Connecticut Retirement Plans and Trust Funds May 15, 2020

x $6.3 billion investment grade fixed-income portfolio (as of March 31, 2020) » Open-end institutional commingled mutual fund registered under Investment Company Act of 1940 and regulated under the federal securities laws administered by the U.S. Securities and Exchange Commission » Monthly unit valuation and income distribution –independent third-party pricing x Record of consistent and competitive returns » 25 out of 27 years outperforming its benchmark on a gross basis, 16 of those years on a net basis x Investment strategy » With its focus on high credit quality multifamily mortgage securities, the portfolio is designed to generate competitive risk adjusted returns versus its benchmark, the Bloomberg Barclays US Aggregate Bond Index, by providing: ▪ a higher income ▪ a superior credit profile ▪ a similar interest rate risk 1 Features of the HIT As of March 31, 2020, unless otherwise denoted HIT'snetperformanceforthe1-,3-,5-,and10-yearperiodsendedApril30,2020was9.66%,4.60%,3.41%,and3.72%,respectively.Theperformancedataquotedrepresentspastperformanceandisnoguaranteeoffutureresults.Periodsoveroneyearareannualized.InvestmentresultsandprincipalvaluewillfluctuatesothatunitsintheHIT,whenredeemed,maybeworthmoreorlessthantheoriginalcost.TheHIT’scurrentperformancemaybelowerorhigherthantheperformancedataquoted.Performancedatacurrenttothemostrecentmonth-endisavailablefromtheHIT’swebsiteatwww.aflcio-hit.com.GrossperformancefiguresdonotreflectthedeductionofHITexpenses.NetperformancefiguresreflectthedeductionofHITexpensesandaretheperformancefiguresinvestorsexperienceintheHIT.InformationaboutHITexpensescanbefoundonpage1oftheHIT’scurrentprospectus.

*Letter from George Meany, President, AFL-CIO, dated March 23, 1964 regarding the establishment of a Mortgage Investment Trust and Auxiliary Housing Corporation at p.2 (the “Meany Letter”). The Meany Letter is available on the HIT’s website at https://www.aflcio-hit.com/wp-content/uploads/2019/10/meany_letter.pdf. x Opened doors in 1984 (successor to the Mortgage Investment Trust, started in 1965). x Created by the AFL-CIO Executive Council under President George Meany’s leadership. » Established to encourage and assist development of lower income housing while creating employment for the construction trades » “A massive attack would be made to meet America’s tremendous unmet housing needs”, George Meany* x 100 percent union labor requirement for all construction related investments. Cherry Street Lofts Bridgeport, CT Elizabeth Seton Pediatric Center Yonkers, NY 2 Gateway NorthLynn, MA History of the HIT

Objectives Strategy Core Competency x Generate competitive risk-adjusted fixed-income total returns versus the Bloomberg Barclays US Aggregate Bond Index. xGenerate employment for union members in the construction trades and related industries. xSupport housing construction including affordable and workforce projects. x Specialize in directly sourced multifamily mortgage backed securities (MBS) that create jobs and affordable housing. xMultifamily MBS tend to provide an income advantage compared to other securities with comparable credit and interest rate risk. xOffer diversification benefits to investors. x Construct and manage a portfolio with: »superior credit quality »higher yield »similar interest rate risk relative to the Barclays Aggregate HIT Objectives and Strategy 3

