1. Prepared by: 300 Ledgewood Place, Ste 101 Rockland, MA 02370 Toll Free 1-877-878-9810 FAX (781) 878-9894 www.fncadvisor.com Massachusetts Association of REALTORS Investment Portfolio Review As of 8/31/2014 1

2. Overview of General Investment Account Allocations TargetActual InvestmentPermitted Range (IPS) MAR**PPPF Money Market0-50%9.4%1.6% Fixed-Income (% of Fixed Income that is Foreign) 50-100% (20%) 73.8% (6%) 76.2% (8%) Equity0-25%*16.8%22.2% * Investment committee authorized exceeding 20% ** Includes $2.185M proceeds from building sale As of 8/31/14 2

3. TargetActual InvestmentPermitted Range (IPS) Strategic Investment Money Market0-40%7.8% US Fixed-Income20-80%22.8% Foreign Fixed-Income0-20%3.6% US Equity20-50%43.1% Foreign Equity0-35%22.7% Overview of Strategic Investment Account Allocation As of 8/31/14 3

4. Account Performance YTD 8/31/14 MAR/General Investment*+2.6% PPPF*+4.3% Benchmark: Barclays Capital 1-3 Year Gov’t Bond Index +0.5% * Net of Fees IndexYTD 8/31/14 Barclays Capital 1-3 Year Gov’t Bond Index +0.5% Barclays Capital Aggregate Bond Index +4.8% S&P 500 Index+9.9% MSCI EAFE Index+2.6% YTD 8/31/14 SIA*+6.7% Blended Benchmark: (50% Barclays Capital Aggregate Bond; 35% S&P 500; 15% MSCI EAFE) +6.3% As of 8/31/14 4

5. Account Summary YTD 8/31/14 General InvestmentPPPFSIA Beginning Value$ 3,328,975$ 1,163,661$ 1,602,829 Dividends & Interest 58,718 14,121 26,122 Fees & Expenses(15,033) (4,411) (6,546) Capital Appreciation 62,511 38,938 87,534 Change in Accrued Interest (2,930) 628 0 Investment Gain/Loss103,26649,276107,110 Net Contributions*2,835,567(26,792)0 Ending Value*$6,267,808$1,186,145$1,709,939 Accrued Interest--The interest due on a bond or other fixed-income security that is paid by a borrower to a lender for the use of funds. When a bond is sold on the secondary market, the buyer pays the seller the market price plus accrued interest. As of 8/31/14 * Inclusive of $2,185M Building Proceeds 5