Favorable Climate

(global private real estate funds, current performance as of Q2 2013)

Source: IPD, based on data as follows: Equities—MSCI World Index, Gross Total Return, Property Equities—MSCI World Real Estate Index, Gross Total Return, J.P. Morgan GBI Global Composite, Unhedged Index, 7-10 years, IPD Global Property Fund Index

Source: IPD, based on data as follows: Equities—MSCI World Index, Gross Total Return, Property Equities—MSCI World Real Estate Index, Gross Total Return, J.P. Morgan GBI Global Composite, Unhedged Index, 7-10 years, IPD Global Property Fund Index