Griffin Capital : Performance Report as of December 31, 2020 – Class I Share (GRIFX)

As of 12/31/2020

Source: Morningstar Direct

Griffin Institutional Access Real Estate Fund Class I Share Performance

Growth of a Hypothetical $10,000 Investment Since Fund Inception*

Time Period: 7/1/2014 to 12/31/2020

12/2014

6/2015

12/2015

6/2016

12/2016

6/2017

12/2017

6/2018

12/2018

6/2019

12/2019

6/2020

12/2020

Griffin Institutional Access Real Estate IS&P 500 IndexBloomberg Barclays US Aggregate Bond Index

Since Inception Performance*

Time Period: 7/1/2014 to 12/31/2020 Source Data: Monthly Return Calculation Benchmark: S&P 500 TR USD

		Cumulative Return	Annualized Return	Standard Deviation	Sharpe Ratio	Alpha	Beta
	Griffin Institutional Access Real Estate I	43.67	5.73	3.10	1.56	3.30	0.12
	S&P 500 Index	118.44	12.77	14.53	0.82	0.00	1.00
	Bloomberg Barclays US Aggregate Bond Index	27.37	3.79	3.07	0.94	2.84	0.00

Griffin Institutional Access Real Estate I Monthly Returns*

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
	2020	0.47	-1.15	-4.73	-0.16	-0.47	-0.69	1.43	0.20	-0.26	0.04	1.79	0.97	-2.68
	2019	2.20	0.47	0.85	0.36	0.36	0.78	0.25	0.83	0.70	0.65	0.07	0.56	8.38
	2018	0.00	-0.96	1.40	0.37	0.97	1.28	0.41	1.03	0.07	-0.18	1.48	-0.96	4.97
	2017	0.30	0.75	0.19	0.23	0.52	0.91	0.79	0.19	0.42	0.75	0.78	0.72	6.74
	2016	0.61	0.38	1.40	0.42	0.83	1.06	0.97	0.00	0.38	-0.26	0.45	0.90	7.37
	2015	1.35	0.10	0.88	0.18	0.25	-0.31	2.25	-0.49	0.77	1.74	-0.08	0.74	7.59
	2014	-	-	-	-	-	-	0.86	0.46	0.38	1.97	0.68	0.78	-

Past performance is not a guarantee of future results. Performance reflects the reinvestment of dividends and other distributions and reflects applicable Griffin Institutional Access Real Estate Fund (the "Fund") management fees and other expenses. Performance shown does not reflect the impact of third-party brokerage commissions or third-party investment advisory fees paid by investors to a financial intermediary for brokerage services. If the deduction of such fees was reflected, the performance would be lower. Assets and securities contained within indices and peer funds may be different than the assets and securities contained in Griffin Institutional Access Real Estate Fund and will therefore have different risk and reward profiles. An investment cannot be made in an index, which is unmanaged and has returns that do not reflect any trading, management or other costs. Please see the glossary for descriptions of the indices referenced above. The most recent performance is available at www.griffincapital.com or by calling 888.926.2688.

*The Fund's inception date was 6/30/14. Because Class I shares (NASDAQ: GRIFX) commenced investment operations on 8/10/15, the performance information shown above is "PRO FORMA" performance for the period of 6/30/14 through

8/10/15 based on the performance information of the load-waived Class A shares (NASDAQ: GIREX), which have a different expense structure than the Class I shares. For the period of 6/30/14 through 8/10/15, performance information of the Fund's Class A shares has been adjusted to reflect the expenses applicable to the Class I shares since the Class I shares have a lower expense ratio than the expense ratio of the Class A shares. The performance of the Class A shares has been adjusted to remove shareholder servicing expenses and any voluntary waiver or reimbursement of Fund expenses by the investment adviser to the Fund that may have occurred during periods prior to the commencement of operations of the Class I shares. Since both the Class A shares and Class I shares are invested in the same portfolio of securities, the Fund's Class I shares would have returns similar to those of the Class A shares. In that respect, the returns would differ only to the extent that the classes do not have the same expenses. Actual performance for Class I shares is shown from 8/11/15 to the dates listed above.

