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October 18, 1999 01:00 AM

(D-H) REAL ESTATE

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    DRA Advisors Inc.

    1180 Avenue of the Americas, 18th Floor, New York, NY 10036; phone: (212) 764-3210; fax: (212) 764- 1932

    ($ millions)

    Tax-exempt real estate assets 734

    Equity 734

    Fully discretionary assets 569

    Tax-exempt equity assets: 734

    Market value 621

    Contributions committed but not received 113

    Commingled or pooled funds

    Equity 380

    Direct, separate accounts

    Equity 280

    Co-investments

    Equity 74

    Property mix:

    Existing 99%

    Developmental 1%

    Property type:

    Industrial 1.0%

    Multifamily housing 9.8%

    Office/commercial 34.6%

    Retail 52.8%

    Stock 1.8%

    Geographic mix:

    West 37.5%

    Midwest 12.5%

    East 32.6%

    South 17.4%

    Total real estate assets 772

    Equity 772

    Chief investment officer: Francis X. Tansey

    Client contact: Paul McEvoy Jr.

    E.I.I. Realty Securities Inc.

    667 Madison Ave., 16th Floor, New York, NY 10021; phone: (212) 644- 0794; fax: (212) 644-0028

    ($ millions)

    Tax-exempt real estate assets 1,542

    Equity 15

    REITs 1,527

    Fully discretionary assets 1,542

    Tax-exempt equity assets: 15

    Market value 15

    Commingled or pooled funds

    REITs 90

    Direct, separate accounts

    Equity 15

    REITs 1,437

    Property mix:

    Existing 100%

    Property type:

    Hotel/resort 8%

    Industrial 3%

    Multifamily housing 25%

    Office/commercial 20%

    Retail 22%

    Office/industrial 11%

    Diversified 6%

    Other 5%

    Geographic mix:

    West 27%

    Midwest 17%

    East 35%

    South 21%

    Total real estate assets 2,532

    Equity 265

    REITs 2,267

    Parent company: European Investors Inc.

    Chief investment officer: Richard Adler

    Client contact: Peter Gavey

    Fidelity Investments

    82 Devonshire St., Boston, MA 02109; phone: (617) 563-7000; www.fidelity.com

    ($ millions)

    Tax-exempt real estate assets 1,778

    Equity 858

    REITs 585

    Commercial mortgage-backed 335

    Fully discretionary assets 1,778

    Tax-exempt equity assets: 858

    Market value 733

    Contributions committed but not received 125

    Commingled or pooled funds

    Equity 374

    REITs 241

    Commercial mortgage-backed 104

    Direct, separate accounts

    Equity 484

    REITs 344

    Commercial mortgage-backed 231

    Total real estate assets 2,809

    Equity 899

    REITs 1,575

    Commercial mortgage-backed 335

    Parent company: FMR Corp.

    Chief investment officer: Robert Pozen

    Client contact: Jeffery Gandel

    The statistics shown above include data from Fidelity Management & Research Co. and Fidelity Management Trust Co.

    Forest Investment

    Associates Inc.

    15 Piedmont Center, Suite 1250,

    Atlanta, GA 30305; phone: (404) 261-9575; fax: (404) 261-9574; www.forestinvest.com

    ($ millions)

    Tax-exempt real estate assets 758

    Equity 758

    Fully discretionary assets 758

    Tax-exempt equity assets: 758

    Market value 758

    Direct, separate accounts

    Equity 758

    Property mix:

    Existing 100%

    Property type:

    Timber/agriculture 100%

    Geographic mix:

    East 58%

    South 42%

    Total real estate assets 802

    Equity 802

    Chief investment officer: Charles Tarver

    Client contact: Dick Doelling

    GE Capital Investment

    Advisors Inc.

