May 2016

Real Assets Performance Review and Investment Plan

Callan Associates

Sally Haskins Senior Vice President Lauren Sertich Vice President

Agenda ● Market Outlook ● Performance Review – Total Portfolio – Core/Core Plus – Non-Core – Real Estate Securities – Infrastructure

● Investment Plan ● Appendix

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CTPF Real Estate Investment Plan

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Market Outlook

Real Estate Entering A Transition No More Free Lunch Where We’ve Been Since the GFC

Looking Forward

● Recovery Phase

● Business cycle maturing; economic recovery in 7th year

● Re-liquidation via strong capital flows for both equity and debt ● Unprecedented accommodative monetary policy ● Lowering yield ● Limited supply ● Some demand recovery ● Resulting in – Asset re-pricing and – High Returns

● Non-U.S. economic concerns; China, Brexit, Oil/commodity based economies. Uneven global growth ● U.S. Election ● In period of strongest NOI growth ● Building in the strongest markets, construction will accelerate if there is financing ● Yields low, tightening cycle has begun but promised to be slowest in Fed history ● Resulting in – Real estate fundamentals driving returns and – Lower Returns

Source: Callan, AEW, and CenterSquare Investment Management Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

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Market Outlook Pricing Looks High Based on Historical Property Data NCREIF Property Index Capitalization Rates by Property Type

Historical National Capitalization Rates

8%

10% 9%

7% Capitalization Rate

8% 7% 6%

6%

5%

5% 4%

4%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Equal Wtd Cap Rate

MV Wtd Cap Rate

Apartment Office

Industrial Retail

● Strong demand both at home and from abroad has driven prices up and cap rates down. – Cap rates, which have generally fallen in the 6.5% to 9% range, are at record lows ● While there is some concern that buyers may be overpaying for properties, new supply is not a concern for most markets. Increased tenant demand has put upward pressure on rental rates. Source: NCREIF Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

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Market Outlook Spreads to Ten Year Treasuries Are At Long Term Averages ● Near term cap rate expansion will be limited by strong capital in-flows and low yields globally ● Spreads are expected to compress as Treasury yields rise

As of December 2015; Data beginning in 1983. Source: AEW Capital Management and NCREIF. Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

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Market Outlook Real Estate Investment Trends Class-A Office Net Completions, Net Absorption, and Vacancy Rate US 2001-2018(f) Years Ending Q1

Multifamily Completions, Net Absorption, and Occupancy US 1997-2018 Years Ending Q4

forecast

100,000

sf x1,000

14.50%

80,000

12.10%

11.80%

16%

700,000

14%

600,000

8% 20,000

6%

0

4%

-20,000

2%

-40,000 2003

2005

2007

2009

2011

2013

Net Completions Vacancy Rate

2015

300,000

94.3 93.8 94.4

94

93.6

93

92.6

100,000

92

91.9

-

91

(200,000)

2017

90 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 Completions

Industrial Net Completions, Net Absorption, and Vacancy Rate forecast US 2001-2018(f) Years Ending Q1

Net Absorption

Occupancy

Retail Market Fundamentals US 2001-2020(f) 12%

10.1%

80,000

93.5

93.4 93.2 93.092.9

200,000

Net Absorption Base Case Scenario

100,000 sf x1,000

94.2

95.0 F 95

(100,000)

0% 2001

94.3 94.0 94.1

94.9 94.5 94.7

10%

200,000 square feet x 1,000

forecast 7.8%

180,000

7.0%

7.4%

6%

20,000

5.9% 5.9%

0

4% 2%

-20,000 -40,000

0% 2001

2003

2005

2007

2009

2011

2013

Net Completions Vacancy Rate

2015

2017

Net Absorption Base Case Scenario

6.0%

120,000

5.8%

5.0%

100,000

4.0%

80,000

3.0%

60,000 40,000

2.0%

20,000

1.0%

vacancy rate

40,000

Vacancy Rate (%)

8%

9.0% 8.0%

160,000 140,000

60,000

Occupancy Rate (%)

10%

94.8

94.7

400,000 Vacancy Rate (%)

11.00% 40,000

96

95.4

500,000

12%

60,000

sf x1,000

0.0%

0 2001

2003

2005

2007

Net Absorption

2009

2011

2013

Supply Delivered

2015

2017

2019

Vacancy Rate

Source: Heitman Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

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Market Outlook Real Estate Income Growth is Strong ● All property types exhibited net operating income growth in 2015. – Apartments continued to post outsize results at 10.68% – Industrial was strong at 7.3% – Retail posted 3.1% for 2015 – Office lagged at 1.5% but has rebounded in 2016 – Projections for 2016 are around 5%

NCREIF 4-Quarter Rolling Net Operating Income Growth by Property Type 15.0%

10.0%

5.0%

0.0%

-5.0%

-10.0%

-15.0% 2007

2008

2009

2010

Apartment

2011

Industrial

2012

2013

Office

2014

2015

2016

Retail

Source: NCREIF Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

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Market Outlook Transaction Volume Remains Substantial Property Sales (Annualized) 1,000

$40,000,000,000 Props Sold 4Q Mov Total MV Sold 4Q Mov Total

750

$30,000,000,000

500

$20,000,000,000

250

$10,000,000,000

0 20161

20153

20151

20143

20141

20133

20131

20123

20121

20113

20111

20103

20101

20093

20091

20083

20081

20073

20071

20063

20061

20053

20051

20043

20041

20033

20031

20022

20014

20012

20004

20002

19994

19992

19984

19982

19974

19972

$0

● Transaction volume, both in terms of numbers and dollars, has been strong over the past couple of years with interest from both domestic and foreign buyers. Some reduction in recent quarters. Source: NCREIF Knowledge. Experience. Integrity.

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Market Outlook Real Estate Managers Have Ample Capital To Invest Global, Closed-end Private Equity Real Estate Dry Powder($ billions) $250

$233 $210 $196

$200 $167

$171

$186

$180 $167 $156

$148

$150

$100

$50

$0 2007

2008

2009

2010

2011

2012

2013

2014

2015

April '16

Source: Preqin Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

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Market Outlook Entry and Exit Queues for Core Open End Funds

● Investor appetite for core real estate is strong but showed a dramatic decline in recent quarters as an increasing number of institutional investors are reaching their target allocations which is slowing contributions and/or causing redemptions. Concern over the pricing of core real estate is also contributing to reduced allocations to core open end funds.

