NOTES:

• Past performance is not indicative of future performance
• NDC Realized Investor IRR is net of all fees and promotes
• Index values for S&P 500, NAREIT and NASDAQ reflect only price changes
• S&P 500 and NASDAQ Historical Quotes obtained from Bigcharts.com
• In NAREIT Equity Index, final month end values are used for all property sales
• In NAREIT Equity Index, prior month end Index values are used for all property purchases
• 5-Year T-Note Historical Index obtained from Ryan Labs