Attach D_REITS Firm Resources Questionnaire_.docx

ATTACHMENT D:

II. VOLUME 2 - PHASE 2 - TECHNICAL PROPOSAL: FIRM RESOURCE QUESTIONNAIRE

PLEASE RESPOND TO EACH OF THE QUESTIONS IN THE FORMAT BELOW

II. FIRM RESOURCES – Factor 3

Offerors shall provide responses to the questions listed below. Where tables are indicated as part of a question (Tables 14-16 below), please provide data in the attached Excel tables (Attachment F). The Excel tables in Attachment F are the required template to be completed by the Offeror.

A. STAFFING

If the entire research team used by your product was not listed in the staffing section of this proposal, please list them below with the requested biographical information.

1. List the total number of people employed by discipline as of 09/30/2025. Please utilize Table 14 in Attachment F for your response and include employees for the entire firm and for the REIT team.

2. Briefly describe your firm’s middle/back-office divisions covering operations, information technology, and portfolio accounting. Indicate which, if any, of these functions are outsourced. Provide an organizational chart of your firm’s middle/back-office divisions in an attachment. Provide a schematic of the reporting channel between back office and senior management in an attachment.

3. Describe your compliance function including reporting channels. Please provide an organization chart of your compliance department.

4. Indicate whether the REIT investment management capability was developed in-house or derived through acquisition of investment talent from another firm. If the latter, indicate when this occurred.

5. Who will be the client service officer assigned to the PBGC relationship and where are they located? Explain how the client service team assigned to the PBGC account would function, including lead person, back-up, quality control, and support services.

6. Utilizing Table 15 in Attachment F, provide a REIT investment professionals including names and titles. List all principal officers, portfolio managers, research analysts, and client service officers involved with the REIT equity product and provide biographies for each individual in an attachment. In a separate attachment provide a detailed organization chart of the REIT investment professionals including names, titles and reporting lines. In the Attachment 15 table, highlight the person(s) who would be responsible for PBGC’s account including the lead and back-up portfolio managers and client-service professional(s).

7. Please list all other products the investment professionals listed in Table 15 are also responsible for or associated with or provide advice for. Include number of clients and assets under management AUM) for each product.

8. Are there other investment professionals buying REIT equity securities that are not part of the team listed above, such as Global portfolio managers? If so, how do they interact with the team listed above? What is the amount of these REIT assets as of 9/30/2025?

9. Are the investment professionals listed above obligated to serve on other formal teams or committees (e.g., proxy voting committee, investment committee)? Describe the purpose of those teams/meetings, their frequency and duration.

10. Utilizing Table 16 in Attachment F, indicate when and why any investment personnel (i.e., portfolio managers, analysts, and traders) left or joined the firm in the last five years. List by asset class and function.

11. Describe your firm’s backup procedures and people involved in the event the strategic investment professionals assigned to this account should leave the firm.

12. Discuss your organization's compensation and incentive program for investment professionals, including details of how bonuses are determined. How are professionals evaluated and rewarded? What metrics are most important in determining compensation? What incentives are provided to attract and retain superior individuals? If equity ownership is possible, on what basis is it determined and distributed?

13. Provide samples of a standard client reporting package in an attachment (e.g., performance, strategy reviews, attribution, etc.)

14. Do you or your custodian distribute monthly electronic holdings and transaction reports to third party risk management systems providers and T-cost consultants? Would you have any problems doing this for PBGC?

15. What other communication and educational conferences are provided to clients (include a description and/or samples of white papers, conference agendas, etc.)?

16. Provide the resume for the individual who possesses the requisite five (5) years of experience investing in REIT equities in accordance with Section H.7 of this solicitation.