* Between 1992 and 2008, we managed a private real estate investment fund (the "Fund") employing a value enhancement investment strategy. The returns for 1992 - 2008 assume participation in the Fund for its full term and all returns assume distribution of available funds 30 days after each final asset disposition in 2008. The returns presented are average annual time weighted rates of return, using the Global Investment Performance Standards recognized by the National Council of Real Estate Investment Fiduciaries ("NCREIF"). Naturally, the results of individual investments, and the Fund's returns from year to year, varied significantly. Returns reflect realized gains and income and exclude taxes on income and capital gains, and effects of potential unasserted tax liabilities. Returns exclude asset management fees. Real estate investing includes numerous risks, and past performance is not a guarantee of future results. Recommendations made in the future may not be profitable or may not equal the performance of the Fund. The contents should not be construed as an offering of securities or an offering of personalized securities investment advice.

ALL DESCRIBED FUNDS ARE EXISTING OR PRIOR FUNDS AND SUCH FUNDS ARE NOT ENGAGED IN ANY OFFERINGS OF SECURITIES.

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