4 Multifamily Focus: Attractive Spreads x Multifamily construction-related loan spreads provide an attractive opportunity for risk adjusted returns relative to other investment grade sectors as spreads are near historically wide levels relative to Treasuries. x Construction-related GNMA MBS convert to permanent MBS, with the potential for significant price appreciation. 20 70 120 170 220 270 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Spreads to 10-Year Treasury in Basis Points Historical Multifamily Spreads March 2017-March 2020 Ginnie Mae Permanent Ginnie Mae Construction/Permanent Fannie Mae Multifamily 10/9.5 DUS Investment Comparison As of March 31, 2020 Investment Type Effective Duration (Years) Effective Convexity Yield (%) Spread to 10-Yr (bps) 10 Year UST 9.28 0.47 0.70% 0 GNMA Construction/Permanent 9.17 0.50 3.02% 232 GNMA Permanent 8.30 0.40 2.12% 142 Agency CMBS (gnr 2018-170 be) 7.36 0.63 1.90% 121 FNMA Multifamily 10/9.5 DUS 8.14 0.39 1.62% 92 UMBS 2.5% 30yr MBS 2.70 -3.99 2.18% 149 GNMA 2.5% 30yr MBS 3.58 -2.38 1.69% 100 Barclays AAA Corporate Index 11.85 2.44 2.13% 144 Source: HIT and Securities Dealers

Plan types include pension, health & welfare, annuity, among others. $2,184.1834% $767.4712% $1,055.0217% $1,778.3928% $556.689% Investors at a Glance (as of 3/31/2020) $ in Millions Building Trades - Local (251) Building Trades - National (20) Industrial - Other (50) Public (13) Service (33) Investor Profile: 367 Investors InvestorsshouldconsidertheHIT’sinvestmentobjectives,risksandexpensescarefullybeforeinvesting.AprospectuscontainingmorecompleteinformationmaybeobtainedfromtheHITbycallingtheMarketingandInvestorRelationsDepartmentcollectat02-331-8055orbyviewingtheHIT’swebsiteatwww.aflcio-hit.com.Theprospectusshouldbereadcarefullybeforeinvesting. 5

HIT vs. Benchmark: Fundamentals HIT Barclays Agg AAA Index HIT Barclays Agg AAA Index Higher Credit Quality Similar Interest Rate Risk U.S. Government/ Agency/AAA/Cash 93.3% 73.1% 100% Effective Duration 5.64 5.86 4.90 A & Below/Not Rated 1.92% 23.6% 0% Convexity 0.22 0.19 0.15 Higher Yield LowerPrepayment Risk Current Yield 3.02% 2.87% 2.56% Prepayment Protection 77% 73% 64% Yield to Worst 2.05% 1.63% 0.92% No Prepayment Protection 23% 27% 36% AAAIndexrepresentstheAAAComponentoftheBloombergBarclaysUSAggregateBondIndex. ThecalculationoftheHITyieldhereinrepresentsawidelyacceptedportfoliocharacteristicbasedoncouponrateandcurrentpriceandisnotcurrenyieldorotherperformancedataasdefinedbytheSECinRule482. As of March 31, 2020 6

39.6% 4.8% 2.2% 50.7% 0.8% 1.9% Cash & Cash Equivalents AAA Agency (including Fannie & Freddie) US Government (including Treasury, FHA & Ginnie) AA Average Quality (State Housing Bonds) Not Rated (Direct Loans) Credit Quality* As of March 31, 2020 * Based on total investments and including unfunded commitments. 93% Government/ Agency/AAA/Cash High Credit Quality 7

* Based on total investments and including unfunded commitments. ** Includes 4.8% FN DUS SARM allocation 13.7% 0.3% 1.6% 12.3% 65.1% 1.7% 0.8% 4.4% Short Term Treasury Construction-Related MF Investments AAA Private-Label CMBS 30-Year SF MBS Permanent MF MBS** 15-Year SF MBS ARMS/floaters SF MBS Sector Allocation* As of March 31, 2020 8 77% Multifamily Overweight to Multifamily Sector

