Griffin Capital : 2022 Distribution and Repurchase Schedule

G R I F F I N I N S T I T U T I O N A L A C C E S S ® R E A L E S TAT E F U N D

2022 Distribution and Repurchase Schedule

D I S T R I B U T I O N S C H E D U L E

Griffin Institutional Access Real Estate Fund (the "Fund") intends to distribute quarterly in accordance with the distribution schedule below. To receive a distribution on the Payable Dates listed below, a shareholder must have an investment in the Fund on the applicable Record Date. Unless the shareholder elects to receive cash, all dividends declared on shares will be automatically reinvested in additional shares of the Fund.

	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
Record Date	3/17/22	6/16/22	9/15/22	12/15/22
Ex-dividend/Reinvest Date	3/18/22	6/17/22	9/16/22	12/16/22
Payable Date	3/25/22	6/24/22	9/23/22	12/23/22

R E P U R C H A S E O F F E R S C H E D U L E 1

The Fund provides periodic liquidity to shareholders by offering to repurchase no less than five percent of its outstanding shares at net asset value (NAV) on a quarterly basis in accordance with the repurchase schedule below. Shareholders, or their financial representative, will be notified of the repurchase offer in a written notification, which will include, among other things, the Repurchase Request Deadline and instructions for submitting a repurchase request to the Fund.

	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
Repurchase Offer Notice Date	3/31/22	6/30/22	9/29/22	12/28/22
Repurchase Request Deadline	5/10/22	8/9/22	11/8/22	2/7/23

1. Dates are subject to change. The repurchase price will be calculated on the Repurchase Request Deadline. The Fund will pay repurchase proceeds within seven calendar days from the Repurchase Pricing Date. Shareholders should refer to the applicable Notice of Repurchase Offer, which is also available in the applicable Form N-23c-3 that is filed with the Securities and Exchange Commission.

18191 Von Karman Avenue	949.270.9300
Suite 300	www.griffincapital.com
Irvine, CA 92612

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.

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 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 distribution policy is to make quarterly distributions to shareholders. 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.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product or be relied upon for any other purpose. Information contained herein has been obtained from sources deemed to be reliable, but not guaranteed. This material represents views as of the date of this publication and is subject to change without notice of any kind.

Not a deposit	May lose value	No bank guarantee

Not insured by the FDIC, NCUA or any other government agency

Griffin Capital Securities, LLC, Member FINRA/SIPC, is the exclusive wholesale marketing agent for Griffin Institutional Access Real Estate Fund. ALPS Distributors, Inc. (1290 Broadway, Suite 1000, Denver, CO 80203, member FINRA) is the distributor of Griffin Institutional Access Real Estate Fund. Griffin Capital Advisor, LLC and ALPS Distributors, Inc. are not affiliated.

© 2022 Griffin Institutional Access Real Estate Fund. All rights reserved.

IU-GI900 (012820) | GFC001097 | Exp. 12.30.21

RE-IU165550 (1221)