EMAIL DETAILS

Thanks, Marvin. This is very helpful. Hunter has shared some of this information with me as well.

One thing that I think would be very worthwhile is that the appropriate people from Guardian have the opportunity to meet our partner, Arlene Busch. (I don't know if that is you, Tony, Brian or some combination of the three of you.) As you know, Arlene leads the work we do for our Fund clients and has a good group of contacts that might be good fits for Guardian beyond the list of people you have already talked to. She was unfortunately traveling in Asia for the past couple of weeks but is back in the U.S. and would be able to meet the first week in January.

Let me know what makes sense on your end. I think she's available on the 5th or 6th, but if those dates don't work, I am sure she can work around your schedule.

In the meantime, we have reached out to Rob McCord's office but I don't expect that we'll hear anything from them until next week.

We also have some calls in regarding the Ben Franklin Room and some of the Embassy options for your annual dinner.

Let us know if you have any questions and what works best to get together with Arlene.

In the meantime, I hope you have a great Holiday as well.

Best,

Eric

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
P Consider the environment before printing this email.

On Dec 22, 2010, at 5:46 PM, Marvin R. Lang wrote:

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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