FUNDS

Capitalization and Investments

Shorenstein Realty Investors Four, L.P. (“Fund Four”) was formed in 1997 with $100 million of committed capital, including $12.5 million committed by Shorenstein.  Fund Four was invested over an 18-month period.

Fund Four made equity investments in the following properties:

• 50 Fremont Center, a 765,450 square foot office building located in the South Financial District of San Francisco, California.  Fund Four acquired a one-sixth interest in this property by direct negotiation with an institutional investor exiting an existing partnership of which Shorenstein was already a partner.

• 123 Mission Street, a 329,662 square foot office building located in the South Financial District of San Francisco, California.  Fund Four acquired a one-sixth interest in this property by direct negotiation with an institutional investor exiting an existing partnership of which Shorenstein was already a partner.

• The office, retail, observatory and broadcasting components totaling 1,103,059 square feet of JOHN HANCOCK CENTER, a mixed-use complex located in the North Michigan Avenue submarket of Chicago, Illinois.

Realizations

• 50 Fremont Center was sold in July 2000.

• 123 Mission Street was sold in January 2005.

• JOHN HANCOCK CENTER was sold in January 2007.