EMAIL DETAILS

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 <mailto:mlang@guardianrealty.com>

The information contained in this E-mail message is privileged,
confidential, and is protected from disclosure. If you are not the
intended recipient, please be aware that any other use, printing,
copying, disclosure, dissemination, and the taking of any act in
reliance on this communication is strictly prohibited. If you think that
you have received this E-mail message in error, please delete it and
notify the sender.