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Since 1983,

JAMESTOWN has been

investing in high-quality,

income-producing commercial

real estate. Our portfolio

has focused on conservative

investments with proven

performance and stable

cash flow.

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JAMESTOWN was formed in 1983 as a real estate investment and management company with a focus on core funds, investing in high-quality income-producing properties. In 1991, JAMESTOWN expanded its investment profile to include opportunistic real estate funds, targeting the construction, rehabilitation, and repositioning of projects with potential for substantial appreciation. JAMESTOWN has syndicated 26 core funds, and five opportunity funds, for which it has raised in excess of $3.5 billion in equity. Together these funds have acquired over 80 properties encompassing over 25 million square feet.

JAMESTOWN has over 100 employees in the United States, with its primary headquarters in Atlanta, GA. The related company, JAMESTOWN Immobilien, has approximately 40 employees based in Cologne, Germany. The American operations specialize in real estate acquisitions and management, while the European office focuses on investor relations, fundraising and marketing. Fundraising activities are carried out principally through banks and their subsidiaries, together with the continued participation of independent sales groups and financial advisors.

Between 2005 and 2007, JAMESTOWN determined that the market was overheated and therefore sold approximately 75% of its portfolio. In New York and Boston, JAMESTOWN sold approximately $5.6 billion of office holdings which had been acquired for approximately $3.3 billion. JAMESTOWN also sold

substantial office holdings in Washington, DC and retail holdings in San Francisco and Atlanta. Assets sold included iconic towers like the General Motors Building and 1211 Avenue of the Americas (Fox News Corporation headquarters) in New York, and the Ritz Carlton in Key Biscayne near Miami. This well-timed disposition strategy realized substantial gains for investors and cemented JAMESTOWN’s reputation in the real estate investment world.

JAMESTOWN still owns several well-known assets, including Chelsea Market, One Times Square in New York, and Pacific Place in San Francisco. Assets under management at JAMESTOWN are currently valued in excess of $1.9 billion, including the newest opportunity fund, Co-Invest 5, which raised approximately $450 million between 2008 and 2009. In addition, in 2008 JAMESTOWN launched JAMESTOWN Timber 1, a $50 million fund targeting timber tracts in the southeastern United States.

JAMESTOWN is more than a traditional real estate private equity firm focused on allocating capital. Rather, JAMESTOWN is a full-service real estate operating company that has identified several key areas that differentiate it from the competition: acquisitions, asset and property management, the creative department, investor tax services, investor relations, green consulting and development, construction and cost management, and risk management.

JAMESTOWN OVERVIEW

In 2009, JAMESTOWN received two prestigious Feri EuroRating Services AG awards for both “Service” and “Communication.” JAMESTOWN was also honored in 2010, by the Publishing Company Immobilienmanager with an award for “Social Responsibility” for the “SOS” aid project in the Dominican Republic which has been ongoing for more than 10 years.

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JAMESTOWN strategically focuses primarily on two types of markets: 24-hour cities like New York and Washington, DC and Sunbelt markets such as Atlanta, Miami and Charleston. These markets show strong demographic and economic growth, bolstered by the presence of emerging industries such as technology and new media. JAMESTOWN’s highly-disciplined, analytical approach to investing in these markets contributed to its success in generating superior risk-adjusted returns during previous cycles. Within these markets, JAMESTOWN invests across the risk spectrum, from core to opportunistic.

Each year, JAMESTOWN considers hundreds of investments, rejecting most and closing on only a select few that meet the risk/return requirements of the applicable investment vehicle. The Acquisitions team is supported in their due diligence by highly respected third-party consultants.

