1. JOINT GLOBAL REPORTING STANDARDS INITIATIVE TUESDAY, APRIL 28, 2015 2:00 PM EDT Your Hosts Portfolio Manager Florida State Board of Administration Senior Director, Head of Management Information TIAA-CREF Global Real Estate Joint Global Reporting Standards Initiative 4/28/2015

2. JOINT GLOBAL REPORTING STANDARDS INITIATIVE TUESDAY, APRIL 28, 2015 2:00 PM EDT Joint Global Reporting Standards Initiative 4/28/2015

3. JOINT GLOBAL REPORTING STANDARDS INITIATIVE Speaker Bios Sara Geiger Portfolio Manager Florida State Board of Administration Ms. Geiger is responsible for oversight and acquisition due diligence of domestic/global commingled funds and global REITS with core, value-add and opportunistic investment strategies. Sara has also performed manager evaluation and acquisition due diligence of opportunistic commingled funds focused on Europe and Asia. Ms. Geiger serves on the PREA Rising Leaders Committee and has served as the Chair of the NCREIF Plan Sponsor Committee. JOHN CARUSO TIAA-CREF Global Real Estate Senior Director, Head of Management Information Mr. Caruso is responsible for both internal and external reporting activities across the TIAA Henderson Real Estate Portfolio totaling over $83 billion in gross real estate assets located in 20+ countries. Mr. Caruso currently serves on the NCREIF/PREA Reporting Standards Council (formally the REIS Council), a NCREIF and PREA initiative that brings standards, transparency and consistency to institutional real estate reporting and is Chairman of the Council’s Global Workgroup. Joint Global Reporting Standards Initiative 4/28/2015

4. OUR GOAL IS TO JOINTLY DEVELOP A SET OF GLOBAL INFORMATION REPORTING AND DISCLOSURE STANDARDS AND TO LIMIT FURTHER DIVERGENCE IN CURRENT STANDARDS RELEVANT TO THE PRIVATE/NON-LISTED REAL ESTATE INVESTMENT INDUSTRY “All Real Estate Is Local but…All Real Estate Capital Is Global” Joint Global Reporting Standards Initiative 4/28/2015

5. Why Global Standards? A coordinated Global standard for investor reporting* A.Is VERY important to me B.Is important to me C.Is not important to me, but I can see how it would be useful D.I don’t think PREA and NCREIF should spend time and resources on such an effort E.No opinion *Source: PREA Fall Institutional Investor Council Meeting Survey Oct 2014 76% of survey respondents consider Global Standards very important or important! Joint Global Reporting Standards Initiative 4/28/2015

6. Why Global Standards? *If I could pick one thing for REIS (1) to focus on it would be: A.Global standards B.Risk measurement C.Non-core manager reporting D.Compliance E.No opinion *Source: PREA Fall Institutional Investor Council Meeting Survey Oct 2014 (1) Now called NCREIF PREA Reporting Standards Joint Global Reporting Standards Initiative 4/28/2015

7. Quick overview of current Reporting Guidelines Improve transparency and professionalism in the industry 57% 75% Europe Asia High compliance with the various reporting requirements on a global basis. *98% United States * ODCE Funds Only

8. RS/INREV/ANREV Joint Global Initiative Global Investors RS/INREV/ANREV Joint Global Workgroup Steering Committee Topic A Project Task Force Topic B Project Task Force Topic C Project Task Force Joint Guideline or Reconciliation published jointly by all three Boards Board Level Review and Approval Discussion and crafting of Joint Guidelines, Definitions or Reconciliations Direction and Oversight of Project Task Forces Joint Guideline or Reconciliation reviewed and sent to Board level for approval Joint Guideline or Reconciliation sent to Steering Committee for review Joint Global Reporting Standards Initiative 4/28/2015

9. The Process 1. Establish Memorandum of Understanding 3. Perform comparison between standards / guidelines (assess) 4. Form working task forces to address differences as prioritized by the Steering Committee 5. Discuss, reconcile, converge and/or create global standards / guidelines 6. Approve, publish and adopt 2. Form Global Steering Committee comprised of 3 representatives from each association. Timing: 2015 - to be defined after assessment (step 3)

10. Volunteers Needed! There are several ways, with various levels of commitment and involvement ranging from highly active to passive, where you can participate in this initiative including: ►Leading or Participating in a Project Task Force ►Reading and providing written feedback on documents produced by a Project Task Force ►Keeping abreast of developments within the initiative and promoting them within your business Joint Global Reporting Standards Initiative 4/28/2015

11. Q&A To ask a question: Press 1 then 4 on your phone to enter the queue Press 1 then 3 to remove your question from the queue Press *0 at any time for operator assistance You can also ask a question using the chat feature on your screen. Joint Global Reporting Standards Initiative 4/28/2015

12. Support from our partners Global investments are on the rise, now is the momentum for developing and promoting global real estate reporting standards as transparency and comparability have increasing significance for investors. Maurits Cammeraat, Director of Professional Standards, INREV As global real estate capital flows increase, the pressing need for data standards to support comparable reporting across borders only grows. The Global Fund Index produced by NCREIF, INREV and ANREV demonstrates how imperative it is that performance reporting be consistent, timely and transparent for properties and funds worldwide. Peter Steil, CEO, NCREIF The institutional real estate marketplace is becoming increasingly global. For the investor to have the ability to compare and understand reporting standards on a global basis is an important step in advancing transparency and best practices. Gail Haynes, President, PREA Joint Global Reporting Standards Initiative 4/28/2015

13. Q&A To ask a question: Press 1 then 4 on your phone to enter the queue Press 1 then 3 to remove your question from the queue Press *0 at any time for operator assistance You can also ask a question using the chat feature on your screen. Joint Global Reporting Standards Initiative 4/28/2015

14. INTERESTED? CONTACT Maurits Cammeraat INREV Director of Professional Standards email: maurits.cammeraat@inrev.orgmaurits.cammeraat@inrev.org phone: +31 20 799 3977 NCREIF - www.ncreif.orgwww.ncreif.org PREA - www.prea.orgwww.prea.org INREV - www.inrev.orgwww.inrev.org ANREV - www.anrev.orgwww.anrev.org Marybeth Kronenwetter NCREIF PREA Reporting Standards Director of Operations email: marybeth@reportingstandards.infomarybeth@reportingstandards.info phone: +1 630-469-4088 website: www.reportingstandards.infowww.reportingstandards.info Sponsor Websites Joint Global Reporting Standards Initiative 4/28/2015

15. Thank You! Joint Global Reporting Standards Initiative 4/28/2015