Total Return Strategy, our flagship product, has outperformed its benchmark on a net
of fees basis nine out of the eleven years since inception, July 1, 1995; through
December 31, 2006, Total Return Strategy's annualized return, net of fees, is 19.0%
compared to 17.1% for the Dow Jones Wilshire REIT Index. The GIPS performance
examination for the Total Return Strategy Composite begins July 1, 1995. Past
performance is no guarantee of future results and investments entail the potential
for loss as well as gain. For more detailed information, see Investment Performance Disclosure Statements.

In the past, our value orientation has limited downside risk in declining markets, both
real estate and equity, because we eschew real estate securities which we believe are
trading at large premiums to the value of the underlying assets ("Net Asset Value").
Moreover, by concentrating on Net Asset Value discounts, our clients are more likely to
be the beneficiaries of takeover and privatization activity, wherein the underlying value
is realized at premiums to prevailing prices.