1% 0.5% % Contribution to Total Net Return 39.8% 34.4% 32.3% 29.9% 33.7% 75.7% RREEF America REIT II Net Return 1.5% 6.9% N/A N/A N/A N/A Contribution to Total Net Return 0.2% 1.0% N/A N/A N/A N/A % Contribution to Total Net Return 8.1% 11.2% N/A N/A N/A N/A RREEF America REIT III Net Return -0.8% -5.1% -11.2% -4.5% 4.8% -6.3% Contribution to Total Net Return 0.0% 0.0% 0.0% 0.0% 0.1% -0.3% % Contribution to Total Net Return 0.0% 0.0% -0.4% -0.6% 1.9% -43.0% Sarofim Multifamily II Net Return -0.3% 1.7% -3.0% 1.8% 2.5% N/A Contribution to Total Net Return 0.0% 0.0% 0.0% 0.0% 0.1% N/A % Contribution to Total Net Return 0.0% 0.0% -0.3% 0.2% 1.0% N/A Walton Street RE V Net Return 0.0% -0.3% 1.2% 5.5% 8.0% -1.1% Contribution to Total Net Return 0.0% 0.0% 0.0% 0.2% 0.4% -0.1% % Contribution to Total Net Return 0.0% -0.1% 0.6% 3.0% 6.6% -13.6% Walton Street RE VI Net Return 2.4% 6.5% 1.2% 4.4% 8.6% N/A Contribution to Total Net Return 0.0% 0.1% 0.0% 0.1% 0.4% N/A % Contribution to Total Net Return 1.7% 1.5% 0.4% 1.8% 5.7% N/A Total Investments Net Return 2.7% 9.0% 8.5% 9.1% 10.4% -0.8% Total % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] COURTLAND PARTNERS, LTD. PAGE 15