3.50% 8.94% 4.94% 3.57% 4.13% 3.43% 8.60% 4.54% 3.17% 3.70% 3.15% 8.93% 4.82% 3.36% 3.88% 5.81% 10.49% 5.06% 3.36% 3.54% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% YTD 1-year 3-year 5-year 10-year HIT Gross HIT Net Barclays Aggregate AAA Index Annualized Total Returns vs. Benchmark and AAA Index As of March 31, 2020 Theperformancedataquotedrepresentspastperformanceandisnoguaranteeoffutureresults.Periodsoveroneyearareannualized.InvestmentresultsandprincipalvaluewillfluctuatesothatunitsintheHIT,whenredeemed,maybeworthmoreorlessthantheoriginalcost.TheHIT’scurrentperformancemaybelowerorhigherthantheperformancedataquoted.Performancedatacurrenttothemostrecentmonth-endisavailablefromtheHIT’swebsiteatwww.aflcio-hit.com.GrossperformancefiguresdonotreflectthedeductionofHITexpenses.NetperformancefiguresreflectthedeductionofHITexpensesandaretheperformancefiguresinvestorsexperienceintheHIT.InformationaboutHITexpensescanbefoundonpage1oftheHIT’scurrentprospectus. AAA Index represents the AAA Component of the Bloomberg Barclays US Aggregate Bond Index. HIT Performance Relative to Benchmark 9

10 Average Annual Total Returns vs. Benchmark Calendar Year Returns as of Year-End 8.60% 12.04% 4.17% 4.59% 3.03% 5.08% 7.14% 5.68% 6.73% 6.62% 8.34% 4.71% -1.95% 6.56% 1.58% 2.35% 3.58% 0.58% 8.15% 8.21% 11.64% 3.78% 4.20% 2.64% 4.65% 6.70% 5.25% 6.28% 6.16% 7.86% 4.27% -2.37% 6.10% 1.13% 1.94% 3.17% 0.16% 7.78% 8.44% 10.25% 4.10% 4.34% 2.43% 4.33% 6.97% 5.24% 5.93% 6.54% 7.84% 4.22% -2.02% 5.97% 0.55% 2.65% 3.54% 0.01% 8.72% -3% -1% 1% 3% 5% 7% 9% 11% 13% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 HIT Gross HIT Net Barclays Aggregate HIT'snetperformanceforthe1-,3-,5-,and10-yearperiodsendedApril30,2020was9.66%,4.60%,3.41%,and3.72%,respectively.Theperformancedataquotedrepresentspastperformanceandisnoguaranteeoffutureresults.Periodsoveroneyearareannualized.InvestmentresultsandprincipalvaluewillfluctuatesothatunitsintheHIT,whenredeemed,maybeworthmoreorlessthantheoriginalcost.TheHIT’scurrentperformancemaybelowerorhigherthantheperformancedataquoted.Performancedatacurrenttothemostrecentmonth-endisavailablefromtheHIT’swebsiteatwww.aflcio-hit.com.GrossperformancefiguresdonotreflectthedeductionofHITexpenses.NetperformancefiguresreflectthedeductionofHITexpensesandaretheperformancefiguresinvestorsexperienceintheHIT.InformationaboutHITexpensescanbefoundonpage1oftheHIT’scurrentprospectus.

11 HIT’s Performance Is Similar to the Benchmark RollingannualreturnsshowahighcorrelationwiththeBarclaysAggregate, buttendtoexceedthebenchmarkduringperiodsofeconomicweakness HIT vs. Barclays Aggregate Performance Rolling Annual Returns on a Monthly Basis -3% 0% 3% 6% 9% 12% 15% Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 HIT Gross Barclays Aggregate HIT'snetperformanceforthe1-,3-,5-,and10-yearperiodsendedApril30,2020was9.66%,4.60%,3.41%,and3.72%,respectively.Theperformancedataquotedrepresentspastperformanceandisnoguaranteeoffutureresults.Periodsoveroneyearareannualized.InvestmentresultsandprincipalvaluewillfluctuatesothatunitsintheHIT,whenredeemed,maybeworthmoreorlessthantheoriginalcost.TheHIT’scurrentperformancemaybelowerorhigherthantheperformancedataquoted.Performancedatacurrenttothemostrecentmonth-endisavailablefromtheHIT’swebsiteatwww.aflcio-hit.com.GrossperformancefiguresdonotreflectthedeductionofHITexpenses.NetperformancefiguresreflectthedeductionofHITexpensesandaretheperformancefiguresinvestorsexperienceintheHIT.InformationaboutHITexpensescanbefoundonpage1oftheHIT’scurrentprospectus.

