1. September 28, 2010 © 2010 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; analyses based on properties & portfolios $5 million and greater. August 2010 Month in Review

2. Real Capital Rewind Presenters Robert M. White, Jr., CRE, FRICS Founder & President Peter Slatin Associate Publisher & Editorial Director ModeratorPresenters Sam Chandan, PhD, FRICS Global Chief Economist & Executive Vice President

3. All Core Including Hotel: Offered vs Closed

4. Industrial: Offered vs Closed

5. Office: Offered vs Closed

6. Retail: Offered vs Closed

7. Hotel: Offered vs Closed

8. Apartment: Offered vs Closed

9. Hotel: Offered vs Closed

10. All Core Including Hotel: Offered vs Closed

11. All Core Including Hotel: Acquisitions by Market Tier & Property Type

12. Investment Activity and Pricing

13. Record or Near-Record Pricing for Office Acquisitions For lists of record or near-record pricing acquisitions by sector, see Strong Sales and Offerings Lead into Q4Strong Sales and Offerings Lead into Q4 DateProperty Name Price ($M) PPSFLocationBuyer 07/10300 North Lasalle$655.0$503Chicago, ILKBS REIT 06/10Evening Star$180.0$798Washington, DCTIAA-CREF 08/101899 Pennsylvania Ave1899 Pennsylvania Ave *$149.9$806Washington, DC Paramount Group Hamburg Trust 06/10FBIFBI *$42.3$285San Antonio, TX PRP Real Estate Investors

14. Spread Between 10-Year Treasury & Interest Rates

15. Spread Between 10-Year Treasury & Cap Rates By Sector

16. Spread Between 10-Year Treasury & Interest Rates

17. Rising Foreign Investment in US Real Estate

18. All Core Including Hotel: Exits From Distress

19. Apartment: Distress, Workout, and Resolution Activity

20. Office: Distress, Workout, and Resolution Activity

21. All Core Including Hotel: Distress, Workout, and Resolution Activity

22. Quarterly Mortgage Default Rates

23. Presenter: Robert White Robert M. White, Jr., CRE, is the founder and president of Real Capital Analytics Inc. He is a noted authority on the real estate capital markets with credits in the Wall Street Journal, Barrons, The Economist, Forbes, New York Times, and Financial Times, among others. Robert M. White, Jr., CRE, FRICS Founder & President

24. Presenter: Dr. Sam Chandan Dr. Sam Chandan is Global Chief Economist and Executive Vice President of Real Capital Analytics and an adjunct professor of real estate at the Wharton School of the University of Pennsylvania. In addition to his primary role as RCAs Chief Economist, Dr. Chandan oversees RCAs Analytics Team and is a member of the firms Management Committee. Sam Chandan, PhD, FRICS Global Chief Economist & Executive Vice President

25. Thank you for viewing our on-demand webcast, Real Capital Rewind. Next month, both US Capital Trends and Global Capital Trends will feature a 2010 Third Quarter review.US Capital TrendsGlobal Capital Trends