platform. There is potential for further consolidation as the larger players within the market look to cement their positions as market leaders.

1. Executive Summary - Sample Pages Executive Summary Fig. A: Funds of Funds Fundraising, 2005 - May 2010 Real estate funds of funds play an important role in the private real estate market as a whole, acting as key investors for fund managers and allowing smaller institutions, which lack the capital or resources to construct their own fund portfolios, to gain real estate exposure diversifi ed by strategy, geography and property type. Fundraising for funds of funds has declined since the onset of the global economic downturn. Funds of funds raised just $1.7 billion in 2009, compared with $4.1 billion in 2008 and $4.6 billion in 2007. This decline is in line with the whole private real estate fund market, which saw a signifi cant fall in the amount of capital raised in 2009. The fi rst real estate funds of funds date back to the late 1990s, but it was not until several years later that a signifi cant industry began to emerge. Preqin has identifi ed 57 fi rms active in the fund of funds market, managing a total of 119 funds of funds. All 57 managers are profi led in detail within the body of the 2010 Preqin Private Equity Real Estate Fund of Funds Review. There was some consolidation in the fund of funds market during 2009. In November 2009, Aviva Investors Real Estate Multi-Manager announced it had taken over the management of two real estate fund of funds previously managed by BlackRock Realty and in July 2009, Capital Dynamics assumed the management of HRJ Capital s fund of funds business, including its private equity real estate fund of funds platform. There is potential for further consolidation as the larger players within the market look to cement their positions as market leaders. Diversity in the Fund of Funds Market Funds of funds are key investors for managers raising their fi rst vehicle, as they will typically have the knowledge and resources to carry out the extra due diligence required on this type of investment. 73% of funds of funds surveyed do invest with fi rst-time fund managers, while a further 17% would consider doing so. There are several funds of funds designed solely to provide exposure to emerging managers. These include AVP Advisors $400 million American Value Partners Fund I, which targeted newer managers that demonstrated a competitive advantage in a specifi ed property type or geographic market. Hawkeye Partners also targets newer fi rms, although its investments are typically structured as joint ventures rather than fund commitments. In contrast, some fi rms aim to give smaller investors exposure to some of the largest fi rms in the industry. The larger minimum commitment size required would normally stop many smaller institutions from committing to these funds. Syndicated Equities Syndicated Access Fund II has committed to funds managed by Blackstone Real Estate Advisors, Morgan Stanley Real Estate and RREEF Real Estate. Granite Hall Partners SVP RE I has a similar approach and its underlying investments included commitments to Walton Street Capital, Carlyle Group and JP Morgan Asset Management. 2010 Preqin Ltd 1

1. Executive Summary - Sample Pages There have also been a number of funds of funds launched with a specifi c regional focus and most notably, a number of funds of funds target Asian real estate funds. Aberdeen Property Investors raised $600 million for AIPP Asia in 2007 and closed AIPP Asia Select in Q2 2009 with commitments of $221 million. CBRE Investors Global Multi Manager s CBRE Asia Alpha Plus Fund raised $250 million and invests in value added and opportunistic funds across the Asia Pacifi c region. Franklin Templeton Investments raised $383 million for its Franklin Templeton Asian Real Estate Fund and began raising capital for Franklin Templeton Asian Real Estate Fund 2 in the fi rst quarter of 2010. Proportion of Funds of Funds Fig. B: Underlying Strategies Targeted by Funds of Funds As a result of the increased interest in distressed real estate and real estate debt, a number of funds of funds focused on this sector have been launched. Metropolitan Real Estate Equity Management raised $162 million for Metropolitan Real Estate Partners 2008 Distressed Co-Investment and is marketing MREP Distressed Strategies II. Investors Diversifi ed Realty is marketing the Investors Diversifi ed Realty Fund, which will allocate its initial capital to funds that are originating fi rst mortgages and mezzanine debt positions. In terms of structure, 82% of funds of funds are private closed vehicles. A further 15% are private open-ended funds. These include Henderson Indirect Property Fund (Europe), a 450 million fund that targets underlying European core-plus, value added and opportunistic vehicles, and the 732 million ING Eurosiris Fund of Funds, which targets core and coreplus funds across Europe. There are also a small number of listed funds of funds that target underlying private equity real estate funds. These account for 3% of all funds of funds. Targeted Strategies Fig. B shows the underlying fund strategies that are targeted by funds of funds that closed in the period 2008 to May 2010, and those that are currently in market. This shows that fund of funds managers are altering their strategies in light of the opportunities within the current real estate market. While opportunistic and value added funds remain commonly targeted strategies, the proportion of funds targeting these strategies has fallen. In contrast, the turbulent market conditions have led to an increase in the proportion of funds of funds seeking to invest in distressed vehicles. 52% of funds of funds in market plan to make this type of commitment. Furthermore, many fund of fund managers now believe that the best market opportunities are presenting themselves in core and core-plus investments. This explains the 20 percentage point increase in funds of funds investing in core-plus vehicles, as investors seek to reduce the level of risk in their portfolios and target returns through income, rather than appreciation. Fund of funds managers were largely inactive during the past 12 months. They were either reluctant to commit before the market bottomed out or delayed new investments at the request of investors keen to avoid additional capital calls. Many fi rms do have capital available to invest and most expect to be far more active in the coming year. Funds of Funds as Investment Consultants Fund of funds managers do not just manage the 2010 Preqin Ltd 2

