1) 2014 NAREIM Compensation Survey Executive Summary of Survey Results The National Association of Real Estate Investment Managers (NAREIM) and FPL Associates L.P. (FPL) once again partnered to conduct the 2014 NAREIM Compensation Survey. This survey focuses on compensation within the real estate investment management (REIM) industry and is intended to help participants better understand current pay practices and trends, resulting in more informed year‐end 2014 compensation decisions. Data collected and reported in the 2014 survey covered a variety of organizational and compensation topics across the REIM industry (summarized on the following pages), including:  Staf ing and hiring trends  Financial performance  Compensation design trends and practices for performance year (PY) 2013 and 2014  Anticipated changes and trends in pay levels and program design in 2014 (year‐end) and 2015  Detailed compensation data by position and component for 134 positions across 28 functions 2014 Participant Demographics This year 46 organizations participated in the survey resulting in a participant rate of 52%. The participant group included captive/af iliated and independent REIM irms ranging in size in terms of number of employees (between 7 and 2,240) and assets under management (AUM). In total, the participating companies manage over $625 billion in gross AUM. Below is a partial list of the 46 NAREIM members that participated in the survey. AEW Capital Management Cornerstone RE Advisers Kimco Realty Corporation Principal Global Investors AIG Real Estate Eagle Realty Group LaSalle Investment Mgmt. Prologis American Realty Advisors Grosvenor Lowe Enterprises Investors Prudential RE Investors Aviva Investors Harrison Street RE Capital Manulife Financial Saro im Realty Advisors Bentall Kennedy Hart Realty Advisers Mesa West Capital Stockbridge Capital Group Berkshire Property Advisors Heitman MetLife Investments TDA Investment Group CBRE Global Investors Hines National RE Advisors TIAA‐CREF Clarion Partners IDS Real Estate Group Newport Capital Partners UBS Realty Investors Colony Realty Partners Intercontinental RE Corp. PCCP Waterton Associates CommonWealth Partners Invesco Real Estate PM Realty Group Zeller Realty Group Survey results were sent to all participating companies (free participant report) in September and are available for purchase through NAREIM. For more information, please contact Gunnar Branson at gbranson@nareim.org or (312) 884‐5184. 1  

2) Organizational & Financial Results  For the 3rd consecutive year, most participants (66%) added full‐time employees (FTE) during the year; however, additions were less prevalent and less dramatic in 2013 when compared to the prior two years  Looking ahead to 2014, 68% of participants Prevalence of Financial Metric Increases (YOY) expect to increase headcount by 5% on average  Total compensation expense once again increased at the vast majority of irms (81%) during 2013, although the 2013 YOY growth rate (10%) was smaller than in 2012 (13%)  Increases in compensation expense was justi ied by similar results for other inancial metrics (top‐line and bottom‐line) Compensation Trends & Findings Base Salary Salary Increases: Prevalence & Average Size in 2014 and 2015 (est.)  Salary increases remained prevalent among participants in 2014 (80% of irms), with increases much larger than those reported for the past few years and the REIM sector’s historical average (3‐4%)  Among irms reporting increases, the average increase rose from 3.6% in 2013 to 4.1% in 2014  Looking ahead, 79% of respondents anticipate increasing salaries in 2015 2014 4.1% 4.5% 4.0% 4.5% 4.6% with the size of the increases more in 2015 3.7% 3.5% 3.5% 3.8% 4.0% line with historical norms (3 to 4% and 3.7% on average) 2  

3) Annual Bonus  61% of participants reported paying out Magnitude of PY 2013 Bonus Increases bonuses in 2014 (for PY 2013) that were larger than those paid in 2013 (for PY 2012)  However, the size of the increases were smaller when compared to previous years  Respondents’ bonus pools represented 25‐ 40% of pre‐bonus pro its (29% on average) consistent with prior years’ results  Companies prefer simple systems for determining performance and bonuses, oftentimes by using no more than ive metrics Projected Changes of PY 2014 Bonus Awards and two types of criteria across the irm  Among the 51% of irms projecting increases in bonuses for PY 2014, most are expected to be between 1‐10% Long‐Term Incentives  LTI award vehicles and performance measurement practices continue to vary widely within the REIM sector  Recent trends indicate that deferred cash and stock‐based awards are becoming more common, with these awards granted annually and vesting over 3‐4 years  Eligibility has expanded at many REIM irms, which produced a sizeable increase in the percentage of employees that are eligible for LTI awards  50% of respondents increased LTI award amounts, and by 12% on average, a signi icant decrease from the prior year (average increase of 61%)  Most irms (71%) expect PY 2014 LTI award amounts to remain lat 3  

4) About FPL Associates  Recognized leader in real estate compensation consulting for over 20 years  Client base spans public and private real estate irms and across all sectors, property types, and strategies  Conducts 100 to 150 projects annually at real estate irms across the globe and 20 to 30+ real estate surveys per year covering positions across all organizational levels and functions/departments  One‐of‐a‐kind, proprietary database boasts the largest source of global and domestic real estate compensation data FPL Advisory Group Executive Search Compensation Management Consulting Chairmen/ Benchmarking Strategic Planning Program Design Organizational Design Contractual & Policy Corporate Finance Chief Executive Of icers/ Presidents Board of Directors/Trustees Ferguson Partners Boston Chicago FPL Associates Hong Kong London New York Singapore San Francisco Tokyo Toronto www.fpladvisorygroup.com Contact Should you have any questions about the material presented herein, the 2014 Survey, or FPL Associates, please contact: Josh R. Anbil Senior Managing Director janbil@fplassociates.com (312) 893‐2315 Melissa B. Thelen Vice President mthelen@fplassociates.com (312) 893‐2330 Lindsay Pankratz Survey Manager lpankratz@fplassociates.com (312) 893‐2337 © 2014 FPL Associates L.P. All rights reserved. FPL Associates L.P. and its af iliates (collectively, “FPL”) are providing this report for informational purposes only, and no business or professional relationship is created in connection with the provision of this report. This report is provided exclusively with the understanding that FPL is not engaged in rendering professional advice or services to you, including, without limitation, tax, accounting, or legal advice. Nothing in this report should be used in or construed as an offer to sell or solicitation of an offer to buy securities or other inancial instruments or any advice or recommendation with respect to any securities or inancial instruments. Because we rely on information provided by survey participants, FPL cannot provide representations or warranties, express or implied, with respect to the accuracy of the information aggregated in the survey results. FPL disclaims any liability for action taken as a result of this report and its indings. The information contained in this report is protected by United States and international copyright laws. Reproduction or use of the whole or any part of the contents of this report without the written permission of the copyright holders is strictly prohibited. 4