b'CTPF BOARD OF TRUSTEES DECLINE ACTION ONLINCOLN YARDS DEVELOPMENT The CTPF Board of Trustees has declined to take further action on an investment opportunity in the Sterling Bay Lincoln Yards development. The Board had considered hiring a consultant to conduct additional due diligence into the opportunity, but declined to make the motion to do so during their August 17, 2023, meeting.We are grateful for the chance to thoroughly evaluate this proposal, said Jeffery Blackwell, President of the CTPF Board of Trustees. However, after careful deliberation, it became evident that the investment did not align seamlessly with the goals of our Fund. This was a difficult decision for our Trustees, as there were many positive aspects of the development, but ultimately it was not the right fit for CTPF, as we are overallocated in our real estate portfolio. We will not be pursuing this investment.As fiduciaries, CTPF believes in thoroughly evaluating all potential investment opportunities to ensure they align with the Funds strategic goals and principles. CTPF maintains a rigorous process that ultimately allows the Board to make informed decisions, and we saw that play out with this opportunity, said Fernando Vinzons, Chief Investment Officer for the Fund. CTPFs Investment Committee received a presentation from Sterling Bay and Manulife Investment Management on May 23. After careful consideration and discussion, the Committee recommended that the Board authorize an investigation into a potential investment in the Lincoln Yards development. Following this initial step, during their June 15 meeting, the full board considered the proposal, and asked its investment Consultant, Callan, to conduct further research into the proposal, and to report back to the Board.Callan engaged in a comprehensive vetting of the proposal to determine compatibility with the Funds portfolio and investment goals. Following their research and investigation, Callan presented their findings to the Board on August 17, 2023. Afterthoroughly considering the research and engaging in extended debate, the Board declined to take further action on the proposal.MEMBER SERVICESFALL TOWN HALL APPOINTMENTS WEBINARCTPFs Member Services team offers phone, video, andCTPF offers quarterly Town Hall webinars which share in-person counseling appointments. Call Member Servicesup-to-date information about the Fund and its operations. at 312.641.4464 or email memberservices@ctpf.org toThe webinars generally last about 40 minutes and require request an appointment. Note: Walk-in appointments areregistration in advance. Recordings of previous Town Hall not accepted. Visitors need to be added to the buildingsWebinars are available on demand at ctpf.org. The next security list in advance of their visit. Visit ctpf.org/office- webinar will be Thursday, September 28, 2023, at 4:00 p.m. information to prepare for your visit. Register for all webinars at ctpf.org/calendar. NEW TRUSTEE APPOINTED CTPF WELCOMES TANYA WOODS TO THE BOARD OF TRUSTEES The Chicago Board of Education has appointed Tanya Woods to the Chicago Teachers Pension Fund (CTPF) Board of Trustees. Trustee Woods was sworn in during the Board of Trustees meeting on August 17, 2023. Woods term will run through October 31, 2023, and includes a reappointment on November 1, 2023, for a term ending in January 2025.We welcome Trustee Woods to the Board of Trustees, said Carlton W. Lenoir, Sr., Executive Director. Her passion and expertise will help sustain and strengthen CTPFs mission and we look forward to working with her. Trustee Woods is the Executive Director of the Westside Justice Center, a non-profit holistic legal aid clinic in East Garfield Park. She is also the principal of her law practice and a certified Mediator and Trainer at the Center for Conflict Resolution. Woods also is an adjunct faculty member at Loyola University School of Law, her alma mater. Throughout her accomplished legal career, Trustee Woods has sought out opportunities to collaborate with change agents and visionaries, working to advance fairness and equity under the law. Trustee Woods earned her J.D. from Loyola University School of Law and a Bachelor of Arts in Political Science from Northwestern University. She is the parent of two CPS graduates. 7'