1. Executive Summary - Sample Pages capital raised through funds of funds, many also act as investment consultants to a number of investors and allocate to funds through managed mandates and separate accounts. These fi rms are therefore responsible for an even greater proportion of the capital that is allocated to the private equity real estate asset class. Many manage segregated multi-manager mandates on behalf of institutional investors, creating a real estate fund portfolio based on the investor s geographic preferences and appetite for risk. Aviva Investors Real Estate Multi-Manager is one such fi rm. It has invested over $6 billion in private real estate funds on behalf of its institutional clients. Fig. C: Breakdown of the Fund of Funds Investor Universe by Assets Under Management Who Invests in Funds of Funds? Fund of funds investments are a popular option for small- to medium-sized investors. Fig. C shows that 76% of investors in funds of funds have a total asset base of less than $10 billion. 41% have total assets of between $1 billion and $9.9 billion, with 35% managing less than $1 billion in assets. However, it is not exclusively the smallest investors that commit to funds of funds. Larger investors may commit to these vehicles to gain exposure to a market they have little knowledge of or a region that they might not be able to reach through direct fund commitments. Diversifi cation is one of the key reasons investors commit to funds of funds. One commitment provides the investor with a fund portfolio diversifi ed by geography, strategy and property type. This is achieved at a fraction of the cost required if the investor was to invest in individual funds. The due diligence and research is all carried out by the fund of funds manager, which is likely to have a greater degree of expertise and contacts than most smaller investors. Investor Appetite Market conditions have led to many investors halting their real estate investments, while small- to mediumsized institutions, which invest in funds of funds, have been affected by the decline in property valuations. Many investors that had hoped to return to the market this year are postponing further, and many are as yet undecided as to when they will resume commitments. Most investors are not abandoning the fund of funds route however, and will continue to make this type of commitment. The 2010 Preqin Private Equity Real Estate Fund of Funds Review includes profi les for over 100 investors that have an interest in funds of funds. Outlook The real estate fund of funds market has grown into an important part of the private real estate fund industry as a whole. The industry saw significant growth between 2005 and 2007, with funds of funds raising increased amounts of capital. 2009 was a difficult year for fundraising. The aggregate capital raised fell to $1.7 billion, just 37% of the capital raised in 2007, and seven funds of funds made their first investments in 2009, the lowest number since 2003. Raising capital for new funds of funds during 2009 was an extremely challenging prospect in a market in which most investors were extremely cautious and reluctant to make new fund commitments. As a result some firms were forced to abandon their funds, while those firms that did close funds often raised less capital than they originally targeted. 2010 Preqin Ltd 3

1. Executive Summary - Sample Pages The fundraising market remains extremely competitive, as many investors remain reluctant to make new commitments. These institutions still see the value of funds of funds and are likely to return to the market, but it may not be until 2011 that the rate of fundraising improves. There has been some consolidation within the fund of funds market and this is a trend which seems likely to continue as the larger fi rms seek to further cement their position as leaders within the industry. Despite the slow fundraising environment, funds of funds do have capital available to commit and while they may have spent the past 12 months on the sidelines, most have indicated to Preqin that they will look to make new investments in the coming year. These fi rms are experienced investors and are adapting their approach in order to take advantage of the prevailing opportunities in the current market. Fund of funds managers that invest wisely in the coming months could well secure strong returns for their investors. The Preqin Private Equity Real Estate Fund of Funds Review This year s edition provides even greater coverage of the real estate fund of funds market. The publication includes detailed analysis, listings and profi les on fund managers, fundraising, fund terms and conditions, fund performance, institutional investors in funds of funds and funds of funds acting as investment consultants. Preqin analysts have contacted hundreds of professionals active within the sector, to ensure that this publication is as accurate as possible. We hope that you fi nd this year s edition to be a useful tool, and as ever we welcome any feedback that you might have. 2010 Preqin Ltd 4

The 2010 Preqin PERE Fund of Funds Review - Sample Pages The 2010 Preqin Private Equity Real Estate Fund of Funds Review - Sample Pages 2010 Preqin Ltd 5

The 2010 Preqin PERE Fund of Funds Review - Sample Pages Contents 1. Executive Summary 7 2. Data Sources 13 3. History and Development of Fund of Funds Industry 17 - Growth of real estate fund of funds market, the industry today, diversity in market, structure, historical fundraising, geographic focus, manager location, fund focus, manager experience, average fund size. 4. Funds of Funds as Investment Consultants 27 - Location, type of advisory services offered, client location and client type, sample clients, mandates managed. 5. Listings of Funds of Funds Closed: 2008 - May 2010 33 6. Current Fundraising Market 37 - Geographic focus of funds in market, manager location, largest funds on the road, fi rst-time funds, time spent in market. 7. Listings of Funds of Funds Currently Raising 45 8. Fund Terms and Conditions Analysis 49 - Management fees, hurdle rates, carried interest, discounts for large investors, manager commitments, key man provisions, no-fault divorce clauses. 9. Listings of Fund Terms and Conditions 53 - Key terms and conditions for 20 real estate funds of funds. 10. Funds of Funds as Investors 57 - Breakdown by region, diversifi cation, attitudes to emerging markets, regional focus, attitude to fi rst-time funds, strategy preferences, generalist private equity fund of funds investing in real estate. 11. Fund of Funds Performance Analysis 65 - Performance expectations, target IRRs, past performance assessment. 12. Listings of Fund of Funds Performance 71 13. Service Providers 75 14. Fund of Funds Manager Investment Preferences Table 79 - Matrix showing fi rm preferences by location, strategy and property sectors. 15. Profiles of Real Estate Fund of Funds Managers 83 - Detailed profi les for 57 fi rms managing real estate funds of funds. 16. Profiles of Private Equity Fund of Funds Managers 125 - Detailed profi les for nine fi rms managing generalist private equity funds of funds that invest in real estate. 17. Investors in Funds of Funds 135 - Why investors are attracted to fund of funds, breakdown of investor universe by investor type, size, location, strategy and location preferences, investor appetite. 18. Profiles of Key Investors in Real Estate Funds of Funds 143 - Detailed profi les for 104 investors in real estate funds of funds. 19. Index 167 - Real Estate Fund of Funds Managers - Investors - Figure Index 20. Other Preqin Publications and Services 173 - Other Preqin products 2010 Preqin Ltd 6