x Remote operations since March 10, 2020 to ensure staff safety and protect public, drawing on Business Continuity Plan successfully tested in December 2019 x All business operations performing smoothly (i.e., trade settlements, construction draw funding, accounts payable, payroll), with continuous cybersecurity monitoring and no interruption x As COVID-19 subsides, the HIT is ready to be a catalyst to help working families and spur growth by leveraging labor’s capital to create union jobs and affordable housing –essential elements of the economic recovery –just as it did following the 2008 and 9/11/2001 crises COVID-19 UPDATE: Seamless operations in pandemic and positioning to support the recovery 12

Erica KhatchadourianChief Financial Officer 25+ years of experience in accounting for financial transactions, general and personnel management and policy development, with 26 years at the HIT Chang SuhCEO/Co-ChiefPortfolio Manager 20+ years of experience in the financial services industry, specializing in the commercial mortgage industry and 21 years at the HIT Nick MilanoGeneral Counsel 20+ years of experience in the financial services sector, with 9 years at the HIT Lesyllee WhiteChief Marketing Officer 20+ years of experience in the financial services industry, with 19 years at the HIT Michael CookCo-Chief Portfolio Manager 15 years of experience managing, trading and structuring investments at the HIT Leadership Team Ted ChandlerManaging Director, Regional Operations 30+ years of experience in housing finance and community development, including 15 years at Fannie Mae and 10 years at the HIT John HanleySenior Managing Director 30+ years of experience investing union pensionfunds in commercial real estate developments, including 13 years at National Real Estate Advisors and 14 years at the HIT. Corinne Smith Chief of Staff/Special Counsel 30+ years of management and legal experience in transactional, operational compliance and policy matters with 7+ years at the HIT 13

14 Active Risk Management x Portfolio Management Committee » Sets portfolio macro-strategy, oversees portfolio management function, monitors trading matters, and approves counterparties, among other duties x Valuation Committee » Oversees HIT’s valuation process, including review of the reliability of pricing by independent sources, appropriateness of valuation methodologies, determination of fair value under Board-approved policies and procedures » Oversees HIT’sliquidity risk management program, including the liquidity classification of the portfolio assets, with the assistance of an independent party x Investment Committee » Reviews and approves all commitments related to internally sourced construction transactions » Board of Trustees Executive Committee also required to approve all such transactions greater than $75 million

Construction-Related Multifamily Investment Process INVESTMENT COMMITTEE Reviews information on all construction-related multifamily and healthcare investments for the portfolio Reviews pricing provided Approves transactions for investment or recommends transactions to Executive Committee, if required INVESTMENT MANAGEMENT TEAM IDENTIFY PROJECTS Mortgage Bankers Developers Housing Finance Agencies Community Organizations Labor Community City Representatives EXECUTIVE COMMITTEE OF BOARD OF TRUSTEES Reviews and approves or disapproves PORTFOLIO MANAGER Rate lock after issuance of agency (e.g., FHA/Fannie Mae/HFA) commitment INVESTMENT MANAGEMENT TEAM ANALYZE PROJECTS Development Team Financial Analysis Market Analysis Property Characteristics Project Status Labor Concurrence Third-Party Reports Site Visits UNDERWRITING Financial Analysis Market Review Mortgage Credit Sponsor/Management $75M or over under $75M 15