Core Open-End Fund Entry & Exit Queues $12,000

$10,000

$8,000 Dollar ($mm)

● One way to gauge demand is by the amount of capital flowing into core open-end funds.

Knowledge. Experience. Integrity.

$6,000

$4,000

$2,000

$0 1Q08

1Q09

1Q10

1Q11

1Q12

Core Fund Redemption Queues

1Q13

1Q14

1Q15

1Q16

Core Fund Contribution Queues

CTPF Real Estate Investment Plan

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Market Overview Real Estate Indicator Analysis

Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

12

Market Overview Return Expectations Are Moderating ● Real estate returns typically fall between stocks and bonds ● Multiple years of outsized returns should be followed by lower returns

December 2015 Survey NPI*

2015

2016

2017

Average 2015 -2019

Income

5.1%

5.1%

5.2%

5.3%

Appreciation

7.2%

3.5%

2.2%

2.6%

Total

12.4%

8.6%

7.4%

7.9%

NPI*

2016

2017

2018

Average 2016 -2020

Income

4.9%

5.0%

5.1%

5.1%

Appreciation

3.7%

2.1%

0.9%

1.9%

Total

8.5%

6.9%

5.7%

6.8%

● Consistency of 2016 expectations in two surveys ● Significant decline in 2017 expectations shown in March 2016 survey

March 2016 Survey

* NCREIF Property Index Source: PREA, Altus Group, AEW Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

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Market Outlook Investor and Investment Manager Trends ● Investors are at or above their target real estate allocations which is driving redemptions from open end funds ● Distributions from non-core funds have been sizeable resulting in capital for reinvestment ● Investors using transition to core strategies, co-investment, international markets and strategic relationships to source deal flow ● New core plus and sector specific funds being launched ● Sector specific and niche strategies, as well as evergreen structures being launched ● Terms becoming more favorable to investment managers

Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

14

Market Outlook Conclusions for Investment ● Expect moderating returns ● Focus on strategies where operating performance can be improved to create returns or mitigate impact of rising interest rates ● Limit investment in strategies that are beta driven or sensitive to the business cycle, notably office and hotel ● Pursue investments with fundamentals based on structural and secular factors which should do better even if cyclical growth ceases ● Maintain moderate to low leverage

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CTPF Real Estate Investment Plan

15

Performance Review

Performance Information Transition Process Transition of Performance Data from Townsend to Callan is Complete ● Callan’s Real Assets Consulting Team and Client Report Services Team have completed the transition of performance data from Townsend ● Callan requested and received all historical real estate cash and infrastructure cash flows from Townsend for active investments as well as investments previously wound down – Callan did a reconciliation of 9/30/2015 market values, IRRs and equity multiples – Callan investigated and resolved discrepancies between the Townsend 9/30/2015 Hard Copy Report and the cash flow data provided by Townsend. Using Townsend provided data, Callan re ran all manager returns and composites which was how the discrepancies were discovered.

● Beginning with 12/31/2015 quarterly data, all performance data is being input directly into Callan’s database by CTPF’s managers ● Performance for DV Urban and Hudson has been restated since prior performance was not based on cash flows derived from capital account statements ● Callan discussed the performance reconciliation with CTPF Staff weekly and has provided Staff with an extensive report on the reconciliation. Staff has been extremely helpful in facilitating this process ● Total Plan Performance does not need to be re stated because it uses custodial data, not Townsend data

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CTPF Real Estate Investment Plan

17

Portfolio Summary December 31, 2015

CTPF Total Plan Assets Real Estate Target(1) Plan's Real Estate Market Value Unfunded Commitments(2) RE Market Value & Unfunded Commitments Remaining Allocation

Policy Limit

$ Millions

(%)

$9,810.05

100.00%

$882.90

9.00%

$1,032.15

10.52%

$28.05

0.29%

$1,060.20

10.81%

-$177.30

1.81%

$ Millions

Funded

Core

60% minimum, based on total private portfolio

$621.06

76.86%

Non-Core

40% maximum, based on total private portfolio

$187.02

23.15%

Total Private

7% of Total Portfolio

$808.01

8.23%

Public REITS

2% of Total Portfolio

$224.07

2.28%

1. The Real Estate Target was changed in April 2016 from 7% private and 2% REITs to a 9% total real estate allocation. 2. Includes $25 million to Newport Fund II and remaining commitments to IC Berkeley and CityView. Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

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Total Real Estate Performance Periods Ending December 31, 2015 Performance vs Total Real Estate DB 30%

25%

20%

15% (60)

(61)

10%

5%

(63)

(64)

(62) (71)

(25)

(45)

0%

(5%)

Last Quarter

Last Year

Last 3 Years

Last 5 Years

6.37 4.03 3.12 1.36 (0.29)

23.64 18.58 13.60 8.30 1.74

23.14 16.84 13.20 9.74 5.44

22.19 15.99 13.10 10.09 4.59

CTPF (RE) Total Real Estate

4.11

11.21

12.15

10.58

Real Estate Blended Benchmark

3.30

11.84

11.89

12.02

10th Percentile 25th Percentile Median 75th Percentile 90th Percentile

Note: There was no Real Estate Custom Index in prior reporting. Current Quarter Index is weighted based on CTPF’s public/private weights. For 4Q 2015, the weighting was 77.78% NCREIFODCE Value Weight Net/22.22% FTSE/EPRA NAREIT Developed Global Index. Custom Index will rebalance automatically going forward based on private real estate and public real estate portfolio weights

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CTPF Real Estate Investment Plan

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Total Real Estate Performance Periods Ending December 31, 2015 16.0% 14.0% 12.0% 10.0% 8.0%

14.5%

6.0%

14.3% 12.2%

11.2%

4.0% 2.0%

7.4% 4.1%

3.8%

11.6%

10.6% 8.6%

4.7% 1.4%

0.0%

Last Quarter CTPF Total Real Estate

1 Year

3 Years

CTPF Public Real Estate

5 Years CTPF Private Real Estate

● CTPF’s private real estate portfolio has outperformed the public REIT portfolio in recent time periods ● Similar trends found when broader universe of returns is examined

