Uniplan REIT Portfolio Select UMA Uniplan Investment Counsel, Inc.

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1 Uniplan EIT Porfolio Uniplan Invsmn Counsl, Inc W Ovrson d Union Grov, Wisconsin Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: EITs EITs Domsic $2.2 billion $1.3 billion Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff: 1984 Approvd Employ-Ownd 9^ PODUCT OVEVIEW Uniplan Invsmn Counsl's (Uniplan) ral sa scuriis invsmn philosophy is ha ral sa is a local businss and by applying srong quaniaiv rsarch o xhausiv boom-up fundamnal analysis, Uniplan sks o provid invsors wih suprior long-rm risk adjusd rurns. Uniplan's sragy rmains scor nural o h NAEIT Equiy Indx, as Uniplan dos no mak larg scor bs. Uniplan sks o add valu by idnifying and invsing in scuriis ha h managr blivs o b h bs propris and EIT managmn ams gographically. Through Uniplan's srong undrsanding of h local ral sa marks and fac-o-fac mings wih hs managmn ams, Uniplan blivs hy ar abl o drmin h bs invsmns wihin a ral sa scor a any givn im. Hisorically, his has rsuld in h sragy bing managd wih lowr risk (sandard dviaion) han h bnchmark and srongr rurns during a mark cycl.th porfolio characrisics, porfolio saisics, porfolio wighings, allocaion hisory and op fiv holdings ar basd on a rprsnaiv accoun managd by h invsmn managr in h sam or a subsanially similar invsmn disciplin and/or on informaion ha h managr has providd o Morgan Sanly. Th prformanc daa and rlad analyss ar basd on h prformanc of h invsmn managr's composi dscribd on pag 3. TAGET POTFOLIO CHAACTEISTICS Numbr of sock holdings: 30 o 45 Avrag dividnd yild: Similar o h FTSE NAEIT US EITS Cash lvl ovr mark cycl: 0 o 21% isk (sandard dviaion): Similar o/blow h FTSE NAEIT US EITS Avrag urnovr ra: 20 o 50% Capializaion: Larg, Mdium, Small and Micro companis POTFOLIO'S EQUITY SECTO WEIGHTINGS + Scor / /15 Uniplan Indx*** Uniplan POTFOLIO STATISTICS / Uniplan Indx*** 03/15 Uniplan Numbr of sock holdings Wd avg dividnd yild 4.4% 3.2% Wd avg P/E raio ¹ 17.50x 21.60x Wd avg porfolio ba Mga capializaion + 0.0% 0.0% 0.0% Larg capializaion + 0.0% 0.0% 0.0% Mdium capializaion + 0.0% 0.0% 0.0% Small capializaion + 0.0% 0.0% 0.0% Micro capializaion + 0.0% 0.0% 0.0% POTFOLIO'S TOP FIVE EQUITY HOLDINGS SIMON POPETY GOUP 9.2 ALEXANDIA EAL EST 4.2 AME TOWE 4.0 FEDEAL EALTY INV 4.0 COWN CASTLE INT'L 3.9 % MANAGE'S INVESTMENT STATEGY Top-down: Divrsifid among propry yp and gographic rgion, y ovrwigh hos scors wih h bs supply/dmand Boom-up: Individual scuriy slcion focusd on propry, company and scuriy fundamnal analysis. ^As of 06/30/2015. Informaion as of 09/30/2015 is no y availabl. ¹Th P/E usd hr is calculad by h harmonic man. +Toal may no qual 100% du o rounding. ***Indx : FTSE NAEIT US EITS % POCESS BASED ON 0 Scor Wighing 100 Individual Sock Slcion rms. Informaion shown is as of Spmbr 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 1 of 6

2 Uniplan EIT Porfolio MANAGE'S INVESTMENT POCESS Evalua h conomics of local marks by mploying a propriary modl o rank h op mropolian marks by invsmn aracivnss Idnify EITs ha hy bliv manag h mos dsirabl propris wihin hos local marks Conduc boh quaniaiv and fundamnal analysis on hos EITs o drmin h financial sabiliy, managmn xprinc, and ponial forsigh o b profiabl invsmns Schduld ravl roaions o visi currn and prospciv holdings o valua h ovrall conomic condiions Final scuriy slcion is influncd by h dsir o hav scor wighings