All projects in which the AFL-CIO Building Investment Trust will invest must first and foremost meet the Trustee's general underwriting criteria and any specific underwriting criteria that may be established from time to time by the Trustee. In addition the Trustee shall, subject to compliance with all relevant fiduciary duties and otherwise applicable laws, follow certain policies relating to union labor which are designed (i) to benefit the Trust's investments by promoting positive labor relations and labor productivity, and minimizing any possible costs associated with labor disputes on properties in which the Trust invests and (ii) to produce various union-related collateral benefits with respect to the creation of union jobs and the assurance of organizational rights to employees. These policies include:

• With respect to projects receiving Trust investments which involve construction or substantial rehabilitation, the Trustee shall seek to ensure that all on-site construction labor in connection with the project is performed by contractors whose employees are represented by unions affiliated with the Building and Construction Trades Department, AFL-CIO, and in conformance with traditional craft jurisdictions established in the area.
• The Trustee shall seek to ensure that all hotel facilities in which the Trust invests are subject to appropriate neutrality and card-check recognition arrangements.
• The Trustee shall seek to ensure that all service and maintenance work on properties owned by the Trust is performed by contractors who have entered collective bargaining agreements with AFL-CIO affiliated unions governing the employees performing this work, whenever such contractors are available in the market, or otherwise is performed by employees who are represented by AFL-CIO affiliated unions.
• The Trustee shall seek to ensure that all grocery anchored retail centers in which the Trust invests have as their anchor a grocery who has entered a collective bargaining agreement with AFL-CIO affiliated unions governing the employees performing this work.

Please contact the Trustee or the Labor Relations Department of the AFL-CIO Investment Trust Corporation for further information.

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