The Company PRI is registered as an investment adviser with the SEC. PRI is a wholly owned subsidiary of PNC Holding, LLC, which in turn is owned by The PNC Financial Services Group, Inc. (“PNC”). Investment Services PRI primarily provides real estate investment advisory and management services to institutional clients regarding commercial real estate. Currently, PRI provides such services, as well as administrative support services, solely to PNC Bank, National Association (“PNC Bank” or “Trustee”), trustee to the AFL-CIO Building Investment Trust (the “BIT” or the “Trust”). The BIT is a bank collective trust, and as such, is exempt from securities registration under 3(c)(11) of the Investment Company Act of 1940, as amended. The BIT’s participants are limited to and comprised of certain tax qualified pension and retirement plans. The BIT invests equity in real estate investments either through joint ventures or wholly owned entities. Pursuant to an investment advisory agreement with PNC Bank, and subject to the policies and investment objectives of the BIT, PRI advises and assists the Trustee in connection with BIT investments in, and management of, commercial real estate developments and acquisitions located throughout the United States. More specifically, PRI is responsible for, among other things, identifying and sourcing prospective commercial real estate transactions, evaluating those transactions, performing due diligence of the transactions, recommending to PNC Bank potential investments for the BIT, and managing the existing investments and assets of the BIT. In addition, PRI currently provides to the Trustee non-discretionary investment advice regarding the investment of cash of the BIT in accounts and/or in short-term investment vehicles which may include money market funds and other short-term investment vehicles permissible under Trust documents. PRI uses its knowledge of real estate to build and manage a portfolio of diversified, well-leased and well-located assets. From time to time, PRI assists the Trustee by providing information for marketing materials used by the Trustee and its agents in marketing the BIT to potential and existing BIT investors. These services include, but are not limited to, providing information to respond to requests for proposals, providing

portfolio information and performance results, and furnishing statistical and research data. PRI also assists the Trustee in (1) providing information to respond to participants’ requests; (2) responding to questions from existing or potential BIT participants; (3) reporting to participants and their consultants; (4) preparing federal and state tax returns; and (5) performing other services as agreed by the parties from time to time. PRI is not separately compensated for these services. Pursuant to the investment advisory agreement with PNC Bank, PRI has limited discretion in connection with investments of the BIT. PNC Bank, as Trustee of the BIT, at all times retains ultimate responsibility for the management and investments of the BIT. As of December 31, 2022, the net asset value of the BIT real estate assets under PRI’s management was approximately $4.6 billion. In the future PRI may provide similar or additional services to those discussed above to other new or existing clients subject to any applicable policies and objectives for such clients. PRI provides investment advisory, asset management and related services to its sole client, PNC Bank, in PNC Bank’s capacity as trustee for the AFL-CIO Building Investment Trust (“BIT” or the “Trust”). In accordance with the terms and conditions set forth in the trust agreement (“Trust Agreement”) governing the BIT, PNC Bank initiated a process to provide BIT unitholders notice of resignation as trustee. BIT unitholders are now engaged in a process of voting on the potential appointment of a successor to replace PNC Bank as trustee. If a successor trustee is appointed, the current services provided by PRI to PNC Bank in connection with the BIT are expected to terminate when the successor trustee accepts its appointment as successor trustee. PRI may agree to provide transition services to the successor trustee and any newly appointed investment adviser for the BIT for a limited period of time PRI does not contemplate providing any transition services of a nature or type requiring registration as an “investment adviser” within the meaning of the Investment Advisers Act of 1940, as amended with the SEC. If a successor trustee is not appointed by the BIT unitholders, PRI intends to continue providing the services described herein to PNC Bank in connection with the BIT.