International Real Estate Separate Account

Investment Philosophy

We believe the value of a REIT extends beyond the value of the underlying real estate. Through fundamental research, we can uncover and exploit inefficiencies in the market. Low turnover contributes to alpha creation and aligns investors with the value creation process within real estate. Style and application should be visible and consistent in the investment process. Our style is Growth At A Reasonable Price (GARP). We have consistently followed this style.

Investment Process

Portfolio Construction Guidelines

Number of Holdings	40-60
Individual Holding Market Cap (mil)	>$300
Weighted Average Market Cap (bn) Target	$5 - $9
Cash	<5%
Single Security (positive excess exposure)	<500 bps
Annual Turnover	<50%

Competitive Advantages

Same philosophy, process and style since inception of product
Team stability
Competitive performance versus Benchmark
Additional product capacity exists
All REIT trading controlled by our veteran in-house traders (i.e. no outside competing forces such as "wrap" business)
Unique investment approach and choice of Benchmark relative to peers
On-site Risk Management Department and Risk Committee provide independent oversight of investment process, trading, and the firm's enterprise risk management

Past performance is no guarantee of future results. Benchmark is the FTSE EPRA/NAREIT Developed Rental ex U.S. Index.

Contact

Please direct institutional inquiries to our dedicated Institutional REIT Product Specialist, Barry Cope, at (312) 917-6545.

Global REIT Team

Geoffrey P. Dybas, CFA: Group Head - Global Real Estate Securities Senior Portfolio Manager
Ron She, CFA: Senior Global Analyst
Eden Levinson: U.S. Analyst
Timothy Fitzgerald: Head of Equity Trading
Barry Cope: Product Specialist