MSCI ACWI IMI REIT (USD) The MSCI ACWI IMI (Investable Market Index) REIT is a free float-adjusted market capitalization index that captures large, mid and small cap representation across 23 Developed and 23 Emerging Markets countries*, which generate a majority of their revenue and income from real estate rental and leasing operations. With 362 constituents, it represents about 99% of the global equity REIT universe and all securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS®). Cumulative Index Performance — Net Returns (May 2007 – Sep 2014) — USD Annual Performance (%) Year MSCI ACWI IMI REIT MSCI ACWI IMI MSCI ACWI IMI REIT MSCI ACWI IMI 1.36 22.44 0.51 22.05 30.47 -44.59 23.55 16.38 -7.89 14.35 36.41 -42.34 2013 2012 150 2011 2010 123.63 100 2009 2008 99.97 50 0 May 07 Jan 08 Aug 08 Mar 09 Nov 09 Jun 10 Jan 11 Sep 11 Apr 12 Nov 12 Jul 13 Feb 14 Sep 14 Index Performance — Net Returns (%) (September 30, 2014) Fundamentals (September 30, 2014) Annualized MSCI ACWI IMI REIT MSCI ACWI IMI 1 Mo 3 Mo -6.14 -3.55 -3.63 -2.83 1 Yr YTD 3 Yr 5 Yr 10 Yr 9.97 10.83 14.45 12.01 10.70 3.22 16.74 10.32 na na Since Div Yld (%) P/E P/E Fwd P/BV -0.00 2.93 4.47 2.42 31.42 17.83 25.45 14.40 1.64 2.02 May 31, 2007 Index Risk and Return Characteristics (September 30, 2014) Annualized Std Dev (%)2 Turnover (%)1 MSCI ACWI IMI REIT MSCI ACWI IMI 1 7.41 2.92 Sharpe Ratio2,3 Maximum Drawdown Since 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr May 31, 2007 (%) Period YYYY-MM-DD 13.51 12.26 15.12 14.82 na na 1.06 1.31 0.81 0.72 na na 0.08 0.20 71.42 58.59 2007-06-04—2009-03-09 2007-10-31—2009-03-09 Last 12 months 2 Based on monthly net returns data 3 Based on BBA LIBOR 1M * DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The MSCI ACWI IMI REIT was launched on Jun 05, 2007. Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of future performance. MSCI ACWI IMI REIT September 30, 2014 Index Characteristics Top 10 Constituents MSCI ACWI IMI REIT Number of Constituents Country 362 Mkt Cap (USD Millions) Index Largest Smallest Average Median US US US FR US US US US US US SIMON PROPERTY GROUP AMERICAN TOWER CORP CROWN CASTLE INT'L CORP UNIBAIL-RODAMCO PUBLIC STORAGE EQUITY RESIDENTIAL HEALTH CARE REIT PROLOGIS AVALONBAY COMMUNITIES VENTAS Total 1,108,704.59 51,077.24 84.91 3,062.72 1,375.27 Sub-Industry Weights Mkt Cap (USD Billions) 51.08 37.05 26.88 25.11 24.32 21.13 20.20 18.84 18.27 18.23 261.11 Index Sector Wt. (%) Wt. (%) 4.61 3.34 2.42 2.26 2.19 1.91 1.82 1.70 1.65 1.64 23.55 4.6 3.3 2.4 2.3 2.2 1.9 1.8 1.7 1.6 1.6 Country Weights 9.95% 7.27% 12.33% 6.72% 6.84% 5.47% 5.24% 5.43% 3.62% 4.72% 10.78% 12.85% 25.36% 16.61% 66.8% Retail REIT's 25.36% Diversified REIT's 16.61% Specialized REIT's 12.85% United States 66.8% Office REIT's 12.33% Residential REIT's 9.95% Health Care REITs 7.27% France 3.62% Industrial REIT's 5.47% Mortgage REIT's 5.43% Australia 6.84% Japan 6.72% United Kingdom 5.24% Other 10.78% Hotel & Resort REITs 4.72% Index Methodology The index is based on the MSCI Global Investable Indexes (GIMI) Methodology—a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment opportunity set with a strong emphasis on index liquidity, investability and replicability. The index is reviewed quarterly—in February, May, August and November—with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large, mid and small capitalization cutoff points are recalculated. www.msci.com | [email protected] About MSCI MSCI Inc. is a leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. 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