Harnessing Union Capital Creating Equitable Opportunities Presented to American Federation of Teachers March 10, 2022 18 th Sixth Avenue at Pacific Park Brooklyn, NY

Agenda x Intro to HIT x Investing Pension Capital Responsibly ▪ Generate Returns ▪ Affordable housing ▪ Job Creation ▪ Great careers for union members ▪ Benefitting underserved communities 1

AFL - CIO Housing Investment Trust x $7.1 billion investment grade fixed - income portfolio x Opened doors in 1984 (successor to the Mortgage Investment Trust, started in 1965) x Created to pool together pension capital to: ▪ Encourage development of lower income housing while creating employment for the construction trades ▪ Prudently invest in fixed income mortgage investments x Mission to produce competitive returns as a socially responsible investment vehicle x Outperformed its benchmark 22 out of 25 calendar years on a gross basis, 14 years on a net basis x Investment strategy focused on high credit quality multifamily mortgage securities ▪ Higher income with superior credit quality and similar interest rate risk ▪ Provides diversification and liquidity x Affordable housing creation and preservation x Creating union construction jobs x In its 35 - year history, the HIT has proven its ability to achieve competitive fixed - income returns for working people, and improving the nation’s housing stock, fostering community development, and creating good union jobs As of December 31 , 2021 , unless otherwise denoted . HIT's net performance for the 1 - , 3 - , 5 - , and 10 - year periods January 31 , 2022 was - 2 . 34 % , 3 . 39 % , 2 . 77 % , and 2 . 44 % , respectively . The performance data quoted represents past performance and is no guarantee of future results . Periods over one year are annualized . Investment results and principal value will fluctuate so that units in the HIT, when redeemed, may be worth more or less than the original cost . The HIT’s current performance data may be lower or higher than the performance data quoted . Performance data current to the most recent month - end is available from the HIT’s website at www . aflcio - hit . com . Gross performance figures do not reflect the deduction of HIT expenses . Net performance figures reflect the deduction of HIT expenses and are the performance returns that HIT’s investors obtain . Information about HIT expenses can be found on page 1 of the HIT’s current prospectus . 2

Impact Investing Labor’s Pension Capital – Returns and ESG Benefits x Affordable housing projects are safe investments x ESG benefits include ▪ Financing affordable housing ▪ Creating union construction jobs ▪ Promoting apprenticeship programs and building career paths – provide an alternative to college ▪ Increasing economic equity and security x People of color are more likely to have lower incomes and to rent rather than own – the geographic concentration of rental housing perpetuates racial and socioeconomic segregation 3

Job Creation x Longstanding inequities in education and labor markets limit earnings of households of color, perpetuating racial and ethnic disparities x Need for affordable rental housing and sustainable, equitable job creation by leveraging long term responsible investment capital from pension funds for construction and permanent debt financing x Incentivize communities and developers to make a long - term commitment to both affordable housing construction and responsible workforce development through the construction of affordable housing with a skilled and trained workforce x Developments involving contracts or subcontracts for entry into construction careers via state - registered apprenticeship programs, including utilization of nationally - recognized apprenticeship readiness programs and curriculum 4

566 $10.0 B $18.6 B $36.5 B $15.0 B 189.9 M 212,060 123,339 Projects in HIT Investment, including New Markets Tax Credits (NMTC) allocations in total development cost in total economic benefits in personal income, including wages and benefits with $7.6B for construction workers hours of on - site union construction work created total jobs generated across communities housing and healthcare units, with 67% affordable housing HIT’s Long History of Impact Investing NATIONWIDE ECONOMIC IMPACT OF INVESTMENTS * (1984 - present) Ventana Residences San Francisco, CA Heiwa Terrace Apartments Chicago, IL 311 West 42 nd Street New York, NY Covenant Place II St. Louis, MO 5 *Source : Pinnacle Economics, Inc . , and HIT . Job and economic impacts provided are estimates calculated using IMPLAN, an input - output model based on HIT and HIT subsidiary Building America CDE, Inc . project data . Data current as of December 31 , 2021 . Economic impact data is in 20 20 dollars and all other figures are nominal .

Strong Multifamily Housing Demand Dwarfs Supply x Multifamily vacancy rate hit a record - low of 2.5% at year - end, down from a pandemic peak of 5.4% at the start of the year x Chronic underbuilding during the Great Recession has constrained apartment supply at a time when demand is increasing for apartment living x Rise in demand fueled by household formation, job and wage growth and sharply rising home prices x Renter household growth accelerated over the last year, climbing by more than 870,000 to a total of 44 million x U.S. apartments posted record - breaking 2021 rent growths. Asking rents grew a record 11.9% in 2021 – the highest growth rate on record since REIS/Moody’s began publishing the data in 1999 Source: CBRE; Joint Center for Housing Studies Harvard University; REIS/Moody’s. Apartment Rents Net Household Formation (in Thousands) 0 500 1000 1500 2000 2500 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1,000 1,050 1,100 1,150 1,200 1,250 1,300 1,350 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 6

