Action ORDER OF BUSINESS Page Needed Meeting Called to

AGENDA WASHTENAW COUNTY EMPLOYEES’ RETIREMENT COMMISSION

Remote Meeting Participate via Zoom: https://zoom.us/j/99721774619

Participate via phone: 1-312-626-6799, then enter Webinar ID 997 2177 4619 April 27th, 2021 - 8:30 am

Action ORDER OF BUSINESS Page Needed Meeting Called to Order Roll Call Public Participation Approval of Minutes

A. March 23, 2021 - Regular Meeting 5 -8

Approval of Consent and Regular Agenda CONSENT AGENDA I/R/M

A. Communications

1. Washtenaw County Finance, Contributions/Distributions as of March 2021 9 2. Brandywine, Monthly Commentary March 2021 10-11 3. JP Morgan SPF, Monthly Flash Report March 2021 12-18 4. JP Morgan SSPF, Monthly Flash Report March 2021 19-23 5. JP Morgan SPF, Quarterly Real Estate Distribution 24 6. JP Morgan SSPF Quarterly Real Estate Distribution 25

B. Communications on File

1. Brandywine, March 2021 Monthly Reporting 2. JP Morgan, SPF, March 2021 Monthly Reporting 3. JP Morgan, SSPF, March 2021 Monthly Reporting 4. JP Morgan Annual Form ADV Material Changes 5. McMorgan, 4Q20 Reports

C. Invoices Pending Ratification 26-29

Vendor Brandywine

Description of Services Investment Management Fees 1Q21

Amount Due $6,666.36

Invoice P8437197

Buck Legg Mason (Western Asset)

Maintenance Charge for March 2021 Investment Management Fees 4Q20

$833.34 $32,836.69

05020311WCERS 4Q20WCERS

D. Service Retirement Application

E. Service Retirement Finals

Name Department Employee Group

Retirement Date

Type Eligibility

Green, Dawn Children’s Services 1400 06.19.2021 Service

Rule of 75, minimum age 50

Sturgill, Debra Vital Records 205765 04.23.2021 Service Rule of 75, minimum age 50

WCERS 04.27.2021 1

F. Intent to Purchase Prior Public / Military Service 1. Prior Public None 2. Prior Military None G. Final Purchase Approval Resolutions – Prior Public / Military Service 1. Prior Public None

2. Prior Military None

H. Application for Refund of Contributions & Termination of Membership Pending Ratification

None

I. Application for Deferred Retirement Benefit None J. Pension Benefit Changes

1. Adams, Susan Date of Death: March 30, 2021 Pension Election: Option 3-50% Joint and Survivor Payment to Beneficiary: Alan Adams

Death Benefit Beneficiary: Nicholas Adams Death Benefit Amount: $7500.00

2. Foltz, George

Date of Death: December 16, 2020 Pension Election: Option 2 Payment to Beneficiary: Katheryn Foltz

Death Benefit Beneficiary: Katheryn Foltz Death Benefit Amount: $2,000.00

3. Helgeson, Maryann

Date of Death: December 13, 2020 Pension Election: Straight Life Payment to Beneficiary: N/A

Death Benefit Beneficiary: Christopher Cole and Alan Cole Death Benefit Amount: $2,000.00

4. Hill, Roger

Name Retirement Date

Employee Group

Type FAC Years of Service

Barnett, Paul 03.01.2021 APA Service $109,417.92 22Y 5M

Bass, Sherry 02.01.2021 2733A Service $67,272.00 26Y 8M

Cahill, Rachel 03.01.2021 2733B Service $50,200.20 20Y 0M

Hammerberg, Jeffery 03.01.2021 Deferred Service $67,503.00 12Y 5M

Jones, Angela 03.01.2021 2733C Service $56,629.44 20Y 5M

Kendrick, Anthony 03.01.2021 APA Service $122,258.40 23Y 11M

Moutinho, Lisa 03.01.2021 NON-UNION Service $90,000.72 21Y 4M

Truhn, Debra 03.01.2021 2733B Service $55,364.64 37Y 11M

WCERS 04.27.2021 2

Beneficiary Date of Death: December 19, 2020 Pension Election: Option 2 – 100% J/S → Reverts to Straight Life

5. Marshall, Anne Date of Death: November 11, 2020 Pension Election: Option 2 Payment to Beneficiary: Steven Sheldon

Death Benefit Beneficiary: Steven Sheldon Death Benefit Amount: $7,500.00 6. Portnow, Matsuyo

Date of Death: January 8, 2021 Pension Election: Straight Life Payment to Beneficiary: N/A

Death Benefit Beneficiary: Doug Portnow Death Benefit Amount: $2,000.00

7. Sheldon, Steven

Beneficiary Date of Death: November 11, 2020 Pension Election: Option 2 – 100% J/S → Reverts to Straight Life

8. Phyllis Wells Date of Death: March 16,2021 Pension Election: Straight Life Payment to Beneficiary: NA Death Benefit Beneficiary: NA-Deferred Retiree Death Benefit Amount: NA

Death Benefit Total Amount: $21,000 K. EDRO / DRO

None

REGULAR AGENDA

Investment Consultant’s Report – Amy Cole and Tim Brice I/M/R A. Market Update B. Performance Update C. Asset Allocation and Rebalance D. Cost Structure E. Investing with Impact (ESG) F. Capital Markets Assumptions G. Energy Exposure

Legal Advisor’s Report – Tom Michaud I/M Other Advisor’s Comments

Unfinished Business I/M/R New Business

Retirement Administrator’s Report – Monica Boote I/M/R Report of the Chair I/M/R

Issues, Concerns and Trustee Comments I/R Adjournment I/M

WCERS 04.27.2021 3

Upcoming Board Meetings

• Special Actuarial Meeting , June 22, 2021 at 8:30 am Zoom Meeting/In-Person TBD

• Regular Meeting, August 24, 2021 at 8:30 am Virtual Zoom Meeting

WCERS 04.27.2021 4

MINUTES WASHTENAW COUNTY EMPLOYEES’ RETIREMENT COMMISSION

Remote Meeting Participate via Zoom: https://zoom.us/j/94759741280

Participate via phone: 1-312-626-6799, then enter Webinar ID 947 5974 1280 March 23, 2021 - 8:30 am

ORDER OF BUSINESS Meeting Called to Order Scott Miller called the meeting to order at 8:32am. Roll Call Monica Boote called the roll. WCERS Members Present: Gregory Dill, Nancy Heine, Justin Hodge, Corey Mason, Scott Miller, Sue Shink WCERS Members Absent: Kelly Belknap Others Present: Monica Boote, Chyanne Duncan, Dayna Spencer, Human Resources; Tom Michaud VanOverbeeke, Michaud & Timmony; Timothy Brice, Amy Cole, Graystone Consulting; Catherine McClary, Treasurer; Roberta Allen, AWARE Representative Public Participation None Approval of Minutes

A. February 23, 2021 - Regular Meeting C. Mason seconded by G. Dill to approve the minutes from February 23rd, 2021. All in favor, motion carried.

