Performance

The AFL-CIO Building Investment Trust ("BIT") reported gross and net returns of 3.69% and 3.44%, respectively, for the fourth quarter of 2011. For the one-year period ended December 31, 2011, gross and net returns were 13.56% and 12.44%, respectively.

Favorable attributes of the portfolio include:

Core Focus: 70 percent of the portfolio is located in high demand coastal markets.

Long-term leases: 56 percent of leased commercial space expires after 2013.

Diversified tenant base: The tenant roster is diversified through a broad variety of sectors with limited exposure to financial service firms.

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Materials, representations and opinions presented herein are those of PNC Realty Investors, Inc. ("PRI"), and are of a general nature. They do not constitute the provision by PRI of investment, legal, tax or accounting advice to any person or entity, or a recommendation to participate in the AFL-CIO Building Investment Trust (the "BIT"). Opinions expressed herein are subject to change without notice. Information and figures, upon which the materials, representations and opinions may be based, may be obtained from independently sources deemed reliable, but have not been independently verified by PRI, and their accuracy and completeness cannot be guaranteed.

Past performance is no guarantee of future performance. The information is not intended to be a comprehensive description of any investment product or capability. Neither the information in this report nor any opinion expressed herein constitute an offer to buy or sell, any security or financial instrument or investment. Investors should consider BIT's investment objectives, risks and expenses before investing therein. Investors should consult their own advisors and investment professionals to evaluate the merits and risks of investment. Any case, ruling, law or regulation discussed should be independently reviewed in its entirety before it is relied on in any particular situation.

PRI is a subsidiary of The PNC Financial Services Group, Inc. ("PNC"). PNC provides investment and wealth management, fiduciary services and lending and borrowing of funds through its subsidiary, PNC Bank, National Association ("PNC Bank"), which is a Member FDIC, and provides certain fiduciary and agency services through PNC Delaware Trust Company. Investments and interests in the BIT are not FDIC-insured, are not guaranteed by PNC Bank, any of its affiliates, or any Federal Government agency, and may lose value.