0 5 10 15 20 25 30 35 0 2 4 6 8 10 12 14 2011 2012 2013 2014 2015 2016 2017 2018 2019 Number of Low-Rent Units Low-Rent Units as Share of Rental Stock (Right scale) The U.S. Faces an Affordable Housing Crisis x COVID - 19 pandemic has exacerbated the existing affordability crisis and the financial fallout from the ongoing public health crisis threatens the housing security of millions of struggling households x Much of the country lacks a sufficient supply of affordable rentals, particularly for extremely low - income households x Extremely low - income renters face a shortage of 7 million rental units in the U.S.; only 37 affordable homes exist for every 100 extremely low - income 7 Notes: Low - rent units have contract rents under $600. Rents are inflated to 2019 dollars using the CPI - U Less Shelter. No - cash u nits are excluded. Source: JCHS tabulations of US Census Bureau, American Community Survey 1 - Year Estimates. The Stock of Low - Rent Units Continues to Shrink Units Renting for Under $600 (Millions) Share of Rental Stock (Percent)

Even in the Most Affordable States, More than a Third of Renters Face Cost Burdens 8 Notes: Cost - burdened households pay more than 30% of income for housing. Households with zero or negative income are assumed to be burdened, while households paying no cash rent are assumed to be without burdens. Source: JCHS tabulations of US Census Bureau, 2019 American Community Survey 1 - Year Estimates. Share of Cost - Burdened Renters (Percent) Under 40 (Down to 38) 40 – 44 45 – 49 50 and Over (Up to 54)

x Low Income Housing Tax Credits (LIHTC) program provides tax credits to finance affordable housing ▪ primary subsidy to build affordable housing ▪ a lmost every affordable deal has LIHTC equity to cover the gap between the construction cost and rental income stream on affordable apartments ▪ supported more than 2 . 5 million low - income units since its inception in 1986 x Other Subsidies — LIHTC is still generally not enough to cover the difference . Most affordable deals have upwards of 3 - 5 additional sources of low - cost capital ▪ CDBG/HOME Funds ▪ State and Local affordable housing programs ▪ Brownfield loans/subsidies ▪ Tax Abatements ▪ Historic tax credits x Why Do Affordable Projects Need Subsidy? x Construction cost exceeds the permanent debt level that a rental project can afford . Subsidies bridge the gap How Affordable Housing is Financed – Subsidies are Key Source: Joint Center for Housing Studies Harvard University. 9

LIHTC – Safe Investments x The Demand for Affordable Housing Greatly Exceeds the Subsidy to Build It ▪ For every 100 extremely low - income households, there are only 29 adequate, affordable and available units ▪ LIHTC demand by developers generally exceeds supply of credits by 3 - to - 1, with ratios closer to 5 - to - 1 in large states like California and Texas ▪ Highly competitive and regulated process for developers to obtain an award x LIHTC Projects are Generally Safe Investments ▪ The default rate on LIHTC projects overall is <1% ▪ HIT has never had a default ▪ For other projects, median year of default is year 11 (after tax credit expires) 10

HIT - Financed Projects Committed/In Construction, as of January 31, 2022 11 Job and economic impact figures are estimates calculated using IMPLAN, an input - output model, based on HIT and HIT subsidiary Building America project data . Data is current as of January 31 , 2022 . Economic impact data is in 2020 dollars and all other figures are nominal . This table provides information about projects financed by the HIT that were pre- or under construction as of the date of this report . Projects are included until they reach permanent loan status . The projects shown on this table may not reflect HIT’s current portfolio for any or all of the following reasons : (i) the assets related to the project(s) shown on this table may no longer be held in the HIT’s current portfolio ; (ii) other assets in the HIT’s current portfolio may have characteristics different from those shown on this table ; and (iii) this table is not a complete list of all the projects financed by the HIT as of the date of this report .

HIT Union - Affiliated Projects Project Names Units HIT Commitment City, State Casa Del Pueblo 165 $ 24,982,000 San Jose, CA Gabilan Plaza Phases 1 & 2 200 $ 16,820,900 Salinas, CA Rolla Apartments 150 $ 5,188,300 Rolla, MO Amalgamated Warbasse Houses 2,583 $ 33,393,400 Brooklyn, NY Harry Silver 288 $ 8,000,000 Brooklyn, NY Penn South 2,820 $ 134,000,000 Manhattan, NY Electchester Housing 2,399 $ 49,000,000 Queens, NY Pinzone Towers 100 $ 6,583,800 Rocky River, OH Ya Po Ah Terrace (Condo A) 109 $ 7,405,000 Eugene, OR Ya Po Ah Terrace (Condo B) 112 $ 7,879,300 Eugene, OR Westmorelands Union Manor 300 $ 25,927,400 Portland, OR Granada Senior Apartments 265 $ 37,610,590 San Antonio, TX Total 9,491 $356,790,690 BACDE Union - Affiliated Projects Project Name Units BACDE Commitment City, State Renaissance Village 16 $ 9,000,000 Welch, WV HIT Investment in Union - Affiliated Developments, 2011 - 2021 12

