RREEF America REIT II America REIT II - Cloud Solutions for

RREEF America REIT IISecond Quarter 2012 Update

I i l C t E l ' R ti t A i ti

RREEF America REIT II

Imperial County Employees' Retirement Association

August 15, 2012

RREEF Real Estate www.rreef.comConfidential – Not for Public Distribution

Confidential – not for public distribution

The information contained herein is for the confidential use of only those persons to whom it is transmitted by RREEFAmerica L.L.C. or its affiliates and is presented for informational purposes by RREEF America L.L.C. on behalf ofAmerica L.L.C. or its affiliates and is presented for informational purposes by RREEF America L.L.C. on behalf ofRREEF America REIT II, Inc. (the “Fund”). This information may not be distributed, circulated, quoted, or otherwisedisseminated without the prior consent of RREEF America L.L.C. Each recipient, as a condition to the provision of thisinformation and by virtue of receipt thereof, agrees not to make a photocopy or other copy or to divulge the contentshereof to any other person (other than a legal, business, investment or tax advisor in connection with obtaining theadvice of such person with respect to the investment). Failure to comply with the foregoing may result in irreparabledamage to the Fund, the shareholders and RREEF America L.L.C., among others. The information should be read andreviewed in conjunction with the important disclosure information entitled “Performance Notes” and “ImportantInformation” later in these materials. Such disclosure information is applicable to all performance data throughout thispresentation. This presentation contains forward-looking statements, which should be considered in connection withthe statements contained in “Performance Notes” and “Important Information”. These forward-looking statementsinclude but are not limited to management’s plans projections objectives expectations and intentions and otherinclude, but are not limited to, management’s plans, projections, objectives, expectations, and intentions, and othersimilar statements. These statements are based on the current beliefs or expectations of management which areinherently subject to significant uncertainties and changes in circumstances, many of which are beyond management’scontrol. The ability of the Fund to successfully achieve the objectives set forth in the business plans and the initiativesdescribed herein will be dependent, in many cases, upon the availability of financing and a market for real estate assets,each of which is uncertain in the current environment.each of which is uncertain in the current environment.

Imperial County – August 15, 2012 2

Table of Contents

I. RREEF Real Estate UpdateII. Economic and Market Update

Section

pIII. RREEF America REIT II Update

I F d D t il

Appendix

I. Fund DetailsII. Select RREEF America REIT II Value PropositionsIII. RREEF Real Estate’s Sustainability ProgramIV. Biographiesog ap esV. GIPS Composite Reports and Performance Notes

Page intentionally left blank.Page intentionally left blank.

Section I

RREEF Real Estate Update

RREEF Real EstateLong tenured manager of real estate assets across the private and public investment spectrum and around the globe

RREEF Real Estate's mission is to provide real estate investment management services consistent with our clients' objectives for diversification, preservation of capital and superior long-term risk-adjusted performance.

A 40-year investment heritage

Committed to local market expertise with approximately 550

RREEF Real Estate’s Global Footprint RREEF Real Estate at a Glance

Committed to local market expertise with approximately 550 employees in 22 locations around the world

A full service real estate manager with US$52.4/€41.3 billion in assets under management, nearly 600 institutional clients

– 3,662 properties1, 188+ million square feet

Private and public real estate

Seattle San Francisco Walnut Creek Costa Mesa Chicago

Dallas Atlanta Boston New York Columbia

Americas

– Private and public real estate

– Core, value-added and opportunistic private real estate strategies

– Global, regional and domestic real estate securities strategies

– Global infrastructure securities, branded RREEF Infrastructure Shanghai Hong Kong

Singapore Sydney

Asia Pacific

London Warsaw Frankfurt

Paris Milan Madrid

Europe

Europe40%

– Structured real estate debt strategies

Part of RREEF Alternatives, the alternative investments business of Deutsche Bank A.G.

On June 20, 2012, Deutsche Bank (DB) announced that it concluded its exclusive negotiations with Guggenheim Partners

Hong Kong Seoul

Sydney Tokyo

Americas52%

Asia Pacific

8%

RREEF Real Estate AuM by Region


concluded its exclusive negotiations with Guggenheim Partners over a potential sale of RREEF. The Bank also announced that the Strategic Review of its global Asset Management division, initiated in November 2011, has concluded. 1 Property count includes assets in which RREEF Real Estate has a joint venture interest.

Preliminary as of June 30, 2012.

RREEF Real Estate – Americas

Long tenured senior professionals – averaging 12 years with the firm and over 25 years of industry experience

$17.2 billion in total assets under management, including approximately 88% in core and 12% in value-added strategies

Creating value through active real estate management since 1975

Over 300 institutional clients, including public, corporate, union and foundations/endowments

Commingled fund manager since 1975; separate account manager since 1986, including $7+ billion in portfolio takeovers

Dedicated teams closed over $35 billion in purchase, sale and financing transactions over the last five years

Regional asset management organization with more than 40 asset managers

RREEF Real Estate Property Portfolio 2011 Highlights

454 properties, 111 million square feet RREEF America REIT II outperformed NFI-ODCE over

trailing 3-year basis by 114 basis points (net) RREEF America REIT III share price recovering: 54% net

t f thPerformance1 return for the year RREEF Separate Accounts outperformed NFI-ODCE over

trailing 3-year basis by 120 basis points (gross) RREEF’s U.S. House Portfolio yielded +230 bps in relative

performance versus NPI for 20112

Capital Raising $980 million in new capital called for RREEF America II

during 2011, including allocations from 11 new clients $115 million in new allocations to U S separate accounts

Metro Area with RREEF Real Estate Properties

RREEF Real Estate Offices

$115 million in new allocations to U.S. separate accounts

Transactions Closed 13 new acquisitions in 2011 totaling $721 million,

including several key investments sourced off market Closed 36 sales in 2011, representing $1.2 billion in gross

sales proceeds

Personnel Update Mark Roberts joined as Global Head of Research Built out regional client relations team with several key new


1 Past performance is not indicative of future results. The performance of RREEF America REIT III is provided for illustrative purposes only and no representation is made that the performanceof RREEF America REIT III will be similar to RREEF America REIT II. Performance of each individual REIT will vary.2 Represents hypothetical performance. Please see page 89 for important information on hypothetical performance.As of March 31, 2012.

Personnel Update Built out regional client relations team with several key new hires

Americas Leadership Team

Americas Management Committee members average 12 years with the firm and 26 years total experience

No recent changes to Americas senior leadership

Alignment, retention of key employees continues to be top priority

Americas Management Committee

Todd HendersonHead of Americas

Jim CarboneHead of Business Development

Al DiazHead of Americas Asset

Tim EllsworthHead of Americas Portfolio

Management Management

Marc FelicianoCIO, Americas

Laura GaylordHead of Americas Client Relations

Brian McAuliffeHead of Americas Transactions

Aimee SamfordChief Operating Officer

9 21 17 32 18 28 14 29

Investment Functions

7 18 10 28 7 29 14 19

Portfolio Management49 employees

Asset Management82 employees

CIO/Research18 employees

Transactions17 employees

Client Relations/ Marketing

25 employeesFund Finance43 employees

Operations15 employees


As of June 30, 2012.

Years with Firm #

Total Years of Experience #

Americas Investment Committee

Name Function Years with Firm Total Years Experience

Average total real estate experience of 25 years, 12 years with the firm

Marc Feliciano Chairman, CIO – Americas 7 18

Jim Carbone Head of Business Development 17 32

Pierre Cherki Global Head of RREEF Real Estate 15 17

Al Diaz Head of Asset Management, Americas 18 28

Tim Ellsworth Head of Portfolio Management, Americas 14 29

Todd Henderson Head of Americas 9 21Todd Henderson Head of Americas 9 21

Brian McAuliffe Head of Transactions Group, Americas 7 29

Mark Roberts Global Head of Research 1 27

Kurt Roeloffs Global CIO 23 25

Kevin Howley RREEF America REIT II Portfolio Manager 10 32



Americas core performance recordDelivering attractive core performance for three decades

Supplemental Information: RREEF Real Estate – U.S. Direct Core Composite vs. NFI-ODCE

42% Average Industrial Exposure, 34% Average California Exposure

pp p

14.7% 14.7%14%

16%

U.S. Direct Core Composite - Leveraged NFI-ODCE

8.4%9.3%

8.4%7.4% 7 0%8%

10%

12%

14%

5.8%

4.1%

6.4%7.0%

2%

4%

6%

8%

0.3%

-0.4%-2%

0%

1 Year 3 Year 5 Year 10 Year 20 Year 30 Year

+8 bps +170 bps +71 bps +200 bps +185 bps +142 bps


Past performance is not indicative of future results. Returns are shown gross of fees and will be reduced by the advisory fees and other expenses. Industrial and California exposures arebased on the average Gross Asset Value of all of RREEF Real Estate’s U.S. direct core assets since 1976. Please refer to the full Composite Notes and “Important Information” included at theend for further information.As of March 31, 2012.

+8 bps +170 bps +71 bps +200 bps +185 bps +142 bps

Section II

Economic and Market Update

C t i i f ti i thi h t tit t f d l ki t t t D t i i k t i ti d ti d i l i t l t lt thCertain information in this research report constitutes forward-looking statements. Due to various risks, uncertainties and assumptions made in our analysis, actual events or results or theactual performance of the markets covered by this research report may differ materially from those described. The information herein reflect our current views only, are subject to change, andare not intended to be promissory or relied upon by the reader. There can be no certainty that events will turn out as we have opined herein.

Strategic rationale for core real estate now

Core real estate is considered the blue-chip foundation of pension fund property portfolios

The income requirement of institutional investors is re-focusing them on the benefits of core

– High current income and cash distributionsHigh current income and cash distributions

– Low volatility

L l ti ith t k d fi d i– Low correlation with stocks and fixed income

– Hedge against unanticipated inflation

Best vintage years for acquiring real estate assets are at bottom of economic cycles

– Performance in terms of expected returns lies between investment-grade fixed-income and large cap equity


Note: The photographs depicted are not intended to be representative of all assets in the portfolio. For more information on all assets, including those not shown herein, please contact RREEFReal Estate.Source: RREEF Real Estate.As of July 2012.

Near-term economic outlook for 2012-2013

Significant headwinds will limit growth the next couple of years.

European debt crisis will likely have moderate impact on the U.S.

U S banking sector continues to improve U.S. banking sector continues to improve.

Middle East conflict and oil supply disruption are the major worries.

U.S. could feel a fiscal drag in 2013:S t $109 billi l 1% f GDP1– Sequester $109 billion or nearly 1% of GDP1

– If Bush tax cuts expire, $255 billion or 1.8% of GDP1

Housing market is still finding its bottom, and will provide modest boost in 2013.

Jobs forecast: 1.7 million jobs in 2012 and 1.8 million in 2013.


1The Economist, December 16, 2011 issue, projections.Sources: RREEF Real Estate and The Economist. As of July 2012.

U.S. average rent growth in surveyed markets, by sector

Apartments Industrial

Rent growth from market peak: industrial to perform well in the long term

Forecast Period

150

160

Office CBD Office Suburban

Retail

Sector1 2012 2013 2014 2015 2016 2017

Apartments 5.0% 4.7% 3.8% 2.6% 1.5% 2.4%

120

130

140

150

Industrial 3.0% 4.3% 5.9% 5.9% 4.3% 2.9%

Office-CBD 1.9% 4.4% 7.1% 7.6% 5.2% 2.9%

Office-Suburb 1.6% 3.2% 6.2% 7.4% 5.0% 3.0%

90

100

110

120Retail 1.0% 3.5% 4.0% 3.5% 3.0% 3.0%

80

90

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Forecasts from 2012 through 2017


g2012 = 1001 Industrial and Retail are forecast on a NNN basis (“NNN” – tenant pays for all property taxes, insurance, and building maintenance). Apartments and Office are forecast based on GrossRents, and these are converted to NNN equivalent, assuming 2% per year expense increases, for consistency in comparison across sectors. Data represents the unweighted average ofmarkets surveyed by RREEF Real Estate. Past performance is not indicative of future results. There is no guarantee the forecast rates shown will materialize.Source: RREEF Real Estate. As of July 2012.

Capital markets outlook

Steady increase in transaction volume stabilizing at 2003/2004 levels.

Treasury rates will likely remain at record lows; real estate spreads to treasuries will be attractive to investors.

Capitalization rates are stabilizing, with possible risk of decompression in certain markets.

Strong investor demand for primary gateway markets expected to continue.

Some investor demand pick-up expected for the better second-tier markets.Some investor demand pick up expected for the better second tier markets.

Weak demand expected for underperforming markets.

Increased interest expected in Class B properties in top locations.

Weak demand expected for industrial flex, suburban office and retail power centers.

Debt for core properties is available, but still scarce for properties with poor income yields and investors looking for higher leverage.


Source: RREEF Real Estate.As of June 30, 2012.

RREEF Real Estate’s forecast of NPI total returns1

9.1% 9.5%8.3% 8.4%

8%

10%

Annualized Five Year Forecast

6.6%

2%

4%

6%

8%

0%Residential Industrial Office Retail Total NPI

Annualized Forecast: 2012-2014 Annualized Forecast: 2014-2016Annualized Forecast: 2012 2014 Annualized Forecast: 2014 2016

8.1%9.5% 9.0% 8.4% 8.7%

6%

8%

10%

12%

9.0%10.5%

8.2% 8.1%

6%

8%

10%

12%

0%

2%

4%

6%

Residential Industrial Office Retail Total NPI

4.3%

0%

2%

4%

6%

Residential Industrial Office Retail Total NPI


1 Index performance is shown for illustrative purposes only and is not intended to represent historical or to predict future performance of any specific investment or RREEF Real Estate strategy.RREEF Real Estate products may have experienced negative performance over these time periods. Past performance is not indicative of future results.Sources: RREEF Real Estate, NCREIF.As of July 2012.

Section III

RREEF America REIT II Update

Fullerton Crossroads, Fullerton, CAFullerton Crossroads, Fullerton, CA StoneCrestStoneCrest at Piper Glen, Charlotte, NCat Piper Glen, Charlotte, NCCentergateCentergate King Farm, Washington, DCKing Farm, Washington, DC

Note: The photographs depicted above and on subsequent pages are not intended to be representative of all assets in the portfolio. For more information on all assets, including those notshown herein, please contact RREEF Real Estate.

RREEF America REIT II highlightsStrong recent performance and forward outlook

2nd Quarter Highlights

Gross return 2.9%, 1.4% income dividend1

Industrial

Gross return 2.9%, 1.4% income dividend– Trailing 12-month 11.5% gross return– 5.5% income dividend

10th consecutive quarter of positive appreciation

Year over year NOI turns positive

Highlights

Office505 MontgomerySan Francisco, CA

IndustrialChicago I55Romeoville, IL

Year over year NOI turns positive

Very strong recent performance1Very strong recent performance– 2010: 20.3% gross, 18.9% net– 2011: 14.2% gross, 13.9% net

Top tier income fund in NFI-ODCE

Rising total return performance compared to

RetailStoneCrest at Piper GlenCharlotte, NC

ResidentialManchester State ThomasDallas, TX

Rising total return performance compared to ODCE benchmark

$1 billion new capital raised in 2011

Excellent three-year performance outlook


1 Returns are fund level and gross or net of asset management and incentive fees as indicated. Individual client returns may vary from overall Fund results. Returns include significantunrealized appreciation or depreciation. See "Performance Results" on page 21 as well as “Performance Notes” and “Important Information” for further informationNote: The photographs depicted are not intended to be representative of all assets in the portfolio. For more information on all assets, including those not shown herein, please contact RREEFReal Estate.

