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
Date of Pricing	Application Price	Redemption Price	Net Asset Value	Application Price	Redemption Price	Net Asset Value
01/03/10	0.3837	0.3803	0.3820	0.2312	0.2292	0.2302
02/03/10	0.3846	0.3812	0.3829	0.2318	0.2298	0.2308
03/03/10	0.3846	0.3812	0.3829	0.2318	0.2298	0.2308
04/03/10	0.3861	0.3827	0.3844	0.2326	0.2306	0.2316
05/03/10	0.3870	0.3836	0.3853	0.2332	0.2312	0.2322
08/03/10	0.3874	0.3840	0.3857	0.2335	0.2315	0.2325
09/03/10	0.3901	0.3867	0.3884	0.2352	0.2330	0.2341
10/03/10	0.3923	0.3887	0.3905	0.2364	0.2342	0.2353

REIF Index