TRADITIONAL VALUES. INVESTMENT INSIGHT.

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1 History Organized by the Partners of Alex. Brown & Sons. ABR was established in 1972 to originate real estate investments for the partners and clients of Alex. Brown & Sons (formerly the oldest investment bank in the U.S. and now a part of Deutsche Bank). The Alex. Brown Real Estate Group. In 1980, Alex. Brown & Sons formed Alex. Brown Realty Advisors, Inc. (ABRA) to provide real estate investment advisory services to public pension funds. Both ABR and ABRA were operated under the holding company Alex. Brown Real Estate Group, Inc. until 1990, when Alex. Brown & Sons merged ABRA with a subsidiary of Kleinwort Benson to form Alex. Brown Kleinwort Benson Realty Advisors Corporation (ABKB). ABKB subsequently acquired the assets of FIA Associates, Inc. and became the largest real estate advisor to public pension funds in the U.S. ABKB was sold to LaSalle Partners, Inc. in ABR as a Privately Owned Company. In 1991, ABR's management team and several key Alex. Brown & Sons employees purchased a controlling interest in ABR. Employees of ABR currently own approximately one-third of the company; the balance of the stock is owned by individuals and familyoffice investors, many of whom regularly invest in ABR-sponsored funds. About Alex. Brown Realty Our Firm. Alex. Brown Realty, Inc. is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with clients and joint venture partners in properties located throughout the United States. Our Employees. ABR is managed by an experienced group of professionals with skill sets in such diverse disciplines as property management, construction, engineering, asset management, finance, law, accounting, information systems and strategic planning. ABR's executive officers average 24 years of tenure with the firm. Our Investment Strategy. ABR focuses on value-added investments requiring development, redevelopment, rehabilitation, repositioning or financial restructuring in mid-size properties, typically requiring an equity commitment of $4-12 million, with total costs generally between $10-30 million. Our Clients. ABR s clients include private and public pension plans, endowments and foundations, family offices, and other high net worth investors. Many of ABR s shareholders and members of its board of directors invest regularly in ABR-sponsored funds. Our Joint Venture Partners. ABR invests almost exclusively through strategic alliances with local and regional real estate developers, operators, and managers -- joint venture partners who are experts in their own markets, permitting ABR and its clients to invest in a broad spectrum of property sectors and a wide variety of geographic areas.

2 ABR Funds Overview ABR s investment offerings have ranged from private partnerships structured for a handful of high net worth individuals to large publicly-registered national offerings for multiple investors. ABR-sponsored investment programs have acquired almost 300 assets with a total original cost of more than $2.7 billion. In 1994, ABR began to focus its efforts on large, commingled funds. These funds have delivered an institutionalquality real estate investment product and have provided clients with an opportunity to co-invest with ABR in a diverse portfolio of U.S. properties. To date, ABR has offered seven of these larger, commingled funds. Current Fund The 2010 Fund. ABR Chesapeake Fund IV, the 2010 Fund, raised $282 million in investor capital and is currently assembling its portfolio of diversified assets. The 2010 Fund represents ABR s seventh commingled real estate investment fund, the fourth with the comprehensive structure which consolidates, in a single portfolio of properties, the investment capital of ABR, ABR s shareholders, ABR s taxable and tax-exempt U.S. investors and ABR s non- U.S. investors. The 2010 Fund has been structured to: Address the different tax requirements and objectives of both taxable and tax-exempt investors Provide clients with an opportunity to co-invest with ABR in a portfolio of properties that offers product type and geographic diversity Execute ABR's traditional strategy of investing in moderately-leveraged, value-added opportunities in mid-sized U.S. properties in joint venture with local partners Focus on value-added investments that require financial restructuring, recapitalization, repositioning and/or redevelopment

3 JV Investing Broad Network of Strategic Alliances. ABR makes its property investments through joint ventures established with local real estate developers and operators. These joint venture partners, who typically source the property investments, possess expertise in their local real estate markets and property types, and provide strong organizational and entrepreneurial skills at the property level. By making its investments through these joint ventures, ABR is able to create excellent portfolio diversification investing in a broad spectrum of property types in a wide variety of geographic markets. Joint Venture Structure. Each investment is made through a separate joint venture established at the property level. All mortgages are also arranged at the property level, with the terms of each financing customized to suit the particular investment objectives and circumstances of the property. The joint ventures are typically structured as either a limited partnership or limited liability company, with both the joint venture partner and a wholly-owned subsidiary of ABR serving as a general partner or manager. Typically, the joint venture partner participates in the economic returns of the property investment after a preferred return has been made to the equity investors. Value Added Investments Development satisfies unmet demand Development conducted in areas with barriers to entry Property requires substantial renovation, repositioning, recapitalization or financial restructuring Property has unrealized potential Purchase price is below replacement cost Property is located in a growth area Current owner is motivated to sell Focus on assets owned by motivated sellers unable to refinance and lenders with delinquent loans that cannot be extended Investment Terms Mid-size properties, typically requiring an equity commitment of $4-12 million, with total cost generally between $10-30 million Joint venture partner equity contribution, often equal to 10% of total equity commitment Property holding period generally 3-7 years Preferred leverage ratio of 60%-75%

