David J. Reilly, President and Chief Executive Officer

As President and Chief Executive Officer of Cornerstone, Mr. Reilly is responsible for all facets of Cornerstone's operations, including chairing the Investment Committee. His career in real estate spans more than thirty years with extensive experience in asset and portfolio management, acquisitions and dispositions, and operations. His experience includes all institutional property types, including hotels, office, industrial, residential and retail.

Prior to joining Cornerstone in 1995, Mr. Reilly was President of Mellon/McMahan, a real estate pension fund advisor managing portfolios of wholly owned and leveraged properties valued at approximately $2 billion. In this capacity, Mr. Reilly was responsible for the operations of the company, including asset management, acquisitions and dispositions. From 1978 through 1992, Mr. Reilly was a Managing Director for Aetna Realty Investors, a wholly owned subsidiary of Aetna Life & Casualty. He was responsible for asset management and dispositions for portfolios of real estate valued in excess of $3 billion. He was also a senior member of the Investment Committee. Prior to joining Aetna Realty Investors, Mr. Reilly served as Vice President of HNC Mortgage and Realty Investors REIT.

Mr. Reilly received his BS in Business from Boston College. He has been a member of the Urban Land Institute, the International Council of Shopping Centers, and served on the Board of Directors of the National Association of Real Estate Investment Managers.

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Thomas G. Dudeck, Executive Vice President and Chief Operating Officer

Mr. Dudeck is responsible for overseeing Cornerstone's business operations for portfolio management and reporting, product development, business development and marketing, finance and accounting and valuations. Mr. Dudeck serves as portfolio manager for the Cornerstone Rotational Venture II and plays a key role in creating and implementing investment strategies on behalf of clients.

Prior to his current responsibilities Mr. Dudeck was Executive Vice President responsible for Cornerstone's Eastern regional office where he supervised all activities in connection with a diversified regional portfolio of commercial properties, including acquisitions, asset management and dispositions. Mr. Dudeck joined Cornerstone in 1998 and was formerly a Managing Director of the Aetna Real Estate Group, where he was responsible for asset management and dispositions involving a national portfolio of commercial real estate assets. Previously, Mr. Dudeck served as Counsel in Aetna’s Law Department, where he provided legal services and advice to Aetna’s International Division and to its Real Estate Investment Group.

Mr. Dudeck received a BA in Political Science from Allegheny College, an MPA from the University of Hartford, and a JD from the University of Connecticut School of Law. He is admitted to practice law in Connecticut. He is a member of the National Association of Real Estate Investment Managers, the Pension Real Estate Association, the National Multi-Housing Council and the American Bar Association. He is a member of the Board of Trustees at Miss Porter’s School in Farmington, CT.

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Mark S. Higgins, Executive Vice President, Western Regional Director

Mr. Higgins oversees Cornerstone's Western regional office, located in Santa Monica, California. He is responsible for supervising all activities in connection with a diversified regional portfolio of commercial properties, including acquisitions, asset management and dispositions. Mr. Higgins is also a Co-Chair of Cornerstone's Investment Committee and plays a key role in creating and implementing investment strategies on behalf of clients.

Mr. Higgins joined Cornerstone in 1996 and was formerly a Principal with HPI Realty Partners, a San Francisco based firm, which he co-founded in 1991. HPI provided real estate investment management and consulting services to institutional clients. Prior to forming HPI, Mr. Higgins was Senior Vice President of Piedmont Realty Advisors, a private real estate investment firm that merged with The RREEF Funds in 1990. While with Piedmont, he was responsible for real estate acquisitions, joint ventures, and mortgages in the Western United States. Mr. Higgins has also served as Vice President for Aetna Realty Investors where he was responsible for originating acquisitions, joint ventures, and mortgages, including structuring the financing for Aetna’s Apartment Development Funds.

Mr. Higgins obtained his BS in Finance from the University of Denver and his MBA from J.L. Kellogg School of Management at Northwestern University. He is a member of the Urban Land Institute, the National Association of Real Estate Investment Managers and the Pension Real Estate Association.

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Andrew C. Williams, Executive Vice President, Hotel Group

Mr. Williams oversees Cornerstone’s Hotel Group located in Glastonbury, Connecticut. He is responsible for supervising all activities in connection with a large hotel portfolio, including acquisitions, asset management and dispositions.