Approval of Consent and Regular Agenda N. Heine seconded by C. Mason to approve the consent and regular agenda as presented. All in favor, motion carried. CONSENT AGENDA

A. Communications

1. Washtenaw County Finance, Contributions/Distributions as of February 2021 2. Brandywine, Monthly Commentary February 2021 3. JP Morgan SPF, Monthly Flash Report February 2021 4. JP Morgan SSPF, Monthly Flash Report February 2021

B. Communications on File

1. Brandywine, February 2021 Monthly Reporting 2. JP Morgan, SPF, February 2021 Monthly Reporting 3. JP Morgan, SSPF, February 2021 Monthly Reporting 4. Loomis, February 2021 Monthly Statement

C. Invoices Pending Ratification

Vendor Description of Services Amount Due Invoice

Buck Maintenance Charge for February 2021 $833.33 05019340 WCERS

D. Service Retirement Application

Name Department Employee Group

Retirement Date

Type Eligibility

Hammerberg, Jeffery Appraiser 2733 A 03.01.2021 Service Rule of 75, minimum age 50

WCERS 04.27.2021 5

https://zoom.us/j/94759741280

E. Service Retirement Finals

F. Intent to Purchase Prior Public / Military Service 1. Prior Public None 2. Prior Military None G. Final Purchase Approval Resolutions – Prior Public / Military Service 1. Prior Public None

2. Prior Military None

H. Application for Refund of Contributions & Termination of Membership Pending Ratification

None

I. Application for Deferred Retirement Benefit None J. Pension Benefit Changes

Williams, Tony Mail Carrier 2733 B 04.01.2021 Service Rule of 75, minimum age 50

Name Retirement Date

Employee Group

Type FAC Years of Service

Barron, Joanne 01.01.2021 Non-Union Service $105,706.68 23 Y 8M

Blakney, Shelia 01.01.2021 PDA Service $127,904.16 31 Y 0M

Cottrell, Joan 01.01.2021 Sherriff Non-

Union Service $56,476.92

18Y 3M (WCERS) 24 Y

3M (TOTAL)

Dudley, Laura 01.01.2021 PDA Service $102,572.04 13 Y 4M

Gutenberg, Eric 01.01.2021 APA Service $123,988.68 31Y 3M

Hiller, Steven 01.01.2021 APA Service $135,306.60 34Y 2M

Jones, Cheryl 01.01.2021 Deferred Service $44,132.00 11Y 3M

Jones, Tamala 01.01.2021 Non-Union Service $54,086.16 30 Y 1M

Kuebler, Lisa 01.01.2021 Non-Union Service $66,038.16 29 Y 9M

Mackie, Brian 01.01.2021 Elected Service $139,418.88 40Y 10M

Noe, Tori 01.01.2021 2733A Service $73,321.20 25Y 0M

Siler, Konrad 01.01.2021 APA Service $124,280.40 30Y 8M

Swartz, David 01.01.2021 Non-Union Service $27,786.12 35Y 5M

Tait, Christine 01.01.2021 Non-Union Service $66,038.16 22Y 1M

WCERS 04.27.2021 6

1. Andrade, Vicente

Beneficiary Date of Death: January 19, 2021 Pension Election: Option 3- 50% J/S→ Pop up to Straight Life

2. Kerridge, Harriet

Date of Death: March 3,2021 Pension Election Straight Life Payment to Beneficiary: NA Death Benefit Beneficiary: NA Death Benefit Amount: NA

Death Benefit Total Amount: $0.00 K. EDRO / DRO

None

REGULAR AGENDA

Investment Consultant’s Report – Tim Brice A. Market Update

Mr. Brice informed the board that the market has been performing very well, corporate earnings for the fourth quarter are about 18% ahead of consensus.

B. On the Market March 2021

Mr. Brice suggests vaccines are picking up as well, which is good for market. Stimulus checks will be going out this week and with the 1.9 trillion-dollar package, this should be helpful for those who are still unemployed. Bond rates are beginning to go up, the 10-year treasury has gone up as well by about 1.73%. Mr. Brice believes we have made some strides, but we still have work to do. However, overall market returns will be not as strong as they were last year, because this is a different type of recovery then what we saw in 2008.

. C. Performance Update

Mr. Brice discussed the performance report for February 2021. The total fund was up over 2% for February, and for the year it is also right around 2%. There has been a lot of recovery in the last year. Value is doing better in the overall market. Fixed income has some negative rates of return, possibly because of those bond rate changes. Overall, the portfolio for the month of March 2021 is up 1.5%. Year to date total up about 3.4%. Tim asked the board if they had any questions.

N. Heine inquired about the one-month net contributions and why they were not on the performance report. Mr. Brice will have the report revised and updated for the board.

Ms. McClary had some questions regarding if the one-year return is a rolling return for the last 12 months. As well as recommendations regarding fossil fuel energy.

Mr. Brice informed the board that he will forward us the information, for the portfolio, rolling return, net contributions, and fossil fuel energy for the next WCERS meeting.

Mr. Brice believes Fossil Fuel Energy is a growing area for portfolios and would be helpful return wise. The annual allocation study should be out soon, we need to look at your fee structure, and how to get that as efficient as possible. G. Dill, spoke about looking at our fee structure, and looking into fossil fuels and think about making modifications in some of our upcoming meetings.

D. Asset Allocation and Rebalance

Mr. Brice informed the board that next need to raise money will be at your April 2021 meeting.

Legal Advisor’s Report – Tom Michaud

WCERS 04.27.2021 7

Mr. Michaud spoke to the Board about the adoption of the open meeting act and the resolution the was passed by the board. Going forward the pension board does not need a specific exemption to continue to have meeting remotely. The recommendation from legal advisor Mr. Michaud is to receive and file the County’s resolution to continue with virtual meetings through December 31st, 2021. J. Hodge seconded by G. Dill to receive and file the resolution. All in favor. Motion passed

Other Advisor’s Comments

Ms. McClary would like to recommend that the board move sooner than later on fossil fuel investing, previous investments have worked well in the past. And she would like the Board to consider. M. Boote discussed with the Board that we have received one disability retirement application, and that person is going through the process. No further updates currently.

