Normandy invests through our fully-discretionary investment funds, backed by some of the world’s most prestigious institutional investors. Our current fund, Normandy Real Estate Fund II, LP, has approximately $350 million of equity capital. With leverage, the fund has over $1.0 billion of purchasing power. Our previous fund, Normandy Real Estate Fund, LP is fully invested and committed with approximately $3.0 billion of total asset value. We are so committed to our investment decisions, that our management team and key personnel make a significant co-investment in each of our funds. This creates an alignment of interests with our investors, which commits us on a personal level to maximizing investment performance. Total Assets Under Management Year Fund Total Assets Status 2007 NREF II $1 billion Investing 2005 NREF I $3 billion Fully invested or committed