similar o h bnchmark ISK CONSIDEATIONS Invsing in scuriis nails risks, including: al Esa Invsmn Truss, EITs and h porfolios ha invs in hm ar subjc o risk, such as poor prformanc by h managr of h EIT, advrs changs o h ax laws or failur by h EIT o qualify for ax-fr pass-hrough of incom undr h Cod. In addiion, som EITs hav limid divrsificaion bcaus hy invs in a limid numbr of propris, a narrow gographic ara, or a singl yp of propry. Also, h organizaional documns of a EIT may conain provisions ha mak changs in conrol of h EIT difficul and im-consuming. Th valu of ral sa and h porfolios ha invs in ral sa may flucua du o losss from casualy or condmnaion, changs in local and gnral conomic condiions, nvironmnal condiions, supply and dmand, inrs ras, propry ax ras, rgulaory limiaions on rns, zoning laws and opraing xpnss. Growh invsing dos no guaran a profi or limina risk. Th socks of hs companis can hav rlaivly high valuaions. Bcaus of hs high valuaions, an invsmn in a growh sock can b mor risky han an invsmn in a company wih mor mods growh xpcaions. Valu invsing dos no guaran a profi or limina risk. No all companis whos socks ar considrd o b valu socks ar abl o urn hir businss around or succssfully mploy corrciv sragis which would rsul in sock prics ha do no ris as iniially xpcd. POTFOLIO'S ALLOCATION HISTOY (%) + 09/15 06/15 03/15 12/14 ^As of 06/30/2015. Informaion as of 09/30/2015 is no y availabl. ¹Th P/E usd hr is calculad by h harmonic man. +Toal may no qual 100% du o rounding. ***Indx : FTSE NAEIT US EITS rms. Informaion shown is as of Spmbr 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 2 of 6

3 Uniplan EIT Porfolio ISK/ETUN ANALYSIS - 5 YEAS ENDING 09/30/15 a o f u r n s Sandard Dviaion STD O Uniplan (Gross) Uniplan (N) FTSE NAEIT US EITS Day T-Bills AVEAGE ANNUAL TOTAL ETUN (%) - PEIODS ENDING 09/30/15 a o f u r n s INVESTMENT ESULTS Annual as of urn (%) 10 Yar - Ending 09/30/ Annual Sd. Dv. Uniplan (Gross) Uniplan (N) FTSE NAEIT US EITS ISK VOLATALITY (%) a o f u r n s POTFOLIO'S QUATELY ETUNS (%) Quarr1 Quarr2 Quarr3 Quarr4 Gross N Gross N Gross N Gross N lad POTFOLIO'S ISK STATISTICS - PEIODS ENDING 09/30/15 ¹ ² 3 Yar 5 Yar Sandard Dviaion 12.68% 12.42% Sandard Dviaion of Primary 12.30% 14.50% Bnchmark Sharp aio Sharp aio of Primary Bnchmark Alpha -2.07% 0.11% Ba Downsid isk 1.66% 2.62% -Squard Tracking Error 1.39% 3.57% Informaion aio *10/01/10-12/31/10 **01/01/15-09/30/15 Numbr Of Up Qrs. Uniplan (Gross) Uniplan (N) FTSE NAEIT US EITS Down Qrs POTFOLIO DIVESIFICATION - ²(INCEPTION THOUGH 12/14)+ ² Uniplan vs. FTSE NAEIT US EITS Saisics ar calculad using gross of f prformanc only. 1. Saisics ar calculad using gross of f prformanc only. 2. FTSE NAEIT US EITS was usd as h primary bnchmark and h 90-Day T-Bills Indx as h risk-fr bnchmark. S imporan nos and disclosurs pags for a discussion of h sourcs of h prformanc daa usd o calcula h prformanc rsuls and rlad analyss shown abov. rms. Informaion shown is as of Spmbr 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 3 of 6