ASSET AND PROPERTY MANAGEMENT

Unlike many private equity funds that hire third parties to monitor and execute their business plans, JAMESTOWN actively asset manages its entire portfolio in-house. The firm believes that investment management is too important to outsource. Moreover, when JAMESTOWN participates in joint ventures where it is not the day-to-day manager, its experience affords JAMESTOWN the ability to remain an active partner, and if necessary, take

a greater role in management. The Asset Management department maintains a robust team of Asset Managers, Analysts, Project Accountants, and a full-time Portfolio Manager. As in all efforts, JAMESTOWN strives for quality in its personnel, hiring and retaining some of the best minds in the industry with low turnover. JAMESTOWN closes less than 1% of deals it evaluates.

Traditionally, JAMESTOWN has also provided on-the-ground property management for most of its portfolio. Since its inception, JAMESTOWN has property-managed over 15 million square feet of commercial space. This experience and in-depth knowledge enables JAMESTOWN to add tremendous value to its portfolio and future investments. By staying closer to the real estate asset, management is constantly informed, which allows for nimble and value-maximizing decision making.

Strong internal management provides a myriad of other benefits, such as cultivating close tenant relationships and providing tenants with access to expansion or relocation space in multiple markets, all the while maintaining continuity with a single property owner. JAMESTOWN enjoys excellent relationships with prestigious companies, such as Google, IBM, News Corporation, Barnes & Noble, Major League Baseball, and Sutherland Asbill & Brennan LLP.

ACQUISITIONS

In 2008, the analysts of Scope Analysis GmbH prepared a rating of the

management quality of JAMESTOWN. At that time, JAMESTOWN was

the only initiator of closed funds whose management quality was rated “AAA Excellent Quality,” the best possible overall rating.

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GENERAL MOTORS BUILDINGJAMESTOWN, with the Macklowe Organization, has taken numerous steps to reposition the General Motors building in New York. Most notably, they constructed a “Jewel Box” retail space on Madison Avenue in connection with a long-term lease with Apple. In addition, JAMESTOWN completed extensive interior and exterior renovations, including a new lobby and an upgraded security system.

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JAMESTOWN CREATIVE

!e Creative Department’s goal is to give JAMESTOWN

an essential advantage to increase return on investment and to maximize its position with

regard to both public and private partnerships.

In real estate, qualitative considerations play a large role in ultimate value creation. To meet this need, JAMESTOWN formed JAMESTOWN Creative, based in New York, to evaluate and react to micro and macro market trends and to enhance the marketability of its assets. JAMESTOWN Creative enables JAMESTOWN to be vertically integrated in all aspects of marketing and media by executing a clear point of view and vision for its assets. From boutique urban hotels to converted mixed-use warehouses, the Creative department activates assets and differentiates

them from the competition. For instance, on a retail asset, JAMESTOWN Creative works to develop the appropriate retail mix, seeks out suitable tenants, incubates new retail concepts, designs and redesigns indoor/outdoor public spaces, and collaborates with public entities, such as business improvement districts. JAMESTOWN Creative also handles public relations and creates marketing and branding materials for all assets. JAMESTOWN Creative provides the management team with a unique tool for creating and enhancing value at the property level.

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CHELSEA MARKET

With over 1.1 million square feet of o!ce and retail space, Chelsea Market is a unique mixed-use o!ce and retail project in the Chelsea district of New York. "e project is situated above the High Line, a former elevated freight railroad which has been redesigned and planted, o#ering Chelsea Market’s guests access to an integrated landscape of green pathways. In an e#ort to maximize the site’s potential and JAMESTOWN’s investment, the company is currently pursuing additional development rights to maximize the asset’s value.

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JAMESTOWN has syndicated 26 core funds and 5 opportunity funds, for which it has acquired over 80 properties, equating to approximately $7 billion of assets

employing in excess of $3.3 billion in raised equity.

JAMESTOWN INVESTOR TAX SERVICES

JAMESTOWN Investor Tax Services performs the tax and reporting work on 100% of JAMESTOWN-owned assets and for most joint ventured assets. The department specializes in unique tax issues confronted by joint ventures, such as allocation and depreciation sharing between the partners. Tax Services also prepares k1tax forms for more than 60,000 investors. Additionally, 75% of its investors rely upon JAMESTOWN to prepare their personal US tax returns.

