NCREIF

Anthony J. Pierson, Managing Director, Portfolio Management


Mr. Pierson joined Cornerstone in 2004 and is responsible for overseeing Cornerstone’s Portfolio Management Group. Mr. Pierson previously worked for CIGNA Real Estate Investments where he was a member of the Senior Management Group and was responsible for various responsibilities including Head of Real Estate Research and Strategy, Head of Client Relations and Managing Director of the $1.4 billion CIGNA Charter Open-End Real Estate Fund. Prior to that he was with Aetna Realty Investors, Inc, where he directed Aetna’s equity market and strategic research in addition to playing a major role in the Investment Committee and Strategy Team leadership.

Mr. Pierson received his B.S. in Analytical and Descriptive Economics from the London School of Economics, and his MBA in Finance from the Aetna Institute with the University of Hartford. He is a Board member of National Council of Real Estate Investment Fiduciaries and a Homer Hoyt Fellow, Real Estate Research Institute Fellow and past Board member of the Real Estate Finance Association, MIT Center for Real Estate and the Real Estate Research Institute.

Ms. Polleys, principal, serves as the leader of EnnisKnupp’s global real estate research group and is the primary consultant for a select number of EnnisKnupp real estate retainer and project clients. Ms. Polleys has a unique blend of public and private, domestic and global commercial real estate experience that spans 19 years. Prior to joining EnnisKnupp, Ms. Polleys was the Director of Research for real estate at Fidelity Investments. Previously she served as the Vice President and Director of Strategic Consulting at Torto Wheaton Research. Other work experience includes private real estate development and investment management in both the U.S. and Southeast Asia, and as a teacher and co-coordinator of mathematics at the Chinese International School in Hong Kong.

Ms. Polleys earned a Bachelor of Science degree in Civil Engineering from Brown University and a Master of Science degree in Real Estate Development from the Massachusetts Institute of Technology. She has been involved with National Council of Real Estate Investment Fiduciaries (NCREIF) for over 10 years, having been elected to the Board in 2007 and elected President-Elect the following year commencing in 4Q2010. During her tenure with NCREIF, Ms. Polleys has served as chair of the Research Committee (2000-2004) and participated on various index related taskforces.

Jeffrey J. Kiley is a Partner in the PricewaterhouseCoopers Real Estate Group in Boston and has specialized in serving clients in the real estate industry primarily in an audit capacity for the past 20 years. Having served many of the leading real estate investment advisors in the U.S. during his career, Jeff has developed a professional focus in the institutional real estate investment industry, and is currently designated as our firm's industry expert on real estate fair value accounting matters. His experience also includes public and private offerings involving real estate equity and debt securities, real estate valuation analysis, acquisition due diligence reviews, real estate performance measurement consulting and verification, property management controls reviews and financial reporting in accordance with international financial reporting standards. Mr. Kiley is a frequent speaker on matters involving the reporting of private real estate equity funds and is active at the National Council of Real Estate Investment Fiduciaries where he was recent Chair of the Accounting Committee as well as the Real Estate Information Standards Council, and where he remains active in industry standards matters as a continuing member of the REIS Council. Jeff is also actively involved in the AICPA's efforts to provide industry guidance for the implementation of the AICPA Audit and Accounting Guide Investment Companies by Real Estate Funds.

Thomas C. Mulvin is an Investment Officer with the Virginia Retirement System. As part of the real estate investment team for the last thirteen years, his responsibilities include creating investment plans that conform to VRS investment policies, writing investment recommendations, evaluating investment managers and monitoring the performance of the $1.8 billion real estate portfolio.

Tom graduated with honors from Virginia Commonwealth University, majoring in Business with a concentration in real estate. Before joining VRS, Tom worked in a family-owned business for fifteen years. Tom currently serves on the Board of Directors of NCREIF and is a member of NAREIT and PREA. Previously Tom served on the Editorial Board of the Institutional Real Estate Newsletter, and served with the Richmond Chapter of Habitat for Humanity.

RESPONSIBILITIES
Senior Investment Officer -- responsible for all real estate investment activities for the Florida Retirement System, including determining investment objectives, formulating operating strategies, policies and procedures, ensuring prudent selection of investment alternatives -- member, asset allocation committee.

CAREER PATH
Directly involved in investment grade commercial real estate investing and management for the past 33 years…9 years on real estate staff of major insurance company -- Director of Finance for a national development firm -- Senior Investment Officer for Florida’s real estate portfolio since inception of program. Mr. Bennett participates in various industry related organizations.

EDUCATION
B.S., Finance -- M.B.A.

Ron is Director of Bailard, which he co-founded in 1969. He conducts comprehensive research on the role of real estate in investment portfolios and advises the firm's real estate portfolio management team. Ron frequently presents his work at client, industry and academic conferences and has published ten of his papers in such publications as the Journal of Portfolio Management, Institutional Real Estate Letter, PREA Quarterly, the Journal of Real Estate Research and the Journal of Real Estate Portfolio Management.

Two of Ron's papers have received American Real Estate Society (ARES) Manuscript Awards. His paper "The Long Cycle in Real Estate," published by the Journal of Real Estate Research in 1997, received the ARES Manuscript Award for "Best Paper Presented on Real Estate Investment/Portfolio Management." In April 2003, his paper "When and Why Real Estate Could Be a Surrogate for Bonds: A Dynamic Asset Allocation View," received the 2003 ARES Manuscript Award for " Best Research Paper Presented by a Practicing Real Estate Professional." It was published by the Journal of Real Estate Portfolio Management in 2004.