Multifamily Housing Demand Remains Strong Decline in Business Hiring (change in nonfarm payrolls) Construction Spending (monthly change) ▪ 40 million Americans live in multifamily apartments and that number could rise after the economy reopens post COVID-19. ▪ Construction declined significantly in February, but rose slightly in March 2020. Construction spending is expected to continue to be impacted by the spread of the illness, social distancing and shortages of materials. Post crisis, construction is expected to rebound. ▪ Record unemployment insurance filings and a severe contraction of business hiring shouldfavor renting over owning. ▪ The federal government and most state governments have temporarily banned evictions. Source: National Multifamily Housing Council; US Census Bureau -800 -600 -400 -200 0 200 400 600 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 -40000 -30000 -20000 -10000 0 10000 20000 30000 40000 2019 -Jul 2019 -Aug 2019 -Sep 2019 -Oct 2019 -Nov 2019 -Dec 2020 -Jan 2020 -Feb 2020 -Mar Total Costruction Spending Residential Construction Spending As of March 31, 2020, unless otherwise denoted 16

17 Interest Rate Environment Yield Curve Market Inflation Expectations Economic Indicators 9/30/2019 12/31/2019 3/31/2020 GDP (seasonally adj. annual rate) 2.1% 2.1% -4.8% Unemployment Rate 3.6% 3.5% 4.4% Core Inflation (Personal Consumption Expenditures (PCE) less food and energy) yearly basis 1.7% 1.6% 1.7% Effective Federal Funds Rate 2.0% 1.6% 0.7% Source: Bureau of Economic Analysis, Bureau of Labor Statistics, Federal Reserve Board 2.488 2.511 2.586 2.684 3.015 1.569 1.691 1.831 1.917 2.39 0.246 0.38 0.541 0.669 1.321 0 0.5 1 1.5 2 2.5 3 3.5 2 5 7 10 30 12/31/2018 12/31/2019 3/31/2020 0.1 0.3 0.5 0.7 0.9 1.1 1.3 1.5 1.7 1.9 0.4 0.9 1.4 1.9 2.4 2.9 10-Year Treasury Yield (left axis) 5x5 Year Breakeven Inflation (right axis)

18 Capital Market Outlook x Inthistimeoffinancialandeconomicuncertainty,theHITstandsready–asithasinpastcrises–toputlabor’scapitaltoworkinhighcreditqualityconstructionmultifamilyprojects,creatingmuchneededjobsandbenefitsfortheunionswhilegeneratingacompetitive,attractiveincomeforitsinvestors. x There are historic levels of uncertainty and volatility as markets process the impact of sudden economic halts. The longer term effects of the virus on the financial markets and the broader economy are unknown since this magnitude of a global health crisis has never been seen before. x This is not a normal market environment. Investors should be prepared for an extended period of extraordinary high levels of volatility. x Governments and global central banks have responded to the deterioration in financial conditions with record amounts of monetary stimulus –cutting interest rates and rapidly expanding asset purchases and government spending to get essential resources to those in need. x The Federal Reserve, with target rates at 0-0.25%, has announced expanded authorities to lend and purchase securities in sectors that previously have not been part of their balance sheet: state and local municipalities, investment grade and speculative grade corporate bonds, small business loans, and other high grade structured bonds backed by commercial real estate. x Fiscal and monetary policy stimulus limited the damage to financial risk markets. However, the future uncertainty surrounding economic output, unemployment, disinflation and spikes in volatility across risk markets could remain very high.

HIT’s Long History of Impact Investing Successful history as a fixed income impact investor incorporating Environmental, Social, and Governance (ESG) factors into its investment strategy and signatory of the United Nations-supported Principles for Responsible Investment (PRI) NATIONWIDE ECONOMIC IMPACT OFINVESTMENTS* (1984-present) Cote Village Boston, MA Gateway Northeast Minneapolis, MN Project 29 (Church + State) Cleveland, OH 18thSixth Avenue at Pacific Park Brooklyn, NY 533 $8.7B $16.5B $32.9B $13.3B 178.3M 193,729 117,005 Projects in HIT Investment, $170.5M in New Market Tax Credit (NMTC) allocations in totaldevelopment cost in total economic benefits in personal income, including wages and benefits with $6.7B for construction workers hours of on-site union construction work created total jobs generated across communities housing and healthcare units, with 67% affordable housing 19 *Source:PinnacleEconomics,Inc.,andHIT.JobandeconomicimpactsprovidedareestimatescalculatedusingIMPLAN,aninput-outputbasedonHITandsubsidiaryBuildingAmericaprojectdata.DatacurrentasofMarch31,2020.Economicimpactdataisin2019dollarsandallotherfiguresarenominal.