Unfinished Business None

New Business None

Retirement Administrator’s Report – Monica Boote M. Boote discussed that the member statements for active/inactive were distributed towards the end of March. Information has been provided to the actuary, the HR team still has health care and financial data to send over but that will be completed soon. Also, the RFP was posted and following the closures of the RFP’s the HR team will provide a summary to the trustees and move ahead with next steps.

Report of the Chair S. Miller suggests that if any members wish to meet in person going forward to bring it to the board. Otherwise the April meeting will continue to be virtual as proposed. As well as beginning to think about the Actuarial meeting in June, and whether we want that to be in person or virtual. Issues, Concerns and Trustee Comments N. Heine asked further clarification on open meetings act and the RFP process and closing dates. Mr. Michaud clarified, we have an option to meet in person or online this is a local pension board decision.

Adjournment N. Heine seconded by S. Shink to adjourn at 9:17 am. All in favor, motion carried. Upcoming Board Meeting

• Regular Meeting, April 27, 2021 at 8:30 am Zoom Meeting TBD

WCERS 04.27.2021 8

ERS Monthly Contribution/Distribution Report for ERS Board

2021

Description January February March April May June July August September October November December Totals

CD Market Value at beginning of month 4,945,877 6,662,732 5,388,772 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,945,877

Income

Employee Contributions 225,245 214,867 220,555 660,667

Employer Contributions 783,992 765,939 792,574 2,342,505

Other Income 68 735 61 863

Total income 1,009,305 981,541 1,013,189 - - - - - - - - - 3,004,035

Expenses

Retiree Pay 2,167,638 2,167,954 2,188,004 6,523,596

Retiree Fringes -

Refunds of Member Balances 87,546 87,546

Investment and Administrative Expenses -

Total expenses 2,167,638 2,255,500 2,188,004 - - - - - - - - - 6,611,142

Net income (loss) (1,158,333) (1,273,960) (1,174,815) - - - - - - - - - (3,607,108)

Transfers In From Other Managers 2,875,187 2,875,187

Transfers Out To Other Managers -

CD Market Value at end of month 6,662,732 5,388,772 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957 4,213,957

2020

Description January February March April May June July August September October November December Totals

CD Market Value at beginning of month 6,576,471 5,491,741 4,406,573 3,488,686 5,409,195 4,917,273 3,762,102 3,804,677 2,190,211 6,999,959 7,237,518 5,756,525 6,576,471

Income

Employee Contributions 234,897 234,372 233,525 270,366 378,687 244,443 249,615 217,104 215,700 328,207 217,866 317,420 3,142,201

Employer Contributions 757,825 756,706 758,216 871,905 1,233,938 794,882 728,337 725,133 723,848 1,098,301 790,287 1,104,486 10,343,864

Other Income 4,566 5,032 1,010 104 93 80 189,405 738 77 3,854 253 47 205,259

Total income 997,288 996,110 992,751 1,142,376 1,612,719 1,039,405 1,167,356 942,974 939,625 1,430,363 1,008,407 1,421,953 13,691,325

Expenses

Retiree Pay 2,082,018 2,081,278 2,089,838 2,100,507 2,104,640 2,113,273 2,119,217 2,125,365 2,122,901 2,121,652 2,123,579 2,104,396 25,288,663

Retiree Fringes -

Refunds of Member Balances 106,862 64,815 6,975 51,821 37,380 88,957 356,809

Investment and Administrative Expenses 81,303 432,077 328,442 39,248 881,069

Total expenses 2,082,018 2,081,278 2,089,838 2,207,369 2,104,640 2,194,576 2,184,031 2,557,441 2,129,876 2,173,473 2,489,400 2,232,601 26,526,541

Net income (loss) (1,084,730) (1,085,168) (1,097,087) (1,064,993) (491,922) (1,155,171) (1,016,675) (1,614,467) (1,190,251) (743,110) (1,480,993) (810,648) (12,835,216)

Transfers In From Other Managers 179,200 4,338,329 1,059,251 6,000,000 980,669 12,557,448

Transfers Out To Other Managers (1,352,827) (1,352,827)

CD Market Value at end of month 5,491,741 4,406,573 3,488,686 5,409,195 4,917,273 3,762,102 3,804,677 2,190,211 6,999,959 7,237,518 5,756,525 4,945,877 4,945,877

WCERS 04.27.2021 9

Global Fixed Income March 31, 2021

MONTHLY COMMENTARY

Developed Market Bonds Developed bond markets remained under pressure in March, as expectations for improving global growth and rising inflation pushed yields higher in most countries. Concerns over less accommodative monetary policy also weighed on investor sentiment. Despite this backdrop, developed central banks, including the U.S. Federal Reserve (Fed), the European Central Bank (ECB), the Bank of England and the Bank of Japan all maintained the status quo, promising a continuation of easy policy. The ECB took it one step further, announcing that it expects to “significantly” increase its bond purchases in the second quarter as headwinds from the pandemic continue. Meanwhile, Fed Chairman Jerome Powell brushed off inflation concerns and continued to reiterate the Fed’s dovish stance. From a yield perspective, 10-year U.S. Treasury rates sharply increased in February, surpassing 1.7%, its highest level since January 2020. Outside the U.S., 10-year yields in Germany and the U.K. also moved higher, while the 10-year yield in Japan edged lower as domestic demand remained sluggish. Developed Market Currencies The U.S. dollar continued to defy consensus expectations, as it rose a third consecutive month in March. Demand for the greenback was generally robust given positive economic data and rising yields. In particular, the U.S. dollar gained 3.6%, 2.7% and 1.0% versus the Japanese yen, the euro and the pound, respectively. The yen weakened as investors appeared to favor the greenback as a safe haven play. The euro, which at one point hit a five-month low vs. the U.S. dollar, was dragged down by poor vaccine rollout data, new lockdowns in several countries, and continued dovish signs from the ECB. The pound faltered, despite expectations for the U.K. economy to improve given its successful vaccine rollout. Elsewhere, the South Korean won (down 0.8%) weakened despite positive economic data in China. The Australian dollar (down 1.2%) has come under pressure as the central bank remains committed to its accommodative monetary policies and the country experienced trade tensions with China. Emerging Market Debt and Currencies After several months of largely remaining on hold, a number of developing country central banks pushed rates higher in March, including Russia and Brazil. In both cases, these increases appeared to be prompted by rising U.S. Treasury yields, in an effort to keep their markets relatively attractive. Elsewhere, after cutting rates in February, Mexico’s central bank held rates steady in March. The emerging market bond asset class fell for a third straight month in March as the U.S. dollar generally strengthened, and some commodity prices gave back a portion of their 2021 gains. The vast majority of emerging market currencies weakened versus the U.S. dollar in March. In Latin America, the Brazilian real (down 0.5%) weakened further given ongoing political risks and spiking COVID-19 infections. While Colombia’s economy has benefited from rising commodity prices, the peso declined 2.6% as the price of oil

