Cornerstone Real Estate Advisers

The flagship of the Cornerstone organization is Cornerstone Real Estate Advisers LLC, located in Hartford, Connecticut. An indirect subsidiary of the Massachusetts Mutual Life Insurance Company ("MassMutual"), Cornerstone is registered with the United States Securities and Exchange Commission as an Investment Adviser. Founded in 1994 to manage MassMutual's equity real estate investments, Cornerstone has grown organically and through acquisition to become one of the world's largest real estate advisers. Including the operations of its global network of subsidiary companies, Cornerstone offers its investment services through open and closed end private funds, separate accounts, co-investment programs, joint ventures, and mutual funds. 2010 was a watershed in Cornerstone's growth. In 2009, a strategic decision was made to create, in Cornerstone, a full service real estate advisory firm managing real estate debt and equity investments, in MassMutual's portfolio of companies. Consequently in early 2010, Babson Capital Management LLC, an affiliated company, transferred its Real Estate Finance Group ("REFG") to Cornerstone. With this transfer, Cornerstone can now offer a full array of real estate debt products and services. Additionally in 2010, Cornerstone acquired London-based Protego Real Estate Investors, a privately held, real estate advisory firm. Cornerstone Europe, as the entity is now known, has offices in the UK, the Netherlands, Sweden and Finland offering real estate equity, debt and securities investment opportunities. In July 2014, Cornerstone further expanded its European footprint with the acquisition of PAMERA Asset Management GmbH, since renamed PAMERA Real Estate Advisers GmbH ("PAMERA"), a German real estate asset management business with a 38-member team in a network of offices in the key German cities of Frankfurt, Berlin, Dusseldorf, Hamburg and Munich. In 2012, Cornerstone established a branch office in Tokyo, Japan, following Cornerstone's expansion into Hong Kong and Amsterdam in 2008, in further support of its strategy to expand Cornerstone's global capabilities. Today, Cornerstone is a diversified, global real estate adviser, with expertise in public and private real estate debt and equity, managing or servicing more than $43 Billion of assets for our clients. The Cornerstone Organization: Assets managed or Serviced: Over $43 Billion as of June 30, 2014 Employees: Approximately 300 as of June 30, 2014