4 Uniplan EIT Porfolio COMPOSITE DISCLOSUES Pas prformanc is no guaran of fuur rsuls. Acual individual accoun rsuls may diffr from h prformanc shown in his profil. Thr is no guaran ha his invsmn sragy will work undr all mark condiions. Do no us his profil as h sol basis for your invsmn dcisions. Sourcs of Prformanc suls and Ohr Daa: Th prformanc daa and crain ohr informaion for his sragy (including h daa on pag 1 of his profil) rflc h invsmn managr's rsuls in managing Morgan Sanly program accouns, or h invsmn managr's rsuls in managing accouns and invsmn producs, in h sam or a subsanially similar invsmn disciplin. (For priods hrough Jun 2012, h Fiduciary Srvics program oprad hrough wo channls - Morgan Sanly channl and h Smih Barny channl - and any prformanc and ohr daa rlaing o Fiduciary Srvics accouns shown hr for hs priods is calculad using accouns in only on of h hs channls.) This informaion for h invsmn managr is prsnd solly o provid informaion abou accouns ha wr managd according o invsmn objcivs and sragis h sam or subsanially similar o h corrsponding invsmn disciplin in h Slc UMA program. Alhough h Fiduciary Srvics and programs ar boh Morgan Sanly managd accoun programs, h prformanc rsuls and ohr faurs of similar invsmn disciplins in h wo programs may diffr du o invsmn and opraional diffrncs. For xampl, h individual invsmn disciplins in h accouns may conain fwr scuriis, which would lad o a mor concnrad porfolio. Th auomaic rbalancing, wash sal loss and ax-harvsing faurs of h program, which ar no availabl in Fiduciary Srvics, also could caus diffrncs in prformanc. Accordingly, h prformanc of h accouns in h Fiduciary Srvics program is no, and may diffr significanly from, h prformanc of h accouns in h program and should no b considrd indicaiv of or a subsiu for prformanc. Similarly, prformanc rsuls of h invsmn managr's composis may diffr from hos of accouns managd in h sam or a subsanially similar invsmn disciplin. lad Prformanc: Uniplan Invsmn Counsl's (Uniplan) ral sa scuriis prformanc prior o 4/1/2009 rprsns a composi of all fully discrionary f-paying insiuional ral sa scuriis quiy accouns ovr $100,000. Th numbr of holdings in hs accouns rangd from 41 o 43. Prformanc: In his profil, h prformanc from 4/1/2009 hrough Jun 2012 consiss of accouns in ihr h Morgan Sanly or h Smih Barny form of h Fiduciary Srvics program. From July 2012, prformanc consiss of all Fiduciary Srvics accouns managd by h invsmn managr in h sragy, subjc o any ohr limiaions sad in his profil. Prformanc composis calculad by Morgan Sanly includ all f-paying porfolios wih no invsmn rsricions. Nw accouns ar includd upon h firs full quarr of prformanc. Trminad accouns ar rmovd in h quarr in which hy rmina. Prformanc is calculad on a oal rurn basis and by ass wighing h individual porfolio rurns using h bginning of priod valus. Gross Prformanc: Uniplan s gross rsuls do no rflc a dducion of any invsmn advisory fs or program fs, chargd by Uniplan or Morgan Sanly, bu ar n of commissions chargd on scuriis ransacions. N Prformanc for all Priods: N prformanc rsuls rflc a dducion of % quarrly. This consiss of hr componns: 0.625% maximum quarrly MS Advisory F and % maximum quarrly Program Ovrlay F (which, oghr covr h srvics providd by Morgan Sanly), plus 0.09% quarrly SMA Managr Fs (bing h f currnly chargd by Uniplan o nw clins for managing hir asss in h program). Th SMA Managr Fs may diffr from managr o managr, and managrs may chang hir f o nw clins from im o im. If you slc his managr for your accoun, chck h SMA Managr Fs spcifid in h wrin clin agrmn, in cas hs hav changd sinc you rcivd his profil. Hisorical n fs rflc h Advisory F Schdul as of March 31, lad Prformanc: Uniplan Invsmn Counsl's (Uniplan) ral sa scuriis prformanc prior o 4/1/2009 rprsns a composi of all fully discrionary f-paying insiuional ral sa scuriis quiy accouns ovr $100,000. Th