4 Representative Transactions Daniel Island Retail Loan note purchase secured by first mortgages on 32,263 sf retail center with 4 pad sites Charleston, South Carolina ABR Fund Equity: $4.80M Humboldt Apartments Loan note purchase secured by first mortgages on 12-story, 20-unit apartment building Brooklyn, New York ABR Fund Equity: $2.88M Silos at North Farm Marketplace 78,775 sf retail center Alpharetta, Georgia ABR Fund Equity: $3.55M Acquisition: March 2011 North 1st Street Apartments Two, 7-story apartment buildings totaling 46-units Brooklyn, New York ABR Fund Equity: $6.71M Acquisition: August 2011 Acquisition: April 2010 Acquisition: December 2010 Charlotte Medical Plaza I & II Two, 2-story medical office buildings totaling 92,581 sf Charlotte, North Carolina ABR Fund Equity: $5.28M Acquisition: September 2011 Lake Point Business Park Loan note purchase secured by first mortgage on 134,389 sf flex/office park Orlando, Florida ABR Fund Equity: $3.08M Commerce Industrial 703,496 sf bulk warehouse facility Indianapolis, Indiana ABR Fund Equity: $4.35M Acquisition: March 2012 Village at Rice Hope 200 multi-family units Savannah, Georgia ABR Fund Equity: $3.60M Acquisition: April 2012 Acquisition: October 2011

5 Board of Directors Marc G. Bunting Mr. Bunting is the CFO and co-founder of Alpine Food Service Solutions and is a Director of the Bunting Family Foundation Fund B, Civic Works, the National Aquarium in Baltimore, St. Agnes Hospital and Catholic Charities. Mr. Bunting received his BA in Business Administration from Stevenson University and earned a Wealth Management Certificate from Stanford University s Graduate School of Business. Thomas R. Burton Mr. Burton has been associated with ABR since 1992, and is primarily responsible for ABR s acquisitions and consulting activities. Mr. Burton received his MBA from The Wharton School at the University of Pennsylvania and his BA from the University of Maryland. Jack S. Griswold Mr. Griswold was formerly a Senior Advisor at Brown Investment Advisory, a co-founder and Managing Director of Armata Partners, Vice Chairman of the Board and a Managing Director at Alex. Brown Incorporated, and Chairman of the Board at Alex. Brown Kleinwort Benson Realty Advisors Corporation and Alex. Brown Real Estate Group, Inc. Mr. Griswold received his MBA from The Wharton School at the University of Pennsylvania and his BA from Princeton University. E. Robert Kent, Jr. Mr. Kent was formerly a Managing Director in Real Estate Investments at Alex. Brown & Sons and subsequently at Deutsche Bank Alex. Brown. He has a Chartered Financial Analyst designation and is a member of the Baltimore Society of Security Analysts, and the Maryland Bar Association. Mr. Kent received his JD from the University of Maryland School of Law, his MBA from the Columbia School of Business and his BS from Princeton University. Charles E. Noell Mr. Noell is President of JMI, Inc. and Managing Partner of the JMI Equity Fund, L.P. He was formerly a Managing Director at Alex. Brown Incorporated where he served as the head of the Technology Group in the corporate finance department. Mr. Noell received his MBA from Harvard University and his BA from the University of North Carolina at Chapel Hill. John M. Prugh Mr. Prugh has been associated with ABR since 1977, and has been its President and Chief Executive Officer since Mr. Prugh has extensive experience in all aspects of ABR's corporate and portfolio operations. In addition, he is principally involved in fund marketing, client relations and portfolio management. Mr. Prugh received his BA from Gettysburg College.

6 Executive Officers John M. Prugh, President, Chief Executive Officer and Director See Board of Directors (prior page) Timothy M. Gisriel, Vice President and Chief Financial Officer Mr. Gisriel has been associated with ABR since He is primarily responsible for ABR s accounting systems and financial reporting. Mr. Gisriel received his MBA from the Robert E. Merrick School at the University of Baltimore, and his BA from Loyola College. Thomas R. Burton, Vice President, Chief Investment Officer, and Chief Operating Officer See Board of Directors (prior page) Kathleen M. Flynn, Vice President Ms. Flynn has been associated with ABR since 1992 and is responsible for ABR s portfolio management. Ms. Flynn s responsibilities include performing in-house legal functions for portfolio matters and providing assistance with the investment funds. Ms. Flynn received her JD from the Catholic University of America and her BA from the University of Delaware. Lawrence E. Collins, Vice President Mr. Collins has been associated with ABR since 2005 and is primarily responsible for overseeing ABR s asset management function. Mr. Collins received his BBA and MBA from the Sellinger School of Business at Loyola College.