MEPT's objective is to provide investors with competitive and stable returns over an entire real estate cycle. MEPT targets property types that will generate a steady stream of income, thus reducing the adverse effects of significant swings in real estate market performance. On a risk-adjusted basis, MEPT consistently outperforms the long-term returns of the indices in its asset class. MEPT has performed well against benchmarks and its peers, meeting or exceeding expectations.

		as of 3/31/18 Net of Fees Trailing 4 Quarters (compounded) Gross of Fees Trailing 4 Quarters (compounded) Total 1.68% 5.95% 1.90% 6.87% Income 0.75% 3.13% 0.97% 4.04% Appreciation 0.93% 2.75% 0.93% 2.75%

Note: All MEPT returns are calculated in accordance with the guidance provided within the National Council of Real Estate Investment Fiduciaries (NCREIF) Pension Real Estate Association (PREA) Reporting Standards, as sponsored by NCREIF and PREA (the Reporting Standards). MEPT’s real estate advisor, Bentall Kennedy, prepares schedules of investment performance that are independently verified by Peterson Sullivan LLC for compliance with the Global Investment Performance Standards (GIPS) as governed by the CFA Institute. Bentall Kennedy complies with all the composite construction requirements of the GIPS standards on a firm-wide basis, and the firm’s processes and procedures are designed to calculate and present performance results in compliance with the GIPS standards. The performance data presented as of March 31, 2018 is compiled from the same information sources Bentall Kennedy used to prepare previous GIPS compliant schedules; The performance data as of December 31, 2016 was audited by Peterson Sullivan and found to be compliant in all material respects. The 2016 audit was completed in August 2017.

Total return, in accordance with the Reporting Standards, is computed by adding the NOI/loss and capital appreciation/depreciation for each property in the portfolio, as well as any realized gain/ loss on asset dispositions. This valuation is done on a calendar quarter basis, and completed ten business days after the quarter end.

Net operating income NOI is calculated on a property-by-property basis according to GAAP. Real estate revenue is reported when contractually earned and billable to be consistent with the valuation methodology used to determine unrealized gains and losses.

Annualiazed Returns Annualized returns are computed by chain linking, or compounding quarterly returns. Returns are annualized for periods over one year to time weight, and therefore more effectively compare returns with other indices.