numbr of holdings in hs accouns rangd from 41 o 43. Prformanc: In his profil, h prformanc from 4/1/2009 hrough Jun 2012 consiss of accouns in ihr h Morgan Sanly or h Smih Barny form of h Fiduciary Srvics program. From July 2012, prformanc consiss of all Fiduciary Srvics accouns managd by h invsmn managr in h sragy, subjc o any ohr limiaions sad in his profil. Prformanc composis calculad by Morgan Sanly includ all f-paying porfolios wih no invsmn rsricions. Nw accouns ar includd upon h firs full quarr of prformanc. Trminad accouns ar rmovd in h quarr in which hy rmina. Prformanc is calculad on a oal rurn basis and by ass wighing h individual porfolio rurns using h bginning of priod valus. Gross Prformanc: Uniplan s gross rsuls do no rflc a dducion of any invsmn advisory fs or program fs, chargd by Uniplan or Morgan Sanly, bu ar n of commissions chargd on scuriis ransacions. N Prformanc for all Priods: N prformanc rsuls rflc a dducion of % quarrly. This consiss of hr componns: 0.625% maximum quarrly MS Advisory F and % maximum quarrly Program Ovrlay F (which, oghr covr h srvics providd by Morgan Sanly), plus 0.09% quarrly SMA Managr Fs (bing h f currnly chargd by Uniplan o nw clins for managing hir asss in h program). Th SMA Managr Fs may diffr from managr o managr, and managrs may chang hir f o nw clins from im o im. If you slc his managr for your accoun, chck h SMA Managr Fs spcifid in h wrin clin agrmn, in cas hs hav changd sinc you rcivd his profil. Hisorical n fs rflc h Advisory F Schdul as of March 31, rms. Informaion shown is as of Spmbr 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 4 of 6

5 Uniplan EIT Porfolio Focus Lis, Approvd Lis, and Wach Saus: Global Invsmn Managr Analysis ("GIMA") uss wo mhods o valua invsmn producs in applicabl advisory programs. In gnral, sragis ha hav passd a mor horough valuaion may b placd on h "Focus Lis", whil sragis ha hav passd hrough a diffrn and lss comprhnsiv valuaion procss may b placd on h "Approvd Lis". Somims an invsmn produc may b valuad using h Focus Lis procss bu hn placd on h Approvd Lis insad of h Focus Lis. Invsmn producs may mov from h Focus Lis o h Approvd Lis, or vic vrsa. GIMA may also drmin ha an invsmn produc no longr ms h criria undr ihr valuaion procss and will no longr b rcommndd in invsmn advisory programs (in which cas h invsmn produc is givn a "No Approvd" saus). GIMA has a "Wach" policy and may dscrib a Focus Lis or Approvd Lis invsmn produc as bing on "Wach" if GIMA idnifis spcific aras ha (a) mri furhr valuaion by GIMA and (b) may, bu ar no crain o, rsul in h invsmn produc bcoming "No Approvd". Th Wach priod dpnds on h lngh of im ndd for GIMA o conduc is valuaion and for h invsmn managr o addrss any concrns. GIMA may, bu is no obligad o, no h Wach saus in his rpor wih a "W" or "Wach" on h covr pag. For mor informaion on h Focus Lis, Approvd Lis, and Wach procsss, plas s h applicabl Morgan Sanly ADV brochur ( Your Financial Advisor or Priva Walh Advisor can provid on rqus a copy of a papr nild "GIMA: A A Glanc ". ADDITIONAL DISCLOSUES Th informaion abou a rprsnaiv accoun is for illusraiv purposs only. Acual accoun holdings, prformanc and ohr daa will vary dpnding on h siz of an accoun, cash flows wihin an accoun, and rsricions on an accoun. Holdings ar subjc o chang daily. Th informaion in his profil is no a rcommndaion o buy, hold or sll scuriis. Acual porfolio saisics may vary from arg porfolio characrisics. Th