WCERS 04.27.2021 10

MONTHLY COMMENTARY Global Fixed Income – March 31, 2021 | p2

Brandywine Global Investment Management, LLC 1735 Market Street, Suite 1800, Philadelphia, PA 19103 | 800.348.2499 / 215.609.3500 | BrandywineGlobal.com

dipped in March and the country’s economic outlook remains negative given the headwinds from the pandemic. In contrast, the Mexican peso (up 2.0%) benefited as its central bank paused from further rate cuts in March. The Chilean peso (up 0.9%) ended the month higher despite copper prices edging lower. The Russian ruble (down 1.4%) was initially supported by currency demand from exporters for local tax payments, but gave back gains due to the prospect of additional U.S. sanctions. In peripheral Europe, the Polish zloty (down 5.0%) and the Hungarian forint (down 2.7%) weakened given poor COVID vaccination data. The most substantial decline came from the Turkish lira (down 10.0%), as President Erdogan continued to meddle with the independence of the country’s central bank, firing multiple officials during the month. Elsewhere, the South African rand (up 2.4%) rallied following a weak stretch. The Chinese yuan (down 1.1%) hit a four-month low versus the U.S. dollar as higher rates made the latter currency more attractive for investors. Finally, the Indonesian rupiah (down 2.0%) reached a five-month low versus the U.S. dollar, as rising U.S. bond yields sapped investor risk appetite for the currency. The head of Indonesia’s central bank stated that the country has ample foreign reserves to keep the rupiah stable and it plans to maintain a loose monetary policy to support the country’s economic recovery. Credit and Mortgages U.S. investment grade credit spreads modestly widened, while high yield credit spreads narrowed in March. Investment grade total returns continued to be hurt by rising long-term rates, given their longer durations. U.S. high yield posted a modest gain during the month as investors continued to search for yield. European high yield spreads were largely flat. Finally, U.S. mortgage-backed security (MBS) spreads narrowed, but posted a negative return over the month. Outlook While the rollout of the COVID-19 vaccines in the U.S. and the U.K. has been largely successful, the same cannot be said for many other countries. As such, it will take time for the rollout to be effective, while new virus strains have led to fresh lockdowns in Europe. While 10-year U.S. Treasury yields have surged higher in recent months, we do not expect this trend to continue, as the structural factors that have held inflation in check remain largely in place. Likewise, in our view the strength of the U.S. dollar we have seen this year is unlikely to persist. Meanwhile, the introduction of the COVID-19 vaccine has buoyed investor sentiment in Europe, although rising virus cases and lockdown restrictions remain near-term headwinds for its recovery. Emerging markets continue to offer relatively higher yields compared to developed markets and should be a long-term beneficiary of improving global growth and trade, along with rising commodity prices as the impact from COVID-19 diminishes. This information is for use with clients in Global Fixed Income strategies only; not for further distribution.

Data is for informational purposes only and should not be considered as marketing for any Brandywine Global product or service and should not be considered a solicitation or an offer to provide any Brandywine Global service in any jurisdiction where it would be unlawful to do so. The views expressed represent the opinions of Brandywine Global and are not intended as a forecast or guarantee of future results. The sectors, industries, countries and regions discussed herein should not be perceived as investment recommendations and may no longer be held in an account's portfolio. It should not be assumed that investments in any sector, industry, country or region discussed were or will prove profitable. Sector/industry weights and country and regional allocations of any particular client may vary based on investment restrictions applicable to the account. There may be additional risks associated with international investments. International securities may be subject to market/currency fluctuations, investment risks, and other risks involving foreign economic, political, monetary, taxation, auditing and other legal factors. These risks may be magnified in emerging markets. Brandywine Global believes that transactions in any option, future, commodity, or other derivative product are not suitable for all persons, and that accordingly, clients should be aware of the risks involved in trading such instruments. There may be significant risks which should be considered prior to investing. Derivatives transactions may increase liquidity risk and introduce other significant risk factors of a complex character. All securities trading, whether in stocks, options or other investment vehicles, is speculative in nature and involves substantial risk of loss. Indices are unmanaged and not available for direct investment. Performance returns and other data are current as of the date at the top of this page. Past performance is no guarantee of future results. © 2021 Brandywine Global Investment Management, LLC

WCERS 04.27.2021 11

All data as of March 31, 2021 unless otherwise noted.

This information is also accessible on our website, www.jpmorgan.com/assetmanagement/am/institutional. If you don't already have a user ID and password, please contact your account manager.

Monthly Performance Report

County of Washtenaw, MichiganJPMCB Strategic Property FundMarch 31, 2021

Melissa AnezinisInvestment Specialist+1 [email protected]

Blake MorrisClient Advisor+1 [email protected]

Manikone ThaimanyClient Account Manager+1 [email protected]

WCERS 04.27.2021 12

Investment PerformanceAs of March 31, 2021

2 | 256880 | County of Washtenaw, Michigan

Investment Performance (%) Mar 2021 Three Months One Year Three Years Five Years

County of Washtenaw, Michigan 0.70 1.86 1.72 4.47 5.85

Returns are Gross of Fees. Past performance is not a guarantee of comparable future results. Total return assumes the reinvestment of income. The deduction of an advisory fee reduces an investor's return. Fees are described in Part II of the Advisor's ADV which is available upon request. Mutual Fund performance, if any, is shown net of fees & expenses and assumes the reinvestment of fund distribution. Performance for time periods greater than one year is annualized. Discrepancies in excess return may appear due to rounding.