RREEF America REIT II – Management team

Experienced, stable, and tenured team of 19 dedicated professionals

Fund governance through Independent Board of Directors elected annually by shareholders

RREEF America REIT II Board of DirectorsSix Independent Directors

Todd Henderson

Investment Committee

219


Portfolio Management Team

Kevin HowleyLead Portfolio Manager

3210

Chip GeorgePortfolio Manager Central Region,

Northern CA & Pacific$3.0 billion portfolio

John EhliPortfolio ManagerEastern Region

& Southern California$4.5 billion portfolio

Joe CappellettiChief Financial Officer

318 277 2727

Portfolio Management Support8 investment professionals

Fund Operations2 investment professionals

Fund Finance5 investment professionals

RREEF Real Estate Resources

T ti G C it l M k t Cli t R l ti A t M t CIO/R h Fi /O ti

318 277 2727



Transactions Group Capital Markets Client Relations Asset Management CIO/Research Finance/Operations

Years with Firm #

Total Years of Experience #

RREEF America REIT II profile

Private REIT with Independent Board

$7.5 billion gross real estate market

232 institutional investors

Low leverage (29%)1

133 investments

36 metro areas

Sector Diversification2 Top 10 Metros2

$ gvalue

g ( %)

Residential19%

Industrial31%

Other<1%

Metro Areas % ShareLos Angeles 14%Washington, DC 8%Seattle 8%Orange County 8%

Retail18%

Orange County 8%Baltimore 7%Boston 6%New York 6%Chicago 5%San Francisco 5%

Office32%

San Francisco 5%Oakland 4%Total 71%

• No exit queue • No entry queue


1 Based on total assets and includes the effects of marking debt to market.2 Based on gross real estate market value and primary use of assets.As of June 30, 2012.

2Q12 performance results (unaudited)

1-year net returns impacted by non-cash performance fee accrual

Investment Plan projects RREEF America REIT II will exceed ODCE on trailing 1- and 3-year gross returns by the end of 2012

RREEF America REIT II NFI-ODCE

Supplemental Information: RREEF America REIT II – Annualized Performance, Net of Fees1

9.7% 9.3%

5 1%6.0%

11.3%

7.4%

5.6%6.5%

6%

8%

10%

12%

2.0%

5.1%

2.3%

5.6%

0%

2%

4%

6%

-2.0% -1.8%-4%

-2%

2Q12 1-Year 3-Year 5-Year 10-Year Since Inception (10/98)


1 Annualized performance for RREEF America REIT II and NFI-ODCE are net of fees and time-weighted as of June 30, 2012. Returns are fund level and net of asset management andincentive fees. Individual client returns may vary from overall Fund results. Returns include significant unrealized appreciation or depreciation. See "Performance Notes" for further informationwith respect to NFI-ODCE. See “Performance Notes” and “Important Information” for further information. Please refer to full composite notes enclosed. Past performance is not indicative offuture results.

RREEF America REIT II – improving performance vs. ODCE1

RREEF Management expects trailing 5-year returns to also turn positive in 2013

Supplemental Information: RREEF America REIT II Annualized Trailing 3- and 5-Year Performance, Net of Fees

300

Trailing 3-Year Spread Trailing 5-Year Spread

0

100

200

Poin

ts

-300

-200

-100

Basi

s P

-400

1Q 2

007

2Q 2

007

3Q 2

007

4Q 2

007

1Q 2

008

2Q 2

008

3Q 2

008

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

009

4Q 2

009

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012



Income performance 6.0% dividend yield since inception; top tier in NFI-ODCE

Supplemental Information: RREEF America REIT II – Annualized Income Performance Net of Fees1

5 4% 5 4%

6.0%5.8%6%

7%RREEF America REIT II NFI-ODCE

4.3%

5.4%5.2%

5.4%

4.4%

5.0%4.7%

5.2%

4%

5%

2%

3%

0%

1%

1-Year 3-Year 5-Year 10-Year Since Inception (10/98)



Income dividend reinvestment levels (DRIP)

RREEF America REIT II – Income Dividend Reinvestments

100%

78%

66%

75% 73%70%

80%

90%

62%66%

61%

36%

40%

50%

60%

35%

26%

34% 36%

10%

20%

30%

0%2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

12 Months Ending June 30


Past performance is not indicative of future results.Source: RREEF Real Estate.

Statement of account

Account Summary

Inception Date 10/1/06

Imperial County Employees' Retirement Association – RREEF America REIT II – as of 6/30/12

Distributions Summary

Dividend Distributions Since Inception:

Total Investment $14,500,000

Change in Value1 981,747

Ending Net Asset Value $15,481,747

Income $3,135,093

Capital and Appreciation 1,341,203

Total Distributions $4,476,296

Total Reinvested $4,476,296Performance Summary

10.4%9.3%10%

12%Account - (Gross) Account - (Net) NFI-ODCE - (Net)

Total Reinvested $4,476,296

Dividend Reinvestment Plan

Income: Yes No

2.9%

0 9%2.0% 2.3%

7.4%

0 %2%

4%

6%

8%

10%Return of Capital: Yes No

Realized Gain: Yes No

Shares Outstanding Summary

Distributed Income Return Since Inception: 4 9%

0.9%0.2% 0.5%

0%

2%

Second Quarter Three Years Annualized Since Inception

Beginning Share Balance: 83,257

Shares issued for additional contributions and reinvested dividends:

104,728

E di Sh B l 187 985


Distributed Income Return Since Inception: 4.9%

1 Investment income plus realized and unrealized gain, net of management fees, paid dividends, and dividends declared at, but reinvested after quarter end.Total Returns are time-weighted as of June 30, 2012. Past performance is not indicative of future results.

Ending Share Balance: 187,985

2012 Mid-Year Report Card

2012 InvestmentPlan Targets 2012 Year End Projections

Fund Total Return1 9.5% -10.5% 10.0% -11.5%

Fund Income Return1 5.25% - 5.75% 5.5% - 5.75%

Dividend Yield 5.0% to 5.5% 5.5%

Acquisitions $500 million $100 million

Dispositions $500 million $500 millionp $ $

Leverage Ratio2 25% 29%

Occupancy 91-92% 92%


1 Before fees. Please refer to pages 21 and 23 for net of fees performance.2 Leverage ratio is a percent of total assets and reflects debt marked to market.There can be no assurance that the above targets or projections will be achieved. Ranges based on the Fund’s 2012 Investment Plan and year to date results as of June 30, 2012. Pastperformance is not indicative of future results. See “Performance Notes” and “Important Information” for further information.As of June 30, 2012.

RREEF Real Estate – Americas House Portfolio

Sector NPI WeightsQualitative

Inputs1House

Portfolio2 Active Weight

Residential 26% Largely fully priced 22% (4%)

Industrial 14% Attractive relative valuation, poised to outperform 23% 9%poised to outperform

Office 35% Too early/Late recovery 30% (5%)

Retail 22% Attractive relative valuation,stable cash flow 25% 3%

Hotel 3% N/A 0% (3%)


1 Qualitative Inputs include inputs from Transactions, Asset Management and Portfolio Management teams.2 House Portfolio is the target allocation that incorporates both qualitative and quantitative views in addition to tactical and strategic considerations.Sources: RREEF Real Estate, NCREIF.As of March 31, 2012

Fund 2012 sector allocation targets

Residential Office

40%

50%

40%35%40%

50%

17%

19%24%

27%

10%

20%

30%

25%

32%35%

10%

20%

30%

Retail Industrial

0%

10%

RARII Target Range NFI-ODCE0%

10%

RARII Target Range NFI-ODCE

30%30%

40%

50%

31% 28%30%

40%

50%

20%18%

21%

0%

10%

20%


18%13%

0%

10%

20%



RARII Target Range NFI ODCE RARII Target Range NFI ODCE

RREEF America REIT II and NFI-ODCE allocations, as of June 30, 2012. Target ranges are based on the Fund’s 2012 Investment Plan. There can be no assurance that the above targets willbe achieved. See “Performance Notes” for further information with respect to NFI-ODCE.

Fund 2012 geographic allocation targets

East South

42%36%40%

50%

40%

50%

32%

32%36%

10%

20%

30%

10%

18%20%

10%

20%

30%

Midwest West

0%

10%


10%

0%

10%


30%

40%

50%

35%

49%

37%45%

30%

40%

50%

3%

9% 9%13%

0%

10%

20%

RARII Target Range NFI-ODCE0%

10%

20%



RARII Target Range NFI-ODCE RARII Target Range NFI-ODCE

RREEF America REIT II and NFI-ODCE allocations, as of June 30, 2012. Target ranges are based on the Fund’s 2012 Investment Plan. There can be no assurance that the above targets willbe achieved. See “Performance Notes” for further information with respect to NFI-ODCE.

Debt profile

Leverage Overview Future Debt Maturities (As % of Total Debt)3

No loan or covenant defaults – ever!

Total Book Value Debt $2.1 billion

Total Market Value Debt $2.2 billon19% 19%20%

25%

Unencumbered Assets $6.0 billion

LTV1 29% 10%

19%

14%

11%

19%

13%

10%

15%

20%

Debt Type 86% fixed, 14% floating 4%

8%

2%

0%

5%

10%

Blended Interest Rate2 4.8%0%

2012 2013 2014 2015 2016 2017 2018 2019 2020


1 Loan to value is a percent of total assets and reflects debt marked to market.2 Weighted average interest rate of fixed and floating-rate debt.3 Based on June 30, 2012 loan balance and includes amortization. This information is a forecast and due to a variety of uncertainties and assumptions made in our analysis, actual events or

results or the actual performance of the markets covered may differ from those presented.As of June 30, 2012.

2012-2013 debt maturities and current financing initiatives

2012 - 2013 Debt Maturities

Property Maturity DatePrincipal at Maturity

(in millions) Interest Rate

Loan to Value Basedon 6/30/12 Gross Real Estate Value

Private Placement Notes Aug-12 $ 150.0 5.03% N/A

California Corporate Center Nov-12 65.0 LIBOR + 85.5

basis points 50%

Provence at Valencia Jun-13 48.0 5.04% 51%

Firecreek Crossing Dec-13 38.0 5.82% 81%

$ 301.0

Current Financing InitiativesCurrent Financing Initiatives

Property Maturity DatePrincipal at Maturity

(in millions) Interest RateLoan to Value

at 6/30/12

Supplemental Residential Financing 1 Jun-19 $ 121.4 4.25% 54%

LIBOR 85 5California Corporate Center 2 May-13 62.5

LIBOR + 85.5 basis points 48%

Secured Office Facility 3 Aug-13 100.0 LIBOR + 175 basis points 41%

$ 283.9


1 Expected to close in August, 2012. Final rate is subject to movement in treasury rates.2 Exercise extension option with a $2.5 million paydown.3 Expected to close in August 2012. The facility includes a 1-year extension option.As of June 30, 2012.

Valuation detail – core propertiesEvery property appraised externally each quarter

C

Gross Real Estate Market

( ) S

% GrossReal Estate Going-In

C 1Stabilized C 1 1 2

Exit Cap 1Count Value (000's) PSF Market Value Cap Rate1 Cap Rate1 IRR1,2 Rate1

Total Core Portfolio - 2Q 2012 130 $ 7,355,905 $ 140 98% 5.8% 6.7% 8.0% 7.0%

Total Core Portfolio - 1Q 2012 131 $ 7,263,405 $ 137 98% 5.9% 6.8% 8.0% 7.0%

Subtotal by Location

Primary 110 $ 6,742,430 $ 150 90% 5.6% 6.5% 7.9% 6.9%

Secondary 20 $ 613,475 $ 79 8% 7.4% 8.7% 9.1% 8.2%

Subtotal by Product Type3

Retail 20 $ 1,329,800 $ 300 18% 6.0% 6.7% 7.9% 6.9%

Office 26 $ 2,287,450 $ 271 31% 5.4% 6.7% 8.1% 7.1%

Industrial 65 $ 2,285,705 $ 69 30% 6.4% 7.6% 8.3% 7.5%

Residential 19 $ 1,452,950 $ 216 19% 5.1% 5.3% 7.2% 5.9%


1 Appraisal metrics are based on the most recent externally appraised values.2 Gross, unleveraged IRR. Fees and expenses will reduce these returns.3 Diversification based on primary use of asset.As of June 30, 2012. See “Performance Notes” and “Important Information” for further information. Past performance is not indicative of future results.

Year-to-date operations performance

Office – Increased rental revenue due to improvements in leasing, reduced energy expense and bad debt collection. Major contributors to positive variance include: $2.2 mm Wilshire Courtyard, $900k Summit & Metro Center, $500k 1800 K Street

Industrial Major contributors to positive variance include: $1 5 mm early termination in Seattle (Kent Valley) $1 1 mm

YTD as of Q2 2012 Actual vs. Budget

Industrial – Major contributors to positive variance include: $1.5 mm early termination in Seattle (Kent Valley), $1.1 mm bankruptcy settlement and additional rental revenue in Chicago

(000s) Actual NOI Budget NOI Variance ($) Variance (%)

Retail $ 36,681 $ 35,488 $ 1,193 +3.4%

Office 62,057 57,938 4,119 +7.1%

Industrial 75,838 71,564 4,274 +6.0%

Residential 37,528 36,332 1,196 +3.3%

TOTAL $ 212,104 $ 201,322 $ 10,782 +5.4%


Note: Quarterly operations are excluded for properties purchased or sold mid-quarter.As of June 30, 2012.

Portfolio occupancy summary

RREEF America REIT II – Quarter End Occupancy1

Office and industrial occupancy now rising; Strong occupancy vs. NCREIF

June 30, 2012 June 30, 2011 VarianceOccupancy Occupancy (%)

Retail 93% 95% -2%

Office 87% 83% 4%

Industrial 89% 86% 3%

Residential 97% 96% 1%

TOTAL 91% 88% 3%

RREEF America REIT II occ panc performing

As of 3/31/122 Retail Office Industrial Residential

vs. NPI +4% +1% -2% +2%occupancy performingwell versus NCREIF1 vs. NFI-ODCE +2% +0% -1% +2%


1 Gross real estate market value weighted.2 As of March 31, 2012.As of June 30, 2012.

2011 acquisitions – one year update

InvestmentProperty

TypeAcquisition

Date

Total InvestmentCost($mil)

6/30/12 Gross Real Estate Market Value

($mil)1

Percent ofUnrealized Gain on Total Investment

Cost2

473 - 475 Broadway Retail 4/5/2011 $54.4 $58.0 6.7%

Queen Anne - Invested Residential/Retail 6/24/2011 44.4 46.1 3.8%

Queen Anne – Forward3 Residential/Retail 6/24/2011 70.4 70.4 --

Cityfront Place Residential 6/30/2011 111.1 128.0 15.2%

TOTALS $280.3 $302.5 10.6%4

1 No assurance can be made that these values will be maintained and/or realized in the future.

473-475 BroadwayNew York (Soho)

Queen Anne – Retail and Residential Seattle CBD

Cityfront PlaceChicago CBD


2 Past performance is not indicative of future results.3 Includes forward commitment.4 Excludes forward commitment.Note: Please see pages 49-51 for additional information on the above transactions.As of June 30, 2012.

Disciplined fund dispositions: 2007 - 2011

Portland

Seattle-Tacoma

Sales improved fund performance: 22 of the 29 transactions disposed were located in markets that have lagged NCREIF benchmark

SF East-OaklandColumbus

Portland

Boston

N. New JerseyChicago

Philadelphia

Kansas City St. Louis

Columbus

MemphisTulsaBakersfield

BaltimoreWashington, D.C.

SF South-San Jose

Denver

Okl h CitLos Angeles

Dallas

Atlanta

Tampa

Oklahoma City

2007 2008 2009 2010 2011 Totals

Office $45 5 $75 3 $62 5 $57 0 $240 3

RREEF America REIT II Dispositions

IndustrialOffice Retail Residential

Office $45.5 $75.3 $62.5 $57.0 -- $240.3

Industrial 48.7 49.8 51.4 98.3 $539.8 788.0

Retail -- 16.0 -- 22.0 13.2 51.2

Residential 217.4 -- 26.0 -- 30.1 273.5

Total $ $311.7 $141.2 $139.9 $177.3 $583.1 $1,353.0


IndustrialOffice Retail

$ in millions and represents total contract price. Complete sales only – does not include partial sales.Past performance is not indicative of future results.As of June 30, 2012.

Residential# Transactions 4 5 6 10 4 29

RREEF America REIT II: Positioned to Perform

Certain information in this research report constitutes forward-looking statements. Due to various risks, uncertainties and assumptions made in ouranalysis, actual events or results or the actual performance of the markets covered by this research report may differ materially from those described. Theinformation herein reflect our current views only, are subject to change, and are not intended to be promissory or relied upon by the reader. There can beno certainty that events will turn out as we have opined herein.

