EMAIL DETAILS

Eric,


Thank you for your email. During the week of January 3rd - 7th, I am
only in the office on January 3rd. I am available the following week
(mornings are most flexible) and would prefer to be in the meeting
with Arlene. Enjoy the Holidays.


Marvin


From: Eric Schwerin [mailto:eschwerin@rosemontseneca.com]
Sent: Thursday, December 23, 2010 2:11 PM
To: Marvin R. Lang
Cc: hbiden@rosemontseneca.com; Tony LaBarbera; Brian R. Lang
Subject: Re: Guardian Fund III


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 <x-msg://59/eschwerin@obblaw.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 <mailto:mlang@guardianrealty.com>

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