NCREIF

Index Returns

• NCREIF Property Index Returns

  As of 03/31/2012
  Income:1.43%
  Appreciation: 1.15%
  Total:2.59%

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• NCREIF Open-End Diversified Core (ODCE) Returns

  As of 03/31/2012
  Income:1.34%
  Appreciation:1.48%
  Total:2.82%

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• NCREIF Townsend Fund Index Returns

  As of 12/31/2011
  Core:3.00%
  Value Added:3.20%
  Opportunistic:2.20%

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• Farmland
  Index Returns

  As of 03/31/2012
  Income:1.00%
  Appreciation:2.77%
  Total:3.78%

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• Timberland
  Index Returns

  As of 03/31/2012
  Income:0.96%
  Appreciation:-0.60%
  Total:0.36%

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