Cornerstone Real Estate Advisers was established in 1994 to provide private real estate equity investment management services for our parent corporation, Massachusetts Mutual Life Insurance Company (MassMutual), and tax-exempt and taxable institutions. Since then, we have added management of public real estate securities to our array of services.

We have grown significantly since our founding. To best meet our clients' needs, Cornerstone offers separate account management, real estate funds, including a series of strategically focused closed-end funds and has become the sub-advisor for a public real estate securities mutual fund.

Our clients include public and corporate pension funds, endowments, foundations, and insurance companies. As of the second quarter of 2008, Cornerstone had approximately $9.4 billion in public and private real estate investment.

Cornerstone's mission is to manage our clients' capital in ways that help them create value through real estate investments. We seek to accomplish this by marrying the power of focused investment ideas, the special advantages of access to flexible capital, and the prudence and perspective that comes from experience that is both broad and deep.

We attribute our success in managing our clients' real estate investments to three main factors:

1. Focused ideas. Cornerstone focuses on one major idea: rotational investment. We believe that investors can benefit from a rotational strategy, as different property types, different markets and different phases of the real estate life cycle come in and out of favor at different times. By closely monitoring property, geographic and capital markets, we attempt to confer the advantages of these cycles on our client's portfolios.

   To implement this concept, we have adopted focused strategies that evolve with the real estate cycles. These strategies are developed by Cornerstone's seasoned senior management team, which relies heavily on input from our state-of-the-art research capability as well as the local market knowledge gathered by our regional offices.

   We built our foundation on our state-of-the-art research department, but today we've taken it a step farther. The vital function of research has been disseminated to the desktops of every decision maker within our organization. Cornerstone employees have access to the latest research at their fingertips.

2. Flexible capital. As an independently operated subsidiary of MassMutual, we have the support of a parent with strong capital resources that gives us staying power in an ever-changing business. As a manager for MassMutual, we are able to use our parent's capital as a source of pari passu, co-investment funds where appropriate, and we have been able to benefit our clients by using MassMutual's capital strength to assemble pre-specified portfolios of properties. We also have the flexibility to deploy capital in a broad array of structures to meet the business, legal and tax needs of our clients. These vehicles include Limited Liability Companies, Private REITs and Insurance Company Separate Accounts.

3. Experienced management. Members of Cornerstone's senior management team average over 25 years of experience, to better serve the investment needs of our clients. Our management team has experienced multiple real estate investment cycles, learning the lessons of what works and what does not. Because our clients want more than technically proficient real estate investors, we offer a senior management team that understands our clients' objectives, policies and procedures. We know how to mitigate risk and place the highest priority on our fiduciary responsibilities.