Eric,

For your information, some  investors  use consultants.  The biggest one in the United States  is the Townsend Group (Guardian was rated a level 4 which is Townsend’s highest rating)   Additional consultants include Cambridge, NEPC (New England Pension Consultants) and Courtland Partners.  Investors like Guardian’s  niche strategy and experienced management team.  Issues that sometimes come up are that the  fund is too small ($200 M and biggest investment can be $50 M) and that Guardian  only invests in the Washington DC Metropolitan Area ( over 400 M sq ft in 4000 plus office buildings in the best office market  in the United States but it  is not always considered geographically diverse.  We have very strong references including The MacArthur Foundation (Tim Hoeppner and Sharon Nikonchuk),  BlackRock (Eugene McDonald), Aviva Investor, North America (Ed Bates), Rasmussen Foundation (Adam Gibbons) Santa Barbara Cottage Hospital (Michael Bunn), Texas Children’s Hospital (Howard Harpster).  Howard ( previously  managed British Petroleum funds in the US) invested with Guardian in Fund II when he was (CIO) Oxford Financial  Group. 

The following is a detailed sampling  of meetings  (person, title and date) that we have had with different groups:

Spider Management (University of Richmond)

Kevin R. Stoudt (Associate Director of Investments) and Muthu Muthiah (Associate Director of Investments on 9/30/07

Mughu Muthiah (Onsite meeting at Guardian) on 4/2710

DuPont Capital Management

Carmen Gigliotti  (Managing Director Private Markets Group) on February 23, 2009

Carmen Gigliotti and David Julier (Associate Portfolio Manager, Private Markets Group on    April 1, 2009

David Julier on May 15, 2009

Conference call with David Julier on July 10, 2009

Alfred I DuPont Testamentary Trust

Craig Lewis  (Director of Real Assets) on August 26, 2010

Conference call with Craig Lewis on December 30, 2010

Childrens Hospital of Philadelphia Foundation

Andrew  “Andy” R. Deitch (Vice President) on March 1, 2010

Arkansas Teacher Retirement System

George Hopkins (Executive Director and former state legislator), Jerry Meyer, Susan Crosby, Wayne Greathouse on January 5, 2010

Arkansas Public Employees Retirement System

Gail Stone  (Executive Director and very experienced) on February 23, 2010

MIT Investment Management Company

Mark Davidson (Associate Director of Real Estate and Yongchun Tian (Sr. Inv. Associate) on 2/24/10

The Travelers Companies

Robert K. O’Leary (Senior Portfolio Manager) and Alex Verbeten (Portfolio Mgt. Analyst) on June 2, 2010

Harvard Management Company

Dan Cummings  (Managing Director and formerly at Carlyle) on September 20, 2010

Williaim Blair & Company

Daivd Lewis   (Sr. Investment Manager ) and W. Clifford Aque III (Sr. Investment Manager) on October 21, 2010

Happy Holidays and look forward to hearing from you.

Marvin

Marvin R. Lang
Managing Director
Guardian Realty Investors, LLC
6000 Executive Boulevard, Suite 400
North Bethesda, MD  20852

Office: 301.770.5932
Fax: 240.243.2405
mlang@guardianrealty.com 

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