Griffin Institutional Access Real Estate Fund is a closed-end interval fund. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no less than 5% and no more than 25% of the Fund's shares outstanding at net asset value. The Fund is only suitable for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. There is no secondary market for the Fund's shares and none is expected to develop.

Page 2

Source: Morningstar Direct

Griffin Institutional Access Real Estate Fund Class I Share Performance

Trailing Five Year Growth of a Hypothetical $10,000 Investment

Time Period: 1/1/2016 to 12/31/2020

			6/2016			12/2016		6/2017					12/2017		6/2018		12/2018			6/2019			12/2019		6/2020			12/2020
			Griffin Institutional Access Real Estate I						S&P 500 Index								Bloomberg Barclays US Aggregate Bond Index
	Trailing Five Year Performance
Time Period: 1/1/2016 to 12/31/2020	Source Data: Monthly Return	Calculation Benchmark: S&P 500 TR USD
										Cumulative Return	Annualized Return		Standard Deviation	Sharpe Ratio			Alpha	Beta
Griffin Institutional Access Real Estate I	26.88						4.88	3.22			1.15		1.85			0.13
	S&P 500 Index		103.04						15.22	15.26			0.92		0.00			1.00
Bloomberg Barclays US Aggregate Bond Index	24.24						4.44	3.16			1.03		3.20			0.00

Past performance is not a guarantee of future results.

Source: Morningstar Direct

Page 3

Griffin Institutional Access Real Estate Fund Class I Share Performance

Trailing Three Year Growth of a Hypothetical $10,000 Investment

Time Period: 1/1/2018 to 12/31/2020

			3/2018		6/2018			9/2018		12/2018		3/2019			6/2019		9/2019			12/2019			3/2020		6/2020			9/2020			12/2020
			Griffin Institutional Access Real Estate I					S&P 500 Index											Bloomberg Barclays US Aggregate Bond Index
	Trailing Three Year Performance
Time Period: 1/1/2018 to 12/31/2020 Source Data: Monthly Return Calculation Benchmark: S&P 500 TR USD
										Cumulative Return		Annualized Return		Standard Deviation			Sharpe Ratio		Alpha				Beta
Griffin Institutional Access Real Estate I		10.72			3.45		3.99					0.48	0.20				0.13
	S&P 500 Index						48.85			14.18		18.79					0.67	0.00				1.00
Bloomberg Barclays US Aggregate Bond Index		16.89			5.34		3.40					1.12	3.63				0.01

Past performance is not a guarantee of future results.

Source: Morningstar Direct

Page 4

Griffin Institutional Access Real Estate Fund Class I Share Performance

Trailing One Year Growth of a Hypothetical $10,000 Investment

Time Period: 1/1/2020 to 12/31/2020

1/2020

2/2020

3/2020

4/2020

5/2020

6/2020

7/2020

8/2020

9/2020

10/2020

11/2020

12/2020

Griffin Institutional Access Real Estate I

S&P 500 Index

Bloomberg Barclays US Aggregate Bond Index

Trailing One Year Performance

Time Period: 1/1/2020 to 12/31/2020 Source Data: Monthly Return Calculation Benchmark: S&P 500 TR USD

Cumulative Return

Standard Deviation

Sharpe Ratio

Alpha

Beta

Griffin Institutional Access Real Estate I

-2.68

5.76

-0.53

-6.19

0.16

S&P 500 Index

18.40

25.95

0.69

0.00

1.00

Bloomberg Barclays US Aggregate Bond Index

7.51

3.41

2.09

6.19

0.04

Past performance is not a guarantee of future results.