Fund Performance (%)

Mar 2021 Three Months YTD One Year Three Years Five Years Ten Years

JPMCB Strategic Property Fund (Gross) 0.70 1.86 1.86 1.71 4.47 5.85 9.70

JPMCB Strategic Property Fund (Net) 0.62 1.60 1.60 0.70 3.43 4.80 8.62

Returns are net of all fund expenses, unless otherwise stated. For the commingled pension trust funds, gross returns do not take into consideration the investment advisory fee. If the fee was included, returns would be lower. Net returns are based on the highest applicable fee rate for this strategy. Returns for periods less than one year are not annualized. Past performance is not a guarantee of comparable future results. Total return assumes the reinvestment of income.

Primary Holding CompanyMar 2021 Three Months YTD One Year Three Years (1) Five Years (1)

Strategic Property Fund 0.69 1.83 1.83 1.69 N/A N/A

Investors may participate in Strategic Property Fund (the “Fund”) by purchasing units in five fund investor vehicles (“FIVs”). The FIVs (other than with respect to FIV1 and its investment in the Retained Legacy Investments (as defined in the Fund’s Confidential Private Placement Memorandum (the “PPM”)) are expected to invest in all of the Fund’s investments through the Primary Holding Companies (as defined in the PPM). Primary Holding Company returns shown above are gross of fees, and are shown for informational purposes and do not reflect the actual return to FIV investors which will be lower. Investors in the FIVs will be subject to a management or advisory fee as detailed in the PPM as well as expenses at the FIV and Intermediate Holding Company (as defined below) level which reduces each FIV investor’s actual FIV-level return. Returns for periods less than one year are not annualized. Past performance is not a guarantee of comparable future results. The NAV of FIV1 will be determined as of the last business day of each month and the NAV of each Other FIV (as defined in the PPM) will be determined as of the last business day of each quarter. Investors who are interested in receiving an estimate of the NAV per Unit as of the close of business each business day for FIV1 (as defined in the PPM) can contact their JPMC representative to receive this information. Due to certain legal, tax, regulatory or other commercial considerations, each FIV may hold its investments in the Primary Holding Companies through one or more intermediate holding companies (the “Intermediate Holding Companies”), including, through REITs that are wholly- or jointly-owned with other FIVs. As a result of the foregoing, due to the costs of maintaining and administering such Intermediate Holding Companies, the performance of each of the FIVs may vary, and such variations may be material. Additionally, in determining the NAV of a FIV, the applicable management entity of such FIV, may charge and accrue contingent liability reserves against the assets of the FIV. Such reserves could reduce the NAV per Unit of each investor’s Units therein and the amount of any distributions on a partial or total repurchase of such investor’s Units. As soon as practicable following a quarter end which is expected to be approximately 20 business days following such quarter end, each Other FIV investor will receive a quarterly Snapshot and investor statement, which will include the most recently calculated NAV (both gross and net of applicable fees and expenses) for such investor’s FIV.

WCERS 04.27.2021 13



Investor Net Asset ValueStrategic Property Fund Value ($) Units $/Unit

NAV as of Feb 28,2021 $13,700,532.73 1,305,521.353 $10.4943

Contribution - - -

Withdrawals - - -

Net Income, gross of advisory fees $41,776.68 - -

Unrealized and realized appreciation (depreciation)

$54,701.35 - -

NAV as of Mar 31,2021 $13,797,010.76 1,305,521.353 $10.5682

Funds Net Asset Value

As of March 31, 2021

JPMCB Strategic Property Fund $30,009,503,758

Investors may participate in the Fund by purchasing interests (the "Units") in one of a number of fund investor vehicles.The above Net Asset Value represents the net asset value of Commingled Pension Trust Fund vehicle only.

WCERS 04.27.2021 14



Strategic Property Fund* Monthly Update Strategic Property Fund’s Primary Holding Companies (“PHCs”) delivered a total gross return of 0.69% for March 2021, comprised of income of 0.31% and appreciation of 0.38% for the month. The PHCs’ trailing one year total gross return was 1.69%, with income of 3.45% and depreciation of -1.71%. Valuation activity of real estate investments resulted in an overall value increase of $98.7 million (33 bps) for the month. The industrial portfolio was the largest contributor to appreciation for the month, delivering $69.5 million (23 bps) of appreciation. This appreciation was primarily driven by the Real Term Portfolio (Various, U.S.), which saw decreased discount rates and increased market rent growth assumptions, as well as Kimball Business Park (Chino, CA) and South Florida Logistics (Miami, FL), both of which benefited from increased market leasing assumptions. The residential portfolio saw appreciation of $51.5 million (17 bps), as Gio Midtown (Miami, FL) saw increased market rents and a reduction in the discount rate to account for progress in lease-up, and Vantage Phase II (Jersey City, NJ) realized appreciation as 86% of its construction costs have been funded. Broadstone Bowles Crossing (Littleton, CO) also contributed to appreciation with the venture now at 65% through construction. The retail portfolio saw slight depreciation totaling $3.3 million (-1 bp), due to adjustments made at Edens (Various, U.S.). This was slightly offset by an increase in market rent growth assumptions at Shadow Creek Ranch Town Center (Pearland, TX). The office portfolio had depreciation of $17.2 million (-6 bps), primarily driven by Avenue of the Americas (New York, NY-). The marking debt-to-market adjustment resulted in appreciation of $16.0 million (5 bps). The Fund had disposition activity totaling $444.3 million in net equity with two notable transactions. The Fund executed on the sale of The Crescent, a 1.3 million square foot mixed-use office and retail asset located in uptown Dallas, TX for $442.7 million in net equity. The Fund also executed on the recapitalization of 850 Lake Shore Drive, a 198-unit multifamily property located in the Gold Coast submarket of Chicago, IL for $1.6 million in net equity. There were no acquisitions during March 2021. The PHCs ended the month with a total cash position of 6.9% and leverage at 23.9%. The Fund’s contribution queue as of month end was $563.5 million. In April 2021, the Fund accepted $316.9 million and paid out $1,860.0 million to partially satisfy the outstanding redemption queue, leaving $1,216.4 million in the redemption queue (3.9% of NAV) as carryover into the second quarter of 2021. We intend to meet these remaining redemption requests while balancing the overall operational needs of the Fund, and anticipate any carryover amounts to be satisfied over the next two quarters. Thank you for your continued support. Kimberly Adams, Senior Portfolio ManagerSusan Kolasa, Portfolio ManagerSteve Zaun, Portfolio Manager *Strategic Property Fund (the “Fund”) collectively refers to the FIVs, Holding Companies and subsidiaries. If your investment objective(s) have changed, please reach out to your J.P. Morgan representative in order to reflect these changes in your respective client agreement. We encourage you to meet with your J.P. Morgan representative on a regular basis to help ensure that your investment objectives are current. Past performance is not indicative of future results. For U.S. only: If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://am.jpmorgan.com/global/privacy. This communication is issued in the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission.

