FUNDS

Capitalization and Investments

Shorenstein Investment Partners LLC (“Fund Five”) was formed in 1999 with $281.5 million of committed capital, including $20 million committed by Shorenstein.  Fund Five was invested over a 29-month period.

Fund Five made equity investments in the following properties:

• Energy Centre, a 762,041 square foot office building located in the Central Business District of New Orleans, Louisiana.

• Prudential Plaza, a 2,193,170 square foot, two-building office and retail complex located in the East Loop submarket of Chicago, Illinois.

• The office and retail components totaling 537,258 square feet of Washington Harbour, a two-building mixed-use complex located in the Georgetown submarket of Washington, D.C.

In April 2001, Fund Five acquired land adjacent to Energy Centre and proceeded to obtain entitlements to build a 466-stall parking garage.  Construction of the garage commenced in September 2001 and was completed in August 2002.

Realizations

• Washington Harbour was sold in March 2003.

• Energy Centre was sold in November 2003.

• Prudential Plaza was sold in May 2006.