Core I Value-Add I Opportunistic

Core Product: Multi-Employer Property Trust

Multi-Employer Property Trust (MEPT) (www.mept.com), an open-end, commingled real estate equity fund with over $7 billion in net assets, invests in a diversified portfolio of commercial real estate assets by acquiring institutional-quality properties and developing 100 percent union-built new construction buildings. MEPT is organized as a bank collective investment trust, which is maintained by NewTower Trust Company (NewTower). There are more than 330 multi-employer, public employee and corporate pension plan investors that own 100% of the units of MEPT. MEPT has a 25-year track record that makes it one of the largest open end real estate equity funds in the U.S.

MEPT was formed in 1982, through a joint initiative between Kennedy Real Estate Associates, LP (Kennedy) and LBC. Today, MEPT is managed by three entities: Kennedy, of Seattle, Washington, serves as the real estate investment advisor; LBC provides investor relations and marketing services to MEPT; and NewTower, of Bethesda, Maryland, serves as the trustee and fiduciary of the Fund.

MEPT's primary investment strategy is to create institutional investment-quality, core, income-producing assets through development, redevelopment, or acquisition and repositioning of undervalued assets. The Fund invests in office buildings, warehouses, flex/research and development facilities, retail centers, apartment complexes, and hotels in order to maintain a diversified, institutional-grade "core" portfolio.

Key MEPT Characteristics:

• 25-year performance record
• One of the most stable performers in the asset class
• Honored every withdrawal request on a timely basis
• Created over 52 million hours of union construction job work hours, and $9.9 billion in economic activity in markets across the US

MEPT Competitive Advantages:

• Prudently managed by a solid, experienced team
• Proven investment strategy, consistently executed for 25 years
• Modern, well-diversified portfolio invested in traditional product types
• Stable income return
• Typical holding strategy period of 7-10 years
• Low leverage vs. peers
• Access to investment opportunities through development capability
• Responsible Property Investing principles

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