Tax Services’ goal is to make the tax compliance aspect of investing in the US a positive experience by providing responsive tax services to its investors. Based on over 25 years of experience, JAMESTOWN provides these services more efficiently and responsively than a third-party service provider.

JAMESTOWN INVESTOR RELATIONS

It is not enough to produce good results. JAMESTOWN believes it imperative to communicate effectively and transparently with its investors. JAMESTOWN investors receive detailed information on both the current status and the future prospects of their investments at least twice each year. Using a multi-year variance analysis and forecast, investors can compare actual performance against the original thesis. For investors looking for more general information, JAMESTOWN’s “US-Invest” newsletter provides company and market updates. According to various surveys conducted in recent years among more than 20,000 investors and based upon studies by European rating agencies, JAMESTOWN excels at investor relations.

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999 PEACHTREE STREET

999 Peachtree is leading the way with green initiatives in Atlanta. In 2009, the building achieved both Energy Star rating and LEED Silver-EB certi$cation status. As part of this e#ort, JAMESTOWN has committed to various LEED programs, such as; the use of a water reclamation cistern, a free bike share program, a Zipcar station, and a partnership with a local Community Sponsored Agriculture (CSA) program. In addition, JAMESTOWN has repositioned this asset through building improvements and renovations, which in turn have increased occupancy.

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Green Street Properties, a wholly-owned subsidiary of JAMESTOWN, is a national green consulting and development firm focused on creating sustainable urban properties. For over a decade, Green Street has been a leader in the development of sustainable commercial and residential properties. With offices in Atlanta and New York, Green Street performs consulting and development services for a diverse range of properties, from high-density office, retail and residential properties to mixed-use, master planned communities. Green Street’s depth of experience also includes the redevelopment of post-industrial brownfield sites, the restructuring and repositioning of underperforming

properties, and the development of medium density commercial and residential properties.

Green Street’s consulting practice offers a holistic approach to improving environmental sustainability, enabling clients to improve each property’s energy efficiency, carbon footprint, and financial performance. The company’s green consulting expertise includes LEED administration, energy and water efficiency analysis, and solar and economic incentive advisory work. Green Street’s four principals are LEED Accredited Professionals and have over 50 years of combined experience in sustainable real estate.

!e US Green Building Council (USGBC) estimates

that by 2010, the green building market will have

grown to $300 billion – more than double its 2006 estimated value.

GREEN STREET PROPERTIES

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Signi"cant assets JAMESTOWN has acquired and, partly sold,

include Chelsea Market, One Times Square, the

General Motors Building, and 1211 Avenue of the Americas in New York; 400 Post Street, and Paci"c Place in San Francisco; One Federal Street, and 125 High Street in Boston; and the Ritz Carlton in Key Biscayne.

CONSTRUCTION SUPERVISION AND COST ESTIMATING

JAMESTOWN regularly undertakes construction projects, such as building out a tenant’s office space, renovating or repairing an existing building or ground-up construction. In order to quickly and objectively evaluate and supervise these projects, JAMESTOWN formed an internal construction supervision and cost estimating team to work closely with architects, designers, and contractors. The result is minimized variance from budget and timely project completion, the value of which accrues directly to investors.

RISK MANAGEMENT

JAMESTOWN Casualty was formed to gain direct access to the reinsurance market so that the portfolio could obtain more affordable and comprehensive coverages with lower deductibles. This department is also able to achieve extraordinary coverages against terrorism risks, far more extensive than the competition. Such terrorism coverage is particularly important given some of the iconic assets in the portfolio, such as One Times Square and Chelsea Market. JAMESTOWN Casualty works directly with reinsurance and insurance companies to achieve the best terms possible, directly adding value and minimizing risk for the portfolio.

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One Overton Park, Twelfth Floor3625 Cumberland BoulevardAtlanta, Georgia 30339USA(770) 805-1000www.JAMESTOWNproperties.com