3. History and Development of Industry - Sample Pages fundraising market resulted in fewer funds with 2008 and 2009 vintages. 14 funds were launched in 2008 and seven in 2009. Fig. 3.7 illustrates the share of the overall private equity real estate fundraising market that fund of funds are responsible for. Funds of funds account for a relatively small percentage of the market, accounting for 3% of capital raised in 2006, 2008 and 2009, and 4% in 2007. It also shows that the decline in fundraising that fund of funds experienced in 2009 was in line with the private equity real estate fundraising market as a whole. Fig. 3.10: Proportion of Capital Raised for Funds of Funds by Fund Manager Experience, 2008 - May 2010 Number of Funds Managed Geographic Focus Between 2008 and May 2010, 15 North Americafocused funds of funds reached a fi nal close, receiving aggregate commitments of $2.6 billion. The largest of these was Goldman Sachs Real Estate Partners, which closed with commitments of $708 million. The fund provides seed money to real estate specialists that have not previously managed signifi cant amounts of third-party capital. Nine European funds of funds reached a fi nal close, raising an aggregate $2.4 billion. Notable Europe-focused funds to close included Eurozone Fund of Funds, a 286 million fund of funds managed by Aberdeen Property Investors. It predominantly invests in specialist sector or location specifi c funds with a value added strategy and a medium risk-and-return profi le. Six Asia and Rest of World funds reached a fi nal close, raising $1.1 billion. The largest of these was the $383 million Franklin Templeton Asian Real Estate Fund. Fund Manager Location All funds of funds to close in the period 2008 May 2010 were raised by fi rms headquartered in either North America or Europe. $3.1 billion was raised by 17 funds managed by North America-headquartered fi rms, with the same amount of capital raised by 13 funds managed by European fi rms. There are currently very few fi rms based outside North America and Europe that are managing funds of funds. This could be an area which sees growth in the future as private equity real estate markets develop in these regions. Manager Experience Of the 30 funds of funds that closed in the period 2008 to May 2010, 10 were fi rst-time offerings. First-time funds are important to the fund of funds market as a whole and were responsible for 27% of capital raised during this period. Five funds of funds that closed were the second or third offering from their managers. These were responsible for 15% of capital raised. 14 funds of funds were raised by fi rms managing four or more vehicles, accounting for 58% of capital raised during this period. More experienced fi rms are typically able to raise larger funds. Funds raised by fi rms managing four or more vehicles had an average fund size of $277 million, compared with an average fund size of $166 million for fi rst-time funds. Average Fund Size The average size of real estate funds of funds grew signifi cantly from $125 million in 2005 to $307 million in 2007. In recent years, fund sizes have declined as the slow fundraising environment has meant fund managers have found it harder to secure investor 2010 Preqin Ltd 7