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CTPF Real Estate Investment Plan

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Private Real Estate Performance Periods Ending December 31, 2015 Performance vs Total Real Estate DB 30%

25%

20%

15%

(46)

(49)

(39) (59)

(58)

(65)

10%

5%

(16) (51)

0%

(5%)

Last Quarter

Last Year

Last 3 Years

Last 5 Years

6.37 4.03 3.12 1.36 (0.29)

23.64 18.58 13.60 8.30 1.74

23.14 16.84 13.20 9.74 5.44

22.19 15.99 13.10 10.09 4.59

CTPF (RE) - Total Priv ate Real Estate

4.67

14.47

14.30

11.63

NFI-ODCE Value Weight Net

3.11

13.95

12.77

12.60

10th Percentile 25th Percentile Median 75th Percentile 90th Percentile

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CTPF Real Estate Investment Plan

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Core/Core Plus and Non Core Returns Periods Ending December 31, 2015 20% 18% 16% 14% 12% 10% 8%

15.6% 13.6%

6%

17.4% 14.0%

12.8%

12.4%

12.6%

12.5%

10.1% 8.0%

4% 2%

2.9%

3.1%

0%

Last Quarter

1 Year

CTPF Core/Core Plus Portfolio

Portfolio/Index

3 Years

5 Years

CTPF Non-Core Portfolio

ODCE

Last Quarter

1 Year

3 Years

5 Years

CTPF Core/Core Plus Portfolio NFI-ODCE Value Weight Net (ODCE) Relative Performance CTPF Non-Core Portfolio

2.9% 3.1% -0.2% 8.0%

13.6% 14.0% -0.4% 15.6%

12.4% 12.8% -0.4% 17.4%

12.3% 12.6% -0.3% 10.1%

NFI-ODCE Value Weight Net (ODCE) Relative Performance

3.1% 4.9%

14.0% 1.6%

12.8% 4.6%

12.6% -2.5%

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CTPF Real Estate Investment Plan

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Core/Core Plus Performance Periods Ending December 31, 2015 Income Compared to ODCE

Appreciation Compared to ODCE

Income Net of Fee Returns for Periods Ended December 31, 2015 Group: ODCE Fund Group

Appreciation Returns for Periods Ended December 31, 2015 Group: ODCE Fund Group

7.0

14.0

6.0

12.0

5.0 A (26) B (67)

4.0

A (39) B (56)

10.0

A (43 B (49

3.0

4.0

A (22) B (55)

1.0

A B

B (53) A (80)

2.0

0.0

CPTF (RE) - Core/Core Plus NCREIF:NFI-ODCE Val Wt Nt

B (54 A (61

B (56) A (69)

6.0

2.0

10th Percentile 25th Percentile Median 75th Percentile 90th Percentile

B (66) A (80)

8.0

0.0 Quarter Ending December 31, 2015

Year Ending December 31, 2015

3 Years Ending December 31, 2015

5 Years Ending December 31, 2015

2.77 1.05 0.91 0.87 0.73

6.38 4.42 3.93 3.50 3.04

5.43 4.51 4.11 3.73 3.28

5.43 4.80 4.17 3.90 3.57

1.08 0.90

4.34 3.79

4.34 4.03

4.37 4.20

10th Percentile 25th Percentile Median 75th Percentile 90th Percentile CPTF (RE) - Core/Core Plus NCREIF:NFI-ODCE Val Wt Nt

A B

Quarter Ending December 31, 2015

Year Ending December 31, 2015

3 Years Ending December 31, 2015

5 Years Ending December 31, 2015

4.28 2.53 2.22 1.84 1.47

11.73 10.88 10.22 9.16 7.87

10.61 9.13 8.58 7.18 6.40

10.56 8.76 8.30 7.49 6.27

1.77 2.20

8.94 9.88

7.81 8.46

7.83 8.13

Total Performance vs. ODCE Net of Fee Returns for Periods Ended December 31, 2015 Group: ODCE Fund Group 20.0 15.0 10.0 5.0 0.0

10th Percentile 25th Percentile Median 75th Percentile 90th Percentile CPTF (RE) - Core/Core Plus NCREIF:NFI-ODCE Val Wt Nt

A B

B (66) A (71)

B (60) A (62)

B (64) A (69)

B (53) A (67)

Quarter Ending December 31, 2015

Year Ending December 31, 2015

3 Years Ending December 31, 2015

5 Years Ending December 31, 2015

5.12 3.52 3.12 2.76 2.42

15.81 15.35 14.50 13.34 11.97

14.92 13.69 12.95 11.78 10.46

14.51 13.23 12.93 11.86 11.05

2.85 3.11

13.57 13.95

12.39 12.77

12.45 12.60

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CTPF Real Estate Investment Plan

23

REIT Performance Periods Ending December 31, 2015 Performance vs Total Real Estate DB 30%

25%

20%

15% (62)

(64)

(60)

10% (81) (87)

5% (32)

(45)

(91)

0%

(5%)

Last Quarter

Last Year

Last 3 Years

Last 5 Years

6.37 4.03 3.12 1.36 (0.29)

23.64 18.58 13.60 8.30 1.74

23.14 16.84 13.20 9.74 5.44

22.19 15.99 13.10 10.09 4.59

CTPF (RE) Total Public REITs

3.67

1.36

7.35

8.55

Real Estate Blended Benchmark

3.30

11.84

11.89

12.02

10th Percentile 25th Percentile Median 75th Percentile 90th Percentile

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CTPF Real Estate Investment Plan

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CTPF Infrastructure Performance 12%

10%

8.00

Returns

8%

8.00

8.00

8.00

6% 5.38

5.31

4% 3.15 2.56 1.94

2%

0.81 0% Last Quarter

Last Year

Last 3 Years

T otal Infrastructure

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Last 5 Years

Last 7-1/4 Years

Annualized 8% Benchmark

CTPF Real Estate Investment Plan

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Watch List ● UBS Trumbull Property Fund ● Watchlist criteria are being reviewed along with other Investment Policy changes

