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Ullico Bulletin

Ullico Joins Coalition

In October, New York Governor Anthony Cuomo announced a $13 billion investment to support the redevelopment of JFK Airport, including the expansion of newer terminals, the relocation of older terminals and transformation of the roadways leading to the airport. It's one of the largest, private-public infrastructure projects in the world, and Ullico is a key financial partner. Ullico's participation is funded through the Ullico Infrastructure Fund (UIF).

As part of The Terminal One Team, Ullico joins an innovative coalition of airlines, labor, minority and women-owned businesses and strong financial partners committed to refurbishing the nation's aging infrastructure. UIF's "Responsible Contractor Policy" promotes that the project creates good- paying construction jobs for union members.

"This project will put thousands of union members to work for a long period of time, but it is more than just a jobs program. With union-financing in this deal, this is a partnership model that works for workers, management and investors. The Terminal One team, in line with the objectives outlined by Governor Cuomo and the Port Authority, went the extra mile to make sure this project is a winner for all parties," said Edward Smith, President and CEO for Ullico Inc.

"This project will put thousands of union members to work for a long period of time, but it is more than just a jobs program. With union-financing in this deal, this is a partnership model that works for workers, management and investors. The Terminal One team, in line with the objectives outlined by Governor Cuomo and the Port Authority, went the extra mile to make sure this project is a winner for all parties," said Edward Smith, President and CEO for Ullico Inc.

Construction is expected to begin early 2020 and finish during the second half of 2025, with the new terminal opening in phases to ensure uninterrupted gate capacity and a seamless transition, all while creating an estimated 30,000 direct, construction and spin-off jobs for the region over time.

The $13 billion project is one step in a plan initiated by Gov. Andrew Cuomo to increase infrastructure investment spending in New York: "It will provide thousands of good paying, middle class jobs, which is what this nation needs," Cuomo said during his announcement. "It will provide a generation of union jobs that have an apprentice program, and have benefits, and have safety, and have training."


J for Jobs Supports TWA Hotel

Ullico, through Union Labor Life's Separate Account J (known as 'J for Jobs') also committed to providing $35,000,000 to finance development of The TWA Flight Center Hotel and the rehabilitation of the Saarinen Terminal at JFK International Airport. The project includes the ground-up construction of two hotel towers, as well as the restoration and adaptive reuse of the iconic TWA Flight Center.

The hotel's amenity space and common areas will be housed in the TWA terminal, and each hotel tower will connect to the TWA terminal via enclosed walkways. The 7-story towers will house a total of 512 guestrooms, with views of JFK's runways and the TWA Flight Center.

"New York is a leading global city, with a powerful influence over worldwide commerce, finance, culture, fashion and entertainment. For these reasons, it remains an attractive destination for domestic and international travelers," said Herb Kolben, senior vice president of Union Labor Life's Real Estate Investment Group. "As an extension of JFK airport, the TWA Hotel will give travelers a place to rest after a hectic day of traveling or when they experience unanticipated flight cancellations."

The TWA Flight Center, first opened in 1962, was designed by renowned architect Eero Saarinen, who is also known for his work on the St. Louis Arch and Dulles International Airport. The TWA Flight Center at JFK was built under the management of Howard Hughes to physically represent the era's 'excitement of travel.' The space will be restored with restaurants, bars and retail outlets, including a cocktail lounge featuring "Connie," a 1958 Lockheed Constellation airplane.

Financed by The Union Labor Life Insurance Company through J for Jobs the loan was approved with the condition all construction will be built with union labor.

Since its inception, J for Jobs has funded over 80 projects in New York City, worth $5.2 billion. Over the last five years, these projects have created over 10,000 jobs, representing more than 20 million labor hours and $1.5 billion in personal income.

J FOR JOBS: Separate Account J ("the Fund") is offered through a group annuity contract issued by The Union Labor Life Insurance Company ("Union Labor Life") and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. The Fund will only be offered to qualified institutional and accredited investors. Investments in commercial mortgage loans secured by illiquid real estate are subject to additional risks including the potential inability of an investor to redeem units. The investment return and principal value of the Fund will fluctuate so that an investor's units, when redeemed, may be worth more or less than original cost. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments held by the Fund, thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the investments.

ULLICO INFRASTRUCTURE FUNDS: UIF is managed by Ullico Investment Advisors, Inc. ("UIA") and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. UIA is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended ("Act"). UIF will only be sold to "accredited investors" as that term is defined in Regulation D of the Securities Act of 1933. Investment in infrastructure is speculative, not suitable for all investors, and should be undertaken only by experienced and sophisticated investors who are willing to bear the high risks of such an investment, which include, but are not limited to, lack of liquidity, restrictions on transferring ownership to the Fund, absence of information regarding valuation and pricing, and high fees and expenses. Potential investors in the Fund should carefully read the Confidential Private Placement Memorandum for a description of the potential risks associated with investment in the Fund.

ECONOMIC IMPACT: Direct union impact figures provided by an economic impact study performed by Pinnacle Economics through input-output analysis utilizing IMPLAN modeling software. The study was performed using estimated project costs and union prevailing wage data from state departments of labor as provided by Ullico Investment Advisors, Inc. Jobs, Hours of Work and FTE figures reflect totals over the life of the project. All construction impacts are temporary in nature, and unfold as construction spending unfolds. This is an illustration of the projected economic impact of selected commercial real estate projects. All projections assume the completion of the relevant construction project which can depend on several factors including borrowers meeting all lending obligations. Projections are based on overall project costs which include the participation of Separate Account J.



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