Source: Morningstar Direct

Page 5

Griffin Institutional Access Real Estate Fund Class I Share Performance

Since Inception Risk-Reward*

Time Period: 7/1/2014 to 12/31/2020

Calculation Benchmark: S&P 500 TR USD

Return

18.0				Griffin Institutional Access Real Estate I
			S&P 500 Index
				Bloomberg Barclays US Aggregate Bond Index
15.0

12.0

9.0

6.0

3.0

0.0

0.0	3.0	6.0	9.0	12.0	15.0	18.0
			Std Dev

Since Inception Performance*

Time Period: 7/1/2014 to 12/31/2020 Calculation Benchmark: S&P 500 TR USD

	Cumulative Return	Annualized Return	Standard Deviation	Sharpe Ratio	Alpha	Beta
Griffin Institutional Access Real Estate I	43.67	5.73	3.10	1.56	3.30	0.12
S&P 500 Index	118.44	12.77	14.53	0.82	0.00	1.00
Bloomberg Barclays US Aggregate Bond Index	27.37	3.79	3.07	0.94	2.84	0.00

*The Fund's inception date was 6/30/14. Because Class I shares (NASDAQ: GRIFX) commenced investment operations on 8/10/15, the performance information shown above is "PRO FORMA" performance for the

period of 6/30/14 through 8/10/15 based on the performance information of the load-waived Class A shares (NASDAQ: GIREX), which have a different expense structure than the Class I shares. For the period of 6/30/14 through 8/10/15, performance information of the Fund's Class A shares has been adjusted to reflect the expenses applicable to the Class I shares since the Class I shares have a lower expense ratio than the expense ratio of the Class A shares. The performance of the Class A shares has been adjusted to remove shareholder servicing expenses and any voluntary waiver or reimbursement of Fund expenses by the investment adviser to the Fund that may have occurred during periods prior to the commencement of operations of the Class I shares. Since both the Class A shares and Class I shares are invested in the same portfolio of securities, the Fund's Class I shares would have returns similar to those of the Class A shares. In that respect, the returns would differ only to the extent that the classes do not have the same expenses. Actual performance for Class I shares is shown from 8/11/15 to the dates listed above.

Past performance is not a guarantee of future results.	Page 6

Source: Morningstar Direct

Griffin Institutional Access Real Estate Fund Class I Share Performance

Since Inception Drawdown*

Time Period: 7/1/2014 to 12/31/2020

0.0
-2.0
-4.0
-6.0
-8.0
-10.0
-12.0
-14.0
-16.0
-18.0
-20.0	6/2015	12/2015	6/2016	12/2016	6/2017	12/2017	6/2018	12/2018	6/2019	12/2019	6/2020	12/2020
12/2014

Griffin Institutional Access Real Estate IS&P 500 IndexBloomberg Barclays US Aggregate Bond Index

Since Inception Performance*

Time Period: 7/1/2014 to 12/31/2020 Calculation Benchmark: S&P 500 TR USD

	Cumulative	Annualized	Standard	Sharpe	Alpha	Beta
	Return	Return	Deviation	Ratio
Griffin Institutional Access Real Estate I	43.67	5.73	3.10	1.56	3.30	0.12
S&P 500 Index	118.44	12.77	14.53	0.82	0.00	1.00
Bloomberg Barclays US Aggregate Bond Index	27.37	3.79	3.07	0.94	2.84	0.00

*The Fund's inception date was 6/30/14. Because Class I shares (NASDAQ: GRIFX) commenced investment operations on 8/10/15, the performance information shown above is "PRO FORMA" performance for the

period of 6/30/14 through 8/10/15 based on the performance information of the load-waived Class A shares (NASDAQ: GIREX), which have a different expense structure than the Class I shares. For the period of 6/30/14 through 8/10/15, performance information of the Fund's Class A shares has been adjusted to reflect the expenses applicable to the Class I shares since the Class I shares have a lower expense ratio than the expense ratio of the Class A shares. The performance of the Class A shares has been adjusted to remove shareholder servicing expenses and any voluntary waiver or reimbursement of Fund expenses by the investment adviser to the Fund that may have occurred during periods prior to the commencement of operations of the Class I shares. Since both the Class A shares and Class I shares are invested in the same portfolio of securities, the Fund's Class I shares would have returns similar to those of the Class A shares. In that respect, the returns would differ only to the extent that the classes do not have the same expenses. Actual performance for Class I shares is shown from 8/11/15 to the dates listed above.