5. Funds Closed Listings: 2008 to May 2010 - Sample Pages Firm and Fund Fund Target Final Close Close Placement Strategy Preference Location Preference Property Type Preference Investors (mn) (mn) Date Agent 4IP European Real Estate Fund of Funds 250 EUR 146 EUR Apr-08 Core-Plus (80%), Value Europe (100%) Logistics, Office, Retail Schweizerische National Leben 4IP Management AG AIPP Asia Select 600 USD 221 USD Jun-09 Added (20%) Core-Plus, Opportunistic, Asia (100%) Industrial, Logistics, Medical/ Kuntien Eläkevakuutus, Clwyd Pension Aberdeen Property Investors Value Added Healthcare, Office, Residential, Retail Fund, Norwegian Hull Club Aberdeen Indirect Property Partners II 600 EUR 165 EUR Jan-09 Not Used Core, Opportunistic, Value Europe (100%) Any Aberdeen Property Investors Eurozone Fund of Funds 300 EUR 286 EUR Apr-08 Not Used Added Value Added Europe (100%) Industrial, Office, Residential, Hampshire County Council Pension Aberdeen Property Investors Retail Fund, London Borough of Southwark Pension Fund Altan Real Estate Global 200 EUR Mar-09 Not Used Debt, Opportunistic (80%), North America (15-25%), Any Altan Capital Value Added (20%) Europe (50-65%), Asia (20-30%) Aviva Investors European Property Fund of Funds Aviva Investors Real Estate Multi-Manager CBRE Asia Alpha Plus Fund 250 USD 250 USD Dec-08 Dec-09 Core, Core-Plus, Opportunistic, Value Added Opportunistic, Value Added Europe (100%) Asia Pacific (100%) Industrial, Office, Residential, Retail Cumbria County Council Pension Fund, London Borough of Brent Pension Fund CBRE Investors Global Multi Manager Clerestory Small Cap Real Estate Fund I 600 USD 195 USD Jan-10 Not Used Opportunistic (100%) Global Caisse des depots et consignations, Clerestory Capital Partners Pennsylvania State Employees' Retirement System Composition Capital Asia Fund II 250 USD 172 USD Dec-08 Not Used Debt, Distressed, Asia (100%) Any, Logistics, Office, Residential, Composition Capital Partners Opportunistic, Value Added Retail Composition Capital Europe Fund II 300 EUR 184 EUR Jun-08 Opportunistic, Value Added Europe (100%) Any, Logistics, Office, Residential, Composition Capital Partners FLAG Real Assets Partners 150 USD 150 USD Mar-09 Opportunistic, Value Added Global, North America, US Retail Montgomery County Employees' Flag Capital Real Asset Partners Retirement System, Woods Fund of Chicago Franklin International Real Estate Fund (FIRE) 3 Franklin Templeton Investments 300 USD 51 USD Dec-09 Not Used Opportunistic, Value Added Global Industrial, Land Development, Leisure/Entertainment, Office, Retail Franklin Templeton Asian Real Estate Fund 383 USD Nov-08 Opportunistic, Value Added Asia (100%) Any Kuntien Eläkevakuutus, ESI Super, Franklin Templeton Investments Westpac Staff Superannuation Plan, Lincolnshire County Council Pension Fund, Clwyd Pension Fund Goldman Sachs Real Estate Partners 708 USD Jan-08 Opportunistic, Value Added US Goldman Sachs Real Estate Principal Investment Area Morrocroft Special Opportunity Fund I 50 USD Nov-09 Not Used Debt (100%) US (100%) Gorelick Brothers Capital SVP RE I 25 USD 32 USD Mar-08 Opportunistic, Value Added Asia, Europe, North America Hotels, Industrial, Office, Granite Hall Partners Residential, Retail, Warehouse / Distribution HCP Real Assets Fund of Funds II 100 USD 50 USD Oct-08 Not Used Opportunistic, Value Added North America Hotels, Industrial, Office, Hall Capital Partners Residential, Retail ImmoFin SICAR 80 EUR Jun-08 Global Any ImmoFinRe Capital Partners MFIRE Domestic Partnership Fund I 100 USD 70 USD Feb-10 Opportunistic (35-65%), US (100%) Commercial, Hospitality, Macomb County Retirement System Mesirow Financial Institutional Real Estate Value Added (25-55%) Industrial, Land Development, Mixed Use, Multi-Family, Office, Residential, Retail 2010 Preqin Ltd 8

10. Funds of Funds as Investors - Sample Pages Funds of Funds as Investors Fig. 10.1: Breakdown of Funds of Funds Managers by Region Fund of funds managers remain an important investor type in private real estate funds, accounting for 5% of all private equity real estate investors. Funds of funds provide a platform for smaller, less experienced investors to access the real estate asset class and gain a diversifi ed property portfolio through a single commitment. With the economic downturn, funds of funds may be seen as a less risky alternative to investments in traditional private real estate vehicles, as such vehicles are better equipped to mitigate levels of risk. Fundraising for funds of funds peaked in 2007, when 16 vehicles raised $4.6 billion of capital. Funds of funds raised just $1.7 billion in 2009, and this decrease was indicative of the real estate market as a whole. Funds of funds continue to provide an important source of capital to the market. Furthermore, funds of funds provide a means for investors to access areas of the market they would otherwise have diffi culty gaining exposure to. The experience and resources of fund of funds managers allows them to perform extensive due diligence and invest in niche vehicles, such as those targeting emerging markets or fi rst-time funds. Fund of funds managers also provide an important function for the real estate industry by acting as investment consultants or managing mandates for institutional investors, therefore infl uencing an even greater share of capital entering the market. Regional Breakdown Fig. 10.1 shows the regional breakdown of fund of funds managers. Europe is the location of 49% of fund of fund managers, with some of the most signifi cant fi rms located here. Aberdeen Property Investors manages eight fund of funds vehicles, through its Indirect Investment Management division. The fi rm is currently raising capital for Eurozone Fund of Funds II, which is looking to create a diversifi ed portfolio of funds with investments in property assets located mainly within the Eurozone countries. North America is the location of 47% of fund managers, with Metropolitan Real Estate Equity Management one of the most signifi cant managers from this region. Metropolitan has closed 10 funds of funds to date, and held a fi nal close for Metropolitan Real Estate Partners International III in Q1 2010. Asia and Rest of World is the headquarters of just two real estate fund of funds managers. Asia in particular has attracted signifi cant investment from funds of funds seeking to access the region, but few fi rms headquartered in Asia have raised their own vehicles. The exception is United Arab Emirates-based The National Investor, which held a fi nal close for a fund of funds vehicle in 2007. Portfolio Diversification Funds of funds provide a unique way for investors to create diversifi ed property portfolios. Smaller investors, without the expertise to reach areas of the market they are not familiar with, are able to gain access to a broad range of strategies and locations 2010 Preqin Ltd 9

