• mud I Date Founded 9/3/1993 US Equity % 97.65 Firm Assets (SB) 2.3 Non-US Equity % 0.00 Firm Employee Ownership (%) 100.00 US Bond % 0.00 Inception Date 4/3/2000 Non-US Bond % 0.00 Product AUM (50) 0.1 Cash% 2.35 ..... ..... ..... ...„, ..... ...„, ..... Display Benchmark 1: S&P US REIT Inv Bin" Inception Date 4/3/2000 — Product AUM (50) 0.1 _ a of Holdings 35 157 Avg Market Cap (SB) 14.7 10.3 Portfolio Turnover (%) 47 — Div Yld 3.28 4.34 P/E 30.89 28 P/8 3.04 2.43.79 P/S 6.77 6.87 CF Growth 4.92 14.45 LT Earn Growth 6.78 5.73 Sales Growth 417 1.50 Mist Earn Growth 26.49 19.62 ROA % (1TM) 4.96 4.05 ROE % (TIM) 14.32 11.96 Debt to Capital % (trailing) 52.43 51.95 Net Margin % (trailing) 28.79 25.81 Adelante Capital Management Real Estate (REITs) As 030 2016 Adelante's investment philosophy is founded on the belief that the values of the underlying teal estate assets will 20.0 uksmately drive stock performance over the king term. In the short term, the stock's price may diverge from the 18.0 real estate operating value due to a variety of factors. including broader equity trends, interest rate measures and 16O corporate events. The portfolio management team attempts to take advantage of these arbitrage opportunities, buying at a discount to fall value and selling at a large premium. 14.0 0 0 0 YTD 1 12.0 10.0 Adelaide adheres to specilic investment guidelines to achieve pedormance objectives and to manage portfolio risk. 8.0 Adelaide maintains a preference for 'core' institutional real estate property typos (o.g. apartments, office, industrial 6.0 and retail), avoiding securities in narrovAy focused specialty real estate companies that they believe will not deliver adequate long-term returns in relation to the level of risk assumed. M a diversification measure, accounts must be 4.0 exposed to at least three property types. In addition, companies with a market c