Steadily improving same store trend

Trailing 12-months NOI Trailing 12-months Occupancy1

Current Year Period

Prior Year Period Variance Variance Variance

(000's) (000's) (000's) (%) Current Year Period

Prior Year Period (%)

J 12 $405 664 $401 202 $4 462 1% 90% 88% 2%June-12 $405,664 $401,202 $4,462 1% 90% 88% 2%

March-12 $393,398 $395,363 ($1,965) 0% 89% 88% 1%

December-11 $397,112 $399,463 ($2,351) -1% 89% 89% 0%

September-11 $420,236 $427,012 ($6,776) -2% 88% 89% -1%


1 Market value weighted.As of June 30, 2012.

Well positioned for expected real estate recovery

Seattle

Portland

Minneapolis

PittsburghColumbus

Sacramento

Chicago

Wilmington

Boston

New York

Reno

NewarkEdison

Oakland

L A l

Santa Cruz

Kansas City

Charlotte

CincinnatiDenver

Okl h CitMemphis

Riverside

Baltimore

g

Washington, D.C.San Francisco

San Jose

Phoenix

San Diego

Orange County

Los Angeles

OrlandoAustin

Dallas

Oklahoma City

Ci l i di t i f ( k t l )

RiversideAtlanta

Miami

Orlando

West Palm Beach

AustinCircles indicate size of exposure (gross market value):

< $50M $50M –$100M > $400M

$250M –$400M

$100M –$250M

Mid t RAl d R d L t R L i R


Mid-term RecoveryAlready Recovered

All assets represented on a consolidated basis. Sources: Economy.com & RREEF Real Estate as of April 2012.As of June 30, 2012.

Late Recovery Lagging Recovery

RREEF America REIT II Income spreads vs. Treasuries back to peak levels

Annual Income Returns, Dividend Yields and Spread vs. 10-Year Treasury

Trailing 12-Month Gross Income Return (LHS) Annual Time-Weighted Dividend Yield (LHS) Spread Btwn Div Yield & 10-yr Treasury (RHS)

3.5%

4.0%

4.5%

7.0%

8.0%

9.0%

2.0%

2.5%

3.0%

4.0%

5.0%

6.0%

0 5%

1.0%

1.5%

1 0%

2.0%

3.0%

0.0%

0.5%

0.0%

1.0%

Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12


Twelve months ending June 30. Past performance is not indicative of future results. Please refer to page 23 for net income returns.Source: RREEF Real Estate.

Attractive yields, valuations well below replacement level

Current property values remain 18% below 2007 peak levels

Industrial & Office down 24%, with significant recovery potential

Count

Gross Real EstateMarket Value

(000's) PSFGoing-InCap Rate1

Stabilized Cap Rate1 IRR1,2,

Total Portfolio - 2Q 2012 133 $7,491,225 $139 5.7% 6.8% 8.0%

Spread over 10-Year Treasury 4.06% 5.12% 6.32%

Spread over BAA Bond Yield 0.67% 1.73% 2.93%


1 Appraisal metrics are based on the most recent externally appraised values.2 Gross, unleveraged IRR. Fees and expenses will reduce these returns.As of June 30, 2012. See “Performance Notes” and “Important Information” for further information. Past performance is not indicative of future results.

Why RREEF America REIT II – looking forward

Top quartile income in NFI-ODCE– ability to increase income with market recovery

Beacon Centre, Miami, FLBeacon Centre, Miami, FL

Top NFI-ODCE fund in dividend yield1

Surpassed NFI-ODCE trailing 3-years – rising 1

Doctors Center Four, Atlanta, GADoctors Center Four, Atlanta, GA

relative performance1

Believed to be well positioned in sectors and markets for next phase of recovery

Embedded value propositions

Manchester State Thomas, Dallas, TXManchester State Thomas, Dallas, TX


1 As of June 30, 2012. See "Performance Notes" for additional details on the NFI-ODCE index.The photographs depicted are not intended to be representative of all assets in the portfolio. For further information on all assets, including those not shown, please contact RREEF RealEstate. Past performance is not indicative of future results.As of June 30, 2012.

Appendix I

Fund Detailspp

Fund structure & governance

Private REIT vehicle

Overseen by board of directors – six independent and RREEF America REIT II Structure

one RREEF Real Estate-related

All Directors are elected annually by the Fund's

Shareholders

RREEF America REIT II Shareholders

RREEF America REIT II Shareholders

Board powers include:

– Approve Annual Strategic Plan

– Approve Valuations, Distributions and

Redemptions

RREEF America REIT II Board of Directors


– Approve Quarterly NAV

– Approve Acquisitions/Dispositions/

Financings/Joint Ventures

O A dit

RREEF America REIT II, Inc.RREEF America REIT II, Inc. RREEF America LLCInvestment Manager

RREEF America LLCInvestment Manager

– Oversee Auditors

– Oversee Conflicts of Interest

– Hire/Fire Investment Manager



Name Role Background

Mr Norman R Bobins Independent Chairman Retired chairman of LaSalle Bank Corporation andMr. Norman R. Bobins Independent – Chairman Retired chairman of LaSalle Bank Corporation and non-executive chairman of The PrivateBank and Trust Company

Mr. Nicholas C. Babson Independent President of NCB Ventures LLC. Former Chairman and CEO of Babson Bros. Co

Mr. Allison S. Davis Independent Chairman of DV Urban Realty Advisors LLC and Chairman and Founder of The Davis Group

Mr. Blake Eagle Independent Retired CEO of the National Council of Real Estate Investment Fiduciaries (NCREIF)Investment Fiduciaries (NCREIF)

Mr. Philip Halpern Independent – Audit Committee Chairman

Former CIO for the University of Chicago Endowment

M T dd H d RREEF R l E t t H d f RREEF R l E t t A iMr. Todd Henderson RREEF Real Estate Head of RREEF Real Estate, Americas

Ms. Deborah McAneny Independent Lead independent Director of Holliday Fenoglio Fowler, LP. Former COO of Benchmark Assisted Living LLC


Living, LLC

Valuation trends – property type and debt1

Property Type

June 30, 2012Gross Real Estate

Market Value (thousands)

Change from Prior Quarter2

# of write-ups / write downs3

Retail $ 1,329,800 1% 12 up / 6 downOffi % /Office 2,417,230 2% 21 up / 6 downIndustrial 2,285,705 1% 29 up / 24 downResidential 1,452,950 2% 18 up / 1 downTOTAL $ 7,485,685 2% 80 up / 37 down

Debt $ 2,203,468 Negative impact of 14 basis points to Performance Returns ($7.4 million)

June 30, 2012Gross Real Estate

Market Value Change from # of write-ups / Property Type (thousands)4

gTrailing 12 Months4

pwrite downs5

Retail $ 1,329,800 5% 16 up / 4 downOffice 2,417,230 8% 22 up / 5 downIndustrial 2,285,705 5% 48 up / 16 downResidential 1,452,950 10% 18 up / 1 downTOTAL $ 48 68 % 104 / 28 d

1 Does not include Land investments.

TOTAL $ 7,485,685 7% 104 up / 28 down

Debt $ 2,203,468 Negative impact of 76 basis points to Performance Returns ($40.9 million)


2 Represents change from the March 31, 2012 gross real estate market values.3 Two retail assets and twelve industrial assets retained their March 31, 2012 gross real estate market values.4 Represents change from the June 30, 2011 gross real estate market values.5 One industrial asset retained its June 30, 2011 gross real estate market value.As of June 30, 2012. Past performance is not indicative of future results.

Financial results – quarter ended June 30, 2012

Property Valuation Increases and Decreases by Type1

30

OfficeNumber of Investments

20

RetailNumber of Investments

Increase Decrease No Change No Approval

20 21

9 117 6

10

15

20

25

30

14

95

9 8

1

10

15

20

18 1620 21

0

5

10

Q3 '11 Q4 '11 Q1 '12 Q2 '12

1114

11 12

0

5

Q3 '11 Q4 '11 Q1 '12 Q2 '12

38

1

2 3 360

80

100

IndustrialNumber of Investments

35

1

15

20

ResidentialNumber of Investments

5439 39

26

26 2436

0

20

40

Q3 '11 Q4 '11 Q1 '12 Q2 '12

1619

1418

0

5

10

Q3 '11 Q4 '11 Q1 '12 Q2 '12


1 Based on quarterly external valuations.As of June 30, 2012. See “Performance Notes” and “Important Information” for further information. Past performance is not indicative of future results.

Q3 11 Q4 11 Q1 12 Q2 12 Q3 11 Q4 11 Q1 12 Q2 12

Lease maturation summary – market value weighted1,2

53%

50%

60%

Retail Office

47%

45%50%

7% 6%9%

13% 12%10%

20%

30%

40%

50%

13%

4%

16%11% 9%

10%15%20%25%30%35%40%

0%Vacant 2012 2013 2014 2015 2016 - 2031

Weighted Average Years Remaining: 5.2 years Weighted Average Years Remaining: 4.2 years

Industrial Total Fund3

4%

0%5%

Vacant 2012 2013 2014 2015 2016 - 2031

16% 17%

34%

20%25%30%35%40% 43%

25%30%35%40%45%50%

Weighted A erage Years Remaining 3 5 ears Weighted A erage Years Remaining 3 8 ears

11%8%

16% 14%17%

0%5%

10%15%20%

Vacant 2012 2013 2014 2015 2016 - 2031

11%6%

14% 13% 13%

0%5%

10%15%20%25%

Vacant 2012 2013 2014 2015 2016 - 2031


1 Weighted Average Years Remaining is based on real estate market values as of June 30, 2012.2 The lease maturation graph for Residential is not presented because lease rollover for Residential averages 75 to 125 percent per year.3 Does not include Residential.

Weighted Average Years Remaining: 3.5 years Weighted Average Years Remaining: 3.8 years

473-475 BroadwayNew York, NY Property Acquisition

Property Type: Retail CondominiumProperty Size: 16,742 square feetClosing Date: April 5, 2011g pTotal Investment Cost: $54.4 million Unleveraged 10-Yr IRR1: 8.39%Going in Cap Rate1: 5.4%

Why We Purchased…

Location: The subject property is well-located in SOHO, one of the Manhattan's most desired retail corridors, which is home to high-end boutiques,purveyors of urban fashion, and prominent multinational brands. Located 1.5 blocks south of Spring and Broadway (main and main), one block south ofBloomingdales and across the street from Top Shop, two major draws south of Spring Street.

Stable & Long-Term Cash Flow: The property is leased to Scoop through 2026 on a net basis with fixed annual rental increases (starting in year 2) of3.0 percent, resulting in a dependable and increasing stream of cash flows. The in-place rent is approximately 15-20 percent below current marketrents per square foot. This provides for potential upside in rental revenue to the extent the lease is canceled prior to lease expiration.

Retail Strategy and Liquidity: This investment is consistent with REIT II’s 2011 retail strategy of acquiring premium properties with strongdemographics in a target market (New York). Moreover, high-street retail in New York has historically been a highly liquid investment. Given the relativesmall transaction size and low volatility, investments like these attract users, high net worth investors, REITs, pensions funds, and advisors, amongothers.


1 There can be no assurance that the above IRR or Cap Rate can be achieved.Note: The transaction shown above is a representative transaction made for the RREEF America REIT II portfolio, however, it is noted that the referenced transaction does not represent all ofthe transactions referenced in this presentation during the period referenced, and there is no guarantee as to the future profitability of any of the transactions identified and discussed herein. Alist of all the portfolio transactions is available upon request.As of June 30, 2012.

Queen Anne CollectionSeattle, WA

Property Type: Apartment/RetailProperty Size: 264 Units, 75,789 sf RetailClosing Date (Phase I): June 24 2011

Property Acquisition

Closing Date (Phase I): June 24, 2011Projected Close (Phase II): June 2012/Sept 2013Total Investment Cost-Phase I: $44.5 million Total Investment Cost-Phase II: $70.4 million Unleveraged 10-Yr IRR1: 8.66%Year One Cap Rate (Phase I)1: 5 6%

Why We Purchased…

Year One Cap Rate (Phase I) : 5.6%Stabilized Cap Rate (Phase II)1: 6.9%Stabilized Cap Rate (Yr 4, both phases)1: 6.6%

Location and Submarket Fundamentals: The Queen Anne Collection represents a rare opportunity to acquire a critical mass of new, Class A multi-family and retail product in the premier residential neighborhood in Seattle. Demand drivers in the immediate neighborhood include the Bill and Melinda Gates Foundation and the world headquarters of Amazon.com.

Stable Cash Flows with Attractive Returns: Upon completion the property should be one of the most desirable mixed used assets in the Pacific Northwest.

Attractive Investment Structure: The investment provides immediate cash flow via the acquisition of the existing core buildings and should also utilizes the “lend-to-core” structure to provide financing for the to be completed Phase II buildings. The Phase II forward commitment component is expected to provide higher stabilized returns upon completion.



Cityfront PlaceChicago, IL Property Acquisition

Property Type: ApartmentProperty Size: 480 Units, 40 FloorsClosing Date: June 30, 2011Closing Date: June 30, 2011Total Investment Cost: $108.8 million Unleveraged 10-Yr IRR1: 8.32%Going in Cap Rate1: 5.0%Stabilized Cap Rate1: 6.9%

Urban Strategy: The acquisition of Cityfront Place in the Streeterville submarket of downtown Chicago reflects the Fund’s emphasis on acquiring urban

Why We Purchased… Urban Strategy: The acquisition of Cityfront Place in the Streeterville submarket of downtown Chicago reflects the Fund s emphasis on acquiring urban

properties with attractive investment fundamentals. This Class A amenity-rich asset is located along the Chicago River and boasts sweeping views of the city skyline and Lake Michigan. The highly desirable Streeterville submarket had a 5.7 percent availability rate at year end 2010 and is projected to fall below 3 percent by 2012, benefiting from the continued expansion of the Northwest Memorial Hospital. As a result, submarket rents are forecasted to increase 8 to 9 percent annually over the next two years.

Value Enhancement Opportunity: An opportunity exists to generate long-term value through a modest renovation program which includes a new resident lounge updated fitness center and a more open and upscale pool/outdoor area A renovation program for the unit interiors will be initiatedresident lounge, updated fitness center and a more open and upscale pool/outdoor area. A renovation program for the unit interiors will be initiated shortly after taking ownership and the post-renovated units are expected to achieve a 12.5 percent premium over markets rents for non-renovated units.

Attractive Investment Basis: The total post-renovation investment cost of $115.5 million or $241,000 per unit is just 77 percent of replacement costs today. This investment basis is extremely attractive when compared with JP Morgan’s recent investment in Aqua (225 N. Columbus) in December 2010 for $401,000 per unit, or the 2007 sale of The Streeter (345 E. Ohio) for $437,000 per unit.



Atlanta Core Industrial PortfolioAtlanta, GA Property Disposition

Property Type: Industrial

P t Si 1 169 373 f tProperty Size: 1,169,373 square feet

Acquisition Date: August 1, 2003

Sold: January 25, 2012

Sale Price: $52 0 millionSale Price: $52.0 million

IRR: 6.25%

Why We Sold

Atlanta Industrial consists of eight buildings totaling 1,169,373 square foot located in Atlanta, GA.

Property operations were generally solid from acquisition through 2008, with occupancies ranging from the mid 80 percentto lower 90 percent level, but slipped into the mid 70 percent beginning late 2008. An uptick in leasing in 2011 increasedp pp p g g p gthe occupancy to 88 percent at the time of sale.

The disposition of the Atlanta Industrial Portfolio is consistent with the RREEF America REIT II strategy to re-balance thePortfolio towards RREEF Real Estate's Optimal House Portfolio, as discussed in the 2012 Investment Plan.

The disposition follows the strategy to exit non-strategic industrial markets by pruning and upgrading the quality of assets


Past performance is not indicative of future results.As of June 30, 2012.

e d spos o o o s e s a egy o e o s a eg c dus a a e s by p u g a d upg ad g e qua y o asse sheld by the Fund.

Plano Tech CenterPlano, TX Property Disposition

Property Type: Industrial

Property Size: 282 246 square feetProperty Size: 282,246 square feet

Acquisition Date: November 15, 2000

Sold: May 17, 2012

Sale Price: $18.0 million

IRR: 5.03%

Why We Sold

The disposition of Plano Tech is consistent with the RREEF America REIT II strategy to re-balance the Portfolio, reducingthe weight to the industrial sector.

Plano Tech Center was not a long-term strategic asset for the Fund Plano Tech Center was not a long-term strategic asset for the Fund.

The property is 100 percent occupied with the two largest tenants, totaling 208,000 square feet, leased into 2019,positioning the asset for maximum sale proceeds.