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Investment Plan

Portfolio Overview Real Estate Investment Plan ● Objectives – Allocate assets efficiently in a manner consistent with the approved asset allocation – Where appropriate reduce the number of managers and potentially reduce fees (based on input from Board and staff) – Meet legal and regulatory requirements – Illinois Public Act 96.6 – CTPF MWDBE Manager Policy

● Target real estate allocation – Formerly 7% private real estate allocation and 2% public allocation – Target was changed to a 9% real estate allocation in April 2016 – Portfolio is over the 9% allocation at 10.8% on an invested plus committed basis as of December 31, 2015

● Real estate’s role in the portfolio currently – Stated objective in the Investment Policy Statement (Policy) is to enhance investment portfolio return through long term capital appreciation – Consistent with that objective, the Core/Non-Core split is currently set at minimum 60% core, maximum 40% non core – Also consistent with the focus on capital appreciation are the lack of specific limits in the Policy on diversification and leverage

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CTPF Real Estate Investment Plan

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Portfolio Overview Real Estate Investment Plan ● Callan recommends the objectives for real estate and real estate’s role in the portfolio be reflected in the Policy as follows: – Enhance diversification of overall investment portfolio due to real estate’s low correlation with stocks and bonds; – Provide current income and a rate of return between stocks and bonds; – Lower the volatility of the overall investment portfolio considering private real estate returns have historically exhibited lower volatility than other equity asset classes; and – Provide a hedge against unanticipated inflation. – Recently approved asset allocation models and assumes this is the role for real estate

● Callan recommends the following ranges for Core/Core Plus, Non Core, and REITs – Core/Core Plus: 70%-100% of the real estate allocation – Non Core: 0-30% of the real estate allocation – REITs: 0-20% of the real estate allocation

● This Investment Plan was developed around those objectives ● Additional recommendations for Policy changes will be discussed with the Board in future meetings including: – Diversification – Leverage – Manager Limits – Benchmarks and Watchlist Criteria Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

29

Strategic Diversification as of December 31, 2015 Compared to Recommended Policy Ranges and Based on Current NAV 100% 90% 80% 70% 60% 50%

60%

59%

40% 30% 20% 20%

18%

10%

22%

21%

0% Core/Core Plus Invested Capital

Non Core

REITs

Invested and Committed Capital

● Core/Core Plus is low relative to recommended policy range of 70%-100% ● Non Core is within recommended policy range of 0%-30% ● REITs are above the recommended policy range of 0-20% ● Re-balance to 9% target will change the allocations Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

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Total Real Estate Portfolio Diversification ● The overall portfolio is primarily U.S. at 93% with 7% in Non-U.S. markets including Asia at 3.4%, Europe at 3.0% and Mexico at 0.9%. ● Primary property types comprise 84% of the portfolio. Hotels and Other comprise 14%. Property Types in Other include mixed use, storage, health care, land, senior housing, and for sale residential.

Geographic Diversification 40% 30%

35% 28% 20% 21%

20% 9%

10%

5%

5%

10% 9%

8%

10% 10% 10% 10%

7%

2%

1%

0%

0% Pacific

Mountain

E.N. Central

W.N. Central

Southeast Southwest Mideast

CTPF

Northeast

Non-US

ODCE

Property Type Diversification 38%

40% 30%

29% 22%

24%

20%

20%

20% 16%

14% 10%

10%

4%

3%

1%

0% Office

Apartment

Retail CTPF

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Industrial

Hotels

Other

ODCE

CTPF Real Estate Investment Plan

31

Private Real Estate Portfolio Diversification ● The private real estate portfolio (ex REITS) is well diversified and within ranges Callan recommends ● Apartment investment will need to be augmented as Greystar and Cityview liquidate

Geographic Diversification 40% 30%

35% 25% 20% 21%

20% 10%

10%

5%

5%

11% 10% 10% 10%

9% 9%

8%

10%

2%

1%

0%

0% Pacific

Mountain

E.N. Central

W.N. Central

Southeast Southwest Mideast

CTPF Private RE

Northeast

Non-US

ODCE

Property Type Diversification 38%

40% 30%

27% 22%

24%

20%

20%

20% 15%

14%

10%

11% 4%

3%

1% 0% Office

Knowledge. Experience. Integrity.

Apartment

Retail

Industrial

CTPF Private RE

ODCE

Hotels

Other

CTPF Real Estate Investment Plan

32

Portfolio Projection Assuming No Additional Commitments Are Made ● Assuming no additional commitments are made, the program will remain above its 9% target ● Core and REITs grow as a percentage of the portfolio and Non-Core declines based on projected fund liquidations

$1,200,000

$1,000,000 22%

22%

18%

24%

25%

27%

28%

15%

9%

5%

3%

2%

60%

64%

67%

69%

70%

70%

Current

YE2016

YE2017

YE2018

YE2019

YE2020

$800,000

$600,000

$400,000

$200,000

$Core/Core Plus

Non Core

REITs

Target (9%)

Assumes a 2.5% net growth rate at the Total Plan level Knowledge. Experience. Integrity.

CTPF Real Estate Investment Plan

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Core/Core Plus Portfolio and Strategy Existing Investments are Strong and Offer Flexibility ● Retain positions in all existing funds

Core and Core Plus Mix

● Strategic, PRISA, and Trumbull are strategic holdings with strong long term risk/return

Core Plus 10%

● Rebalance $35 million from Strategic to LaSalle ● Invest $100-$150 mm over next three years in Core/Core Plus ● The Core Plus component comprises Lion Industrial Trust and PRISA II. Consider adding to PRISA II when next open ● There are no dedicated debt funds. Consider debt strategy in 2016 ● In 2017 review Core/Core plus universe potentially adding one complementary position Knowledge. Experience. Integrity.

