Investor Insights: Q1 MCR Corp

MCR INVESTS IN HOTELS BECAUSE OF THE YIELD Hotels trade at 300+ bps cap rate premium to other real estate asset classes Cap Rates by Asset Class 8.5% 8.0% 7.5% 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 2011 2012 2013 2014 2015 Apartment 2016 2017 Industrial 2018 Office 2019 Retail 2020 Hotel 2021 2022 Hotels: 7.8% Retail: 6.3% Office: 5.5% Apartment: 4.9% Industrial: 4.9% 2023P 2024P Source: Rosen Consulting Group and American Council of Life Insurers. Note: There can be no assurance that any historical trends will continue over the life of the Fund or any investment that the Fund or its future investments or any investment will achieve comparable results to those presented herein. MCR 8

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