    1 Boston Place, Suite 1810, Boston, MA 02108; phone: (617) 742-5566; fax: (617) 742-4760;

    www.gecia.com

    ($ millions)

    Tax-exempt real estate assets 1,679

    Equity 1,433

    Hybrid debt 69

    Mortgages 177

    Fully discretionary assets 556

    Tax-exempt equity assets: 1,433

    Market value 1,385

    Contributions committed but not received 48

    Direct, separate accounts

    Equity 1,433

    Hybrid debt 69

    Mortgages 177

    Property mix:

    Existing 93%

    Developmental 7%

    Property type:

    Industrial 26.0%

    Multifamily housing 21.0%

    Office/commercial 47.0%

    Retail 5.0%

    Single-family housing 0.5%

    Land 0.5%

    Geographic mix:

    West 67%

    Midwest 4%

    East 25%

    South 4%

    Total real estate assets 1,683

    Equity 1,437

    Hybrid debt 69

    Mortgages 177

    Parent company: GE Capital Services Inc.

    Chief investment officer: Jill S. Hatton

    Client contact: Kathleen B. Carey

    GE Investment Management

    3003 Summer St., P.O. Box 7900, Stamford, CT 06904-7900; phone: (203) 326-2300; fax: (203) 326- 4160

    ($ millions)

    Tax-exempt real estate assets 2,024

    Equity 2,004

    Hybrid debt 6

    Mortgages 14

    Fully discretionary assets 2,024

    Tax-exempt equity assets: 2,004

    Market value 1,784

    Contributions committed but not received 220

    Commingled or pooled funds

    Equity 749

    Direct, separate accounts

    Equity 1,255

    Hybrid debt 6

    Mortgages 14

    Property mix:

    Existing 93%

    Developmental 7%

    Property type:

    Hotel/resort 17%

    Industrial 2%

    Multifamily housing 9%

    Office/commercial 49%

    Retail 17%

    Land 6%

    Geographic mix:

    West 27%

    Midwest 23%

    East 18%

    South 32%

    Total real estate assets 2,024

    Equity 2,004

    Hybrid debt 6

    Mortgages 14

    Parent company: General Electric Co.

    Chief investment officer: Don W. Torey

    Client contact: Geoffrey R. Norman

    Hancock Timber Resource

    Group

    99 High St., 26th Floor, Boston, MA 02110; phone: (617) 747-1600; fax: (617) 747-1516; www.htrg.com

    ($ millions)

    Tax-exempt real estate assets 2,874

    Equity 2,874

    Fully discretionary assets 2,874

    Tax-exempt equity assets: 2,874

    Market value 2,874

    Commingled or pooled funds

    Equity 310

    Direct, separate accounts

    Equity 2,411

    Co-investments

    Equity 153

    Property mix:

    Existing 100%

    Property type:

    Timber/agriculture 100%

    Geographic mix:

    West 40%

    East 5%

    South 55%

    Total real estate assets 3,250

    Equity 3,250

    Parent company: John Hancock Mutual Life Insurance Co.

    Chief investment officer: Clark Binkley

    Client contact: Endicott Peabody

    Heitman Capital

    Management

    180 N. LaSalle St., Suite 3500,

    Chicago, IL 60601; phone: (312) 855-5700; fax: (312) 855-5803; www.heitman.com

    ($ millions)

    Tax-exempt real estate assets 8,869

    Equity 7,599

    REITs 656

    Hybrid debt 242

    Mortgages 372

    Fully discretionary assets 3,949

    Tax-exempt equity assets: 7,599

    Market value 6,018

    Contributions committed but not received 1,581

    Commingled or pooled funds

    Equity 2,013

    Hybrid debt 94

    Direct, separate accounts

    Equity 5,586

    REITs 656

    Hybrid debt 148

    Mortgages 372

    Property mix:

    Existing 95%

    Developmental 5%

    Property type:

    Industrial 17.6%

    Multifamily housing 12.4%

    Office/commercial 25.3%

    Retail 26.2%

    Other 18.5%

    Geographic mix:

    West 45.1%

    Midwest 20.1%

    East 23.9%

    South 10.9%

    Total real estate assets 9,439

    Equity 8,013

    REITs 812

    Hybrid debt 242

    Mortgages 372

    Parent company: Heitman Financial LLC

    Chief investment officer: Maury Tognarelli

    Client contact: Mary Ludgin

    The statistics shown above include data from Heitman/PRA Securities and Heitman International.

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