invsmn managr may us h sam or subsanially similar invsmn sragis, and may hold similar porfolios of invsmns, in ohr porfolios or producs i manags (including muual funds). Ths may b availabl a Morgan Sanly or lswhr, and may cos an invsor mor or lss han his sragy in Morgan Sanly's program. Morgan Sanly has no obligaion o noify you whn informaion in his profil changs. Sourcs of informaion Marial in his profil has bn obaind from sourcs ha w bliv o b rliabl, bu w do no guaran is accuracy, complnss or imlinss. Third pary daa providrs mak no warranis or rprsnaions rlaing o h accuracy, complnss or imlinss of h daa hy provid and ar no liabl for any damags rlaing o his daa. No ax advic Morgan Sanly and is affilias do no rndr advic on lgal, ax and/or ax accouning mars o clins. Each clin should consul his/hr prsonal ax and/or lgal advisor o larn abou any ponial ax or ohr implicaions ha may rsul from acing on a paricular rcommndaion. No an EISA fiduciary Morgan Sanly is no acing as a fiduciary undr ihr h Employ irmn Incom Scuriy Ac of 1974, as amndd, or undr scion 4975 of h Inrnal vnu Cod of 1986, as amndd, in providing h informaion in his profil Morgan Sanly Smih Barny LLC Mmbr SIPC. INDEX DESCIPTIONS 90-Day T-Bills Th 90-Day Trasury Bill is a shor-rm obligaion issud by h Unid Sas govrnmn. T-bills ar purchasd a a discoun o h full fac valu, and h invsor rcivs h full valu whn hy maur. Th diffrnc of discoun is h inrsd arnd. T-bills ar issud in dnominaions of $10,000 aucion and $1,000 incrmns hrafr. FTSE NAEIT US EITS Th FTSE NAEIT US al Esa Indx consiss of quiy EITs (al Esa Invsmn Truss), dfind gnrally as EITs wih 75% or grar of hir gross invsd book asss invsd dircly or indircly in h quiy ownrship of ral sa. S&P 500 Morgan Sanly invsmn advisory programs may rquir a minimum ass lvl and, dpnding on your spcific invsmn objcivs and financial posiion, may no b suiabl for you. Invsmn advisory program accouns ar opnd pursuan o a wrin clin agrmn. Th invsmn managr acs indpndnly of, and is no an affilia of, Morgan Sanly Smih Barny LLC. Divrsificaion dos no guaran a profi or proc agains a loss. No obligaion o noify Th S&P 500 has bn widly rgardd as h bs singl gaug of h larg cap U.S. quiis mark sinc h indx was firs publishd in Th indx has ovr $5.58 rillion bnchmarkd, wih indx asss comprising approximaly $1.31 rillion of his oal. Th indx includs 500 lading companis in lading indusris of h U.S. conomy, capuring 75% covrag of U.S. quiis. This indx includs dividnd rinvsmn. Indics ar unmanagd and hav no xpnss. You canno invs dircly in an indx. GLOSSAY OF TEMS Alpha is a mahmaical sima of risk-adjusd rurn xpcd from a porfolio abov and byond h bnchmark rurn a any poin in im. rms. Informaion shown is as of Spmbr 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 5 of 6

6 Uniplan EIT Porfolio Amrican Dposiary cips (ADs) ar rcips for shars of a forign-basd corporaion hld in h vaul of a U.S. bank. Avrag Porfolio Ba is a masur of h snsiiviy of a bnchmark or porfolio's ras of rurn o changs agains a mark rurn. Th mark rurn is h S&P 500 Indx. I is h cofficin masuring a sock or a porfolio's rlaiv volailiy. Ba is a masur of h snsiiviy of a porfolio's ras of rurn o changs in h mark rurn. I is h coffcin masuring a sock or a porfolio's rlaiv volailiy. Boom-Up Sock Slcion Emphasis primarily on individual sock slcion. Considraions of conomic and indusry facors ar of scondary imporanc in h invsmn dcision-making procss. Capializaion is dfind