15. RE Fund of Funds Manager Profiles - Sample Pages Composition Capital Partners Tel: +31 (0)20 570 81 70 www.compositioncapital.com World Trade Center Amsterdam, Zuidplein 126, Tower H, 15th Floor, P.O. Box 79046, Amsterdam, 1077 XV, Netherlands Established: 2005 Fax: +31 (0)20 670 11 33 info@compositioncapital.com Composition Capital Partners was set up in 2005 as an independent investment management firm focusing on real estate. It exclusively sets up and manages real estate funds of funds, which are available to institutional investors. The firm has offices in Amsterdam and Hong Kong. Composition Capital Europe Fund II Closed Fund Size (mn): 184 EUR Composition Capital Europe Fund II targets European funds. It has a pan-european focus but focuses on Western Europe as it does Strategies: Opportunistic, Value Added not feel it needs to invest in countries such as Russia to secure its target returns of 15%+ net IRR to investors. The fund of funds Property Types: Any, Logistics, Office, Residential, Retail focuses on opportunistic and value added funds. It is also considering preferred equity, debt and secondary transactions in the current market. It primarily targets logistics, offices, retail and residential properties, but considers all property types. The fund reached a final Regions: Europe (100%) close in June 2008, with commitments of EUR 184 million. The fund will commit to 10-12 underlying funds and had made seven Invest First-Time Funds: Yes commitments by Q1 2010. It typically allocates EUR 20 million to individual funds. Composition invests with both emerging managers Fund Investments (Total): 10 to 12 Committed To Date: 7 Funds Typically Invest: EUR 20 mn and established firms. In light of the market it was expecting to place a greater emphasis on income rather than appreciation. The firm was unsure how many commitments it would make in the 12 months from Q1 2010. The vehicle used two placement agents. Selinus from Germany dealt with the fund of fund's European investors and Japan Alternatives handled the vehicle's Asian investors. Fund Contact: Erwin Stouthamer Composition Capital Asia Fund II Closed Fund Size (mn): 172 USD Composition Capital Asia Fund II follows a very similar structure to its predecessor. The opportunistic vehicle invests in non-listed real Strategies: Debt, Distressed, Opportunistic, Value Added estate investment vehicles, secondary transactions and joint ventures with local partners. It focuses on investing in underlying Property Types: Any, Logistics, Office, Residential, Retail opportunistic and value added funds. In the current market it is also likely to commit to debt related product vehicles. Composition commits to funds which are targeting an IRR of 15% or more and would expect the target IRR to be higher for funds targeting emerging Regions: Asia (100%) markets. The maximum leverage that underlying funds can use is 75% although Composition expects this to be significantly lower. It is Countries: China, Hong Kong, Japan, Singapore, South Korea likely to invest in Japan, China, Hong Kong, Singapore and possibly South Korea. The fund typically targets niche funds targeting a Invest First-Time Funds: Yes particular region or country. In terms of property types, it will invest in office, residential and retail and is also looking at logistics. Fund Investments (Total): 8 to 10 Committed To Date: 1 Fund Composition will commit to first-time funds. It commits USD 15-25 million to individual funds, Composition had only made one Typically Invest: USD 15 to 25 mn commitment from Composition Capital Asia Fund II as of Q1 2010, which it made in 2007. It was holding off making commitments until it felt the market had bottomed out. It had identified fund managers to commit to but was waiting until the time was right. It is expected Fund Investments (Next 12 Months): 2 to 4 Funds to make two to four commitments by the end of 2010. Fund Contact: William Shaw Funds Managed Fund Status Size (mn) Vintage Strategy Geographic Focus Composition Capital Europe Fund II Closed 184 EUR 2007 Opportunistic, Value Added Europe (100%) Composition Capital Asia Fund II Closed 172 USD 2007 Debt, Distressed, Opportunistic, Value Added Asia (100%) Composition Capital Europe Fund Closed 145 EUR 2005 Opportunistic, Value Added Europe (100%) Composition Capital Asia Fund Closed 175 USD 2005 Opportunistic, Value Added Asia (100%) Sample Fund Investments ARCH Asia Property Fund (2007), Jen Capital Vietnam Property Fund I (2007), FREO Investment Management S.a.r.l. (2007), Moorfield Real Estate Fund (2005) Contacts Name Position Tel E-mail Willem-Jan Pelle Managing Director +31 (0)20 570 81 73 wpelle@compositioncapital.com William Shaw Director, Asia +852 3961 0399 wshaw@compositioncapital.com Erwin Stouthamer Managing Director +31 (0)20 57 08 174 estouthamer@compositioncapital.com 2010 Preqin Ltd * = Fund Target 10