Past performance is not a guarantee of future results.	Page 7

Source: Morningstar Direct

Glossary

Alpha: A measure of risk-adjusted return implying how much a fund/manager outperformed its benchmark, given its risk profile.

Annualized Return: Calculated by annualizing cumulative return (i.e., adjusting it for a period of one year). Annualized return includes capital appreciation and assumes a reinvestment of dividends and distributions.

Bloomberg Barclays U.S. Aggregate Bond Index: Measures the performance of the U.S. investment grade bond market.

Beta: A measure of systematic risk (volatility), or the sensitivity of a fund to movements in a benchmark. A beta of 1 implies that you can expect the movement of a fund's return series to match that of the benchmark used to measure beta. A value of less than 1 implies that the fund is less volatile than the index.

Cumulative Return: The compound return of an investment. It includes capital appreciation and assumes a reinvestment of dividends and distributions.

Drawdown: The peak to trough decline during a specific recorded period of an investment, fund or commodity. A drawdown is usually quoted as the percentage between the peak and the subsequent trough.

Pro Forma: Hypothetical figures calculated by adjusting actual data. In this material, the performance of the Fund's Class A shares (NASDAQ: GIREX) has been adjusted to reflect

the expenses applicable to the Fund's Class I shares (NASDAQ: GRIFX) because the Fund's Class I shares commenced investment operations on 8/10/15 and the Fund's inception date was 6/30/14. Both the Class A shares and Class I shares are invested in the same portfolio of securities.

S&P 500: An index based on market cap of the 500 largest companies having stock listed on the New York Stock Exchange (NYSE) or NASDAQ.

Sharpe Ratio: Measures risk-adjusted returns by calculating the excess return (above the risk free rate) per unit of risk (standard deviation). The higher the ratio, the better the risk- adjusted returns. The average 3 month U.S. Treasury Bill auction was used as the risk free rate in this material.

Standard Deviation: Measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. A large standard deviation implies that there have been large swings in the return series of the manager.

Page 8

Source: Morningstar Direct

Important Disclosures

This is neither an offer to sell nor a solicitation to purchase any security. Investors should carefully consider the investment objectives, risks, charges and expenses of Griffin Institutional Access Real Estate Fund (the "Fund"). This and other important information about the Fund is contained in the prospectus, which can be obtained by contacting your financial advisor or visiting www.griffincapital.com. Please read the prospectus carefully before investing.

All Morningstar calculations and metrics are based on monthly data. CALCULATIONS AND METRICS REFLECT A CLASS I SHARE (NASDAQ: GRIFX). Investors of the Class I share do not pay a front-end sales load/charge. The Fund offers multiple different classes of shares. An investment in any share class of the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions, ongoing fees, expenses, and performance for each share class are different.

Past performance is not a guarantee of future results. Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. The ability of the Fund to achieve its investment objective depends, in part, on the ability of the Adviser to allocate effectively the assets of the Fund among the various securities and investments in which the Fund invests. There can be no assurance that the actual allocations will be effective in achieving the Fund's investment objective or delivering positive returns. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. The most recent performance is available at www.griffincapital.com or by calling 888.926.2688.

The Fund is a closed-end interval fund, the shares have no history of public trading, nor is it intended that the shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Fund's shares. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no less than 5% and no more than 25% of the Fund's shares outstanding at net asset value. There is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity. The Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. Investing in the Fund is speculative and involves a high degree of risk, including the risks associated with leverage and the risk of a substantial loss of investment. There is no guarantee that the investment strategies will work under all market conditions.

The Fund's inception date was 6/30/2014. Per the Fund's prospectus dated February 1, 2020, the total annual expense ratio is 1.72% for Class I shares. The Adviser and Fund have entered into an expense limitation agreement until at least February 1, 2021 under which the Adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) to the extent that they exceed 1.66% for Class I shares. The Fund return does not reflect the deduction of all fees, including third-party brokerage commissions or third- party investment advisory fees paid by investors to a financial intermediary for brokerage services. If the deduction of such fees was reflected, the performance would be lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund's distribution policy is to make quarterly distributions to shareholders. A portion of the distribution includes a return of capital. Please refer to the Fund's most recent Section 19(a) notice, available at www.griffincapital.com, and the Fund's semi-annual or annual reports filed with the U.S. Securities and Exchange Commission (the "SEC") for additional information regarding the composition of distributions. Shareholders should not assume that the source of a distribution from the Fund is net profit. Although such distributions are not currently taxable, such distributions will have the effect of lowering a shareholder's tax basis in the shares which will result in a higher tax liability when the shares are sold, even if they have not increased in value, or, in fact, have lost value. Distributions are not guaranteed.