Ron earned his BS in 1966 and his MBA in 1969, both at Stanford University. Ron regularly participates in the industry development of NCREIF, currently serving on the Index Policy and Research committees. He is an active member of the American Real Estate Society and was re-elected to a second five-year term on their board of directors in 2006. The Homer Hoyt Institute also inducted Ron as a Hoyt Fellow in 2001. He is also a member of the Pension Real Estate Association and the Counselors of Real Estate.

Ron and his wife Pam live at Westside Farms, on the Russian River near Healdsburg, and in their spare time grow wine grapes and pumpkins, raise sheep for wool, and drive draft horses.

Mr. Zerbst joined CB Richard Ellis Investors as president in 1997. From 1998 through 2006 he served as CEO and had overall responsibility for investment policy and the strategic direction of the firm. He has led the growth and transformation of CB Richard Ellis Investors from a domestic pension fund adviser with $3.7 billion of assets under management to a multi-strategy, global investment organization with a portfolio in 2007 of more than $35 billion.

In 1981, after a career in real estate research and education, Zerbst founded and served as CEO of Piedmont Realty Advisors, a San Francisco-based registered investment advisory firm. In 1991, Piedmont merged with The RREEF Funds. While a partner at RREEF, he was responsible for all investments in the western United States and opportunistic investments nationally.

Mr. Zerbst holds a B.A. from Miami University, an M.A. in Economics, an M.B.A. and a Ph.D. in Finance and Real Estate Economics from Ohio State University. He also earned the CRE and MAI professional designations, and is a member of the Pension Real Estate Association (PREA), National Association of Real Estate Investment Trusts (NAREIT), Vice Chairman of National Association of Real Estate Investment Managers (NAREIM), Real Estate Round Table, Los Angeles World Affairs Council, Asia Society and the Policy Advisory Board at the Haas School of Business, University of California at Berkeley.

Blake Eagle is Founder of the National Council of Real Estate Investment Fiduciaries (NCREIF). NCREIF is a Chicago based non-profit commercial real estate industry association focused solely on the collection, processing, validation and publication of investment performance return information on commercial real estate assets owned in the private market by pension funds, endowment funds and other categories of institutional investors. NCREIF membership is comprised of real estate investment managers, pension funds, endowments, consultants, certified public accountants, appraisers, and academics.

From 1994 through 2000, Mr. Eagle was the Thomas G. Eastman Chairman, Center for Real Estate, Massachusetts Institute of Technology. The Center offers a Master of Science in Real Estate and engages in a wide variety of research and educational programs. The Center, founded in 1985, has awarded more than 700 MS degrees. Over 90% of MIT/CRE graduates are engaged in the real estate business around the world.

From 1971 through 1993, Mr. Eagle headed up the real estate consulting group of Frank Russell Company, a global pension fund asset strategy consultant and investment advisor headquartered in Tacoma, Washington. Mr. Eagle had senior management responsibilities for domestic and international real estate consulting for Russell's pension consulting clients. During his 23-year career at Russell, pension fund consulting clients invested more than $18.0 billion in real estate. Mr. Eagle also played the leadership role in the establishment of NCREIF.

In 1992, he was honored with Lifetime Achievement Awards from the National Council of Real Estate Investment Fiduciaries, The Wharton Real Estate Center, University of Pennsylvania, and the Homer Hoyt Advanced Studies Institute for his contributions to the field of real estate research. Mr. Eagle received the 1993 Dr. James Graaskamp Award from the Pension Real Estate Association for his contributions to the body of knowledge about institutional investment in real estate.

Mr. Eagle has served as a member of the American Society of Real Estate Counselors, the Pension Real Estate Association, National Real Estate Roundtable and National Association of Real Estate Investment Trusts. He has served on the Boards of Directors of three publicly listed real estate investment trusts, two privately owned real estate operating companies and one real estate securities mutual fund. He is a member of the Real Estate Advisory Committee of the New York State Teacher's Retirement Fund and has served as a real estate oversight consultant to the New York State Nurse's Pension Fund and 1199 Health Care Workers Pension Fund. He formerly served as a Director of the Institute for Real Estate Research; Member, Board of Advisors, Fannie Mae; Faculty Member, Mortgage Bankers School, Northwestern University. He has provided testimony to the President's Commission on Housing, Department of Labor and the U.S. Senate Banking Committee on U. S. pension fund real estate investment practices.

He earned his undergraduate degree in business at the University of Washington. He pursued postgraduate studies in real estate at the University of California, Berkeley. Prior to joining Russell, Mr. Eagle was a real estate developer.

Roy Rendino is the Chief Executive Officer of NCREIF. Prior to joining NCREIF, Mr. Rendino was a Principal of Renmar Advisors and provided consulting and advisory services to real estate developers, owners and managers. He previously served as Executive Vice President and Chief Financial Officer for Pathway Senior Living, LLC, a developer, owner and operator of senior apartments and assisted living facilities, Senior Vice President–Finance of Prime Group Realty Trust, a publicly-traded REIT, and was also with Deloitte & Touche LLP, where he held positions including Partner and Midwest Director of Real Estate. While at Deloitte, Mr. Rendino served as the partner on several large investment advisors which invested through closed and open-end funds and separate accounts.

Mr. Rendino is a certified public accountant, is a member of the governing council of the American Institute of Certified Public Accountants and was a member of its Accounting Standards Executive Committee from 2005-2008. He is President-Elect and a member of the board of directors of the Real Estate Investment Association. Mr. Rendino also has been a member of the board of directors of the National Association of Real Estate Companies (and was its President from 2002 to 2004), and a member of the board of directors and an officer of the Illinois CPA Society. Mr. Rendino is a graduate of DePaul University.