15. RE Fund of Funds Manager Profiles - Sample Pages Henderson Global Investors - Property Tel: +44 (0)20 7818 1818 www.henderson.com/property 201 Bishopsgate, London, EC2M 3AE, UK Fax: +44 (0)20 7818 1819 Henderson Global Investors Property manages GBP 9.4 billion in property assets and employs around 840 people worldwide. Henderson has European offices in Amsterdam, Frankfurt, Paris, Milan, Zurich, Vienna, Madrid, Luxembourg and London, its principal place of business. Henderson has had a presence in North America since 1999, when it acquired US real estate investment manager Phoenix Realty Advisers, and has offices in Chicago and Hartford. In Asia, Henderson has offices in Hong Kong, Singapore and Tokyo. Henderson Asia Pacific Indirect Property Fund Fund Size (mn): 1,000 USD * Strategies: Core-Plus, Value Added Property Types: Industrial, Office, Residential, Retail Regions: Asia, Pacific Rim Countries: Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand, Vietnam Fund Contact: Stanley Chin Henderson Indirect Property Fund (Europe) Fund Size (mn): 450 EUR Strategies: Core-Plus, Opportunistic, Value Added Property Types: Industrial, Office, Retail Regions: Europe (100%) Invest First-Time Funds: Yes Committed To Date: 18 Funds Typically Invest: EUR 30 to 50 mn Fund Contact: David Hemmings, Nick Evans Open Ended Henderson Asia Pacific Indirect Property Fund (Pagoda) has both open and closed-end sub funds, as well as US dollar-denominated and euro-denominated sub-funds. It is investing in Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam. The fund s investments are diversified by country, sector and market cycle, with a particular focus on funds investing in retail, office and industrial properties. It has a maximum exposure to gearing of 65% from its underlying fund investments. Open Ended Henderson Indirect Property Fund (Europe) is a euro-denominated Luxembourg-domiciled balanced European property fund of funds. Launched in December 2005, the open-ended fund aims to have a property fund portfolio diversified across sectors, countries, management styles and market cycles. It will allocate to core-plus, value added and opportunistic vehicles and has exposure to underlying retail, office and industrial property vehicles. It is particularly interested in smaller funds, often managed by boutique firms, which are focusing on a particular region or sector. Henderson does invest with first-time fund managers. The fund is opportunity led, with no specific regional focus within Europe and it will consider emerging European markets as well as Western Europe and Scandinavia. It typically commits EUR 30-50 million to underlying funds. In April 2010, the fund re-opened and is seeking further commitments from institutional investors. The fund, which is valued at EUR 413 million of equity has made investments in 18 private institutional investment funds and one quoted business in Europe. The fund will now be seeking new investment opportunities specifically focusing on German retail, French office and UK markets, which Henderson believes offer good income returns, liquidity and transparency as well as the potential for capital appreciation, given their current pricing levels. The fund has over EUR 50 million to invest following the decision by over 76% of investors to revoke their redemptions. Funds Managed Fund Status Size (mn) Vintage Strategy Geographic Focus Henderson Asia Pacific Indirect Property Fund Open Ended 1,000 USD * 2007 Core-Plus, Value Added Asia Henderson Indirect Property Fund (Europe) Open Ended 450 EUR 2006 Core-Plus, Opportunistic, Value Added Europe (100%) Sample Fund Investments Palmer GVA Property Fund (2009), Endurance RE Fund - Office II Sub-fund (2008), 3E Car Park Investors (2007), Cordea Savills Italian Opportunities II (2007), GPT Halverton German Retail Partnership (2007), Protego Nordic Retail Fund (2007), Bluehouse Accession Property (II) (2006), Endurance RE Fund - Residential Sub-fund (2006), Nordic Aktiv Property Fund (2006), Rockspring Portuguese Property Partnership (2006), Central European Industrial Fund (2005), FOSCA (2005), Rockspring German Retail Box Fund (2005), Aberdeen Property Fund Denmark (2004) Contacts Name Position Tel E-mail Stanley Chin Fund Manager, Asia-Pacific Indirect Property Fund +65 6836 3900 stanley.chin@henderson.com Nick Evans Fund Manager, Indirect Property Fund Europe +44 (0)20 7818 5859 nick.evans@henderson.com David Hemmings Director, Portfolio Management (Europe) +44 (0)20 7818 4497 david.hemmings@henderson.com 2010 Preqin Ltd * = Fund Target 11

15. RE Fund of Funds Manager Profiles - Sample Pages Investors Diversified Realty Tel: +1 216 622 0004 www.idrfof.com 1111 Superior Avenue, Suite 965, Cleveland, OH, 44114, US Fax: +1 216 622 0005 info@idrfof.com Investors Diversified Realty (IDR) is an independently owned and managed firm that operates private investment company real estate funds that pool the capital of accredited investors and qualified purchasers in a unique and cost effective manner. The firm invests in institutional quality funds managed by top-tier real estate operators and investment strategies are based on the current position of the real estate market cycle. Additionally, IDR provides independent research, due diligence, and monitoring services in the selection of these real estate operators for the funds. For larger accounts, IDR would create separate account strategies tailored to a client's acquisition criteria. Investors Diversified Realty Fund Fund Size (mn): 75 USD * Strategies: Core, Debt, Opportunistic, Value Added Property Types: Multi-Family, Office, Retail, Self Storage Regions: Middle Atlantic, New England Countries: US (100%) Invest First-Time Funds: Yes Fund Investments (Total): 8 to 12 Typically Invest: USD 5 to 15 mn Fund Contact: Joshua Kaye, Brian Bowman Funds Managed Raising Investors Diversified Realty Fund targets private real estate debt and equity vehicles. It will allocate its initial capital to funds that are originating first mortgages and mezzanine debt positions, with subsequent investment focused on equity. It will to commit to 8-12 underlying funds, which will have 2010 and 2011 vintage year exposures. It will commit USD 5-15 million to individual funds. Investors Diversified Realty will invest with first-time fund managers, but seeks fund managers with a 10-year track record. However, this experience could be gained at previous firms. It will only invest in the US and it primarily targets coastal markets such as the North East and Middle Atlantic regions. The fund targets a 10-12% net IRR and a cash yield of 8-10%. Fund Status Size (mn) Vintage Strategy Geographic Focus Investors Diversified Realty Fund Raising 75 USD * 2010 Core, Debt, Opportunistic, Value Added Middle Atlantic, New England, US (100%) Contacts Name Position Tel E-mail Brian Bowman Analyst +1 216 622 0004 btb@idrfof.com Joshua Kaye Vice President +1 216 622 0004 jak@idrfof.com Gary Zdolshek Managing Director +1 216 622 0004 gaz@idrfof.com 2010 Preqin Ltd * = Fund Target 12

