Yale Properties USA attributes its investment success to a proven ability to capitalize on market opportunities that are available through the ever-changing dynamics of the real estate industry. In order to effectively invest in and manage commercial real estate, one must fully understand the implications of the varying time horizons affecting the assets. Commercial real estate is a long term asset with mid term contracted cash flow streams that are subject to the volatility of short term capital swings and market pricing. Maximizing long term value means effectively managing the impact of these factors on an individual asset or a large portfolio. Typically, short term market deficiencies and uncertainty allow investors to capitalize on mispriced assets and grow their portfolios. While these deficiencies undoubtedly affect existing holdings, well leased assets with secure capital structures are best protected against short term value fluctuations.

Yale Properties USA's investment philosophy is built on managing the confluence of the varying time sensitive factors that create real estate value. Throughout the investment lifecycle Yale focuses on:

• Conservatively underwritten acquisition pricing with suitable capitalization
• Leveraging relationships and local expertise
• Managing lease rollover to minimize exposure from both a market rental and capitalization perspective
• Building management to prolong the useful life of the asset with an eye to the ever changing needs of tenants
• Monitoring the capital markets to constantly evaluate potential exit strategies

Through deliberate adherence to this investment philosophy Yale USA has been able to consistently mitigate potential risk on behalf of its partners and investors and consequently, the company's exceptional returns are even more impressive in the context of the risk profiles of its investments to date.