Mr. Williams previously served as Cornerstone’s General Counsel and was responsible for overseeing the legal affairs of the Company, including the structuring and closing of its funds. Prior to joining Cornerstone in 1994, Mr. Williams served as Assistant Vice President and Counsel for MassMutual, where, for eleven years, he was responsible for providing legal advice and services to MassMutual's Real Estate Investment Division.

Mr. Williams received his BA from the University of California, Santa Barbara, and his JD from Temple University School of Law. He is admitted to practice in Connecticut, California and Massachusetts, and is a member of the State Bar of California. He is a member of the American College of Real Estate Lawyers, has lectured on the subject of joint ventures and hotels at the Practicing Law Institute, is active in the senior legal officer group of the National Association of Real Estate Investment Managers and has served on various committees of the American Council of Life Insurers.

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Graham J. Bond, Managing Director, Business Development

Mr. Bond is responsible for business development and marketing efforts to expand Cornerstone’s relationships with real estate consultants, plan sponsors and international investors. Prior to joining Cornerstone in 2007, Mr. Bond was Chief Operating Officer of Mitsui Fudosan America, Inc. Mr. Bond began his career with Richard Ellis and was one of the principals involved in the formation of The Yarmouth Group. He subsequently had executive management responsibilities at Lend Lease Investments and Morgan Stanley. During his extensive career, Mr. Bond has been involved with acquisitions, development, portfolio and asset management, corporate mergers and acquisitions.

Mr. Bond received an Estate Management Degree from Oxford Brooks University in Oxford, England. He is a past Chairman of the National Association of Real Estate Investment Managers, a ULI Council member, and a member of the Pension Real Estate Association and the International Council of Shopping Centers, a member of the Anglo-American Real Property Institute and a Fellow of the Royal Institution of Chartered Surveyors.

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Joseph A. Dolben, Managing Director, Portfolio Management

Mr. Dolben is responsible for portfolio analysis and investment reporting including development of systems supporting portfolio and asset management. Prior to joining Cornerstone in 1994, Mr. Dolben was Second Vice President for MassMutual where he served as the head of the Asset Management Department of the Real Estate Investment Division for eleven years. Mr. Dolben has also served as Vice President, Property Operations, for Marsh & McLennan Real Estate Advisors and Assistant Vice President, Real Estate Operations, for Arkwright - Boston Insurance.

Mr. Dolben received an AB from Dartmouth College and an MBA from Harvard Business School. He is a member of the National Council of Real Estate Investment Fiduciaries and the National Association of Real Estate Investment Managers.

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Michael Gately, Managing Director, Research Director

Michael Gately directs Cornerstone's research group with responsibility for market and submarket level analysis and forecasting, research publications and strategy development. Since joining Cornerstone in 1994 as Vice President of Research, he has modeled real estate market supply and demand fundamentals for all property types at the national, market and submarket levels, and led the development of Cornerstone’s proprietary models. Mr. Gately also directs Cornerstone research staff support for the Babson Capital Management LLC/MassMutual Real Estate Finance Group’s $22 billion debt portfolio. Prior to joining Cornerstone Mr. Gately managed real estate interests for a privately held manufacturing and retailing concern, served six years as Executive Director of the University of Hartford’s Construction Institute, and began his career as a regional economist.

Mr. Gately received an AB in Economics from St. Michael’s College and an MA in Economics from the University of Hartford. He is frequently asked to critique real estate analysis databases and assist in new product development by the industry’s leading data vendors. Mr. Gately currently serves on the Senior Officer Research Forum of the National Association of Real Estate Investment Managers.

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Lisa Howat, Managing Director, Chief Information Officer

Mrs. Howat is responsible for Cornerstone’s strategic direction in technology. She works closely with senior management in identifying, prioritizing and implementing technological initiatives. Mrs. Howat joined Cornerstone in 1994 as the Portfolio Controller and was responsible for accounting, client reporting and technology. Prior to Cornerstone, she was with Travelers Real Estate Investment Division for five years, where she started as a Senior Property Accountant, became a regional Asset Management Analyst and later worked as a liaison between the various business groups and the technical staff in the development of system applications. Prior to Travelers, she worked for Servus Management as a Property Accountant.

Mrs. Howat received a Bachelors in Business and Finance from St. Anselm College.

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C.J. Karbowicz, Managing Director & General Counsel

Mr. Karbowicz serves as the General Counsel for Cornerstone and is responsible for overseeing the legal affairs of the Company. A team of three attorneys located in Cornerstone’s Western, Central and Eastern Regional Offices assist Mr. Karbowicz. In addition, Mr. Karbowicz manages the legal affairs for Cornerstone's Hotel Group and oversees Cornerstone’s Compliance and Human Resources departments. Prior to joining Cornerstone in 1996, Mr. Karbowicz was in private practice in Connecticut for twelve years focusing primarily on commercial real estate transactions.