17. Investors in Funds of Funds - Sample Pages a range of strategies. Finnish private pension plan Kirkon Eläkerahasto (Church Central Fund) uses fund of funds to access property markets across Europe. It committed to a European fund of funds in Q1 2010 and may commit to another vehicle in the next 12 months. Fig. 17.3: Breakdown of Fund of Funds Investor Universe by Type Foundations and insurance companies both account for 9% of investors that have an interest in, or allocation to funds of funds. These vehicles are very important to Australian superannuation schemes, which account for 7% of fund of funds investors. Other investor types such as investment companies, government agencies and sovereign wealth funds account for 6% of fund of funds investors. Breakdown of Investors by Location Fig. 17.4 shows that almost half of the investors that invest in, or are looking to allocate to funds of funds are based in Europe and 40% are from North America. This is different to the make up of investors in private equity real estate vehicles, as 58% of investors in direct funds are North American institutions, with 31% from Europe. It is likely that the proportion of European-based investors is higher for fund of funds because it is typically the smaller-sized pension funds that seek such vehicles, and North American pension plans have a larger total assets base than European pension funds. 11% of fund of funds investors are based in Asia and Rest of World; this is identical to the proportion of Asia and Rest of World investors in the private equity real estate asset class. Fig. 17.4: Breakdown of Fund of Funds Investor Universe by Location In terms of country the US is home to 38% of all fund of funds investors, making it the most populated country in terms of number of investors active in funds of funds. This is unsurprising given the high volume of real estate fund investors based in the US, compared. 2010 Preqin Ltd 13

18. Profiles for Key Investors - Sample Pages ESI Super Superannuation Scheme GPO Box 959, Brisbane, QLD, 4001, Australia www.esisuper.com.au Tel: +61 1300 363 240 Fax: +61 (0)7 3229 7523 super@esisuper.com.au Assets under Management (mn): 2,492 AUD Established: 1995 Allocations to RE Current Target Real Estate (mn): 324 AUD (13.0% of Total Assets) Overall Private Fund (mn): 324 AUD (100.0% of RE Allocation) Opportunistic Value Added Core-Plus Core Debt Distressed North America Europe Asia & Rest of World Emerging Market First-Time Fund ESI Super has invested in fund of funds vehicles in order to acquire a diverse real estate portfolio. The superannuation scheme has committed to vehicles that invest in underlying opportunistic and value added funds. It has invested in Russell Global Property Fund I, which has provided it exposure to Asia, South America, Europe and North America. The superannuation scheme has also invested in an Asia-focused fund of funds vehicle managed by Franklin Templeton Investments to expand its Asian portfolio. Franklin Templeton Asian Real Estate Fund targets opportunities created by local inefficiencies and healthy underlying fundamentals in the Asian real estate market. Sample Investments: Franklin Templeton Asian Real Estate Fund (2007), Russell Global Property Fund I (2007) Contacts Name Position Telephone E-mail Simon Mather Investment Officer +61 (0)7 3231 6256 simon@esisuper.com.au Nebraska Investment Council Public Pension Fund 941 O Street, Suite 500, Lincoln, NE, 68508, US www.nic.ne.gov Tel: +1 402 471 2043 Fax: +1 402 471 2498 Assets under Management (mn): 14,100 USD Established: 1969 Allocations to RE Current Target Real Estate (mn): 705 USD (5.0% of Total Assets) 705 USD (5.0% of Total Assets) General Consultant: Ennis Knupp and Associates Opportunistic Value Added Core-Plus Core Debt Distressed North America Europe Asia & Rest of World Emerging Market First-Time Fund Nebraska Investment Council invests in the real estate asset class through private and public funds. The public pension fund has invested in two fund of funds vehicles managed by Metropolitan Real Estate Equity Management. Nebraska invested a combined USD 30 million in the two vehicles; which invest in core-plus, value added and opportunistic underlying funds targeting domestic markets. As of Q1 2010, the public pension fund was yet to formulate its investment policy for 2010 and beyond, but was expecting to invest on an opportunistic basis across the risk/return spectrum, investing in funds ranging from core-plus to opportunistic in strategy. Nebraska may also seek to invest in funds with distressed or debt strategies, believing these markets to be of increasing importance to the private real estate market. Nebraska Investment Council has not ruled out the possibility of investing in real estate funds of funds in the future. A commitment to a fund of funds vehicle would give the pension fund the opportunity to gain exposure to the range of fund strategies that it is interested in. Sample Investments: Metropolitan Real Estate Partners International III (2010), Metropolitan Real Estate Equity Partners VI (2008) Contacts Name Position Telephone E-mail Joseph Jurich State Investment Officer +1 402 471 2043 joe.jurich@nebraska.gov Valtion Eläkerahaston Public Pension Fund Mikonkatu 15 A, 6. krs., Helsinki, 00100, Finland www.ver.fi Tel: +358 (0)9 2515 7019 Fax: +358 (0)9 2515 7052 Assets under Management (mn): 12,000 EUR Established: 1990 Allocations to RE Current Target Real Estate (mn): 252 EUR (2.1% of Total Assets) 540 EUR (4.5% of Total Assets) Private Equity Real Estate (mn): 50 EUR (20.0% of RE Allocation) RE Investment Consultant: Amanda Advisors Opportunistic Value Added Core-Plus Core Debt Distressed North America Europe Asia & Rest of World Emerging Market First-Time Fund No In February 2010, Valtion Eläkerahaston (Finnish State Pension Fund) was looking to invest between EUR 50 million to EUR 100 million in private real estate vehicles in 2010, which is the typical amount of capital it deploys to the asset class per year. It felt that it would invest in a real estate fund of funds vehicle targeting Asia. It had not decided on the amount of capital it would commit to that fund of funds, but hoped to invest with experienced managers with strong track records. The pension fund has committed to a number of European funds of funds in the past, but will only use funds of funds to access Asia from now on. It uses funds of funds to gain exposure to markets it is relatively unfamiliar with. The pension fund will focus on the terms and conditions of the vehicle and hopes that the interests of the fund manager and investors will be better aligned and the fee structure is more favourable to the investors than in the past. Plan - Next 12 Months: 1 Fund Sample Investments: Aberdeen Indirect Property Partners - Active (2006), Aberdeen Indirect Property Partners (2005), Franklin Templeton European Real Estate Fund (2005) Contacts Name Position Telephone E-mail Johannes Edgren Real Estate Investment Analyst +358 (0)9 2515 7040 johannes.edgren@ver.fi Maarit Säynevirta Head of Other Investments +358 (0)9 2515 7027 maarit.saynevirta@ver.fi Versicherungskammer Bayern Insurance Company Maximilianstraße 53, Munich, 81535, Germany www.vkb.de Tel: +49 (0)89 216 00 Fax: +49 (0)89 216 0810 8 Assets under Management (mn): 38,462 EUR Established: 1875 Allocations to RE Current Target Real Estate (mn): 2,500 EUR (6.5% of Total Assets) 2,500 EUR (6.5% of Total Assets) Overall Private Fund (mn): 832 EUR (33.0% of RE Allocation) Opportunistic Value Added Core-Plus Core Debt Distressed North America Europe Asia & Rest of World Emerging Market First-Time Fund No Versicherungskammer Bayern had planned to commit to a South America-focused fund of funds vehicle in 2009 but was unable to do so. Therefore it is interested in allocating to a fund of funds targeting this region in 2010. It is also considering investing in an Asia-focused fund of funds vehicle. These plans are not concrete however, as much will depend on whether it is presented with the appropriate opportunities. The insurance company has no set preferences for the fund types that the fund of funds vehicles will invest in, although it prefers core-plus and value added vehicles targeting Asia. Although it will consider first-time funds in the long term, it will invest with experienced managers in the short term due to market conditions. Plan - Next 12 Months: 1 to 2 Funds Contacts Name Position Telephone E-mail Martin Goderbauer Real Estate Porfolio Manager +49 (0)89 216 0435 7 martin.goderbauer@vkb.de Frank Winkenwerder Head of Real Estate Portfolio Management +49 (0)89 216 0677 8 frank.winkenwerder@vkb.de 2010 Preqin Ltd 14