Past performance is not indicative of future results.As of June 30, 2012

Appendix II

Select RREEF America REIT II Value Propositionspp

Th f ll i t f th t i i f ti t b li d t b i t t t F d f Th t t il t ti f th F d h l d thThe following pages set forth certain information on assets believed to be important to Fund performance. These assets are not necessarily representative of the Fund as a whole and otherassets, not illustrated above, may be important to Fund performance. Information on those assets not presented is available upon request. Certain of the information provided is based onnumerous forward-looking assumptions and no assurance can be given that the events assumed will occur. See “Important Information” for further information.

210 West 70th StreetN Y k NYNew York, NY($ 000's)

Address: 210 West 70th Street

Property Type: Residential - HI-RISE

Asset Ranking: B+

This property is a 174-unit, luxury high-rise apartment building located on West 70th Street between Amsterdam Avenue and West End Avenue in the Upper West Side of Manhattan. The building is walking distance to Lincoln Center, one of the country’s most distinguished cultural centers and home to the Metropolitan Opera, New York City Ballet, New York Philharmonic, and the world-famous Julliard School. To the north of the building, the American Museum of Natural History and Hayden Planetarium occupy a four-block area between Central Park

Acquisition Date: July-07

Year Built: 1924

Current Value: $83,300 1.1% of Fund

NRA/Units: 174 units

West and Columbus Avenue, from 77th to 81st Streets. To the east of the subject is Central Park, which was the first urban landscaped public space in the United States and spans two and a half miles from 59th to 110th Streets, from Fifth to Eight Avenues. The building sets back at floors 10, 15, and 16, providing fourteen apartments with large terraces, which are very rare and valuable in New York City. The park to the West of the building is bordered by a public elementary school (P.S. 199), which is among the highest rated public schools in New York City.

Quarter-End Occupancy: 97.1% Occupancy at Peak Value: 78.9%Metro Area Occupancy: 96.9%Investment Cost: 109,368$ Mortgage Balance: -$ Replacement Cost: 127,000$ Maturity Date:

Going-In 5-Year Cash Gross Real Estate gCap Rate IRR Yield

Current Value 3.4% 7.0% 3.6%Peak Value (3Q 08) 3.4% 7.5% 3.6%

$/SF $/SF1 VarianceIn Place Rent $2,517 Market Rent $3,505 -28.2%

Market Value$83,300$99,400

2012 2013 2014 2015 2016Market Rent Growth 7.0% 6.0% 4.5% 3.0% 3.3%


1 In-place market rents includes rent stablization for 50% of the units. Therefore, the market rents are adjusted to incorporate rents for an equivalent number of units. Past performance is notindicative of future results.As of June 30, 2012.

505 MontgomerySan Francisco, CA($ 000's)

Address: 505 Montgomery

Property Type: Office - Mid-Rise

Asset Ranking: A

Featuring a dramatic marble entrance and expansive city views, 505 Montgomery is a premier downtown financial district office project that offers tenants access to top amenities and convenient transportation options.

L th & W tki f th ld’ t fit bl l fi i 35% f th ffi tAcquisition Date: January-05

Year Built: Tower 1988, Remainder 1908


NRA/Units: 344,287 Quarter-End Occupancy: 93.5% Occupancy at Peak Value: 100.0%Metro Area Occupancy: 90.1%

Latham & Watkins, one of the world’s most profitable law firms, occupies 35% of the office tower on a long term lease.

p yInvestment Cost: 140,542$ Mortgage Balance: -$ Replacement Cost: 223,787$ Maturity Date:

Going-In Cap Rate IRR

5-Year Cash Yield

Current Value 4.6% 7.5% 4.9%Peak Value (4Q 07) 6 5% 4 3% 4 8%

Gross Real Estate Market Value

$132,000$188 972Peak Value (4Q 07) 6.5% 4.3% 4.8%

$/SF $/SF VarianceIn Place Rent $20.97 Market Rent $20.04 4.6%


$188,972

Future Lease Maturities

6%1% 5% 2%

10% 12%20%

40%

60%



%0%

Vacant 2012 2013 2014 2015 2016 Thereaf ter

901 Fifth AvenueSeattle, WA($ 000's)

Address: 901 Fifth Avenue

Property Type: Office - Hirise Off

Asset Ranking: B+

901 Fifth Avenue is located in the Central Business District of downtown Seattle with excellent proximity to public transportation, access off the interstate and within walking distance of the ferry terminals.

Acquisition Date: May-07

Year Built: 1974



This investment included a complete redevelopment and releasing of a 41 story, 558,664 square foot office building. Major tenants include Cray Computers, Milliman Care Guidelines, Ogden Murphy Wallace, Union Bank and the City of Seattle. The property reached stabilization by year end 2011.



5-Year Cash Yield



$148,000$178 000Peak Value (3Q 08) 2.9% 8.3% 2.8%

$/SF $/SF VarianceIn Place Rent $27.77 Market Rent $27.80 -0.1%


$178,000


16%6% 1%

17%

2% 4%

54%

20%

40%

60%



1%0%


ApplegateCranbury, NJ($ 000's)

Address: 47 Station Road

Property Type: Industrial - Warehouse

Asset Ranking: A

Applegate is a single-story, 935,000 square foot, 36’ clear, wet sprinkler system, warehouse/distribution building built in 2002.

The property is located off Exit 8A of the New Jersey Turnpike and serves as the parts distribution factory for Volkswagen of North America

Acquisition Date: June-05

Year Built: 2002



factory for Volkswagen of North America.

Volkswagen occupies 100% of the building and has recently extended their lease until 2022.

Investment Cost: 68,846$ Mortgage Balance: -$ Replacement Cost: 75,735$ Maturity Date:


5-Year Cash Yield



$61,200$80,300( )



$ ,


0% 0% 0% 0% 0% 0%0%

20%

40%

60%



0%Vacant 2012 2013 2014 2015 2016 Thereafter

Beacon CentreDoral, FL($ 000's)

Address: 1301 NW 84th Avenue


Asset Ranking: A+

Beacon Centre is a 422,566-square foot industrial facility located in Doral, Florida. Doral is part of the Miami Airport submarket in Miami-Dade County, which is widely regarded as one of the top industrial markets in the country.

Th f b ildi it t d 22 17 it f t 24 f t l h i ht dg

Acquisition Date: December-05

Year Built: 1995



The four buildings are situated on a 22.17-acre site, feature 24-foot clear heights, and are considered Class A improvements in the market. The property is occupied by a diverse roster of tenants.



5-Year Cash Yield



$36,400$46 100Peak Value (3Q 08) 5.7% 7.5% 5.7%



$46,100


0%6%

43%

22%

4% 5%

20%20%

40%

60%



0%0%


California Corporate CenterPleasanton, CA($ 000's)

Address: 4400 Rosewood Drive

Property Type: Office - Lowrise

Asset Ranking: A-

California Center located in the heart of the Bay Area's Tri‐Valley and adjacent to Interstates 580 and 680 is an ideal home for large corporate users.

Its features include an impressive conference center and full service cafeteria Fortune 500Acquisition Date: March-05

Year Built: 1989


NRA/Units: 1,038,856 Quarter-End Occupancy: 51.4% Occupancy at Peak Value: 65.7%Metro Area Occupancy: 84.7%

Its features include an impressive conference center and full‐service cafeteria. Fortune 500 companies such as AT&T, Ross Stores and Farmers Insurance occupy over 45% of the project.

Investment Cost: 202,804$ Mortgage Balance: 65,000$ Replacement Cost: 311,657$ Maturity Date: Nov-12


5-Year Cash Yield



$129,780$260,000ea a ue ( Q 08) 3 % 8 0% 3%



$ 60,000


49%

3%

28%

1%

18%

0% 1%20%

40%

60%



0%Vacant 2012 2013 2014 2015 2016 Thereaf ter

Centergate King FarmRockville, MD($ 000's)

Address: 801 Elmcroft

Property Type: Residential - GARDEN APT

A t R ki A

King Farm is an 836-unit multi-family property located in the award-winning, 430-acre master planned development in Rockville, Maryland.

The property consists of 434 units built in 1999 and 402 units constructed in 2002 with amenities suchAsset Ranking: A

Acquisition Date: February-04

Year Built: 1999



The property consists of 434 units built in 1999, and 402 units constructed in 2002, with amenities such as community pools (two outdoor, one indoor), two fitness centers, several heated spas, steam room and children’s playgrounds.

King Farm's prime location is just two short blocks from the Shady Grove Metro station, a block from the shopping, dining and entertainment of King Farm Village and minutes from I-270, I-495 and Maryland's renowned Technology Corridor.

Quarter-End Occupancy: 97.4% Occupancy at Peak Value: 96.3%Metro Area Occupancy: 94.7%Investment Cost: 153,666$ Mortgage Balance: 94,340$ Replacement Cost: 229,064$ Maturity Date: Nov-19


5-Year Cash Yield


$/SF $/SF Variance


$213,000$213,500

In Place Rent $1,703 Market Rent $1,681 1.3%




Harris Business CenterCit f C CACity of Commerce, CA($ 000's)

Address: 6000-6098 Rickenbacker Rd


Asset Ranking: A

Immediately adjacent to the LA’s three largest distribution channels, Harris Business Center offers a port accessible, high image environment with exceptional functionality.

These functional buildings accommodate a variety of tenancy within a well‐known industrial

Acquisition Date: December-05

Year Built: 1983



business district catering to tenants from 4,000 square foot showrooms to 200,000 square foot rail‐served warehouse. The majority of the rent roll is comprised of large national credit distributors. Recently renewed the property's largest tenant, in 21% of the total net rentable area, which will push expiration from 2012 to 2016.



5-Year Cash Yield



$80,000$95,000( Q )



$ ,


16%

36%

18%10%

16%

1% 3%0%

20%

40%

60%



0%Vacant 2012 2013 2014 2015 2016 Thereafter

Manchester State Thomas Dallas, TX($ 000's)

Address: 3010 State Street


Asset Ranking: A

Manchester State Thomas is a 422 unit Class A apartment property located in the Uptown neighborhood just north of downtown Dallas.

Uptown is a neighborhood where many urban professionals live which, in addition to its close Asset Ranking: A

Acquisition Date: March-06

Year Built: 2001



p g y p ,proximity to downtown, includes many popular shops and restaurants.

This property is a unique, low density project with a high percentage of units built with a “town home” style design, which includes attached garages.

Quarter-End Occupancy: 98.3% Occupancy at Peak Value: 97.9%Metro Area Occupancy: 93.9%Investment Cost: 90,315$ Mortgage Balance: 45,000$ Replacement Cost: 94,950$ Maturity Date: Nov-19

G i I 5 Y C hGoing-In Cap Rate IRR

5-Year Cash Yield


$/SF $/SF Variance


$104,000$104,000

In Place Rent $1,854 Market Rent $2,092 -11.4%




Manhattan VillageM h tt B h CAManhattan Beach, CA($ 000's)

Address: 3200 North Sepulveda Blvd

Property Type: Retail - Reg'L S.C.

Asset Ranking: A+

Situated in one of the most affluent communities in Southern California, Manhattan Village is one of the most successful shopping centers in the region.

The property includes an enclosed mall anchored by Macy's and an open-air neighborhood center anchored by Ralphs Supermarket and CVS Drugs as well as numerous freestanding structures

Acquisition Date: May-04

Year Built: 1981



$ $

anchored by Ralphs Supermarket and CVS Drugs as well as numerous freestanding structures occupied by banks, restaurants and theaters. These uses combine to create tremendous synergy at this regional center located at one of LA’s busiest intersections.



5-Year Cash Yield



$210,000$216,500




5% 2% 8% 11%26%

18%31%

-20%

0%

20%

40%

60%



Note: Metro Area Occupancy as of 4Q11. Past performance is not indicative of future results.As of June 30, 2012.

20%

MetroCenter at South CoastC t M CACosta Mesa, CA($ 000's)

Address: 535 Anton Boulevard


Asset Ranking: A-

MetroCenter at South Coast is comprised of three, twelve-story buildings located in the South Coast Metro office market, surrounded by the finest amenities in Orange County.

Located in the center of this full-service office environment the property boasts an abundance of services shopping and restaurants within walking distance MetroCenter also offers excellent

Acquisition Date: September-05

Year Built: 1985



services, shopping and restaurants within walking distance. MetroCenter also offers excellent access to and visibility from Orange County’s 405, 55 and 73 Freeways.

An aggressive leasing campaign over 2011 increased occupancy from 68% in January to end the year over 80%, inclusive of an 87,000 sf deal with Experian.



5-Year Cash Yield



181,000$ 304 907$Peak Value (4Q 07) 6.5% 4.0% 4.8%


2012 2013 2014 2015 2016Market Rent Growth -0.3% 5.0% 14.5% 14.8% 9.1%

304,907$


18%2%

12% 14% 13% 15%26%

0%

20%

40%

60%

V 2012 2013 2014 201 2016 Th f



-20%Vacant 2012 2013 2014 2015 2016 Thereafter

New Jersey Port Industrial PortfolioJersey City, NJ($ 000's)

Address: Multiple


Asset Ranking: B

This property consists of nine, single story, bulk warehouse buildings totaling 2,113,706 rentable square feet, situated on approximately 72.3-acres parcel. The buildings are adjacent to the Jersey City, New Jersey commercial shipping ports and across the New York Harbor f rom the island of Manhattan. Immediate access to the ports of Jersey City on the New York Harbor waterfront provides the property with a location of lasting signif icance. New Jersey Port Industrial Portfolio is 100%occupied by twelve tenants. The waterf ront market immediately adjacent to the Jersey City ports is almost completely g

Acquisition Date: Multiple

Year Built: 1972



developed. Any future industrial supply will have to come through redevelopment of older industrial sites. As a result of strongdemand, and land scarcity, the Jersey City waterf ront market is somewhat insulated f rom external market shocks.

Metro Area Occupancy: 87.8%Investment Cost: 204,099$ Mortgage Balance: -$ Replacement Cost: 247,600$ Maturity Date:


5-Year Cash Yield



$179,040$191 905Peak Value (4Q 07) 6.7% 5.7% 5.5%



$191,905


0% 0%

22% 23% 23%12%

20%

0%

20%

40%

60%




-20%Vacant 2012 2013 2014 2015 2016 Thereaf ter

Riverfront Office ParkCambridge, MA($ 000's)

Address: 1 Main Street


Asset Ranking: A

Riverfront Office Park consists of two, adjacent 14- and 18- story, urban office buildings located at 1 and 101 Main Street in Cambridge, MA. The buildings are located in the Kendall Square/East Cambridge neighborhood that includes the campus of the Massachusetts Institute of Technology (M.I.T.). The area benefits from favorable proximity and easy access to downtown Boston, Harvard g

Acquisition Date: January-05

Year Built: 1983


NRA/Units: 659,984 Quarter-End Occupancy: 90.5% Occupancy at Peak Value: 98.3%Metro Area Occupancy: 88 4%

Square, mass transportation, and highway access, including the Red “T” subway line. The area has seen significant growth in the last decade, and has attracted technology tenants like Microsoft and Google to expand their presence here.



5-Year Cash Yield

Current Value 5.2% 7.8% 4.7%Peak Val e (3Q 08) 4 1% 7 5% 4 5%


$298,900$385 700Peak Value (3Q 08) 4.1% 7.5% 4.5%



$385,700


10% 3%

38%

2%10% 9%

29%

0%

20%

40%

60%




Streets of TanasbourneHillsboro, OR($ 000's)

Address: 2123 NW 194th Terrace

Property Type: Retail - F.S.C.

Asset Ranking: A-

Located in the center of an 850 acre master-planned community, the newly constructed Streets Of Tanasbourne is anchored by Macy’s and REI.

The center serves the affluent areas of Hillsboro, Beaverton and Cedar Mill with a mix of national g

Acquisition Date: March-05

Year Built: 2004


NRA/Units: 372,013 Quarter-End Occupancy: 91.6% Occupancy at Peak Value: 99.6%Metro Area Occupancy: 91 3%

lifestyle and restaurant tenants situated in an appealing outdoor environment that encourages shoppers to linger.



5-Year Cash Yield



$65,600$106 332Peak Value (3Q 07) 5.9% 7.0% 6.2%



$106,332


8%1% 1%

21%9% 4%

56%

20%

40%

60%



1% 1% 4%0%


Summerwood ApartmentsSanta Clara, CA($ 000's)

Address: 444 Saratoga Avenue


Asset Ranking: B+

Located in the heart of Silicon Valley, Summerwood offers residents convenient access to many neighboring high tech companies (Apple, Intel, Sun, Applied Materials and NVIDIA).