Mr. Karbowicz received his BS (Summa cum laude) and MS from the University of New Haven, M.S. IE/OR from the University of Massachusetts, and his JD from New York University School of Law. He is admitted to practice in Connecticut and is a member of the Connecticut Bar.

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Robert Mahoney, Managing Director, Chief Financial Officer

Mr. Mahoney has overall responsibility for the financial administration of Cornerstone's corporate operations as well as all separate account, joint venture, and commingled fund client real estate equity portfolios. Mr. Mahoney joined Cornerstone at its inception in 1994 from MassMutual, where he served as Assistant Director of Real Estate Investment in the equity investment department, and was responsible for portfolio level analysis and reporting.

Mr. Mahoney began his career with The Colebrook Group, a regional real estate development and management company, serving as its Manager of Accounting and Finance, with responsibility for financial analysis of equity and joint venture real estate transactions and all financial operations of the company.

Mr. Mahoney holds a BS in Accounting from American International College and an MBA in Finance from Western New England College.

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Brian T. Murdy, Managing Director, Portfolio Manager

Mr. Murdy is a member of the firm’s Investment Committee and the Portfolio Manager of Cornerstone Patriot Fund, Cornerstone’s open-end real estate equity fund, a separate account, and a closed-end commingled fund. Mr. Murdy also oversees Cornerstone’s financing activities. Mr. Murdy joined Cornerstone in 1999, and was the Portfolio Manager of the $600 million Cornerstone Apartment Fund I and the $450 million Cornerstone Apartment Venture I from their inception through March 2005. Mr. Murdy previously worked at Henderson Global Investors (formerly Phoenix Realty Advisors) in several positions over twelve years. For the last seven years he served as a Portfolio Manager responsible for various institutional portfolios, including Henderson’s apartment portfolio and the $900 million Phoenix Home Life separate account. Prior to Henderson, Mr. Murdy worked at the public accounting firms of DiSanto Bertoline & Co. and KPMG.

Mr. Murdy received his BS in Accounting from Central Connecticut State University. He is a Certified Public Accountant, a FINRA General Securities Principal and is a member of the Pension Real Estate Association, National Multi-Housing Council, American Institute of Certified Public Accountants, and the Connecticut Society of Certified Public Accountants.

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Anthony J. Pierson, Managing Director, Portfolio Management

Mr. Pierson joined Cornerstone in 2004 and is in charge of Cornerstone’s portfolio management team that manages the firm’s separate accounts, core open-end fund and value-added portfolios. His group is charged with meeting the performance and service goals for portfolios with a value in excess of $7 billion. Mr. Pierson is an active member of industry associations and is currently President-Elect of the National Council of Real Estate Investment Fiduciaries. He is a popular keynote speaker at industry conferences.

Mr. Pierson, who has over 24 years of real estate expertise, previously worked for CIGNA Real Estate and Aetna Realty Investors, Inc., where he had various responsibilities including Managing Director of a $1.4 billion Open-End Real Estate Fund, Head of Client Relations, and Head of Real Estate Research and Strategy.

Mr. Pierson received his B.S. in Analytical and Descriptive Economics from the London School of Economics, and his MBA in Finance from the Aetna Institute with the University of Hartford. He is Board member and President-Elect of NCREIF, a Homer Hoyt Fellow, a Real Estate Research Institute Fellow and past Board member of the Real Estate Finance Association, MIT Center for Real Estate and the Real Estate Research Institute. He is a Board, Finance and Real Estate committee member of The Village, a major Connecticut based charity dedicated to strengthening families and children.

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Robert A. Staley, Managing Director, Business Development

Mr. Staley plays a key role at Cornerstone by calling on his experience as an investment manager and plan sponsor to help develop strategies designed to produce sound real estate investments while also meeting the objectives of investors and their consultants. He is then responsible for integrating those strategies into Cornerstone’s investment funds and managing the communication of these concepts. He joined Cornerstone in 1999.

His investment career began at the State of Connecticut Trust and Retirement Funds in 1981, where he served as the senior real estate portfolio manager for nearly a decade, responsible for commercial debt and equity investment and an in-state, residential mortgage program. His work was recognized by his peers, ranking him second in a Pensions and Investments Magazine poll to determine the “Best and Brightest” pension real estate executives.