WCERS 04.27.2021 15

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DisclosureAs of March 31, 2021


STRICTLY PRIVATE/CONFIDENTIAL – This document is to be used for reporting purposes to existing clients only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Past performance is not indicative of future returns. If your investment objective(s) have changed, please reach out to your J.P. Morgan representative in order to reflect these changes in your respective client agreement. We encourage you to meet with your J.P. Morgan representative on a regular basis to help ensure that your investment objectives are current. This document is confidential and intended only for the person or entity to which it has been provided. Reliance upon information in this material is at the sole discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any particular receiver. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are those of J.P. Morgan Asset Management, unless otherwise stated, as of the date of issuance. They are considered to be reliable at the time of production, but may be subject to change without reference or notification to you. Any discrepancies in analytic difference columns may be the results of rounding. Any reproduction, retransmission, dissemination or other unauthorized use of this document or the information contained herein by any person or entity without the express prior written consent of J.P. Morgan Asset Management is strictly prohibited. Any investment decision should be based solely on the basis of any applicable local offering documents such as the prospectus, Key Investor Information Document (KIID), annual report, semi-annual report, private placement or offering memorandum. For further information, any questions and for copies of the offering material you can contact your usual J.P. Morgan Asset Management representative. Both past performance and yield are not a reliable indicator of current and future results. There is no guarantee that any forecast will come to pass. Further information regarding the calculation of the benchmark returns can be obtained from the provider’s website. Please note that the account is not closely managed with reference to the index shown. This is a comparator, provided for comparison purposes only, as a means to show how the account has performed against the broader market. J.P. Morgan Asset Management and/or any of its affiliates and employees may hold positions or act as a market maker in the financial instruments of any issuer present herein or act as the underwriter, placement agent or lender to such issuer. The investments and strategies herein may not be suitable for all investors and may not be authorized or its offering may be restricted in your jurisdiction, it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant jurisdictions. J.P. Morgan Asset Management and/or any of its affiliates may process personal data of clients, investors, service providers, and other affected individuals, in accordance with applicable data protection laws. Telephone lines and electronic communication systems of J.P. Morgan Asset Management may be recorded and monitored for legal, security and training purposes. Information and data from communications with you will be collected, stored and processed by J.P. Morgan Asset Management in accordance with local laws and privacy policies. For information related to the local privacy policies in your jurisdiction please contact your J.P. Morgan Asset Management representative. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://am.jpmorgan.com/global/privacy.

For U.S. only: If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance

WCERS 04.27.2021 16








This communication is issued by the following entities: In the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission; in Latin America, for intended recipients’ use only, by local J.P. Morgan entities, as the case may be.; in Canada, for institutional clients’ use only, by JPMorgan Asset Management (Canada) Inc., which is a registered Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia, Ontario, Quebec and Newfoundland and Labrador. In the United Kingdom, by JPMorgan Asset Management (UK) Limited, which is authorized and regulated by the Financial Conduct Authority; in other European jurisdictions, by JPMorgan Asset Management (Europe) S.à r.l. In Asia Pacific (“APAC”), by the following issuing entities and in the respective jurisdictions in which they are primarily regulated: JPMorgan Asset Management (Asia Pacific) Limited, or JPMorgan Funds (Asia) Limited, or JPMorgan Asset Management Real Assets (Asia) Limited, each of which is regulated by the Securities and Futures Commission of Hong Kong; JPMorgan Asset Management (Singapore) Limited (Co. Reg. No. 197601586K), which this advertisement or publication has not been reviewed by the Monetary Authority of Singapore; JPMorgan Asset Management (Taiwan) Limited; JPMorgan Asset Management (Japan) Limited, which is a member of the Investment Trusts Association, Japan, the Japan Investment Advisers Association, Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number “Kanto Local Finance Bureau (Financial Instruments Firm) No. 330”); in Australia, to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth), by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919).

WCERS 04.27.2021 17

All data as of March 31, 2021 unless otherwise noted.

This information is also accessible on our website, www.jpmorgan.com/assetmanagement/am/institutional. If you don't already have a user ID and password, please contact your account manager.

Monthly Performance Report

County of Washtenaw, MichiganJPMCB Special Situation Property FundMarch 31, 2021

Melissa AnezinisInvestment Specialist+1 [email protected]

Blake MorrisClient Advisor+1 [email protected]

Manikone ThaimanyClient Account Manager+1 [email protected]

WCERS 04.27.2021 18



Investment Performance (%) Mar 2021 Three Months One Year Three Years Five Years

County of Washtenaw, Michigan 1.82 1.83 4.13 6.91 8.07

Returns are Gross of Fees. Past performance is not a guarantee of comparable future results. Total return assumes the reinvestment of income. The deduction of an advisory fee reduces an investor's return. Fees are described in Part II of the Advisor's ADV which is available upon request. Mutual Fund performance, if any, is shown net of fees & expenses and assumes the reinvestment of fund distribution. Performance for time periods greater than one year is annualized. Discrepancies in excess return may appear due to rounding.

Fund Performance (%)

Mar 2021 Three Months YTD One Year Three Years Five Years Ten Years

JPMCB Special Situation Property Fund (Gross) 1.82 1.83 1.83 4.12 6.91 8.07 13.01

JPMCB Special Situation Property Fund (Net) 1.68 1.43 1.43 2.47 5.22 6.36 11.23

Returns are net of all fund expenses, unless otherwise stated. For the commingled pension trust funds, gross returns do not take into consideration the investment advisory fee. If the fee was included, returns would be lower. Net returns are based on the highest applicable fee rate for this strategy. Returns for periods less than one year are not annualized. Past performance is not a guarantee of comparable future results. Total return assumes the reinvestment of income.

Investor Net Asset ValueSpecial Situation Property Fund Value ($) Units $/Unit

NAV as of Feb 28,2021 $16,162,953.90 1,536,008.239 $10.5227

Contribution - - -

Withdrawals - - -

Net Income, gross of advisory fees $42,701.04 - -

Unrealized and realized appreciation (depreciation)

$250,830.13 - -

NAV as of Mar 31,2021 $16,456,485.07 1,536,008.239 $10.7138

WCERS 04.27.2021 19



Funds Net Asset Value

As of March 31, 2021

JPMCB Special Situation Property Fund $4,211,252,148

Investors may participate in the Fund by purchasing interests (the "Units") in one of a number of fund investor vehicles.The above Net Asset Value represents the net asset value of Commingled Pension Trust Fund vehicle only.