The vast grounds and mature landscaping provide residents a park like setting unique in theAsset Ranking: B+

Acquisition Date: August-06

Year Built: 1970



The vast grounds and mature landscaping provide residents a park like setting, unique in the competitive set.

RREEF’s renovation of this community to “A” standards improved NOI, occupancy and upgraded the tenant profile. The community now achieves top of the market rent levels.

Quarter-End Occupancy: 98.7% Occupancy at Peak Value: 95.3%Metro Area Occupancy: 96.5%Investment Cost: 126,785$ Mortgage Balance: 45,060$ Replacement Cost: 140,400$ Maturity Date: Feb-20


5-Year Cash Yield


$/SF $/SF VarianceIn Place Rent $1 787 Market Rent $1 919 6 9%


$134,000$134,000

In Place Rent $1,787 Market Rent $1,919 -6.9%




Summit Office ParkAli Vi j CAAliso Viejo, CA($ 000's)

Address: 65 Enterprise


Asset Ranking: A-

The Summit Office Campus consists of five office buildings set in Aliso Viejo, California with easy access to Orange County amenities and abundant executive and employee housing alternatives.

The Summit Office Campus was designed with lush landscaping, outdoor meeting areas and b tif l t f t Th iti tt t i i th f t i t h t f

g


Year Built: 1998



beautiful water features. These amenities attract companies in the fast growing tech sector of South Orange County.



5-Year Cash Yield



$97,400$186 409Peak Value (4Q 07) 6.5% 4.4% 4.1%


2012 2013 2014 2015 2016Market Rent Growth -0.3% 5.0% 14.5% 14.3% 7.6%

$186,409


21%

6% 7% 9% 12%

31%

14%20%

40%

60%



0%Vacant 2012 2013 2014 2015 2016 Thereaf ter

Villa Marina MarketplaceMarina Del Rey, CA($ 000's)

Address: 4307-4375 Glencoe Avenue

Property Type: Retail - Reg'L S.C.

Asset Ranking: A

Located in the heart of the coastal community, Marina del Rey, Villa Marina Marketplace offers more than 60 stores and restaurants as well as two movie theaters. Key retailers, Pavilions, Gelson’s, CVS and Sport Chalet, occupy 35% of the net rentable area through 2014.

g

Acquisition Date: June-06

Year Built: 1973



Villa Marina Marketplace is currently undergoing a three phase façade renovation. Phase 1 is complete and has been enthusiastically received by retailers resulting in higher rents. Phase 2 is through design drawings and construction will be completed in late 2012, several national credit retailers and restaurants have expressed interest. Phase 3 is under review.



5-Year Cash Yield



$195,300$206 000Peak Value (3Q 08) 4.7% 7.4% 5.8%



$206,000


19%12%

2%

23%

2% 8%

34%

0%

20%

40%

60%

V t 2012 2013 2014 2015 2016 Th f t




Wilshire CourtyardL A l CALos Angeles, CA($ 000's)

Address: 5700 Wilshire Boulevard


Asset Ranking: A

Wilshire Courtyard is one of the top multi-tenant entertainment and media buildings in Los Angeles.

The prestigious tenant roster includes firms such as E! Entertainment, Oprah Winfrey Network, Initiative Media and 20th Century Fox Television. This award winning asset has earned the BOMA International TOBY Award (2008) and LEED Silver Certification (2009)g


Year Built: 1987



TOBY Award (2008), and LEED Silver Certification (2009).

An aggressive leasing campaign over 2011 increased occupancy from 90% to 97% inclusive of new leasing and expansions of two of the property's largest tenants E! Entertainment and 20th Century Fox.

et o ea Occupa cy 83 %Investment Cost: 394,759$ Mortgage Balance: -$ Replacement Cost: 566,600$ Maturity Date:


5-Year Cash Yield



$411,000$510 796Peak Value (4Q 07) 6.8% 4.0% 4.2%



$510,796


3% 3%13%

21%5% 6%

49%

0%

20%

40%

60%




Appendix III

RREEF Real Estate’s Sustainability Programpp

RREEF Real Estate’s Sustainability Program

RREEF Real Estate’s Guiding Principles for Sustainability. We believe that our commitment to sustainability will deliver long-term value to the investments we manage for our clients.

RREEF Real Estate plays an industry-leading role in sustainable real estate investment, incorporating practices that improve operating efficiency, mitigate risks, drive compliance, and attract high-quality tenants

y g g

RREEF Real Estate Sustainability Council. 18 senior members from across our global platform and across functions strategically set the direction of our evolving sustainability program.

Thought Leadership. Our research and white papers seek to identify the key market drivers of sustainability and the risks and opportunities that they create, both locally and globally.

Portfolio and Fund Management. We aim to identify potential risks and opportunities that sustainability presents, evaluate their impact and mitigate them to maximize risk-adjusted returns for our clients.

Acquisitions We seek to ensure that assets we acquire for our clients perform and compete

Wilshire Courtyard was one of the first office buildings in Los Angeles – a leading US market for adoption of green features and practices - to receive the prestigious LEED-EB O&M Silver Certification in 2009

Acquisitions. We seek to ensure that assets we acquire for our clients perform and compete well in their markets through detailed due diligence that includes environmental site assessments, evaluating building technologies and systems, and auditing utility bills.

Measuring Performance and Benchmarking. We measure and benchmark energy and carbon at an increasing number of properties in order to identify the most cost-efficient opportunities to improve environmental performance and reduce operating costs for our clientsopportunities to improve environmental performance and reduce operating costs for our clients.

Asset and Property Management. These functions work together to oversee and implement best practices to improve the operating efficiency and environmental performance of the assets we manage for our clients.

Risk Mitigation and Compliance. We mitigate regulatory risks for clients by monitoring

RREEF Real Estate acquired Unilever-Haus in Hamburg in December 2009, a recipient of numerous local and global industry awardsfor efficient and modern architecture, interior building systems and technology.


g p g g y y ggovernment requirements for performance, disclosure and reporting, and comply by utilizing government and market standard benchmarking certifications to measure building performance.

Source : RREEF Real Estate. Pictures are for illustrative purposes only. As of June 30, 2012.

Appendix IV

Biographiespp


Kevin M. Howley, Managing Director, Portfolio Management – Mr. Howley is a PortfolioManager in RREEF Real Estate's San Francisco office where he leads the dedicatedportfolio management team for RREEF America REIT II, the firm's flagship core commingledf d ith $7 billi i l t t t ( f J 30 2012) P i t j i i th fi i

Charles V. George, Director, Portfolio Management – Mr. George is a Director in RREEFReal Estate's Chicago office serving as a portfolio manager dedicated to RREEF AmericaREIT II, the firm’s flagship core commingled fund. Mr. George joined RREEF Real Estate in2004 ith th 24 f l t t i P i t j i i th fi M G

Management Team

fund with over $7 billion in real estate assets (as of June 30, 2012). Prior to joining the firm in2002, Mr. Howley was Portfolio Management Principal at PMRealty Advisors, where hedeveloped investment strategies for the firm, overseeing $2.5 billion in commercial andresidential real estate investments. He also held voting positions on PMRealty's Investmentand Policy Committees. Mr. Howley has extensive real estate transaction experience in theindustrial, office, retail, and multifamily sectors. During his career, he has acquired, managed,financed and disposed of properties with a market value exceeding $3.0 billion. A significantportion of this investment activity took place between 1983 and 1998, while Mr. Howley was

l d b M tLif d SSR R lt Ad i i i iti i l di th M i

2004 with more than 24 years of real estate experience. Prior to joining the firm, Mr. Georgewas a Vice President and National Leasing Director for Harbor Group International, where hewas responsible for directing the leasing efforts for a 7.5 million square foot portfolio of office,industrial, and retail assets valued at approximately $700 million. He was also formerly anAsset Manager for Banyan Strategic Realty Trust in Chicago where he was an assetmanager for a 4 million square foot office and industrial portfolio with a value of $400 million.Prior to that, Mr. George worked for Amli Realty Co., M&J Wilkow, Ltd., and HomartDevelopment Company. Mr. George holds a B.S. degree in Accounting from MiamiU i it O f d Ohi d i C tifi d P bli A t t H i b f th U bemployed by MetLife and SSR Realty Advisors in various capacities, including the Managing

Director of SSR Realty Advisor's separate account business. Mr. Howley earned his B.A.from Loyola Marymount University and his M.B.A. from the University of California, LosAngeles. He is a member of the State Association of California Retirement Systems(SACRS) and has been active in the National Association of Real Estate InvestmentManagers (NAREIM) and the Real Estate Investment Advisory Council (REIAC).

John Ehli, Director, Portfolio Management – John Ehli joined RREEF Real Estate’s NewYork office in 2005 as Portfolio Manager dedicated to RREEF America REIT II RREEF’s

University, Oxford, Ohio and is a Certified Public Accountant. He is a member of the UrbanLand Institute (ULI), the International Counsel of Shopping Centers (ICSC), AICPA, and theIllinois CPA Society.

Joseph Cappelletti, Director, CFO RREEF America REIT II – Mr. Cappelletti is a Directorand Chief Financial Officer of RREEF America REIT II, the firm's flagship core open-endfund. He works directly with the Fund's Controller and client reporting team on accountingissues, REIT compliance requirements, performance measurement and consultant and clientreporting Mr Cappelletti has developed experience with RREEF Real Estate in clientYork office in 2005 as Portfolio Manager dedicated to RREEF America REIT II, RREEF s

flagship core commingled fund. Prior to joining the firm, Mr. Ehli was Senior Vice Presidentof KBS Realty Advisors responsible for a national portfolio of diversified commercial assetsand real estate backed loans. Mr. Ehli was also involved in the acquisition, developmentand disposition of assets within his portfolio and worked in KBS’ offices in Newport Beach,California and Boston, Massachusetts. Prior to joining KBS, Mr. Ehli was a licensed realestate appraiser in California and served with First Interstate Bank and also as Principal ofhis own independent appraisal company. Mr. Ehli earned his undergraduate degree inbusiness at Loyola Marymount University and attended the graduate program for real estate

reporting. Mr. Cappelletti has developed experience with RREEF Real Estate in clientreporting, performance measurement, portfolio accounting and portfolio and assetmanagement. He joined the firm in 1985 as a portfolio accountant and was promoted to VicePresident and Asset Management Controller in 1993. He was responsible for all aspects ofasset management accounting and managed the Accounting Manager positionsnationally. In 2002, Mr. Cappelletti was promoted to Director of Client Reporting where hewas responsible for all aspects of client reporting and performance measurement. From2001 to 2003, Mr. Cappelletti was Treasurer and Controller of Cabot Industrial Trust, anindustrial REIT acquired by RREEF Real Estate in 2001 and was involved in all aspects of itsbusiness at Loyola Marymount University and attended the graduate program for real estate

management and development at the University of Southern California.industrial REIT acquired by RREEF Real Estate in 2001 and was involved in all aspects of itsoperation, including REIT compliance matters. During his tenure with the firm, Mr.Cappelletti has been responsible for the financial operation of several investment vehiclessponsored by RREEF Real Estate. Mr. Cappelletti received his B.S. and M.B.A. degreesfrom DePaul University and holds a Certified Public Accountant designation in the state ofIllinois.



Scott Oyoung, Vice President, Portfolio Management – Mr. Oyoung joined RREEF RealEstate in 1994 and is currently a vice president dedicated to RREEF America REIT II, thefirm’s flagship core fund. For the past eight years he was dedicated to the CalWest Portfolio,RREEF R l E t t ' l t t t Whil ki th C lW t t M

Ernst & Young, responsible for leading onsite engagement teams to audit clients in thefinancial services, real estate and health sciences industries. He previously held positions ofBranch Manager at Wymac Capital and Credit Manager at Wells Fargo Financial. Mr. Coonsh MA i A ti f th U i it f S th C lif i d BA f B i h

Management Team (continued)

RREEF Real Estate's largest separate account. While working on the CalWest account, Mr.Oyoung was responsible for portfolio management of the Fund's northern California portfolio.He also managed a portfolio of loans for CalPERS and handled several smaller dispositionsfrom the CalWest portfolio. Prior to joining RREEF, Mr. Oyoung directed research efforts forthe Sacramento office of CBRE, a national commercial leasing and brokerage firm. There hecoordinated research for the greater Sacramento industrial markets. Mr. Oyoung holds a BSin business administration from the California State University Sacramento.

Joshua Lenhert Vice President Portfolio Management Mr Lenhert joined RREEF Real

has an MA in Accounting from the University of Southern California, and a BA from BrighamYoung University. He is a CPA and holds a real estate salesperson license.

Michael Gershman, Associate, Portfolio Management – Mr. Gershman joined RREEFReal Estate's New York office in 2006. He is a Portfolio Associate dedicated to RREEFAmerica REIT II, the firm’s flagship core fund. His responsibilities are primarily focused onFund valuations and budgets. He is a member of the Urban Land Institute. Mr. Gershmangraduated with a BS in finance and economics with a concentration in real estate financefrom Stern School of Business New York UniversityJoshua Lenhert, Vice President, Portfolio Management – Mr. Lenhert joined RREEF Real

Estate in 2002 and is currently dedicated to RREEF America REIT II, RREEF's flagship corefund. For the past four years he was dedicated to the CalWest Portfolio, the firm’s largestseparate account, working on portfolio strategy and analysis with portfolio management.During his tenure, the portfolio executed numerous large acquisitions and dispositions,placed a variety of high level debt and entered into several joint ventures. Mr. Lenhert holdsBAS in economics and psychology from the University of California, Berkeley.

David Burlak Assistant Vice President Portfolio Management – Mr Burlak is currently

from Stern School of Business, New York University.

Tim Leske, Associate, Portfolio Management – Mr. Leske is currently a PortfolioAssociate in the Chicago office for RREEF America II, the firm’s flagship core commingledfund. He joined RREEF Real Estate in 2006 and worked in the Residential Accountinggroup until transferring to RREEF America II in 2011. Mr. Leske has a BS in Accountingfrom Aurora University and an MBA from Northern Illinois University.

Kristin Catalano, Analyst, Portfolio Management – Ms. Catalano is currently a PortfolioDavid Burlak, Assistant Vice President, Portfolio Management – Mr. Burlak is currentlyan Assistant Vice President dedicated to RREEF America II, located in Chicago. Hetransitioned to the RREEF America II team in 2011, after previously working on the portfoliomanagement teams for two large RREEF separate accounts. Prior to joining RREEF RealEstate in 1998, Mr. Burlak was a Real Estate Consultant and Appraiser withPriceWaterhouseCoopers. He previously held positions of Senior Accountant at McGladrey& Pullen and Portfolio Accountant at JMB Realty/Heitman Financial. Mr. Burlak holds a B.S.in Accountancy from DePaul University.

, y , g yAnalyst dedicated to RREEF America II, located in Chicago. Her responsibilities are primarilyfocused on asset valuations, budgets, hold/sell recommendations and quarterly reporting.Prior to joining RREEF Real Estate in 2011, Ms. Catalano was an Assistant Vice Presidentwith Inland Private Capital Corporation, responsible for underwriting, financing, andstructuring real estate private placements. Previously, Ms. Catalano was a Financial Analystwith MB Real Estate. She holds a B.S. in Finance from the University of Illinois, Urbana-Champaign, and is expected to receive her MBA in 2014 from the University of Chicago,Booth School of Business.

Matthew Coons, Associate, Portfolio Management – Mr. Coons is currently a PortfolioAnalyst dedicated to RREEF America REIT II, located in San Francisco. He transitioned tothe RREEF America II team in 2011, after previously working in RREEF Real Estate's AssetManagement group as the Regional Analyst over northern California and the PacificNorthwest (Oregon, Washington), representing over 30 million square feet and $4.1 billion inAUM. Prior to joining the firm in 2010, Mr. Coons was a Senior Auditor for

Janice Lee, Analyst, Portfolio Management – Ms. Lee is currently a Portfolio Analystdedicated to RREEF America II, located in New York. Her responsibilities are primarilyfocused on assets in North Carolina, Virginia, Delaware and New Jersey. Prior to joiningRREEF Real Estate in 2011, Ms. Lee spent two years in the Teach For America program.She holds a B.S. in Applied Economics and Management from Cornell University.



Bradley Tober, Analyst, Portfolio Management – Mr. Tober is currently a Portfolio Analystin the Chicago office for RREEF America REIT II, the firm’s flagship core open-end fund. Hejoined RREEF Real Estate in 2011. Mr. Tober earned his B.S. in Economics from DePaulU i it ’ C ll f C

Management Team (continued)

University’s College of Commerce.

