Union Labor Requirements

All projects in which the BIT invests must first and foremost meet general underwriting criteria established by the Trustee.  In addition, subject to compliance with all relevant fiduciary duties and otherwise applicable laws, the Trustee will follow certain labor policies relating to union labor.  These policies include:

• With respect to projects receiving BIT investments which involve construction or substantial rehabilitation, all on-site construction labor shall be performed by contractors whose employees are represented by unions affiliated with the Building and Construction Trades Department, AFL-CIO as of January 1, 2001 and in conformance with traditional craft jurisdictions established in the area.

• All hotel facilities in which the BIT invests shall be subject to appropriate neutrality and card-check recognition arrangements.

• All service and maintenance work on properties owned by the BIT shall be performed by contractors who have entered into collective bargaining agreements with AFL-CIO affiliated unions governing the employees performing this work, whenever such contractors are available in the market, or otherwise performed by employees who are represented by the AFL-CIO affiliated unions.

• All grocery-anchored retail centers in which the BIT invests shall have an anchor grocery that has entered into a collective bargaining agreement with AFL-CIO affiliated unions governing the employees performing this work or has executed an appropriate neutrality and card-check recognition agreement.

Please contact the AFL-CIO Investment Trust Corporation for further information regarding the BIT's labor policies.