WCERS 04.27.2021 20



JPMCB Special Situation Property Fund** Monthly Update Special Situation Property Fund delivered a total gross return of 1.82% in March (1.68% net of fees), comprised of income of 0.26% and appreciation of 1.55%. TheFund’s trailing one-year total gross return is 4.12% (2.47% net of fees), comprised of income of 3.03% and appreciation of 1.06%. Valuation activity of direct real estate resulted in appreciation of $61.2 million (148 bps). The Fund’s industrial portfolio appreciated $39.9 million (96 bps) as a result of a valuation increase at 3100 Milliken in Eastvale, California due to an increase in market rents and lower residual cap rate assumption. Huntington Gateway inHuntington Beach, California also posted a write-up this month driven by continued construction progress. SSPF’s residential portfolio appreciated $14.7 million (35 bps) during the month primarily due to a valuation increase at Solis Southline in Charlotte, North Carolina due to increased market rents and a lower residual cap rate assumption. The Fund’s office portfolio appreciated $9.9 million (24 bps) as a result of contractual rent increases and the burn off of free rent at 605 3rd Avenue in NewYork, New York. SSPF’s retail portfolio posted depreciation of $4.2 million (-10 bps) during the month primarily due to additional rent deferrals and reduced parkingincome at New City JV Retail in Chicago, Illinois. The Fund’s land sector posted a modest increase of $1.2 million (3 bps) during the month. The material debt mark-to-market adjustment during the month was $2.9 million (7 bps). While there were no acquisitions during the month, disposition activity was highlighted by the sale of YRC Orange in Orange, California for $6.3 million in net proceeds. The single-tenant truck terminal was sold and generated a since inception IRR of 26.2% and an equity multiple of 1.9x over the 8 year hold. SSPF ended the month with leverage at 48.1% and a cash position of 6.8% of net asset value. We are pleased to announce that following a $147.5 million withdrawal payout after month end, SSPF successfully satisfied all outstanding redemption requests and is operating without a redemption queue. Thank you for your continued support. Craig Theirl, Portfolio Manager, (212) 648-2120, [email protected] **Commingled Pension Trust Fund (Special Situation Property) of JPMorgan Chase Bank, N.A. (“Special Situation Property Fund” or “SSPF”) If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance. The Commingled Pension Trust Fund (Special Situation Property) of JPMorgan Chase Bank N.A. is a collective trust fund established and maintained by JPMorgan Chase Bank, N.A. under a declaration of trust. The fund is not required to file a prospectus or registration statement with the SEC, and accordingly, neither is available. The fund is available only to certain qualified retirement plans and governmental plansand is not offered to the general public. Units of the fund are not bank deposits and are not insured or guaranteed by any bank, government entity, the FDIC or any other type of deposit insurance. You shouldcarefully consider the investment objectives, risk, charges, and expenses of the fund before investing. If your investment objective(s) have changed, please reach out to your J.P. Morgan representative in order to reflect these changes in your respective client agreement. We encourage you to meet with your J.P.Morgan representative on a regular basis to help ensure that your investment objectives are current. Past performance is not indicative of future results. Telephone calls and electronic communications may be monitored and/or recorded. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://www.jpmorgan.com/privacy J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment ManagementInc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

WCERS 04.27.2021 21

https://www.jpmorgan.com/privacy%20

https://www.jpmorgan.com/privacy%20



STRICTLY PRIVATE/CONFIDENTIAL – This document is to be used for reporting purposes to existing clients only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Past performance is not indicative of future returns. If your investment objective(s) have changed, please reach out to your J.P. Morgan representative in order to reflect these changes in your respective client agreement. We encourage you to meet with your J.P. Morgan representative on a regular basis to help ensure that your investment objectives are current. This document is confidential and intended only for the person or entity to which it has been provided. Reliance upon information in this material is at the sole discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any particular receiver. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are those of J.P. Morgan Asset Management, unless otherwise stated, as of the date of issuance. They are considered to be reliable at the time of production, but may be subject to change without reference or notification to you. Any discrepancies in analytic difference columns may be the results of rounding. Any reproduction, retransmission, dissemination or other unauthorized use of this document or the information contained herein by any person or entity without the express prior written consent of J.P. Morgan Asset Management is strictly prohibited. Any investment decision should be based solely on the basis of any applicable local offering documents such as the prospectus, Key Investor Information Document (KIID), annual report, semi-annual report, private placement or offering memorandum. For further information, any questions and for copies of the offering material you can contact your usual J.P. Morgan Asset Management representative. Both past performance and yield are not a reliable indicator of current and future results. There is no guarantee that any forecast will come to pass. Further information regarding the calculation of the benchmark returns can be obtained from the provider’s website. Please note that the account is not closely managed with reference to the index shown. This is a comparator, provided for comparison purposes only, as a means to show how the account has performed against the broader market. J.P. Morgan Asset Management and/or any of its affiliates and employees may hold positions or act as a market maker in the financial instruments of any issuer present herein or act as the underwriter, placement agent or lender to such issuer. The investments and strategies herein may not be suitable for all investors and may not be authorized or its offering may be restricted in your jurisdiction, it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant jurisdictions. J.P. Morgan Asset Management and/or any of its affiliates may process personal data of clients, investors, service providers, and other affected individuals, in accordance with applicable data protection laws. Telephone lines and electronic communication systems of J.P. Morgan Asset Management may be recorded and monitored for legal, security and training purposes. Information and data from communications with you will be collected, stored and processed by J.P. Morgan Asset Management in accordance with local laws and privacy policies. For information related to the local privacy policies in your jurisdiction please contact your J.P. Morgan Asset Management representative. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://am.jpmorgan.com/global/privacy.