Core 90%

Fund Positions as Percent of Core/Core Plus Portfolio PRISA 22%

JP Morgan Strategic Property Fund 28%

UBS Trumbull Property Fund 24%

Lion Industrial Trust 7% LaSalle Property Fund 16%

PRISA II 3%

CTPF Real Estate Investment Plan

34

Non Core Portfolio Strategy Opportunity to Re-Start and Upgrade the Non-Core Portfolio ● Several investments have been made in property specific and/or region specific funds – Results in a portfolio of smaller investments across multiple managers, higher overall fees, and portfolio complexity – Limits potential to invest again with managers if the strategies are only good in one part of the market cycle – Going forward use sector specific strategies supported by fundamentals that persist in both up and down markets and are long term opportunities such as housing or funds with strong pipelines that can be deployed quickly to capture the opportunity

● Portfolio is missing investment with top tier large managers with strong track records across cycles ● Investment has been uneven across vintage years ● Commit minimum of $50 million to a maximum of $75 million in each of next five years to ensure vintage year diversification and position the portfolio for success ● Do not pursue re-ups with existing managers unless they have competed and been reviewed against the broader universe via an RFP process ● Target areas for investment include: – U.S. and non-U.S. debt – MWDBE – Top tier managers executing repeatable strategies in U.S., global, and/or non-U.S. – Housing (apartments and senior)

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MWDBE Environment Expanding Set of Ways to Invest with Emerging Managers ● Implementation options for investors include – Investment in funds sponsored by MWDBE managers – Manager of manager programs that invest in funds and, increasingly invest in co-investments – Incubation strategies including programmatic joint ventures with MWDBE operating partners or taking an ownership interest in the MWDBE’s investment management entity. – For larger investors with direct investment programs, investment in individual properties via joint ventures with MWDBE managers

● Most strategies are non-core to reflect the property level strategy being implemented and, depending on the manager, also reflect sponsorship risk ● Many strategies involve some aspect of mentorship to bring the manager to institutional standards. Property level skills are often strong but decision-making, documentation, reporting, and back office may need improvement ● Investment programs need to be robust enough to provide sufficient capital to be meaningful for the MWDBE manager or operating partner and for them to implement their strategy ● Many programs include both MWDBE and emerging (small) managers

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MWDBE Strategy CTPF Will Need to Continue to Invest to Replace MWDBE Positions ● CTPF has a stated objective and policy to invest in MWDBE managers ● Investments to date have been via a fund of funds, direct investment in funds sponsored by MWDBE managers, a takeover portfolio assignment, and separate account with a REIT manager – Current net asset value is $186 million or 18% of the total real estate portfolio and 1.9% of overall investment portfolio – By the end of 2020, most private MWDBE positions will be wound down with only small investments in Newport and Cityview projected to remain

● Continue to pursue direct fund investments where – Strategic portfolio fit – Strategy fits with investment fundamentals – Sponsor is farther along on the institutional spectrum and where your capital can be combined with others to support the manager’s growth. CTPF is not large enough to put a manager in business.

● Pursue incubation strategy using a manager of managers approach – Manager of managers can implement a variety of strategies to access MWDBE tailored to the needs of the type of manager and opportunity – Efficient access mechanism – Provides a way to leverage CTPF’s capital to reach more managers

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Global REIT Portfolio ● Current NAV of $224 million invested with two managers pursuing global mandates – $20 million was redeemed from Adelante post quarter end

Global REIT Portfolio 12/31/2015 NAV

● REITs provide a complement to the private real estate portfolio adding diversification – Property types, regions, management teams – Some of CTPF’s global exposure is via REITs

● Volatility of REITs is relatively high

CenterSquare, 51%

Adelante 49%

● REITs provide less diversification benefit to the overall portfolio than private real estate due to higher correlations with equities and bonds ● REITs are included in stock indices resulting in exposure via equity managers

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Global REIT Portfolio Performance Characteristics of REITS versus Private Real Estate and Financial Assets Risk versus Return for 10 Years Ended March 31, 2016 7.5 7.0

S&P:500

Returns

6.5 FTSE:NAREIT Equity Index

6.0

NCREIF:NFI-ODCE Eq Gross

5.5 Barclays:Aggregate Index

5.0 4.5

FTSE:Dev REIT Idx

4.0 0.0

5.0

10.0

15.0

20.0

25.0

30.0

Standard Deviation

Correlation Table for 10 Years Ended March 31, 2016

S&P:500

1.0000 (0.2627)

1.0000

FTSE:Dev REIT Idx

0.8514

0.0404

1.0000

FTSE:NAREIT Equity Index

0.7746

0.0202

0.9205

1.0000

NCREIF:NFI-ODCE Eq Gross

0.1925

(0.2066)

0.1201

0.1739

1.0000

FTSE:NAREIT Equity Index

NCREIF:NFIODCE Eq Gross

Barclays:Aggregate Index

S&P:500

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Barclays:Aggregate FTSE:Dev REIT Index Idx

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Global REIT Portfolio Performance Characteristics of REITS versus Private Real Estate and Financial Assets Rolling 12 Quarter Standard Deviation for 10 Years Ended March 31, 2016 50.0

Standard Deviation

40.0

30.0

20.0 13.5 - FTSE:NAREIT Equity Index

10.0

9.8 - FTSE:Dev REIT Idx 8.4 - S&P:500

3.2 - Barclays:Aggregate Index 0.9 - NCREIF:NFI-ODCE Eq Gross

0.0

(10.0) 2006 2007

2008

2009

Knowledge. Experience. Integrity.

2010

2011

2012

2013

2014

20152016

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Global REIT Strategy Eliminate REIT Allocation ● Eliminate REIT allocation due to performance characteristics and to re balance to 9% target ● Execute when REITs are trading at or above fair value relative to private real estate

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2016 - 2018 Investment Plan Recommendations and Actions Strategic Priorities ● Bring portfolio into compliance with 9% real estate target via wind down of REIT portfolio ● Invest additional $35 million in LaSalle Property Fund by reducing position in JP Morgan Strategic Property Fund to improve portfolio positioning and fees – Portfolio positioning, favorable fees, and strong organization

● Invest an additional $100-$150 mm over the next three years in core/core plus if attractive investments can be found via investment in complementary strategies or existing portfolio – Focus on real estate debt in 2016

● Invest $50 mm-$75 mm per year in non-core if attractive investments can be found – Begin planning for non core search at end of 2016/early 2017