Elan Ziff, Analyst, Portfolio Management – Mr. Ziff is currently a Portfolio Analystdedicated to RREEF America II, located in New York. His responsibilities are primarilyfocused on assets in Massachusetts, Maryland and New York. Prior to joining RREEF RealEstate in 2011, Mr. Ziff was an Analyst with DRA Advisors. He holds a B.S. in Economicsfrom the College of Charleston.



Nicholas C. Babson – Nick Babson currently serves as President of NCB Ventures LLC, aprivate family office and investment management company. Previously, he served asChairman and Chief Executive Officer of Babson Bros. Co., a global manufacturer anddi t ib t f d i f i t d bl li M B b h h ld i t

Allison S. Davis – Mr. Davis has been involved in real estate development for the past 30years. Mr. Davis is Chairman of DV Urban Realty Advisors LLC and Chairman of thePartnership’s Investment Committee. He is the Founder and Chairman of the Davis Group

d h 30 f i i t ti i l i i d t iti l

Board of Directors

distributor of dairy farm equipment and consumable supplies. Mr. Babson has held a varietyof board and leadership positions in the agricultural, real estate, and manufacturingindustries. He has served as Board Chair and director of the Equipment Manufacturer’sInstitute (now AEA), the Farm Foundation, and the FFA Foundation, and as a past director ofthe Gehl Company (Nasdaq) and CenterPoint Properties (NYSE). He currently serves asthe Board Chair of the Montana Community Development Corporation, a CDFI servicing newbusinesses in the state of Montana, and as a director of Zurex PharmAgra LLC, located inMadison, WI. Mr. Babson’s civic commitments include service as the former Chair of theB d f Di t f th Chi Sh k Th t d t b f th

and has over 30 years of experience in transactions involving emerging and transitionalneighborhoods in Chicago. During this time, Mr. Davis has been involved in thedevelopment of more than 2,000 units of housing. Mr. Davis has previously served asGeneral Counsel and Coordinator of the Chicago Local Initiatives Support Corporation(LISC) program. In 2006 he concluded 12 years of service on The Chicago PlanCommission. Mr. Davis was a Trustee of the University of Chicago Hospitals & HealthSystems from 1998 until 2008 and is also a former Director of the NAACP Legal Defense &Educational Fund. He holds a B.A. from Grinnell College and a J.D. from NorthwesternU i it S h l f LBoard of Directors of the Chicago Shakespeare Theater and as a current member of the

board of the Clark Fork Coalition, located in Missoula, MT. He is also past Chairman of theBoard of Regents of the University of the South, his alma mater, where he also founded andserved as the original Director of the Babson Center for Global Commerce.

Norman R. Bobins – Norman R. Bobins serves as chairman of the board of directors ofRREEF America REIT II. He is chairman of Norman Bobins Consulting, LLC, which providesfinancial consulting services to various clients. Mr. Bobins has spent more than 40 years inbanking He retired from LaSalle Bank Corporation as chairman president and chief

University School of Law.

Blake Eagle – Blake Eagle recently retired from the National Council of Real EstateInvestment Fiduciaries (NCREIF) where he served as its CEO from 2001 to 2008. NCREIFis a Chicago based non-profit commercial real estate industry association focused solely onthe collection, processing, validation and publication of investment performance returninformation on commercial real estate assets owned in the private market by pension funds,endowment funds and other categories of institutional investors. Mr. Eagle played theleadership role in the founding of NCREIF and the development of the NCREIF Propertybanking. He retired from LaSalle Bank Corporation as chairman, president, and chief

executive officer in 2007. He currently serves as the non-executive chairman of ThePrivateBank and Trust Company and non-executive chairman of the board of Transco, Inc.Mr. Bobins also serves on the corporate boards of AAR CORP., AGL Resources, Inc., andSIMS Metal Management, Inc. He serves on the Civic Committee of The Commercial Clubof Chicago and is Chairman Emeritus of the Illinois Business Roundtable. Mr. Bobins servedas a member of the Board of Education of the City of Chicago from 1995 until 2011. He ischairman of the board of trustees of WTTW Communications, Inc. and vice chairman of theAuditorium Theatre board He is also a member of the boards of directors of Illinois Sports

leadership role in the founding of NCREIF and the development of the NCREIF PropertyIndex. The NCREIF Property Index (NPI), maintains records on the performance of nearly6000 institutional investor owned properties with a market value in excess of $ 330.0 billion.From 1994 through 2000, Mr. Eagle was the Thomas G. Eastman Chairman, Center for RealEstate, Massachusetts Institute of Technology. The Center offers a Master of Science inReal Estate and engages in a wide variety of research and educational programs. TheCenter, founded in 1985, has awarded more than 900 MS degrees in Real EstateDevelopment. From 1971 through 1993, Mr. Eagle headed up the real estate consultinggroup of Frank Russell Company a global pension fund asset strategy consultant andAuditorium Theatre board. He is also a member of the boards of directors of Illinois Sports

Facilities Authority, World Business Chicago, Navy Pier, Inc., the Brain Research Foundation,The Field Museum, The Newberry Library, and the United States Holocaust MemorialCouncil. Mr. Bobins earned his B.S. from the University of Wisconsin in 1964 and his M.B.A.from The University of Chicago in 1967. He is a Life Member of The University of ChicagoBooth School of Business. He has received numerous awards and honors, including the2007 Lincoln Academy of Illinois’ highest award – the Order of Lincoln.

group of Frank Russell Company, a global pension fund asset strategy consultant andinvestment advisor headquartered in Tacoma, Washington. Mr. Eagle had seniormanagement responsibilities for domestic and international real estate consulting forRussell’s pension consulting clients. During this period, Russell clients invested in excess of$18 billion in direct and in-direct real estate. In 1992, he was honored with LifetimeAchievement Awards from the National Council of Real Estate Fiduciaries, The WhartonReal Estate Center, University of Pennsylvania, and the Homer Hoyt Advanced StudiesInstitute for his contributions to the field of real estate research. Mr. Eagle received the 1993


RREEF America REIT IIBoard of Directors (continued)

Dr. James Graaskamp Award from the Pension Real Estate Association for his contributionsto the body of knowledge about institutional investment in real estate. Mr. Eagle has servedas a member of the American Society of Real Estate Counselors, the Pension Real EstateA i ti N ti l R l E t t R dt bl d N ti l A i ti f R l E t t

W. Todd Henderson, Managing Director, Head of Americas – Mr. Henderson is the Headof RREEF Real Estate’s Americas business. He is responsible for all facets of the direct realestate investment management business in the Americas. As Head of RREEF Real Estate’sA i b i h l th RREEF R l E t t Gl b l E ti C ittAssociation, National Real Estate Roundtable and National Association of Real Estate

Investment Trusts. He has served on the Boards of Directors of three publicly listed realestate investment trusts, two privately owned real estate operating companies and one realestate securities mutual fund. He is a member of the Real Estate Advisory Committee ofNew York State Teachers' Retirement Fund. He formerly served as a Director of the Institutefor Real Estate Research; Member, Board of Advisors, Fannie Mae; Faculty Member,Mortgage Bankers School, Northwestern University. He has provided testimony to thePresident’s Commission on Housing, the Department of Labor and the U.S. Senate BankingC itt U S i f d l t t i t t ti H d hi

Americas business, he also serves on the RREEF Real Estate Global Executive Committee.Prior to assuming this position, Mr. Henderson was the Chief Investment Officer for RREEFReal Estate’s Americas business. As the CIO, he was responsible for directing theinvestment strategy for RREEF Real Estate in the Americas. In his capacity as CIO, heserved as Chairman of RREEF Real Estate’s Americas Investment Committee and servedon the America's Leadership Committee. From June 2007-March 2009, Mr. Henderson wasresponsible for RREEF Real Estate’s Value-Added and Development group where hedirected a 16-person team managing a $4.5 billion portfolio for multiple clients. While in this

l h f l t d th t t f t t i th tf li d th i tCommittee on U. S. pension fund real estate investment practices. He earned hisundergraduate degree in business at the University of Washington. He pursuedpostgraduate studies in real estate at the University of California, Berkeley. Prior to joiningRussell, Mr. Eagle was a real estate developer.

Philip Halpern – Philip Halpern has been engaged as Chief Investment Officer (CIO) oflarge and diverse institutional portfolios for over twenty years -- including for the endowmentsof The University of Chicago, Caltech, and The Washington State Investment Board. Sinceretiring from Chicago’s Investment Office in 2004 Philip has committed to working with a

role, he formulated the strategy for restructuring the portfolio and the group in response tothe global financial crisis. In particular, he led the RREEF America III team in therestructuring of the fund. Mr. Henderson joined RREEF Real Estate in July 2003 as aManaging Director on the transaction’s team completing acquisitions totaling over $1 billion.Before joining RREEF Real Estate, Mr. Henderson was a Director of Acquisitions for TheJ.E. Robert Company in Washington, D.C., where he was involved in the sourcing, executingand financing of over $6 billion of real estate transactions. He began his career at FirstGibraltar Bank in 1991 in the "bad bank," restructuring and disposing of nonperforming realestate loans on behalf of the bank and the Resolution Trust Company (RTC) He holds aretiring from Chicago s Investment Office in 2004, Philip has committed to working with a

select number of organizations to achieve a diverse set of strategic investment andgovernance objectives. He serves on the boards or investment committees of alternativeinvestment, private equity and real estate organizations including: Dow Jones Hedge FundIndex Committee, Duet India Hotels, Frontenac IX, RREEF America REIT II, and SunTxCapital Partners. Philip provides investment guidance on behalf of families worldwide asSenior Counselor to The Roundtable Group, co-sponsored by the Wharton School, and as amember of the Investment Policy Council of The Oxford Group. Philip serves on the Audit &Finance Committee (Chairman) and the Executive Management Committee of the Board of

estate loans on behalf of the bank and the Resolution Trust Company (RTC). He holds aBA from the University of North Texas and an MBA from The Wharton School, University ofPennsylvania.

Deborah McAneny – Ms. McAneny was formerly the Chief Operating Officer of BenchmarkAssisted Living, LLC from April 2007 to May 2009. Prior to this position, she was employedat John Hancock Financial Services for 20 years, including as Executive Vice President forStructured and Alternative Investments, a member of its Policy Committee from 2002 to2004 Senior Vice President for the Real Estate Investment Group from 2000 to 2002 and aFinance Committee (Chairman) and the Executive Management Committee of the Board of

Chapin Hall at The University of Chicago, a foremost policy and applied researchorganization focused on issues affecting children’s welfare. Mr. Halpern holds an M.B.A. inFinance from UCLA and an A.B. in Anthropology from Grinnell College, and completeddoctoral coursework in Strategic Planning at Northwestern University.

2004, Senior Vice President for the Real Estate Investment Group from 2000 to 2002, and aVice President of the Real Estate Investment Group from 1997 to 2000. Ms. McAneny iscurrently the lead independent director of HFF, Inc. (NYSE:HF). She is also a director ofKKR Financial Holdings LLC (NYSE:KFN) and Benchmark Senior Living, LLC. She is aTrustee of the University of Vermont and the Rivers School, and is a past President of theCommercial Mortgage Securities Association. Ms. McAneny holds an Advanced ProfessionalDirector Certification from the American College of Corporate Directors, a national publiccompany director education and credentialing organization.


RREEF Real Estate Americas

Marc Feliciano, Managing Director, Chief Investment Officer – Americas Real Estate –Mr. Feliciano is the Chief Investment Officer (CIO) of RREEF Real Estate’s Americasbusiness and is a member of the Global Chief Investment Officer Group. As Americas CIO,h Ch i f RREEF R l E t t ’ A i E it I t t C itt

and investment banking and PCAM. Mr. Carbone is affiliated with numerous industry groups,including ULI and NAIOP, and is a past member of the Board of Directors of GoodwillIndustries, San Francisco Chapter. Mr. Carbone graduated cum laude from the University ofC lif i D i ith BA i i


he serves as Chairman of RREEF Real Estate’s Americas Equity Investment Committee, asCo-Chairman of RREEF Real Estate’s Americas Debt Investment Committee and serves onthe Americas Leadership Committee. Prior to assuming this position, Mr. Feliciano servedas Global Head of Risk and Performance Analysis, responsible for the development ofallocation, risk and performance tools. In this role, he was a member of the Global CIOGroup working closely with the Global and regional CIOs, and the research team toformulate the global and regional house views and strategy, and to develop the resultingHouse Portfolio for each region. He joined RREEF Real Estate in February 2005, and with

11 f i i bli d i t l t t i t t

California, Davis with a BA in economics.

Pierre Cherki, Managing Director, Global Head of RREEF Real Estate – Pierre Cherki isa Managing Director and Global Head of RREEF Real Estate where he is responsible for themanagement and strategic direction of RREEF’s global real estate business. Prior to hisappointment as Global Head, Pierre was responsible for managing RREEF Real Estate'sinvestment management business in Europe, Middle East and Asia Pacific withapproximately €20 billion of assets under management across 10 offices. Since joining thefi i 1997 (th B k ’ T t i d b D t h B k i 1998) Pi hover 11 years of experience spanning public and private real estate investment

management, alternative investment management as well as workouts, restructurings andrecapitalizations of public companies and properties in and out of bankruptcy. While withRREEF Real Estate, he has led debt restructurings across several accounts and funds inconjunction with the Americas portfolio management, asset management and capitalmarkets teams. Mr. Feliciano worked in the private and public real estate industries while atMorgan Stanley, Heitman/PRA Securities Advisors and INVESCO Realty Advisors. Hereceived undergraduate and graduate degrees in accounting with a concentration in financefrom the University of Texas at Austin

firm in 1997 (then Banker’s Trust, acquired by Deutsche Bank in 1998), Pierre hascompleted numerous transactions in France, the UK and Belgium, and was responsible forthe development of RREEF Real Estate's business in Central and Eastern Europe. Pierregraduated from Tel Aviv University with a BA in Management and Economics and holds anMBA from the Kellogg School of Management of Northwestern University. RREEF RealEstate is the global real estate investment management business of Deutsche Bank’s AssetManagement Division.

Al Diaz Managing Director Head of Asset Management Americas Mr Diaz isfrom the University of Texas at Austin.

