Use the geometric mean, not the arithmetic mean in calculating the average return.

Perform analysis for all relevant variables, unless the assets / series are specified.

1. Using the total returns, calculate the total return index for all investment assets using a base value of 1,000 with a starting date of December 2010 I

1 Assessment 2 P Date Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 2 3 4 5 6 7 8 9 10 Aug-10 11 Sep-10 Oct-10 Nov-10 Dec-10 15 Jan-11 16 Feb-11 17 Mar-11 18 Apr-11 12 13 14 38 39 40 41 42 19 20 21 22 23 24 25 Nov-11 26 Dec-11 27 Jan-12 28 Feb-12 29 Mar-12 30 Apr-12 31 May-12 32 Jun-12 33 Jul-12 34 Aug-12 35 Sep-12 36 Oct-12 37 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 43 44 45 46 *********** May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 A-REITs 0.47% 2.42% 0.65% -0.05% -2.45% -1.49% -4.68% -1.93% -5.90% 7.19% -3.63% -1.33% 4.98% 1.37% 1.37% 1.44% -6.54% 1.25% 4.66% 2.05% 2.00% 2.94% 0.53% 3.46% 5.02% 5.89% -2.31% 5.12% -4.83% -1.97% 4.88% 2.34% Mainstream asset classes Shares Bonds 2.37% 3.35% -1.95% 0.30% -0.02% -0.77% -6.45% 2.89% -4.58% 3.78% 2.65% -2.55% 5.40% 2.25% -0.59% 5.42% -1.24% 4.34% 5.55% -0.13% 1.20% 5.32% -1.28% 2.86% 4.41% 3.53% -2.58% 8.16% -3.66% -0.97% -0.70% -0.07% 0.07% 0.71% 0.87% 1.09% 1.91% 0.21% 3.23% 3.22% 2.21% -1.92% 3.79% 1.97% -0.80% -0.49% 0.66% 3.24% 6.23% -0.61% 0.74% 0.56% 1.64% -0.80% -0.25% -0.78% -1.37% 1.18% -0.42% 3.27% -1.59% -3.52% 0.74% -1.18% Cash 0.41% 0.37% 0.41% 0.40% 0.41% 0.40% 0.41% 0.41% 0.39% 0.40% 0.39% 0.39% 0.39% 0.36% 0.39% 0.37% 0.38% 0.35% 0.34% 0.33% 0.32% 0.32% 0.30% 0.29% 0.28% 0.24% 0.26% 0.25% 0.26% 0.24% 0.24% 0.23% Unlisted Property Funds 0.47% 0.60% 1.15% 0.55% 0.38% 1.25% 0.50% 0.40% 1.07% 0.69% 0.28% 1.49% 0.54% 0.66% 1.05% 0.44% 0.23% 1.04% 0.48% 0.61% 0.41% 0.46% 0.57% 1.04% 0.53% 0.51% 0.94% 0.41% 0.54% 1.42% 0.40% 0.59% Non-listed property funds Office Funds Retail Funds Industrial Funds 0.40% 0.62% 0.81% 0.51% 0.41% 1.24% 0.59% 0.45% 0.78% 0.61% 0.24% 1.22% 0.49% 0.56% 1.59% 0.36% 0.27% 0.93% 0.50% 0.45% 0.55% 0.42% 0.50% 0.97% 0.55% 0.52% 1.03% 0.33% 0.64% 1.34% 0.32% 0.61% 0.54% 0.65% 1.26% 0.48% 0.14% 1.12% 0.57% 0.53% 1.21% 0.79% 0.38% 1.86% 0.42% 0.54% 0.94% 0.39% 0.33% 0.37% 0.45% 0.53% 0.37% 0.39% 0.50% 1.83% 0.52% 0.50% 0.86% 0.37% 0.53% 1.06% 0.43% 0.63% 0.31% 0.70% 0.80% 0.69% 0.02% 1.30% 0.15% -0.28% 0.64% 1.22% -0.75% 2.33% 0.88% 1.20% 0.57% 0.44% -0.70% 1.98% 0.45% 1.05% -0.46% 0.52% 1.12% 0.41% 0.69% 0.57% 0.97% 1.40% 0.73% 0.97% 0.61% 0.65% Inflation 0.43% 0.47% 0.47% 0.31% 0.31% 0.32% 0.09% 0.09% 0.10% 0.09% 0.09% 0.09% 0.06% 0.02% 0.02% 0.18% 0.18% 0.18% 0.38% 0.37% 0.36% 0.15% 0.15% 0.15% 0.16% 0.14% 0.14% 0.12% 0.12% 0.12% 0.30% 0.29% Base Value (with the starting value of 1000)