MINUTES OF THE FEBRUARY 22, 2016 CITY OF SARASOTA GENERAL EMPLOYEES PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING Present: Vice Chair Barry Keeler, Secretary Pamela Nadalini, and Trustee Bonita Wagner Others: Attorney Scott Christiansen, Pension Plans Administrator Harry Ramphal, Senior Pension Analyst Anthony Ferrer, and Pension Specialist Chinyere Deehan Absent: Chair Gretchen Schneider, Treasurer John Lege, Trustees Kari McVaugh and Ryan Chapdelain 1. CALL THE MEETING TO ORDER: Vice Chair Keeler called the meeting to order at 10:03 a.m. Attorney Christiansen stated that because no quorum was present, no action could be taken. 2. NEWI BUSINESS: 2.1. Presentation and Discussion Re: UBS Trumbull Property Fund & Property Income Fund Ronald Lanier, Executive Director, UBS Realty Investors, came before the Board to present a detailed overview of the company's investment results. Mr. Lanier discussed how the Plan's investments have grown to $7,480,000 as of December 31, 2015 which is a gain of approximately $980,000 over the last 15 months. Mr. Lanier stated that the Plan's account has eamed a 12.94% rate of return during calendar year 2015. He further advised the Board of the various types of real estate that UBS Realty Investors Trumbull Property Fund invests in on behalf of the Plan. In response to a question by Attorney Christiansen regarding the longevity of funds in the index, Mr. Lanier stated that there are only six other real estate funds that have a twenty year track record. Mr. Lanier further advised that UBS Realty Investors achieves higher returns while assuming lower risk than competing real estate funds. In response to a question by Secretary Nadalini regarding the type of properties that make up the urban transit- oriented locations in which the Plan invests, Mr. Lanier stated that the Fund primarily invests in apartment buildings, while office sace comprises a smaller percentage of the portfolio. Mr. Lanier added that millennials desire to live, work, and play in the same metropolitan area and UBS Realty Investors identifies properties that take advantage of this demographic shift. Secretary Nadalini complimented UBS Realty Investors on being second in the Global Real Estate Sustainability Benchmark rating and in response to Secretary Nadalini's question regarding how long has the rating been in existence, Mr. Lanier responded that it has been established for approximately five years, and advised that during the first few years of the Global Real Estate Sustainability Benchmark rating, UBS Realty Investors was rated number one out of about thirty funds. In response to a question by Trustee Wagner regarding changes in retail sales due to online shopping, Mr. Lanier stated while online shopping has increased greatly in the last few years, brick and mortar stores and malls are now on par with online shopping and both are doing very well. Discussion ensued regarding the benefits of retail properties in the marketplace. 3. ADJOURN. Vice Chair Keeler adjourned the General Employees Pensions Board of Trustees Regular meeting at 10:44 a.m. A C - ON. 00 BReei) NKeeee lda Vice Chair Barry Keeler Secretary Pamela M. Nadalini Book 1 Page 1 02/22/16 10:00A.M.