Investors in the Fund should understand that the net asset value ("NAV") of the Fund will fluctuate, which may result in a loss of the principal amount invested. The Fund's investments may be negatively affected by the broad investment environment and capital markets in which the Fund invests, including the real estate market, the debt market and/or the equity securities market. The value of the Fund's investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund's shares to increase or decrease. The Fund is "non-diversified" under the Investment Company Act of 1940 (the "1940 Act") since changes in the financial condition or market value of a single issuer may cause a greater fluctuation in the Fund's net asset value than in a "diversified" fund. Diversification does not eliminate the risk of experiencing investment losses. For purposes of the 1940 Act, the Fund is classified as a non-diversified fund, which means the Fund may invest more than 5% of its total assets in the securities of one or more issuers. However, among the number of issuers, the Fund seeks exposure across multiple sectors of the real estate industry (e.g., industrial, office, and multifamily) and geographic locations. As used herein, the terms "diversify," "diversified," and "diversification" are meant to reference that variety and not the Fund's diversification status under the 1940 Act. Holdings are subject to change without notice. The Fund is not intended to be a complete investment program.

Page 9

Source: Morningstar Direct

Important Disclosures

The Fund's investment in Private Investment Funds will require it to bear a pro rata share of the vehicles' expenses, including management and performance fees. Also, once an investment is made in a Private Investment Fund, neither the Adviser nor any Sub-Adviser will be able to exercise control over investment decisions made by the Private Investment Fund. The Fund will not invest in real estate directly, but, because the Fund will concentrate its investments in securities of REITs and other real estate industry issuers, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. The value of companies engaged in the real estate industry is affected by: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage. The value of securities of companies in the real estate industry may go through cycles of relative under-performance and outperformance in comparison to equity securities markets in general. By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund and will not have the ability to exercise any rights attributable to an investor in any such underlying fund related to their investment. The Fund may invest in securities of other investment companies, including ETFs. The Fund will indirectly bear its proportionate share of any management fees and other expenses paid by investment companies in which it invests, in addition to the management fees (and other expenses) paid by the Fund.

The Fund is advised by Griffin Capital Advisor, LLC ("GCA"). GCA is registered as an investment adviser with the SEC pursuant to the provisions of the 1940 Act, as amended. GCA is an indirect majority-owned subsidiary of Griffin Capital Company, LLC. The Fund's private real estate funds allocation is sub-advised by Aon Investments USA Inc. ("Aon"), an Aon Company. Aon is registered as an investment adviser with the SEC pursuant to the provisions of the 1940 Act. The Fund's public real estate securities allocation is sub-advised by CenterSquare Investment Management LLC ("CenterSquare"). CenterSquare is an investment adviser registered with the SEC pursuant to the provisions of the 1940 Act. Registration with the SEC does not constitute an endorsement by the SEC nor does it imply a certain level of skill or training.

The opinions and information contained in this material are provided for informational purposes only and should not be considered investment advice or a recommendation of any particular security, strategy or investment product or be relied upon for any other purpose. This material represents the current good-faith views of the contributor at the time of preparation and is subject to change without notice of any kind. The subject matter contained herein has been derived from several sources believed to be reliable and accurate, but not guaranteed, at the time of compilation. Griffin Capital does not accept liability for losses either directly or consequential caused by the use of this information.

Page 10

Source: Morningstar Direct

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Source: Morningstar Direct

IU-GI849 (103020) | GF 001073 | Exp. 11.30.21	RE-IU95600W (1020)

Source: Morningstar Direct