1. What is NCREIF? National Council of Real Estate Investment Fiduciaries

2. NCREIF Mission NCREIF is a not-for-profit trade association that serves its membership and the academic and investment community’s need for improved commercial real estate data, performance measurement, investment analysis, information standards, education, and peer group interaction by: –Collecting, processing and reporting data in a secure environment; –Producing performance measurement indices; –Encouraging academic and member use of NCREIF data for objective research; –Providing forums with strong educational content to address industry issues; –Publishing informed industry related articles and reports; and –Contributing to the development of Real Estate Information Standards.

3. What NCREIF Does Not Do Promote –Real Estate Investment Opine –Real Estate Investment Values Render –Real Estate Investment Advice

4. NCREIF Membership Institutional Real Estate Investment Managers Major Pension Funds Service Providers (e.g., Appraisers, Accountants, Consultants/Analysts, etc.) Academics – Professors of Real Estate at major universities.

5. NCREIF Structure REIS Structure NCREIF Board PREA Board REIS Board REIS Council Budget Only IndustryCommittees Plan Sponsor Portfolio Management Information Management Research Timber Farmland Board & Staff Data Products Council Valuation Accounting Performance Measurement

6. NCREIF’s Professional Staff Chief Information Officer – Daniel Dierking Chief Operating Officer – Stacy Gaskins Director of Research – Jeff Havsy Senior Advisor & NCREIF Founder – Blake Eagle Support Staff – Jeanine Olson – Database Manager James Lenon – SQL Programmer Michael Heaney – Data Analyst Ted Robinson -.Net Developer Tamara Pendley – Meeting & Member Services Jeffrey Fisher – Consulting Academic Advisor Joe D’Alessandro – Consultant

7. NCREIF Committees Accounting Farmland Performance Measurement Plan Sponsor Portfolio Management Research Timberland Valuation Committees meet during each NCREIF conference and work between meetings. Produce industry guidance papers, workbooks and seminars. Provide valuable guidance and work products to the Real Estate Information Standards (REIS).

8. NCREIF Data Products NCREIF Property Index (NPI) –Several Report and Spreadsheet products –Derivatives being traded based on the NPI returns Fund Indices –Open End Diversified Core Equity (NFI-ODCE) –NCREIF Townsend Fund Indices NCREIF Farmland Index NCREIF Timberland Index Custom Data Products –Website Query Tool –Operating Database Query Tool –Special Data Runs Specified by Members

9. NCREIF Property Database 03-31-12 Active Properties  Data Set# Props$ Market Value  Tax Exempt  Core 7,066 299.2 Billion  Non-Core 977 22.9 Billion Sub Total 8,043 $322.0 Billion  Taxable  Core 816 27.1 Billion  Non-Core 103 2.5 Billion Sub Total 919 $29.6 Billion  Total Active 8,962 $351.6 Billion

10. NPI Composition Property Types and Subtypes –Apartment: High-Rise, Low-Rise, Garden –Hotel –Industrial: Flex, R&D, Warehouse –Office: CBD, Suburban, Manufacturing, Showroom –Retail: Neighborhood, Regional, Super Regional, Community Center, Fashion Center, Power Center, Theme Center, Outlet, Single Tenant Geographic Location Region, Division, State, CBSA

11. NPI Composition 1Q2012 By RegionMarket Value ($Millions)Number of Properties East$102,5971,638 Midwest $30,2531,002 South $63,4142,132 West$102,3352,334 By Property TypeMarket Value ($Millions)Number of Properties Apartment $77,7141,486 Hotel $7,985 243 Industrial $42,3872,835 Office$105,6991,450 Retail $64,8141,092

12. NCREIF Property Index (NPI) Growth Year # of Properties # of Contributors Market ValueIncome Capital ValueTotal 197723314$580100.0 198049316$1,977128.6129.1 165.2 19851,15938$15,408187.1162.9 301.9 19952,17953$43,284370.3117.5 433.6 20002,97247$95,779588.0139.9 816.8 20106,17576$247,0741146.6146.41665.4 20116,86572$283,7621216.6157.81902.9

13. NCREIF Fund Data as of 12-31-11 Active Funds CoreValue-AddedOppor- tunistic All CoreOpen- End NFI- ODCE All Value- Added Open- end Closed- End All Oppor- tunistic Gross Real Estate Assets 106,982 102,56466,65129,38537,266164,026 Net Assets 80,526 77,50933,82116,26617,55577,397 Managers19 184193475 Funds21 18861571189

14.  Two full membership conferences per year, plus one summer meeting.  All Standing Committees meet for several hours during each conference.  Interest Group and General Sessions – local markets presentations, forecaster panels, etc.  Interactive working sessions, attendees are expected to actively participate in discussions and committee/subcommittee work.  Peer interaction and exchanging of ideas and information. NCREIF Conferences

15. NCREIF Academy The NCREIF Academy includes several educational courses offered throughout the year Creating, Analyzing and Managing Institutional Real Estate Portfolios - 2 ½ day course on the entire portfolio process Performance Returns Calculations Seminar - Hands-on computer seminar that walks students through the NCREIF Performance Returns Calculations Workbook NCREIF Database Query Tool and Data Uses Seminars Nuts and Bolts of Institutional Real Estate - 3 day seminar consisting of classes in key disciplines represented at NCREIF (Accounting, Index/Data, Performance Measurement, Portfolio Management, Research and Valuation)

16. Current NCREIF Initiatives Development of a new website with enhanced interactive features for members. Increased education programs offered regionally throughout the United States. Additional fund-level indices. Enhanced data products.

17. Future Initiatives Enhanced Data Query Tools