as h following: Mga (Abov $100 billion), Larg ($12 o $100 billion), Mdium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (blow $.50 billion). Dividnd a porion of a company's profi paid o common and prfrrd sharholdrs. Downsid isk is a masur of h risk associad wih achiving a spcific arg rurn. This saisic sparas porfolio volailiy ino downsid risk and upsid uncrainy. Th downsid considrs all rurns blow h arg rurn, whil h upsid considrs all rurns qual o or abov h arg rurn. Duraion is a masur of pric snsiiviy xprssd in yars. High Grad Corpora Bonds corpora bonds from issurs wih crdi raings of AA or AAA. Informaion aio is a masur of h invsmn managr's skill o add aciv valu agains a givn bnchmark rlaiv o how sabl ha aciv rurn has bn. Essnially, h informaion raio xplains how significan a managr's alpha is. Thrfor, h highr h informaion raio, h mor significan h alpha. Invsmn Grad Bonds ar hos rad by Sandard & Poor's AAA (highs rad), AA, A or BBB (or quivaln raing by ohr raing agncis or, in h cas of scuriis no rad, by h invsmn managr). Pric/Earnings aio (P/E aio) shows h mulipl of arnings a which a sock slls. Drmind by dividing currn sock pric by currn arnings pr shar (adjusd for sock splis). Earnings pr shar for h P/E raio ar drmind by dividing arnings for pas 12 monhs by h numbr of common shars ousanding. Th P/E raio shown hr is calculad by h harmonic man. Pric/Sals aio drmind by dividing currn sock pric by rvnu pr shar (adjusd for sock splis). vnu pr shar for h P/S raio is drmind by dividing rvnu for pas 12 monhs by numbr of shars ousanding. 2 (-Squard)/Porfolio Divrsificaion indicas h proporion of a scuriy's oal varianc ha is bnchmark-rlad or is xplaind by variaions in h bnchmark. Sharp aio masurs h fficincy, or xcss rurn pr uni of volailiy, of a managr's rurns. I valuas managrs' prformanc on a volailiy-adjusd basis. Sandard Dviaion is a saisical masur of hisorical variabiliy or sprad of rurns around a mahmaical avrag rurn ha was producd by h invsmn managr ovr a givn masurmn priod. Th highr h sandard dviaion, h grar h variabiliy in h invsmn managr's rurns rlaiv o is avrag rurn. Top-Down/Economic Analysis Emphasis primarily on macroconomic rnds as opposd o boom-up sock slcion. Tracking Error rprsns h sandard dviaion of h diffrnc bwn h prformanc of h invsmn sragy and h bnchmark. This provids a hisorical masur of h variabiliy of h invsmn sragy's rurns rlaiv o is bnchmark. U.S. Trasury Bonds a markabl, fixd inrs U.S. govrnmn db scuriy wih a mauriy of mor han 10 yars. Trasury bonds mak inrs paymns smi-annually and h incom ha holdrs rciv is only axd a h fdral lvl. Volailiy a masur of risk basd on h sandard dviaion of h ass rurn. Volailiy is a variabl ha appars in opion pricing formulas, whr i dnos h volailiy of h undrlying ass rurn from now o h xpiraion of h opion. Thr ar volailiy indxs. Such as a scal of 1-9; a highr raing mans highr risk. Pric/Book aio (P/B) wighd avrag of h socks' pric dividd by book valu pr shar. Book valu pr shar is dfind as common quiy, including inangibls, dividd by shars ousanding ims h adjusmn facor. Pric/Cash Flow aio a raio usd o compar a company's mark valu o is cash flow. I is calculad by dividing h company's mark cap by h company' opraing cash flow in h mos rcn fiscal yar (or h mos rcn four fiscal quarrs); or, quivalnly, divid h pr-shar sock pric by h pr-shar opraing cash flow. rms. Informaion shown is as of Spmbr 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 6 of 6