Sarofim

* Note: The above chart is not intended to be presented in accordance with the Global Investment Performance Standards (GIPS). These returns are calculated as of September 30, 2011, utilizing the methodology prescribed by the NCREIF Real Estate Information Standards. These returns include all investments, excluding hotel investments, made since 1992, are leveraged, and represent compound annual rates of return unadjusted for investment advisory fees.  Adjusting for actual fees reduces the one-, three- and five-year compound annual leveraged returns to 7.2%, -0.8%, and 7.3%, respectively.  NCREIF returns are presented for comparison and are not leveraged.  Past performance may not be an indication of future results.