REMS Real Estate Value Portfolio

REMS Real Estate Value Portfolio is a long-only public real estate strategy that pursues value investments in:

• The common stock of publicly traded REIT companies;
• The common stock of Real Estate Operating Companies (REOCs) that are
  publicly traded but have not elected REIT status;
• The preferred equity securities of publicly traded REIT companies

The Portfolio is offered as a separately managed account.

*Data at 9/30/11 based on invested porfolio only.

For more information contact Candace Chapman.