● Initiate search for up to $75 million with MWDBE managers including core/core plus and non core ● Initiate search for up to $75 million in real estate debt strategies, both core/core plus and non core – The purpose of the allocation would be an additional source of diversification and risk reduction – Core/core plus debt can be funded from additional allocation to core and/or trimming core equity positions – Non core debt would be funded from non core allocation

● Given dynamics of the non core portfolio, re-visit pacing annually ● Finish re-write of real estate investment policy

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Pacing Based on Recommended Commitments ● Based on the recommendations and projections in this plan, the real estate program is projected to be within target ranges by 2018

$1,200,000 $1,000,000 22% $800,000 18%

19%

20%

15%

17%

84%

85%

83%

80%

YE2017

YE2018

YE2019

YE2020

16%

$600,000 $400,000 60%

81%

$200,000 $Current

YE2016

Core/Core Plus

Non-Core

REITs

Target (9%)

Assumes a 2.5% net growth rate at the Total Plan level

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Infrastructure Pacing

Infrastructure Strategy and Pacing ● Infrastructure is currently over the 2% target allocation at 2.38% of the portfolio – Pacing indicates this rises to 3% in 2016 and remains above the 2% target allocation

● The portfolio has considerable “lumpiness” due to the commitment sizes and underlying investments which will result in swings in the allocation ● CTPF recently committed $50 million to the Brookfield infrastructure fund that will provide vintage year diversification ● The portfolio is reasonably diversified ● The allocation can be managed (up or down) via the JP Morgan Infrastructure Fund which is open ended with two annual periods for redemption. Contributions can be submitted periodically. ● Review pacing and allocations in 4Q and submit redemption during time period for March 31 redemption as applicable ● Review investment policy, including benchmarks ● Fee reduction election for JP Morgan Infrastructure Fund will be distributed in 2Q and investors will be able to opt in for a 30 basis point reduction in fees. Fund represents an efficient way to invest in infrastructure.

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Appendices

Market Outlook Asia ● Relatively strong actual and long-term growth projections, urbanization, and a growing middle class continue to support a positive outlook for real estate investing. ● Japan and China are both in the midst of structural and economic reforms to address labor policies, the role of the public sector, and financial markets, among others, which are projected to be positive for real estate in the long term. Europe ● Europe remains in a slow growth economic environment as countries with divergent economic, political, and social structures slowly push through much-needed reforms to increase productivity and competitiveness. ● Urbanization has been the main driver of real estate opportunities in Europe, as most cities in the region are getting larger and younger, even as the countries they are in get smaller and older. Latin America ● The decline in the Brazilian economy and currency has created a bifurcated stance within the real estate investment market, with some groups exercising caution and others poised for opportunity. ● The manager universe continues to expand its focus into Chile, Peru and Colombia, beyond the more traditional Mexico and Brazil strategies. Knowledge. Experience. Integrity.

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2015 Real Estate Investable Universe Totals $28.1 Trillion $856 billion $7.4 trillion DEVELOPED EUROPE % of total: 26.3

EMERGING EUROPE % of total: 3.0

$8.9 trillion NORTH AMERICA % of total: 31.5

$1.8 trillion LATIN AMERICA % of total: 6.3

$4.3 trillion $1.0 trillion

$4.0 trillion

EMERGING ASIA % of total: 15.3

REST OF WORLD % of total: 3.6

DEVELOPED ASIA % of total: 14.0

Apple $629 bn

Non-U.S. Stocks U.S. Stocks U.S. Bonds

$21.5 tr $21.5 tr $21.3 tr

Listed Infrastructure Global REIT Market U.S. REITs

$3.5 tr $1.25 tr $890 bn

Sources: CBRE Global Investors, AEW Capital Management, Bloomberg, Dow Jones Brookfield Global Infrastructure Index, FTSE Global Core Infrastructure Index, MSCI World Core Infrastructure Index, UBS Developed Infrastructure & Utility Index, Ycharts.com, Barclays U.S. Universal, Russell 3000 plus Micro, MSCI ACWI ex US IMI

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Return and Risk Comparison Callan Database and Index Returns* for Periods ended December 31, 2015 10-Year Historical Last Quarter

Last Year

Last 3 Years Last 5 Years

Last 10 Years

Last 15 Years

Standard Deviation

Sharpe Ratio

Total Real Estate Database

3.12

13.60

13.20

13.10

5.27

7.30

11.95

0.32

NFI-ODCE Value Wtd (Net)**

3.11

13.95

12.77

12.60

5.55

6.94

8.76

0.49

NCREIF Property**

2.91

13.33

12.04

12.18

7.76

8.96

6.06

1.07

NCREIF Farmland

4.30

10.35

14.55

15.47

14.47

14.33

5.54

2.39

NCREIF Timberland

1.86

4.97

8.35

6.84

6.92

6.83

4.91

1.16

Callan Global REIT DB

4.40

1.16

7.48

8.77

6.16

10.75

23.81

0.21

EPRA/NAREIT Developed REIT

4.40

0.05

6.59

7.97

5.39

9.20

23.90

0.17

Alerian MLP

-2.76

-32.59

-3.40

1.47

8.74

12.38

20.43

0.37

DJB Global Infrastructure

-2.93

-14.40

4.89

8.78

8.80

--

15.62

0.48

Bloomberg Commodities

-10.55

-24.70

-17.34

-13.52

-7.49

-2.49

20.17

-0.43

Barclays TIPS

-0.64

-1.44

-2.27

2.55

3.93

5.51

5.46

0.49

Consumer Price Index (CPI-U)

-0.60

0.73

1.00

1.53

1.86

2.07

2.23

0.27

7.04

1.38

15.13

12.57

7.31

5.00

16.51

0.37

-0.57

0.55

1.44

3.25

4.51

4.97

3.28

1.00

S&P 500 Barclays Aggregate

*Returns less than one year are not annualized. All REIT returns are reported gross in USD. Sources: Alerian, Barclays, Bloomberg, Bureau of Labor Statistics, Callan (database groups), Dow Jones, NCREIF, Standard & Poor’s, The FTSE Group Knowledge. Experience. Integrity.