For U.S. only: If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance

WCERS 04.27.2021 22








This communication is issued by the following entities: In the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission; in Latin America, for intended recipients’ use only, by local J.P. Morgan entities, as the case may be.; in Canada, for institutional clients’ use only, by JPMorgan Asset Management (Canada) Inc., which is a registered Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia, Ontario, Quebec and Newfoundland and Labrador. In the United Kingdom, by JPMorgan Asset Management (UK) Limited, which is authorized and regulated by the Financial Conduct Authority; in other European jurisdictions, by JPMorgan Asset Management (Europe) S.à r.l. In Asia Pacific (“APAC”), by the following issuing entities and in the respective jurisdictions in which they are primarily regulated: JPMorgan Asset Management (Asia Pacific) Limited, or JPMorgan Funds (Asia) Limited, or JPMorgan Asset Management Real Assets (Asia) Limited, each of which is regulated by the Securities and Futures Commission of Hong Kong; JPMorgan Asset Management (Singapore) Limited (Co. Reg. No. 197601586K), which this advertisement or publication has not been reviewed by the Monetary Authority of Singapore; JPMorgan Asset Management (Taiwan) Limited; JPMorgan Asset Management (Japan) Limited, which is a member of the Investment Trusts Association, Japan, the Japan Investment Advisers Association, Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number “Kanto Local Finance Bureau (Financial Instruments Firm) No. 330”); in Australia, to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth), by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919).

WCERS 04.27.2021 23

DISTRIBUTION NOTICE | FIRST QUARTER 2021

1Original Redemption Request is the net of any prior quarter’s unsatisfied redemption requests and current quarter request as applicable.

STRICTLY PRIVATE/CONFIDENTIAL

If your investment objective(s) have changed, please reach out to your J.P. Morgan representative in order to reflect these changes in your respective client agreement. We encourage you to meet with your J.P. Morgan representative on a regular basis to help ensure that your investment objectives are current.

All information presented herein is considered to be accurate at the time of production and is presented for informational purposes only. We believe the information provided here is reliable, but no guarantee is being made as to its accuracy or completeness. The information is subject to unintentional errors, omissions and changes without notice. The information provided is not part of official books and records. By accessing and viewing this information you acknowledge and understand the intended purpose of such information. The document is for the sole use of the person to whom it is addressed and is privileged and confidential. Use by anyone other than the addressee is prohibited.

The Commingled Pension Trust Funds of JPMorgan Chase Bank N.A. are collective trust funds established and maintained by JPMorgan Chase Bank, N.A. under a declaration of trust.

J.P. Morgan Asset Management is the marketing name of the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

JPM Asset Mgt Real Estate Distribution Notice

Quarterly Distribution SummaryClient Name: County of Washtenaw, MichiganClient A/C #: 256890Distribution Settlement Date: 4/9/2021

Quarterly Distribution BreakdownJPMCB Special Situation Property Fund

Income Distribution from Fund: $0.00

Interest Adjustment: $2.64

Pure Redemption: $0.00

Original Redemption Request1: $0.00

Carryover of Pure Redemption: $0.00

Investment Management Fee: $64,897.22

Net Income Distribution (less Investment Management Fee): $0.00

Total to be Wired: $2.64

WCERS 04.27.2021 24

DISTRIBUTION NOTICE | FIRST QUARTER 2021

1Original Redemption Request is the net of any prior quarter’s unsatisfied redemption requests and current quarter request as applicable.

STRICTLY PRIVATE/CONFIDENTIAL

If your investment objective(s) have changed, please reach out to your J.P. Morgan representative in order to reflect these changes in your respective client agreement. We encourage you to meet with your J.P. Morgan representative on a regular basis to help ensure that your investment objectives are current.

All information presented herein is considered to be accurate at the time of production and is presented for informational purposes only. We believe the information provided here is reliable, but no guarantee is being made as to its accuracy or completeness. The information is subject to unintentional errors, omissions and changes without notice. The information provided is not part of official books and records. By accessing and viewing this information you acknowledge and understand the intended purpose of such information. The document is for the sole use of the person to whom it is addressed and is privileged and confidential. Use by anyone other than the addressee is prohibited.

The Commingled Pension Trust Funds of JPMorgan Chase Bank N.A. are collective trust funds established and maintained by JPMorgan Chase Bank, N.A. under a declaration of trust.

J.P. Morgan Asset Management is the marketing name of the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

JPM Asset Mgt Real Estate Distribution Notice

Quarterly Distribution SummaryClient Name: County of Washtenaw, MichiganClient A/C #: 256890Distribution Settlement Date: 4/9/2021

Quarterly Distribution BreakdownJPMCB Special Situation Property Fund

Income Distribution from Fund: $0.00

Interest Adjustment: $2.64

Pure Redemption: $0.00

Original Redemption Request1: $0.00

Carryover of Pure Redemption: $0.00

Investment Management Fee: $64,897.22

Net Income Distribution (less Investment Management Fee): $0.00

Total to be Wired: $2.64

WCERS 04.27.2021 25

Invoice Copy - P8437197For Information OnlyDo Not Pay

Apr 07, 2021

Invoice 23587

Investment Management Services Invoice

Billing Period Jan 01, 2021 - Mar 31, 2021

Account Name - Number Amount Due

Washtenaw County Employees Retirement System - P8437197

$ 6,666.36

Total: $ 6,666.36

Total Amount Due: $ 6,666.36

1 of 2

Should you have any questions regarding this invoice, please call Accounts Receivable +1(215) 609-3677Brandywine Global Investment Management, LLC

or email [email protected]

WCERS 04.27.2021 26

Washtenaw County Employees Retirement SystemActivity Date Basis in USD

Market value 03/31/2021 5,925,654.40Asset Basis: USD 5,925,654.40

Management fee Calculation in USD (Adjusted by: 90 / 360)

Fee Schedule Tiers Rate (bps) Applied assets Annual fee Periodic fee0.00 up to 50,000,000.00 45.00 5,925,654.40 26,665.44 6,666.36

50,000,000.00 up to 100,000,000.00 40.00 0.00 0.00 0.00100,000,000.00 and above 35.00 0.00 0.00 0.00

Totals: USD 5,925,654.40 USD 26,665.44 USD 6,666.36

Management fee Summary in USD

Account Net feeWashtenaw County Employees Retirement System 6,666.36Management fee USD 6,666.36

23587

Billing DetailsBilling Period: Invoice Date:Jan 01, 2021 - Mar 31, 2021 Apr 07, 2021

Management fee

Billing Summary

Net fee

Management fee USD 6,666.36Total Current Charges: USD 6,666.36

2 of 2

Should you have any questions regarding this invoice, please call Accounts Receivable +1(215) 609-3677Brandywine Global Investment Management, LLC

or email [email protected]

WCERS 04.27.2021 27

WCERS 04.27.2021 28

WCERS 04.27.2021 29

Documents

Action ORDER OF BUSINESS Page Needed Meeting Called to