2010 Preqin Private Equity Real Estate Fund of Funds Review: Order Form Now in its third year, The 2010 Preqin PERE Fund of Funds Review is the most comprehensive guide to the private equity real estate fund of funds industry ever created. Preqin has contacted managers, investors and real estate professionals from around the world in order to ensure that this year s publication is as accurate and detailed as possible. This year s edition includes: The 2010 Preqin Private Equity Real Estate Fund of Funds Review Comprehensive profi les for all 57 PERE fund of funds managers, including contact details, history, sample investments, plus detailed investment plans at a fund-specifi c level. Also includes profi les for nine private equity fund of funds managers with a signifi cant allocation to real estate. Full listings for all funds closed and currently in the market. Profiles for over 100 current institutional investors in PERE funds of funds, with contact details, sample investments made and investment plans for the future. Detailed analysis on all aspects of the market, identifying trends in fundraising, fund terms and conditions, investors, fund focus and much more. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2010 Preqin PERE Fund of Funds Review Order Form - Please complete and return via fax, email or post I would like to purchase The 2010 Preqin PERE Fund of Funds Review 465 + 10 Shipping $795 + $40 Shipping 495 + 25 Shipping Additional Copies 110 + 5 Shipping $180 + $20 Shipping 115 + 12 Shipping (Shipping costs will not exceed a maximum of 15 / $60 / 37 per order when all shipped to same address. If shipped to multiple addresses then full postage rates apply for additional copies) I would like to purchase The 2010 PERE Fund of Funds Review Graphs & Charts Data Pack in MS Excel Format: (contains all underlying data for charts and graphs contained in the publication. Only available alongside $300 / 175 / 185 purchase of the publication). Name: Firm: Job Title: Address: City: Post / Zip Code: Country: Telephone: Email: Payment Options: *Security Code: www.preqin.com/refof Cheque enclosed (please make cheque payable to Preqin ) Credit Card Visa Mastercard Amex Visa / Mastercard: the last 3 digits printed on the back of the card. Please invoice me Card Number: Expiration Date: Name on Card: Security Code*: American Express: the 4 digit code is printed on the front of the card. Equitable House, 47 King William Street, London, EC4R 9AF 230 Park Avenue, 10th fl oor, New York, NY 10169 Samsung Hub, 3 Church Street, Level 8, Singapore 049483, w: www.preqin.com / e: info@preqin.com / t: +44 (0)20 7645 8888 or +1 212 808 3008 / f: +44 (0)87 0330 5892 or +1 440 445 9595