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Callan Periodic Table of Investment Returns (Relative to Inflation) Annual Returns for Real Asset Indices Ranked in Order of Performance (2006–2015)

CPI-U

NCREIF Timberland 18.43%

Alerian MLP 35.85%

EPNA/NAREIT Dev REIT 28.65%

DJB Global Infrastructure 16.34%

EPNA/NAREIT Dev REIT 42.35%

DJB Global Infrastructure 16.26%

EPNA/NAREIT Dev REIT 20.40%

NCREIF Farmland 18.58%

Alerian MLP

DJB Global Infrastructure 36.65%

NCREIF Farmland 15.90%

Alerian MLP

Alerian MLP

NCREIF Property

27.58%

EPNA/NAREIT Dev REIT 15.89%

76.41%

Bloomberg Commodities 16.67%

NCREIF Farmland 15.16%

DJB Global Infrastructure 16.01%

NCREIF Farmland 20.93%

NCREIF Farmland 12.64%

NFI-ODCE Val Wt 15.26%

NFI-ODCE Val Wt 14.96%

NCREIF Property

NCREIF Property

10.54%

DJB Global Infrastructure 15.89%

NCREIF Property

NFI-ODCE Val Wt 9.79%

NFI-ODCE Val Wt 12.90%

NFI-ODCE Val Wt 11.46%

NFI-ODCE Val Wt 13.95%

NCREIF Timberland 7.76%

NCREIF Property

NCREIF Timberland 10.48%

NCREIF Property

NCREIF Timberland 9.68%

Alerian MLP

NCREIF Farmland 10.35%

Barclays U.S. TIPS 3.64%

NCREIF Timberland 4.97%

26.07%

15.85%

EPNA/NAREIT Dev REIT 38.26%

NCREIF Farmland 21.16%

NFI-ODCE Val Wt 14.84%

DJB Global Infrastructure 34.24%

NCREIF Property 13.11%

14.26%

NCREIF Property

Alerian MLP

Bloomberg Commodities 18.72%

DJB Global Infrastructure 12.46%

Alerian MLP

Barclays U.S. TIPS

NCREIF Farmland 8.79%

DJB Global Infrastructure 13.75%

Barclays U.S. TIPS

13.88%

10.98%

11.82%

13.33%

16.59%

12.72%

NFI-ODCE Val Wt 15.27%

Barclays U.S. TIPS 11.63%

NCREIF Farmland 15.84%

NCREIF Timberland 13.68%

Bloomberg Commodities 11.08%

NCREIF Timberland 9.52%

NCREIF Farmland 6.33%

Barclays U.S. TIPS

Barclays U.S. TIPS

Alerian MLP

6.31%

13.56%

4.80%

EPNA/NAREIT Dev REIT 4.43%

2006: 2.54%

2007: 4.08%

2008: 0.09%

2009: 2.72%

2010: 1.50%

2011: 2.96%

2012: 1.74%

2013: 1.50%

2014: 0.76%

2015: 0.73%

Barclays U.S. TIPS

EPNA/NAREIT Dev REIT -6.96%

Barclays U.S. TIPS

NCREIF Timberland -0.16%

NCREIF Timberland 1.58%

Bloomberg Commodities -1.14%

Barclays U.S. TIPS

-2.35%

NCREIF Timberland -4.76%

Bloomberg Commodities -17.04%

EPNA/NAREIT Dev REIT 0.05%

NCREIF Property

NCREIF Property

0.41% Bloomberg Commodities -2.71%

11.41%

-6.46%

-16.86%

EPNA/NAREIT Dev REIT -5.82%

NFI-ODCE Val Wt -10.70%

NFI-ODCE Val Wt -30.40%

Bloomberg Commodities -13.37%

6.98%

-8.61% Bloomberg Commodities -9.58%

4.80%

Barclays U.S. TIPS -1.44% DJB Global Infrastructure -14.40%

DJB Global Infrastructure -36.36%

Bloomberg Commodities -24.70%

Bloomberg Commodities -36.61%

Alerian MLP -32.59%

Alerian MLP -36.92% EPNA/NAREIT Dev REIT -47.72%

Inflation is represented by the Consumer Price Index. Knowledge. Experience. Integrity.

The Periodic Table Collection

50

Correlation Table 10 Years ended December 31, 2015 Callan Real Estate DB

1.00

NFI-ODCE (val wtd-net)

0.93

1.00

NCREIF Property

0.96

0.98

1.00

NCREIF Farmland

0.13

0.07

0.09

1.00

NCREIF Timberland

0.31

0.20

0.25

0.61

1.00

Callan Global REIT DB

0.20

0.15

0.20

-0.02

-0.16

1.00

EPRA/NAREIT Dev REIT

0.21

0.16

0.21

-0.03

-0.16

1.00

1.00

Alerian MLP

0.05

-0.09

-0.02

0.00

-0.28

0.53

0.53

1.00

DJB Global Infrastructure

0.27

0.19

0.25

0.07

-0.11

0.85

0.84

0.75

1.00

Bloomberg Commodities

0.23

0.17

0.22

-0.06

-0.11

0.50

0.49

0.61

0.66

1.00

Barclays TIPS

0.05

-0.06

0.01

-0.25

-0.01

0.08

0.07

0.22

0.21

0.36

1.00

CPI-U

0.29

0.21

0.27

-0.45

-0.20

0.22

0.24

0.42

0.31

0.60

0.28

1.00

S&P 500

0.29

0.22

0.26

0.10

-0.16

0.85

0.85

0.65

0.85

0.53

-0.08

0.24

1.00

Barclays Aggregate

-0.22

-0.20

-0.20

-0.10

0.10

0.01

0.00

-0.12

0.01

-0.15

0.59

-0.33

-0.27

Callan Real Estate DB

NFIODCE (val wtdnet)

NCREIF NCREIF NCREIF Callan EPRA/ Property Farmland Timberland Global NAREIT REIT DB Dev REIT

Alerian MLP

DJB Bloomberg Barclays Global Commodities TIPS Infrastructure

CPI-U

1.00

S&P 500 Barclays Aggregate

All REIT returns are reported gross in USD. Sources: Alerian, Barclays, Bloomberg, Bureau of Labor Statistics, Callan (database groups), Dow Jones, NCREIF, Standard & Poor’s, The FTSE Group Knowledge. Experience. Integrity.