Wages not Keeping up with Inflation Source: Bureau of Labor Statistics 13 Change in Earnings vs CPI -4 -2 0 2 4 6 8 May-07 Jan-08 Sep-08 May-09 Jan-10 Sep-10 May-11 Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17 Jan-18 Sep-18 May-19 Jan-20 Sep-20 May-21 Jan-22 Percent Yearly Change Average Hourly Earnings Yearly Change CPI Yearly Change in Real Wages

Breakdowns of Inflation – YoY % change (as measured by CPI) Source: Bureau of Labor Statistics 14

Infrastructure Investment and Jobs Act x $1.2 trillion Infrastructure bill is historic – same needs to be done for affordable housing x Better roads, bridges and public transportation provide better access to existing and new communities x $65 billion earmarked for broadband expansion – increases access across the country and would help low - income families with internet payments by providing about $30 a month x $55 billion for water and wastewater quality, including $15 billion to replace lead pipes – benefits older parts of a community or inner cities where there are older infrastructure and pipes x $7.5 billion for a network of electric vehicle charging stations – increasing public access to EV charging stations would increase level of comfort with purchasing electric vehicles, lead to increase demand for charging stations in multifamily buildings x $3.5 billion for the Weatherization Assistance Program – reduce energy costs for more than 700,000 low - income households by increasing the energy efficiency of their homes 15

Federal Housing Policy Proposed Provisions x $ 10 billion increase in Low Income Housing Tax Credits x Reduction in minimum required tax - exempt financing, from 50 % of costs to 25 % x Neighborhood Homes Investment Act (homeownership and rehabilitation tax credit) x Public housing capital funding increase x Make New Markets Tax Credits permanent at $ 5 billion per year 16

Seek Support for Worker - Friendly Policies on Housing and Job Creation x Gain national, state and local executive legislative support for union - and affordable housing - friendly policies and programs x Incentivize communities and developers to make long - term commitment to affordable housing construction and responsible workforce development x Promote use of apprentices enrolled in state - registered joint labor/management apprenticeship programs, and contractors who have made a long - term commitment to registered apprenticeship programs x Leverage long term responsible pension fund investment to increase affordable rental housing and sustainable, equitable job creation 17

18 Granada Senior Apartments | San Antonio, TX HIT Investment: $37M Total Development Cost: $63M Hours of Union Construction Work: 321,480 Granada Trades Council Housing, an affiliate of the San Antonio Building and Construction Trades Council, has owned, managed, and operated the property since 1968 *Source : Pinnacle Economics, Inc . , and HIT . Job and economic impacts provided are estimates calculated using IMPLAN, an input - output model based on HIT and HIT subsidiary Building America CDE, Inc . project data . Data current as of Dec ember 31 , 2021 . Economic impact data is in 20 20 dollars and all other figures are nominal .

19 53 Colton Street | San Francisco, CA HIT Investment : $19M Total Development Cost: $53M Hours of Union Construction Work: 368,640 Spearheaded by United Association Local 38 Plumbers & Pipefitters *Source : Pinnacle Economics, Inc . , and HIT . Job and economic impacts provided are estimates calculated using IMPLAN, an input - output model based on HIT and HIT subsidiary Building America CDE, Inc . project data . Data current as of Dec ember 31 , 2021 . Economic impact data is in 20 20 dollars and all other figures are nominal .

20 Renaissance Village | Welch, WV NMTC Allocation : $9M Total Development Cost: $9.3M Hours of Union Construction Work: 98,950 Public - private partnership led by American Federation of Teachers *Source : Pinnacle Economics, Inc . , and HIT . Job and economic impacts provided are estimates calculated using IMPLAN, an input - output model based on HIT and HIT subsidiary Building America CDE, Inc . project data . Data current as of Dec ember 31 , 2021 . Economic impact data is in 20 20 dollars and all other figures are nominal .

www.aflcio - hit.com AFL - CIO Housing Investment Trust 1227 25 th Street, NW, Suite 500 Washington, DC 20037 (202) 331 - 8055 Investors should consider the HIT’s investment objectives, risks and expenses carefully before investing . Investors may view the HIT’s current prospectus, which contains more complete information, on its website at www . aflcio - hit . com and may obtain a copy from the HIT by calling the Marketing and Investor Relations Department collect at 202 - 331 - 8055 . Investors should read the current prospectus carefully before investing . This document contains forecasts, estimates, opinions, and/or other information that is subjective . Statements concerning economic, financial, or market trends are based on current conditions, which will fluctuate . There is no guarantee that such statements will be applicable under all market conditions, especially during periods of downturn . It should not be considered as investment advice or as a recommendation of any kind . Chang Suh, CFA CEO & CIO csuh@aflcio - hit.com