Normandy invests through our fully-discretionary investment funds, backed by some of the world’s most prestigious institutional investors. We are currently investing Normandy Real Estate Fund II, LP, which has approximately $350 million of equity capital. With leverage, the fund has over $1.0 billion of purchasing power. The predecessor fund, Normandy Real Estate Fund, LP is fully invested and committed with approximately $3.0 billion of total asset value. Normandy also manages NREP Real Estate Debt Fund, LP, with $1.1 billion of initial commitments invested in mortgage and mezzanine debt in major U.S. markets. As a commitment to our investment decisions, 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 $1.0 billion Investing 2006 NREP RE Debt Fund LP $1.1 billion Fully invested or committed 2005 NREF I $3.0 billion Fully invested or committed