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Glossary of Terms

Definitions Style Groups Total Real Estate DB: The Total Real Estate Funds Database consists of both open and closed-end commingled funds managed by real estate firms that report to the Callan Database. Real Estate ODCE: The Real Estate ODCE Database consists of those funds currently held in the NCREIF Open End Diversified Core Equity Index. Open-End Real Estate: The Open-End Real Estate Database consists of all open end real estate funds that report to the Callan Database. Real Estate Value Added: The Real Estate Value Added Database consists of all real estate funds that manage to a value add strategy and report to the Callan Database. Real Estate Opportunistic: The Real Estate Opportunistic Database consists of all real estate funds that manage to a value add strategy and report to the Callan Database. REIT Global DB: The REIT Global Database consists of products investing in global equity real estate through portfolios consisting primarily of equity Real Estate Investment Trusts (REIT). The Database is comprised of returns for both separate account composites and commingled vehicles. *The above groups are based on time-weighted returns. Vintage Year Database Groups: The Vintage Year Groups are comprised of all funds that report to the database with the initial drawdown taking place in the labeled year. These groups are based on IRRs derived from the cash flows submitted to the Callan Database. Indices Stylized Index: Weights the various style group participants to be comparable to the investor portfolio holdings for each period. NAREIT Equity Index: This is an index of Equity Real Estate Investment Trust returns reflecting the stock value changes of REIT issues as determined through public market transactions. The NFI-ODCE Value-Weight Index is a time-weighted return Index with an inception date of 12/31/1977. The Index is comprised of 33 open-end commingled funds, in which y 23 are still actively investing. Inclusion within the Index requires (a) minimum of 80% of net fund assets invested in the multifamily, retail, industrial, office, or hotel property type, (b) maximum of 20% of net fund assets invested in real estate debt or private/public company equity, (c) at least 80% of net assets invested in properties with a minimum occupancy of 60%, (d) no more than 70% of real estate net assets invested in a single property type or region, (e) maximum of 40% leverage, and (f) at least 95% of net real estate assets invested within the U.S. market. Knowledge. Experience. Integrity.

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Definitions Terms Beginning Market Value: Value of real estate, cash and other holdings from prior period end. Contributions: Cash funded to the investment for acquisition and capital items (i.e., initial investment cost or significant capital improvements). Distributions: Actual cash returned from the investment, representing distributions of income from operations. Withdrawals:Cash returned from the investment, representing returns of capital or net sales proceeds. Ending Market Value: The value of an investment as determined by actual sales dollars invested and withdrawn plus the effects of appreciation and reinvestment; market value is equal to the ending cumulative balance of the cash flow statement (NAV). Unfunded Commitments: Capital allocated to managers which remains to be called for investment. Amounts are as reported by managers. Remaining Allocation: The difference between the ending market value + the unfunded commitments and the target allocation. This figure represents dollars available for allocation. Core: Direct investments in operating, fully leased, office, retail, industrial, or multifamily properties using little or no leverage (normally less than 30%). Value‐Added: Core returning investments that take on moderate additional risk from one or more of the following sources: leasing, re‐development, exposure to non‐traditional property types, the use of leverage. Opportunistic: Investments that take on additional risk in order to achieve a higher return. Typical sources of risks are: development, land investing, operating company investing, international exposure, high leverage, distressed properties. Non Core: Includes both value added and opportunistic strategies Vintage Year: Year of first drawdown

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Definitions Performance Capitalization rate: Commonly known as cap rate, is a rate that helps in evaluating a real estate investment. Cap rate = Net operating income / Current market value (Sales price) of the asset. Net operating income: Commonly known as NOI, is the annual income generated by an income-producing property after taking into account all income collected from operations, and deducting all expenses incurred from operations. Real Estate Appraisal: The act of estimating the value of property. A real estate appraisal may take into account the quality of the property, values of surrounding properties, and market conditions in the area. Income Return (“INC”): Net operating income net of debt service before deduction of capital items (e.g., roof replacement, renovations, etc.) Appreciation Return (“APP”): Increase or decrease in investment's value based on internal or third party appraisal, recognition of capital expenditures which did not add value or uncollectible accrued income, or realized gain or loss from sales. Total Gross Return: The sum of the income return and appreciation return before adjusting for fees paid to and/or accrued by the manager. Total Net Return Total gross return less Advisor fees reported. All fees are requested (asset management, accrued incentives, paid incentives). No fee data is verified. Inception Returns: The total net return for an investment or portfolio over the period of time the client has funds invested. Total portfolio Inception Returns include returns from investments no longer held in the current portfolio. Net IRR: IRR after advisory fees, incentive and promote. This includes actual cash flows and a reversion representing the LP Net Assets at market value as of the period end reporting date. Equity Multiple: The ratio of Total Value to Paid‐in‐Capital (TVPIC). It represents the Total Return of the investment to the original investment not taking into consideration the time invested. Total Value is computed by adding the Residual Value and Distributions. It is calculated net of all investment advisory and incentive fees and promote. Sharpe Ratio: Sharpe Ratio is a measure of the risk-adjusted return of a portfolio. The ratio represents the return gained per unit of risk taken. The risk of the portfolio is the Standard Deviation of the portfolio returns.

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NCREIF Region Map Geographic Regions and Divisions

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Disclaimers This report is for informational purposes only and should not be construed as legal or tax advice on any matter. Any decision you make on the basis of this content is your sole responsibility. You should consult with legal and tax advisers before applying any of this information to your particular situation. This report may consist of statements of opinion, which are made as of the date they are expressed and are not statements of fact. Reference to or inclusion in this report of any product, service or entity should not be construed as a recommendation, approval, affiliation or endorsement of such product, service or entity by Callan. Past performance is no guarantee of future results. The statements made herein may include forward-looking statements regarding future results. The forward-looking statements herein: (i) are best estimations consistent with the information available as of the date hereof and (ii) involve known and unknown risks and uncertainties such that actual results may differ materially from these statements. There is no obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise. Undue reliance should not be placed on forward-looking statements.

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