Real Estate Capital Partners

Unit Pricing
Unit Pricing *as of 3 November Redemption price is NAV less 40% (see policy review released 31 October 2008)

Date of pricing	Application Price	Redemption Price	Net Asset Value
20 November 08	0.5938	*0.3547	0.5911

Unit Pricing for the last 30 days
Date of pricing	Application Price	Redemption Price	Net Asset Value
20 November 08	0.5938	0.3547	0.5911
19 November 08	0.5959	0.3559	0.5932
18 November 08	0.5952	0.3555	0.5925
17 November 08	0.5991	0.3578	0.5964
14 November 08	0.6002	0.3585	0.5975
13 November 08	0.5983	0.3574	0.5956
12 November 08	0.6134	0.3664	0.6107
11 November 08	0.6131	0.3662	0.6104
10 November 08	0.6114	0.3652	0.6087
07 November 08	0.6078	0.3631	0.6051
06 November 08	0.6142	0.3668	0.6114
05 November 08	0.6196	0.3701	0.6168
04 November 08	0.6138	0.3667	0.6111
03 November 08	0.6143	0.3669	0.6115
31 October 08	0.6132	0.4884	0.6105
30 October 08	0.6057	0.4824	0.6030
29 October 08	0.5982	0.4764	0.5955
28 October 08	0.6067	0.4832	0.6040
27 October 08	0.6181	0.4922	0.6153
24 October 08	0.6105	0.4862	0.6078
23 October 08	0.6436	0.5126	0.6407
22 October 08	0.6716	0.5349	0.6686
21 October 08	0.7007	0.5581	0.6976
20 October 08	0.6950	0.5535	0.6919
17 October 08	0.6905	0.5499	0.6874
16 October 08	0.6787	0.5406	0.6757
15 October 08	0.6947	0.5533	0.6916
14 October 08	0.6832	0.5441	0.6801
13 October 08	0.6955	0.5539	0.6924
10 October 08	0.6729	0.6669	0.6699
09 October 08	0.7003	0.6941	0.6972
08 October 08	0.7402	0.7336	0.7369
07 October 08	0.7642	0.7574	0.7608
03 October 08	0.7779	0.7709	0.7744
02 October 08	0.7895	0.7825	0.7860
01 October 08	0.8039	0.7967	0.8003
30 September 08	0.7866	0.7796	0.7831
29 September 08	0.8105	0.8033	0.8069
26 September 08	0.8213	0.8139	0.8176
25 September 08	0.8326	0.8252	0.8289
24 September 08	0.8325	0.8251	0.8288
23 September 08	0.8202	0.8128	0.8165
22 September 08	0.8483	0.8407	0.8445
19-September-08	0.8200	0.8126	0.8163
18-September-08	0.7901	0.7831	0.7866
17-September-08	0.8020	0.7948	0.7984
16-September-08	0.8030	0.7958	0.7994
15-September-08	0.8143	0.8071	0.8107
12-September-08	0.8369	0.8295	0.8332
11-September-08	0.8484	0.8408	0.8446
10-September-08	0.8584	0.8508	0.8546
09-September-08	0.8510	0.8434	0.8472
08-September-08	0.8592	0.8516	0.8554
05-September-08	0.8331	0.8257	0.8294
04-September-08	0.8450	0.8374	0.8412
03-September-08	0.8545	0.8469	0.8507
02-September-08	0.8505	0.8429	0.8467
01-September-08	0.8352	0.8278	0.8315

REIF Index