Jim Carbone, Managing Director, Head of Business Development – Mr. Carbone beganhis career in commercial real estate in 1979, gaining experience in the management,brokerage, development, and disposition/acquisition of commercial real estate. He joinedRREEF Real Estate in April of 1995 after 15 years of industry experience, with responsibilityfor transactions in the western United States. In December of 1997, Mr. Carbone was namedpartner and in 1998 became a member of RREEF Real Estate's Investment Committee. In1999 Mr Carbone assumed the role of Office Specialist with responsibility for overseeing all

Al Diaz, Managing Director, Head of Asset Management, Americas – Mr. Diaz isresponsible for all facets of RREEF Real Estate’s Asset Management business in theAmericas, including leading the transition from in-house to third-party property management.Mr. Diaz also serves on the Americas Investment Committee as the Retail Specialist. Mr.Diaz joined RREEF Real Estate in 1994 and has assumed increasing responsibilities inRREEF Real Estate's retail group, including District Manager, Regional Manager andNational Head of Retail Asset Management. Prior to joining the firm, Mr. Diaz, a 25-yearshopping center industry veteran, was with The Balcor Company, the real estate subsidiaryof American Express Company from 1987 to 1994 While at Balcor he served as Vice1999, Mr. Carbone assumed the role of Office Specialist, with responsibility for overseeing all

of the firm's office investments. During Mr. Carbone's tenure in the acquisition group, he hasmanaged or overseen in excess of $12.6 billion of transactions encompassing over 114.4million square feet. In 2007, Mr. Carbone assumed the additional role of leading theStrategic Mergers and Acquisitions Group with responsibility for both growing assets undermanagement and expanding the firm's business platform. The following year, in 2008, Mr.Carbone was named Head of Global Business Development for RREEF AlternativeInvestments. In addition, Mr. Carbone is a member of the RREEF Americas Managementand Investment Commmittees and the Real Estate Commitment Committee for corporate

of American Express Company from 1987 to 1994. While at Balcor, he served as VicePresident in Balcor Development Company, developing valued-added shopping centers, andas Senior Vice President - Shopping Centers in Balcor Property Management Company,where he was responsible for 8 million square feet of retail space. Mr. Diaz is a licensed realestate broker in the State of Florida and was awarded the Senior Certified Leasing Specialistdesignation by the International Council of Shopping Centers (ICSC). Mr. Diaz earned abachelor’s degree in International Relations from Indiana University.


and Investment Commmittees and the Real Estate Commitment Committee for corporate

RREEF Real Estate Americas

Timothy E. Ellsworth, Managing Director, Head of Portfolio Management, Americas –Mr. Ellsworth is currently a Managing Director with RREEF Real Estate and is Head ofPortfolio Management, Americas. He joined the firm in April 1998 after 15 years of

i i l t t fi i iti d tf li t Si j i i h

Brian E. McAuliffe, Managing Director, Head of Transactions, Americas – Mr. McAuliffejoined RREEF Americas in 2005 as Managing Director in the Transactions Group. In 2007,he assumed the role of leading the Transactions Group, which is responsible for all

i iti di iti d it l k t d i i H l th A i

Investment Committee (continued)

experience in real estate finance, acquisitions and portfolio management. Since joining, hehas been responsible for transaction activity in excess of $3 billion. Prior to leading thePortfolio Management Group, he was responsible for acquisitions in the Southeastern UnitedStates. He also serves on the Investment Committee as the Industrial Specialist. Prior tojoining RREEF Real Estate, he was Regional Vice President of Acquisitions for CornerstoneReal Estate Advisors. In this capacity, Mr. Ellsworth was responsible for the acquisition anddevelopment of commercial property in the Midwestern United States. Before joiningCornerstone, Mr. Ellsworth spent seven years at General Electric Capital where he

i li d i d bt d it fi t t d i t t l H i

acquisitions, dispositions and capital markets decisions. He also serves on the AmericasInvestment Committee. Throughout his tenure on the Investment Committee, RREEF RealEstate has acquired in excess of $15 billion in properties and sold in excess of $10 billion inproperties. Mr. McAuliffe has extensive background in residential property, including 22years at CB Richard Ellis in Chicago. During his career at CB Richard Ellis, he was involvedin representing institutional investors and public companies in real estate sales andacquisitions of approximately $4 billion of residential property. He serves on the ExecutiveCommittee for the National Multi Housing Council and is an active member of the UrbanL d I tit t H i d hi B A i E i f U i it f Mi i C l bispecialized in debt and equity finance, asset management, and investment sales. He is

currently active in ULI, NAIOP and SIOR. Mr. Ellsworth received a B.S degree in Financefrom Indiana University.

W. Todd Henderson, Managing Director, Head of Americas – Mr. Henderson is the Headof RREEF Real Estate’s Americas business. He is responsible for all facets of the direct realestate investment management business in the Americas. As Head of RREEF Real Estate’sAmericas business, he also serves on the RREEF Real Estate Global Executive Committee.Prior to assuming this position Mr Henderson was the Chief Investment Officer for RREEF

Land Institute. He received his B.A. in Economics from University of Missouri, Columbia.

Mark Roberts, Managing Director, Global Head of Research – Mr. Roberts is aManaging Director at RREEF Real Estate and Global Head of Research. In this role, heoversees the research teams that support RREEF Real Estate’s global real estateinvestment process, providing in-depth knowledge and unique perspectives on the markets,trends and landscape for global real estate investing. He is also a member of RREEF's RealEstate Global Investment Committee and is based in New York. Mark has more than 25years of real estate experience From 1996 to 2011 he held a series of senior researchPrior to assuming this position, Mr. Henderson was the Chief Investment Officer for RREEF

Real Estate’s Americas business. As the CIO, he was responsible for directing theinvestment strategy for RREEF Real Estate in the Americas. In his capacity as CIO, heserved as Chairman of RREEF Real Estate’s Americas Investment Committee and servedon the America's Leadership Committee. From June 2007-March 2009, Mr. Henderson wasresponsible for RREEF Real Estate’s Value-Added and Development group where hedirected a 16-person team managing a $4.5 billion portfolio for multiple clients. While in thisrole, he formulated the strategy for restructuring the portfolio and the group in response tothe global financial crisis In particular he led the RREEF America III team in the

years of real estate experience. From 1996 to 2011, he held a series of senior researchpositions at Invesco Real Estate, and was most recently Global Director of Research,Chairman of the firm's investment strategy group, and a member of the Executive &Investment Committees. Prior to this, Mr. Roberts was Director of Construction/Developmentfor Club Corp International, a global hospitality company, in Dallas, Texas. Mr. Roberts holdsan M.S. in Real Estate from the Massachusetts Institute of Technology, a B.A. inArchitecture from the University of Illinois at Urbana and attended the Graduate School ofManagement at the University of Dallas. He is the Chairman of the Board of the NationalCouncil of Real Estate Investment Fiduciaries (NCREIF) was the former President of thethe global financial crisis. In particular, he led the RREEF America III team in the

restructuring of the fund. Mr. Henderson joined RREEF Real Estate in July 2003 as aManaging Director on the transaction’s team completing acquisitions totaling over $1 billion.Before joining RREEF Real Estate, Mr. Henderson was a Director of Acquisitions for TheJ.E. Robert Company in Washington, D.C., where he was involved in the sourcing, executingand financing of over $6 billion of real estate transactions. He began his career at FirstGibraltar Bank in 1991 in the "bad bank," restructuring and disposing of nonperforming realestate loans on behalf of the bank and the Resolution Trust Company (RTC). He holds aBA from the University of North Texas and an MBA from The Wharton School University of

Council of Real Estate Investment Fiduciaries (NCREIF), was the former President of theReal Estate Research Institute (RERI), past Chairman of the NCREIF Research Committeeand a former member of the NCREIF Fund-Index Subcommittee which developed the NFI-ODCE Index. He is Fellow of both the Homer Hoyt Institute and RERI. Mr. Roberts holdsthe Chartered Financial Analyst® designation and is also a registered architect. He hasauthored a chapter for The Handbook of Alternative Investments and contributed severalresearch and strategy papers to the Institute for Fiduciary Education.


BA from the University of North Texas and an MBA from The Wharton School, University ofPennsylvania.

RREEF Real Estate AmericasInvestment Committee (continued)

Kurt Roeloffs, Managing Director, Global CIO, Head of RREEF Debt Investments – Mr.Roeloffs is the Chief Investment Officer for RREEF Real Estate, Deutsche Bank’s real estateinvestment management division. In this capacity, he provides senior oversight and

id t th t d t t d l t d b tt t ti l ti it f $65

Director of SSR Realty Advisor's separate account business. Mr. Howley earned his B.A.from Loyola Marymount University and his M.B.A. from the University of California, LosAngeles. He is a member of the State Association of California Retirement Systems(SACRS) d h b ti i th N ti l A i ti f R l E t t I t tguidance to the top-down strategy development and bottoms-up transactional activity for $65

billion that RREEF Real Estate has invested on behalf of its clients in private and publicequity and debt funds and accounts. Mr. Roeloffs also serves as Head of RREEF RealEstate's Debt Investments Group where he oversees a dedicated team based in New Yorkand co-chairs the strategy's Investment Committee. Mr. Roeloffs previously held thepositions at RREEF Real Estate of Chief Executive Officer of Asia Pacific (2006-2009),Regional Head of Global Opportunistic Investments for Asia Pacific (1997-2006) and theAmericas (2003-2006). In those roles he was directly responsible for managing the

ti f $4 billi f it i t t ith t t l t ti l l i f

(SACRS) and has been active in the National Association of Real Estate InvestmentManagers (NAREIM) and the Real Estate Investment Advisory Council (REIAC).

execution of over $4 billion of equity investments with a total transactional value in excess of$10 billion. Earlier in his career (1989-1997) Mr. Roeloffs was a Managing Director ofBankers Trust's Real Estate Investment Banking Group where he completed over $10 billionof equity, debt and advisory assignments. He began his career at Trammell Crow Companywhere he managed the development of a 750,000 square foot office park including financing,construction, leasing, and asset management. Mr. Roeloffs is a member of PREA, AFIRE,Wharton's Zell/Lurie Real Estate Center, and the Urban Land Institute where he has servedon its Japan Council and currently serves on its Global Exchange Council. He has been alecturer in the real estate related master degree programs of Harvard University Thelecturer in the real estate related master degree programs of Harvard University, TheWharton School, The Kellogg School and New York University. Mr. Roeloffs received a B.A.degree from Columbia University and an M.B.A degree from the Wharton School, Universityof Pennsylvania.

Kevin M. Howley, Managing Director, Portfolio Management – Mr. Howley is a PortfolioManager in RREEF Real Estate's San Francisco office where he leads the dedicatedportfolio management team for RREEF America REIT II, the firm's flagship core commingledfund with over $7 billion in real estate assets (as of June 30 2012) Prior to joining the firm infund with over $7 billion in real estate assets (as of June 30, 2012). Prior to joining the firm in2002, Mr. Howley was Portfolio Management Principal at PMRealty Advisors, where hedeveloped investment strategies for the firm, overseeing $2.5 billion in commercial andresidential real estate investments. He also held voting positions on PMRealty's Investmentand Policy Committees. Mr. Howley has extensive real estate transaction experience in theindustrial, office, retail, and multifamily sectors. During his career, he has acquired, managed,financed and disposed of properties with a market value exceeding $3.0 billion. A significantportion of this investment activity took place between 1983 and 1998, while Mr. Howley wasemployed by MetLife and SSR Realty Advisors in various capacities including the Managing


employed by MetLife and SSR Realty Advisors in various capacities, including the Managing

Appendix V

GIPS Composite Reports and Performance Notespp

GIPS® Composite ReportRREEF Real Estate – U.S. Direct Core Composite

Thi d Q t 2011

GIPS Composite Report

Third Quarter 2011


Ashland Partners & Company LLP

GIPS® Verification • Performance Examination SSAE No. 16 Exam • Attestation Services • Consulting

Independent Accountant’s Report

To the Management of RREEF Direct Real Estate, A Division of RREEF America L.L.C.: Report on Firm-Wide Verification and Performance Examination We have examined RREEF Direct Real Estate’s (the “Company”) (1) compliance with all the composite construction requirements of the Global Investment Performance Standards (GIPS®) on a firm-wide basis for the periods July 1, 2008 through September 30, 2011, and (2) design of its policies and procedures to calculate and present performance results in compliance with the GIPS standards as of September 30, 2011. We have also examined the accompanying performance presentations and Schedule of Rates of Return and Statistics of the Company’s RREEF Real Estate – U.S. Direct Core Composite for the periods July 1, 2008 through September 30, 2011. Management and Accountant’s Responsibility The Company’s management is responsible for compliance with the GIPS standards, the design of its policies and procedures and for the Quarterly Performance and Schedule of Rates of Return and Statistics Presentations. Our responsibility is to express an opinion based on our examination. Opinion Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the above-mentioned requirements; evaluating the design of the Company’s policies and procedures referred to above; examining, on a test basis, evidence supporting the accompanying composite performance presentation; and performing the procedures for a verification and a performance examination set forth by the GIPS standards and such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. In our opinion, RREEF Direct Real Estate has, in all material respects:

• Complied with all the composite construction requirements of the GIPS standards on a firm-wide basis

for the periods July 1, 2008 through September 30, 2011; and

• Designed its policies and procedures to calculate and present performance results in compliance with the GIPS standards as of September 30, 2011.

Also, in our opinion, the Schedule of Rates of Return and Statistics of the Company’s RREEF Real Estate – U.S. Direct Core Composite for the periods July 1, 2008 through September 30, 2011, is presented, in all material respects, in conformity with the GIPS standards. This report does not relate to any composite presentation of the Company other than the Company’s RREEF Real Estate – U.S. Direct Core Composite. March 13, 2012Ashland Partners & Company LLP

RREEF DIRECT REAL ESTATERREEF REAL ESTATE - U.S. DIRECT CORE COMPOSITEQUARTERLY PERFORMANCE PRESENTATIONINCOME RETURNAsset-Weighted Returns Gross and Net of Management FeesResults have been calculated in U.S. Dollars

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Annual

2011 Gross 1.53% 1.51% 1.53%Net 1.42% 1.38% 1.59%

2010 Gross 1.88% 1.80% 1.84% 1.71% 7.43%Net 1.72% 1.66% 1.67% 1.03% 6.21%

2009 Gross 1.46% 1.66% 1.80% 1.71% 6.79%Net 1.35% 1.53% 1.65% 1.60% 6.28%

2008 Gross 1.34% 1.30%Net 1.25% 1.97%

Past performance is not indicative of future results. The Independent Accountant’s Report, the Capital Appreciation Return and Total Return Quarterly Performance Presentations and the Schedule of Rates of Return and Statistics are an integral part of this presentation.

Ashland Partners Company LLP • 525 Bigham Knoll, Suite 200 • Jacksonville, OR 97530 • T: 541.857.8800 • www.ashlandpartners.com

RREEF DIRECT REAL ESTATERREEF REAL ESTATE - U.S. DIRECT CORE COMPOSITEQUARTERLY PERFORMANCE PRESENTATIONCAPITAL APPRECIATION RETURNAsset-Weighted Gross Only ReturnsResults have been calculated in U.S. Dollars


2011 Gross 1.84% 3.51% 0.89%

2010 Gross (0.65%) 0.43% 7.57% 2.05% 9.53%

2009 Gross (14.92%) (8.14%) (4.14%) (5.54%) (29.23%)

2008 Gross (2.50%) (14.38%)

Past performance is not indicative of future results. The Independent Accountant’s Report, the Income Return and Total Return Quarterly Performance Presentations and the Schedule of Rates of Return and Statistics are an integral part of this presentation.


RREEF DIRECT REAL ESTATERREEF REAL ESTATE - U.S. DIRECT CORE COMPOSITEQUARTERLY PERFORMANCE PRESENTATIONTOTAL RETURNAsset-Weighted Returns Gross and Net of Management FeesResults have been calculated in U.S. Dollars


2011 Gross 3.38% 5.02% 2.42%Net 3.26% 4.90% 2.48%

2010 Gross 1.23% 2.23% 9.41% 3.76% 17.49%Net 1.06% 2.09% 9.24% 3.08% 16.17%

2009 Gross (13.47%) (6.48%) (2.33%) (3.84%) (24.00%)Net (13.57%) (6.60%) (2.48%) (3.94%) (24.38%)

2008 Gross (1.17%) (13.08%)Net (1.26%) (12.41%)

Past performance is not indicative of future results. The Independent Accountant’s Report, the Income Return and Capital Appreciation Return Quarterly Performance Presentations and the Schedule of Rates of Return and Statistics are an integral part of this presentation.


GIPS® Composite Reports 2

1 Net of fees returns are net of investment management and performance-based fees. Actual investment management fees are used.2 NCREIF benchmark not examined as part of verification.

RREEF Direct Real Estate, A Division of RREEF America L.L.C.RREEF Real Estate – U.S. Direct Core CompositeJanuary 1, 2002 through December 31, 2010

Schedule of rates of return and statistics

Year

Income Return Gross

of FeesCapital Return

Total Return

Gross of Fees

Income Return Net of Fees1

Total Return Net of Fees1

Total ReturnNCREIF Property Index2

Range of Returns

(Low, High)

Total CompositeNet Assets

End of Period(USD

billion)

Percent Leveraged

End of Period

(as a % of composite

assets)

Percent of External

Valuations End of Period


assets)

Number of Portfolios

End of Period

Total Firm AssetsEnd of Period (USD

billion)

Total Firm Net Assets

End of Period (USD

billion)

2002 9.07 -0.89 8.12 8.15 7.21 6.75 -13.11, 34.13 $6.8 26.8 5.1 38 $13.0 $9.3

2003 8.14 1.49 9.72 7.07 8.64 9.00 -28.08, 31.28 $7.4 26.5 3.6 43 $15.1 $10.4

2004 7.88 7.33 15.64 6.50 14.19 14.49 -17.25, 41.35 $8.1 26.3 11.2 40 $17.7 $11.9

2005 6.84 18.01 25.75 4.89 23.55 20.06 10.67, 83.25 $11.7 22.7 13.0 39 $25.1 $16.9

2006 5.91 13.32 19.80 4.87 18.67 16.60 -3.12, 59.10 $14.3 23.6 15.9 38 $30.6 $20.5

2007 5.01 12.20 17.67 3.78 16.34 15.85 0.95, 34.48 $13.5 21.6 15.7 37 $30.0 $20.6

2008 5.22 -18.62 -14.13 5.86 -13.52 -6.46 -29.49, 21.02 $10.4 27.8 65.3 35 $25.2 $15.4

2009 6.79 -29.23 -24.00 6.28 -24.38 -16.85 -30.42, 5.29 $7.8 32.8 38.4 35 $19.5 $10.6

2010 7.43 9.53 17.49 6.21 16.17 13.11 -31.22, 64.97 $7.3 34.3 64.1 33 $19.4 $10.4


Organization and Presentation Standards

RREEF Direct Real Estate (the “Firm”) is a division of RREEF America L.L.C., a registered investment adviser under the Investment Advisers Act of 1940, and a unit within RREEF Alternatives, the alternative investments business of Deutsche Asset Management. The Firm specializes in creating and managing real estate investment portfolios for pension funds and other institutional investors in the United States and abroad.

