Real Estate Capital Partners

Please see the REIF May 2009 investor update for the background to the pre and post pricing below.

Unit Pricing for the Last 30 Days
	Pre-NAV Adjustment			Post-NAV Adjustment
	Referrable for transactions between October 2008 and May 2009
Date of Pricing	Application Price	Redemption Price	Net Asset Value	Application Price	Redemption Price	Net Asset Value
02/08/10	0.4125	0.4089	0.4107	0.2486	0.2464	0.2475
03/08/10	0.4132	0.4094	0.4113	0.2490	0.2468	0.2479
04/08/10	0.4129	0.4093	0.4111	0.2489	0.2467	0.2478
05/08/10	0.4127	0.4091	0.4109	0.2488	0.2466	0.2477
06/08/10	0.4123	0.4087	0.4105	0.2485	0.2463	0.2474
09/08/10	0.4125	0.4089	0.4107	0.2486	0.2464	0.2475
10/08/10	0.4129	0.4093	0.4111	0.2488	0.2466	0.2477
11/08/10	0.4109	0.4073	0.4091	0.2476	0.2454	0.2465
12/08/10	0.4105	0.4069	0.4087	0.2474	0.2452	0.2463
13/08/10	0.4097	0.4061	0.4079	0.2469	0.2447	0.2458
16/08/10	0.4092	0.4056	0.4074	0.2466	0.2444	0.2455
17/08/10	0.4055	0.4019	0.4037	0.2444	0.2422	0.2433
18/08/10	0.3970	0.3934	0.3952	0.2393	0.2371	0.2382
19/08/10	0.3968	0.3932	0.3950	0.2392	0.2370	0.2381
20/08/10	0.3960	0.3924	0.3942	0.2387	0.2365	0.2376
23/08/10	0.3957	0.3921	0.3939	0.2385	0.2363	0.2374
24/08/10	0.3958	0.3922	0.3940	0.2385	0.2363	0.2374
25/08/10	0.3965	0.3929	0.3947	0.2390	0.2368	0.2379
26/08/10	0.3972	0.3936	0.3954	0.2394	0.2372	0.2383
27/08/10	0.3975	0.3939	0.3957	0.2396	0.2374	0.2385

REIF Index