20 ^Inaddition,HITsubsidiaryBuildingAmericacontributedNMTCallocationsasfollows:$21MinBoston,$10MinChicago,$8MinNYC, $170.5MNationwide (1984-2019) Bay Area Boston Chicago New York City Twin Cities Major Markets Nationwide #of Projects 19 34 51 68 66 238 533 HIT Investment^ $396.1M $588.7M $638.8M $1.8B $1.1B $4.5B $8.7B Total Development Cost $691.6M $1.5B $1.5B $4.4B $1.7B $9.8B $16.5B Union Construction Hours 9.1M 12.2M 17.8M 24.2M 17.2M 80.4M 178.3B Total Jobs Created 9,172 13,901 17,718 26,220 21,082 88,093 193,729 Housing Units (% affordable) 3,231 (34%) 4,062 (88%) 11,727 (69%) 42,353 (92%) 9,649 (46%) 71,022 (79%) 117,005 (67%) Total Economic Impact $1.6B $2.7B $2.9B $4.7B $3.5B $15.4B $32.9B HIT’s Investment in Major Markets* *Source:PinnacleEconomics,Inc.,andHIT.JobandeconomicimpactsprovidedareestimatescalculatedusingIMPLAN,aninput-outputbasedonHITandsubsidiaryBuildingAmericaprojectdata.DatacurrentasofMarch31,2020.Economicimpactdataisin2019dollarsandallotherfiguresarenominal.

21 x Documentation –100% union labor requirement laid out in legal documents, signed by General Contractor and Developer. x Monitoring and Enforcement –Labor Relations ensures compliance and solves issues that may arise. x Measurement–work hours measured and reported for every project. Union Labor Policies Success is Measured in the Implementation

HIT: Cycle of Sustainable, Responsible Investment through guaranteed securities Construction securities help provide competitive returns 22 HIT finances projects primarily through guaranteed securities HIT investments provide competitive returns Construction projects generate family-supporting union jobs, hours of work and benefits Union Pension Plan invests in HIT Union workers contribute to pension funds

The HIT seeks to offer investors: x Competitive Returns x High Credit Quality x Highly Liquid Investment x Value Added –Collateral Benefits: » Union Construction Jobs, Affordable Housing, Economic Impact Competitive Returns and Collateral Benefits Through Directly Sourced Multifamily Investments 23 95 Saint Alphonsus Street Apartments, Boston, MA 1490 Southern BoulevardBronx, NY Old Colony Phase Three ABoston, MA

www.aflcio-hit.com AFL-CIO Housing Investment Trust 2401 Pennsylvania Avenue, NW, Suite 200 Washington, DC 20037 (202) 331-8055 InvestorsshouldconsidertheHIT’sinvestmentobjectives,risksandexpensescarefullybeforeinvesting.AprospectuscontainingmorecompleteinformationmaybeobtainedfromtheHITbycallingtheMarketingandInvestorRelationsDepartmentcollectatrbyviewingtheHIT’swebsiteatwww.aflcio-hit.com.Theprospectusshouldbereadcarefullybeforeinvesting. Thisdocumentcontainsforecasts,estimates,opinions,and/orotherinformationthatissubjective.Statementsconcerningeconomic,financial,ormarkettrendsarebasedoncurrentconditions,whichwillfluctuate.Thereisnoguaranteethatsuchstatementswillbeapplicableunderallmarketconditions,especiallyduringperiodsofdownturn.Itshouldnotbeconsideredasinvestmentadviceorasarecommendationofanykind. Lesyllee White, Chief Marketing Officer lwhite@aflcio-hit.com