He then headed the Pension Real Estate Association, where he established PREA’s first in-house staff, co-founded the PREA Quarterly and led development of the annual PREA Plan Sponsor Real Estate Conference. He was also instrumental in the development of industry information standards by PREA, NAREIM, and NCREIF. Most recently, he was Senior Vice President of Hart Advisers, where he served on the Management, Acquisitions and Asset Management Committees, acted as portfolio manager for the firm’s largest account and led client relations and marketing.

Mr. Staley in a graduate of Boston College and has done graduate work in Economics at Trinity College. He is a member of the Pension Real Estate Association.

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Steven P. Wallace, Managing Director, Central Regional Director

Mr. Wallace is the Managing Director of Cornerstone’s Central regional office, located in Chicago, Illinois. He is responsible for supervising all activities in connection with a diversified regional portfolio of commercial properties, including acquisitions, asset management and dispositions. In addition, Mr. Wallace serves as a Portfolio Manager of an Individually Managed Public Pension Plan Separate Account.

Prior to joining Cornerstone in 1994, Mr. Wallace was Second Vice President of MassMutual, where, for ten years, he served in MassMutual's Chicago and Atlanta regional real estate investment offices. He formerly served as the Regional Director of the Atlanta office, where he was responsible for all equity and debt related real estate activities for MassMutual in the Southeast. Prior to MassMutual, Mr. Wallace was Vice President of Underwriting at Norwest Funding, one of the first HUD co-insurance lenders under the 223 F Co-insurance Rehabilitation Program.

Mr. Wallace received his BBA in Finance from the University of Iowa and his MBA in Finance from DePaul University. He is a member of the Urban Land Institute and the National Association of Industrial and Office Parks.

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Scott C. Westphal, CFA, CPA, Managing Director, Portfolio Manager, Real Estate Securities

Mr. Westphal is the Managing Director of Cornerstone’s Real Estate Securities Investment Management unit and is responsible for the creation and management of real estate securities portfolios for the firm’s institutional clients. This unit is also responsible for providing research services for MassMutual’s affiliated family of financial service companies, as well as other Cornerstone business units. Prior to joining Cornerstone in 1999, Mr. Westphal served as Executive Vice President and Portfolio Manager for JLW Capital Management, a wholly owned subsidiary of Jones Lang LaSalle. His principal responsibilities were the creation and management of real estate securities portfolios for institutional clients. Previously, Mr. Westphal served as Senior Vice President for Cohen & Steers Capital Management, the largest dedicated U.S. real estate securities investment manager, where he spent four years developing portfolio strategies for institutional investors and served as a member of the Investment Committee. Prior to his position at Cohen & Steers, Mr. Westphal was a portfolio manager for the IBM Retirement Fund’s $2.5 billion real estate portfolio, where his responsibilities included investments in direct properties, joint ventures and REITs. Mr. Westphal was also responsible for the first property for share exchange negotiated with a publicly traded U.S. REIT.

Mr. Westphal received his B.S. in Corporate Finance and Accountancy from Northern Illinois University. Mr. Westphal is Chartered Financial Analyst and a Certified Public Accountant. Mr. Westphal is a member of the Association of Investment Management and Research, American Institute of Certified Public Accountants, New York Society of Securities Analysts and the National Association of Real Estate Investment Trusts.

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Michael Zammitti, Managing Director, Eastern Regional Director

Mr. Zammitti oversees the Eastern regional office, located in Glastonbury, Connecticut. He is responsible for supervising all activities in connection with a diversified regional portfolio of commercial properties, including acquisitions, asset management and dispositions. Mr. Zammitti joined Cornerstone in 1996 as a Vice President of Asset Management in the Eastern regional office. He transitioned to the Acquisitions team in 1997, and completed over $1.6 billion in office, retail and multifamily acquisition and development transactions during his ten years in that role. Prior to joining Cornerstone, Mr. Zammitti was an Investment Officer with Connecticut Mutual Life Insurance Company in the Real Estate Division. During that time, Mr. Zammitti was responsible for the management and/or disposition of office, apartment, hotel, industrial, and agricultural investments, as well as the oversight of numerous problem loans. He also worked as an Asset Manager with Barclays Business Credit for five years and worked for Shawmut Bank as Manager of Financial Analysis.

Mr. Zammitti received his BA in Economics from Rutgers University and an MBA in Finance from the University of Minnesota.

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