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Second Quarter 2010 Quarter 1 NCREIF Indices Review - NAREIM


                        NCREIF Mission
•   NCREIF is a not-for-profit trade association that serves its membership and the
    academic and investment community’s need for improved commercial real
    estate data, performance measurement, investment analysis, information
    standards, education, and peer group interaction by:

     – Collecting, processing and reporting data in a secure environment;
     – Producing performance measurement indices;
     – Encouraging academic and member use of NCREIF data for objective
     – Providing forums with strong educational content to address industry
     – Publishing informed industry related articles and performance reports; and
     – Contributing to the development of real estate information standards.

            NCREIF Membership

• Institutional Real Estate Investment Managers – 94
• Major Pension Funds – 44
• Service Providers (Appraisers, Accountants,
  Consultants, Analysts) – 102
• Academics – Professors of Real Estate at major
  universities – 40

    NCREIF Data Products & Services
• NCREIF Property Index (NPI)
   – Several Report and Spreadsheet products
• Fund Indices
   – Open End Diversified Core Equity (NFI-ODCE)
   – NCREIF Townsend Fund Indices
   – NFI All Open End Fund Index
• NCREIF Farmland Index
• NCREIF Timberland Index
• Custom Data Products
   – Website Query Tool
   – Operating Database Query Tool
   – Special Data Runs Specified by Members

        NCREIF Property Database as of 6-30-12
     Wealth of information on trends and performance
§Data Set                 # Props       $ Market Value
    §Tax Exempt
        § Core             7,154         310.1 Billion
        § Non-Core         1,040          24.6 Billion
        Sub Total          8,194        $334.8 Billion
        §Core               742           25.4 Billion
        §Non-Core           104            2.5 Billion
        Sub Total           846          $27.9 Billion
§Total Active              9,040        $362.7 Billion

      NCREIF: Recap of 2012 Objectives
                 Objective                                     Results/Status
• Complete corporate structure/hire CEO         • Hired Peter Steil, key hires, BOD
• Address Member needs: expand collection,      • Common template – 4Q2012; transition
 provide direct reporting, provide service        ODCE collection back to NCREIF; providing
 options.                                         service options at November conference.
• Release Timberland Fund & Separate            • Released the NPI-TFSAI in May 2012
  Account Index.                                • Released NFI-OE in August 2012. NFI-ODCE is
• Release All-Open End Fund index.                a subset
• Make REIS “commercially viable”, strengthen   • Led effort to engage PREA, redraft bylaws &
  relationship with PREA. Engage other            produce business plan. Compliance checklist
  industry participants; Inrev, Anrev.            complete. Work-in-progress: closed-end
                                                  fund standards and debt valuation
• Maintain high standards of reporting          • Has consistently and reliably delivered

Common Template Initiative – Current State Data Flow:

                              •   Data contributors send data to many
                                  different receivers each quarter.
                              •   Existing process adds excess time
                                  and pressure on the data
                                  contributors by:
                                   • Having to submit data in
                                       different collection formats.
                                   • Data definitions varying slightly
                                       between receivers.
                                   • Providing data on different
                              •   Often the data sent is the same
                                  (common) between receivers.
                              •   Receivers are responsible for
                                  validating data each quarter.

Common Template Initiative – Future State Data Flow:

Project Overview:
 •   Streamline and consolidate data submission and delivery:
      • Single industry common submission template for Fund, Property and
         Investment level data.
      • NCREIF performs validation with contributors prior to distribution.
      • Provide data to recipients in desired format and when needed.

Project Benefits:
 • Decrease time and cost data contributors spend processing data collection
   templates and sending to:
     • Consultants
     • Index producers
     • Other industry analytical firms
 • Decrease data validation time and cost spent validating the data each quarter.
 • Deliver validated data to consultants and other users in desired format to
   support their existing systems and business process.
 • Ensure member consent in how their information is used.
 • Provide open-architecture and low-cost access to high-quality information.

  NCREIF 2013-2014 Preliminary Objectives
                 Objective                                       Benefits
• Implement Common Template                   • Reduces industry costs
                                              • Provide open architecture
                                              • Ensure member consent
• Implement service options as directed by    • Provide options to the membership, possibly
 the membership                                 reduce costs and provide common standards
• Address plan sponsor and consultant needs   • Identify specific deliverables for plan
  more directly                                 sponsors (consultant initiative in-progress)
• Release global fund index with Inrev and    • Provide global transparency, better
  Anrev. Share best practices on index          comparability and best practices
  construction and standards
• Collaborate with closed-end fund            • Improve consistency of reporting and
  contributors to enhance fund indices          standards
• Website-better access & informed insights   • Better understanding of performance drivers

              Additional suggestions from NAREIM members?

      Boards of Directors: NCREIF, Inrev & Anrev
                                 NCREIF                             INREV                               ANREV
Chair                Mark Roberts, RREEF               Patrick Kanters, APG              Nicholas Loup, Grosvenor

Vice/Deputy Chair    Ron Kaiser, Bailard               Deborah Lloyd, Nabarro            Willem de Geus, Morgan Stanley
CEO                  Peter Steil, NCREIF               Matthias Thomas, Inrev            Jeremy Stewardson, Anrev
Secretary/Officer    Tom Mulvin, Virginia              Erwin Stouthamer, Comp. Capital   Daan van Aert, APG
Treasurer/Officer    Pat Tully, Clarion                Timo Loyttyniemi, VER Finland     Robert Lie, CITIC Capital
Officer                                                                                  Graham Mackie, UBS
Officer                                                                                  Wai Keong Kwok,GIC
Directors/Mgmt Bd.   Stephanie Brower, Russell         Christian Delaire, AEW            Chris Heady, Blackstone
                     Alyce DeJong, Prudential          Iris Aalders, CBRE Global         John Saunders, MGPA
                     Blake Eagle, Founder              Jeff Jacobsen, LaSalle            Philip Ling, LaSalle
                     Bill Hughes, UBS                  Jens Christian Britze, ATP        Wilson Leung, Angelo Gordon
                     Asieh Mansour, CB Richard Ellis   Matthew Ryall, Allianz            Chris Reilly, Henderson
                     Stanton West, Ohio STRS           Michael Morgenroth, SIGNA         Mark Fogle, Baring PE Asia
                                                       Neil Harris, GIC                  Richard Price, CBRE Global
                                                       Noel Manns, Europa Capital        Andrew Wieir, KPMG
                                                       Udo Schaffer, E.ON AG             Charles Cosgrove, ARCH Capital
                                                                                         Cheng-soon Lau, Invesco
                                                                                         Robert Hattersley, Lend Lease
                                                                                         Nicholas Harris, The GPT Group

On behalf of the NCREIF Board of Directors
                Thank you!


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