Portfolios Eligible For The Composites And Types Of Portfolios

All discretionary, fee-paying portfolios are included in at least one composite. Portfolios are considered discretionary if the Firm has sole or primary responsibility for major investment decisions, including acquisitions, dispositions and financing. The existence of client-imposed investment restrictions may not preclude classification of a portfolio as discretionary where such restrictions do not inhibit the Firm from implementing its intended strategy. There is no minimum portfolio asset size requirement for inclusion in a composite and no assets are included in any composite that is not a part of the Firm.

A portfolio is included in a composite in the first full quarter after the first investment is purchased. From 01/01/2002 to 09/30/2010, a portfolio with an investment purchased on the first day of the quarter is included in a composite for that quarter. Effective 10/01/2010, a portfolio with an investment purchased on the first day of the quarter is excluded from a composite for that quarter. A portfolio is included in a composite through the last full quarter prior to the last investment sale. A portfolio with its last investment sold on the last day of a quarter is excluded from a composite for that quarter.

RREEF Real Estate – U.S. Direct Core Composite

The RREEF Real Estate - U.S. Direct Core Composite includes portfolios that consist of all or a high concentration of core investments. Core investments are defined as existing, high-quality, well-leased and income-producing properties in established real estate locations within major metropolitan areas. Core portfolios will have low to moderate leverage and achieve a large portion of their return from income. The composite was created in January 2007. From 01/01/2002 to 09/30/2010, the RREEF Real Estate – U.S. Direct Core Composite was known as the “Core Composite.” This name change is effective 10/01/2010.

Performance Results

Composite returns are calculated on an asset-weighted basis using beginning of period values adjusted for time-weighted external cash flows. Cash flows are time-weighted so portfolio returns reflect the time assets are actually held in the portfolio. Contributions and distributions are weighted based on the date of cash flow. Returns include cash and cash equivalents, related interest income and when applicable, the reinvestment of income. Income returns are based on accrual recognition of earned income. Capital expenditures are capitalized and included in the cost of the property and are reconciled through the valuation process and reflected in the capital return component. Returns are calculated on a quarterly basis. Annual returns are time-weighted returns calculated by geometrically linking quarterly returns. Income and capital returns may not equal total returns due to compounding effects of linking quarterly returns. Gross returns are presented before asset management and performance fees. Net returns are presented after asset management and performance fees. Gross and Net returns are calculated net of operating and fund expenses incurred on behalf of the underlying portfolios. Returns are calculated net of certain administrative expenses incurred on behalf of the underlying portfolios. Returns are presented and denominated in U.S. Dollars. Returns are presented net of leverage. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. A complete list and description of the Firm’s composites is also available upon request.

Portfolios may be leveraged utilizing fixed and floating rate debt. Effective 01/01/2009, the impact of marking debt to market, where called for by the client agreement, is included in the performance of the composite. Material use of leverage is defined as the use of debt of any amount on any asset. Material use of derivatives is defined as the use of interest rate swaps and caps, the amount of which totals more than 5% of portfolio assets. Total Firm assets represent the aggregate fair market value of properties under management. Total Firm net assets represent the net asset value of all portfolios under management.

Important notes


Assets are valued quarterly by the Firm. For both internal and external property valuations, the Firm relies on the application of market discount rates to project future cash flows and capitalized terminal values over the expected holding period. Prior to January 1, 2006, real estate assets were externally appraised by either a tax appraiser or an independent Member of the Appraisal Institute (MAI) at least once every 36 months, unless otherwise not required by a portfolio’s Investment Management Agreement and certain properties under development. Effective January 1, 2006, all properties were externally appraised by either a tax appraiser or an independent Member of the Appraisal Institute (MAI) at least once every 36 months. Effective January 1, 2011, assets are externally appraised by either a tax appraiser or an independent Member of the Appraisal Institute (MAI) at least once every 12 months unless client agreements stipulate otherwise, in which case real estate investments are externally appraised at least once every 36 months or per the client agreement if the client agreement requires external valuations more frequently than every 36 months.

Composite dispersion measures represent the consistency of composite performance with respect to the individual portfolio returns within the composite. Composite dispersion is measured by the high and low returns for the periods presented.

Past performance is not indicative of future results. Other methods may produce different results and the results for individual portfolios and for different periods may vary depending on market conditions and the composition of the portfolio. Care should be used when comparing these results to those published by other investment advisers, other investment vehicles and unmanaged indices due to possible differences in calculation methods.

Fees

Asset management fees are paid to the Firm primarily based on a percentage of a portfolio’s net operating income or fair market value. Some portfolios pay fees ranging from 5% to 9% of net operating income while others pay fees ranging from 0.30% to 0.75% of the portfolio’s fair market value.

Some of the portfolios pay incentive fees based on either property dispositions or portfolio performance. Disposition-based incentive fees primarily range between 10% and 20% of net capital transaction proceeds or gross disposition proceeds in excess of established hurdles. Incentive fees based on portfolio performance primarily range between 10% and 20% of aggregate fair market value in excess of established hurdles.

NCREIF Property Index Benchmark

The National Council of Real Estate Investment Fiduciaries (NCREIF) Property Index (NPI) is an unleveraged property return index comprised of property level financial data which excludes cash and other assets and liabilities. Comparison of composite results with the benchmark index may be affected by, among other factors, leverage employed by the portfolios, portfolio level income, expenses and differences between the property type and geographic composition of the portfolios and the benchmark index.

Compliance Statement

RREEF Direct Real Estate claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. RREEF Direct Real Estate has been independently verified for the periods January 1, 2002 through September 30, 2011.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The RREEF Real Estate - U.S. Direct Core Composite has been examined for the periods January 1, 2002 through September 30, 2011. The verification and performance examination reports are available upon request.

Important notes (continued)

GIPS® Composite ReportRREEF Real Estate – RREEF America REIT II Composite

Thi d Q t 2011

GIPS Composite Report

Third Quarter 2011


Ashland Partners & Company LLP

GIPS® Verification • Performance Examination SSAE No. 16 Exam • Attestation Services • Consulting

Independent Accountant’s Report

To the Management of RREEF Direct Real Estate, A Division of RREEF America L.L.C.: Report on Firm-Wide Verification and Performance Examination We have examined RREEF Direct Real Estate’s (the “Company”) (1) compliance with all the composite construction requirements of the Global Investment Performance Standards (GIPS®) on a firm-wide basis for the periods July 1, 2008 through September 30, 2011, and (2) design of its policies and procedures to calculate and present performance results in compliance with the GIPS standards as of September 30, 2011. We have also examined the accompanying performance presentations and Schedule of Rates of Return and Statistics of the Company’s RREEF Real Estate – RREEF America REIT II Composite for the periods January 1, 2002 through September 30, 2011. For the periods January 1, 2002 through June 30, 2008, the Company was verified firm-wide by a previous verifier. Our opinion is based, in part, on work completed by this previous verifier. Management and Accountant’s Responsibility The Company’s management is responsible for compliance with the GIPS standards, the design of its policies and procedures and for the Quarterly Performance and Schedule of Rates of Return and Statistics Presentations. Our responsibility is to express an opinion based on our examination. Opinion Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the above-mentioned requirements; evaluating the design of the Company’s policies and procedures referred to above; examining, on a test basis, evidence supporting the accompanying composite performance presentation; and performing the procedures for a verification and a performance examination set forth by the GIPS standards and such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. In our opinion, RREEF Direct Real Estate has, in all material respects:

• Complied with all the composite construction requirements of the GIPS standards on a firm-wide basis

for the periods July 1, 2008 through September 30, 2011; and

• Designed its policies and procedures to calculate and present performance results in compliance with the GIPS standards as of September 30, 2011.

Also, in our opinion, the Schedule of Rates of Return and Statistics of the Company’s RREEF Real Estate – RREEF America REIT II Composite for the periods January 1, 2002 through September 30, 2011, is presented, in all material respects, in conformity with the GIPS standards. This report does not relate to any composite presentation of the Company other than the Company’s RREEF Real Estate – RREEF America REIT II Composite. March 13, 2012Ashland Partners & Company LLP

RREEF DIRECT REAL ESTATERREEF REAL ESTATE - RREEF AMERICA REIT II COMPOSITEQUARTERLY PERFORMANCE PRESENTATIONINCOME RETURNAsset-Weighted Returns Gross and Net of Management FeesResults have been calculated in U.S. Dollars


2011 Gross 1.43% 1.39% 1.46%Net 1.35% 1.28% 1.73%

2010 Gross 1.88% 1.78% 1.84% 1.67% 7.36%Net 1.72% 1.64% 1.70% 0.91% 6.11%

2009 Gross 1.40% 1.64% 1.82% 1.66% 6.69%Net 1.28% 1.53% 1.69% 1.53% 6.17%

2008 Gross 1.24% 1.13% 1.27% 1.23% 4.96%Net 1.14% 1.04% 1.18% 2.27% 5.74%

2007 Gross 1.33% 1.26% 1.23% 1.22% 5.13%Net 1.23% 0.94% 0.21% 1.13% 3.55%

2006 Gross 1.44% 1.38% 1.40% 1.33% 5.67%Net 1.93% 0.88% 0.71% 1.53% 5.15%

2005 Gross 1.67% 1.57% 1.56% 1.51% 6.47%Net 1.53% 1.46% 0.76% 0.50% 4.31%

2004 Gross 1.76% 1.71% 1.72% 1.37% 6.72%Net 1.58% 1.57% 0.80% 1.61% 5.68%

2003 Gross 1.85% 1.76% 1.62% 1.91% 7.34%Net 1.69% 1.62% 1.50% 1.78% 6.75%

2002 Gross 2.07% 1.81% 2.01% 1.95% 8.07%Net 1.84% 1.69% 1.85% 1.80% 7.37%

Past performance is not indicative of future results. The Independent Accountant’s Report, the Capital Appreciation Return and Total Return Quarterly Performance Presentations and the Schedule of Rates of Return and Statistics are an integral part of this presentation.


RREEF DIRECT REAL ESTATERREEF REAL ESTATE - RREEF AMERICA REIT II COMPOSITEQUARTERLY PERFORMANCE PRESENTATIONCAPITAL APPRECIATION RETURNAsset-Weighted Gross Only ReturnsResults have been calculated in U.S. Dollars


2011 Gross 2.73% 2.90% 0.55%

2010 Gross (0.73%) (0.59%) 10.19% 3.20% 12.23%

2009 Gross (18.00%) (9.75%) (5.48%) (5.67%) (34.02%)

2008 Gross (1.92%) (1.38%) (3.38%) (14.97%) (20.53%)

2007 Gross 2.39% 2.96% 4.56% (0.27%) 9.93%

2006 Gross 2.40% 2.29% 1.69% 2.73% 9.42%

2005 Gross 2.19% 2.78% 3.31% 3.25% 12.02%

2004 Gross 0.30% 2.11% 2.20% 0.88% 5.59%

2003 Gross 0.34% 0.58% 1.60% 0.05% 2.59%

2002 Gross (0.86%) 0.44% 0.54% 0.28% 0.40%

Past performance is not indicative of future results. The Independent Accountant’s Report, the Income Return and Total Return Quarterly Performance Presentations and the Schedule of Rates of Return and Statistics are an integral part of this presentation.


RREEF DIRECT REAL ESTATERREEF REAL ESTATE - RREEF AMERICA REIT II COMPOSITEQUARTERLY PERFORMANCE PRESENTATIONTOTAL RETURNAsset-Weighted Returns Gross and Net of Management FeesResults have been calculated in U.S. Dollars


2011 Gross 4.16% 4.29% 2.01%Net 4.09% 4.19% 2.27%

2010 Gross 1.15% 1.19% 12.03% 4.87% 20.26%Net 0.99% 1.06% 11.90% 4.11% 18.90%

2009 Gross (16.60%) (8.11%) (3.66%) (4.01%) (29.13%)Net (16.72%) (8.23%) (3.79%) (4.14%) (29.51%)

2008 Gross (0.67%) (0.25%) (2.11%) (13.74%) (16.34%)Net (0.78%) (0.33%) (2.20%) (12.71%) (15.57%)

2007 Gross 3.73% 4.22% 5.78% 0.95% 15.44%Net 3.62% 3.90% 4.77% 0.86% 13.77%

2006 Gross 3.84% 3.67% 3.09% 4.06% 15.48%Net 4.33% 3.17% 2.40% 4.26% 14.92%

2005 Gross 3.86% 4.35% 4.87% 4.76% 19.06%Net 3.72% 4.23% 4.07% 3.75% 16.73%

2004 Gross 2.06% 3.82% 3.92% 2.25% 12.58%Net 1.88% 3.68% 3.00% 2.49% 11.51%

2003 Gross 2.19% 2.35% 3.22% 1.96% 10.08%Net 2.03% 2.20% 3.10% 1.83% 9.47%

2002 Gross 1.21% 2.25% 2.55% 2.23% 8.49%Net 0.98% 2.13% 2.39% 2.08% 7.79%

Past performance is not indicative of future results. The Independent Accountant’s Report, the Income Return and Capital Appreciation Return Quarterly Performance Presentations and the Schedule of Rates of Return and Statistics are an integral part of this presentation.



1 Net of fees returns are net of investment management and performance-based fees. Actual investment management fees are used.2 NCREIF benchmark not examined as part of verification.

RREEF Direct Real Estate, A Division of RREEF America L.L.C.RREEF Real Estate – RREEF America REIT II CompositeJanuary 1, 2002 through December 31, 2010

Schedule of rates of return and statistics

Year

IncomeReturnGross

of FeesCapitalReturn

Total Return Gross

of Fees

Income Return Net of Fees1

Total Return Net of Fees1

Total Return

NFI-ODCE Gross

of Fees2

Total Return

NFI-ODCENet of Fees2

Total Composite

Net Assets End of Period

(USD billion)

Percent Leveraged

End of Period (as

a % of composite

assets)

Percent of External

Valuations End of Period


assets)

Number of

PortfoliosEnd of Period

Total Firm AssetsEnd of Period (USD

billion)

Total Firm Net

AssetsEnd of Period (USD

billion)

2002 8.07 0.40 8.49 7.37 7.79 5.55 4.58 $1.2 18.8 0.0 1 $13.0 $9.3

2003 7.34 2.59 10.08 6.75 9.47 9.27 8.28 $1.6 25.8 0.0 1 $15.1 $10.4

2004 6.72 5.59 12.58 5.68 11.51 13.06 12.01 $2.5 24.0 22.2 1 $17.7 $11.9

2005 6.47 12.02 19.06 4.31 16.73 21.40 20.16 $5.2 24.6 14.5 1 $25.1 $16.9

2006 5.67 9.42 15.48 5.15 14.92 16.32 15.27 $7.2 25.4 25.0 1 $30.6 $20.5

2007 5.13 9.93 15.44 3.55 13.77 15.97 14.84 $8.0 22.8 19.5 1 $30.0 $20.6

2008 4.96 -20.53 -16.34 5.74 -15.57 -10.01 -10.70 $6.2 29.2 99.7 1 $25.2 $15.4

2009 6.69 -34.02 -29.13 6.17 -29.51 -29.76 -30.40 $4.3 37.1 54.7 1 $19.5 $10.6

2010 7.36 12.23 20.26 6.11 18.90 16.36 15.26 $4.6 35.5 99.7 1 $19.4 $10.4


Organization and Presentation Standards

RREEF Direct Real Estate (the “Firm”) is a division of RREEF America L.L.C., a registered investment adviser under the Investment Advisers Act of 1940, and a unit within RREEF Alternatives, the alternative investments business of Deutsche Asset Management. The Firm specializes in creating and managing real estate investment portfolios for pension funds and other institutional investors in the United States and abroad.

Portfolios Eligible For The Composites And Types Of Portfolios

All discretionary, fee-paying portfolios are included in at least one composite. Portfolios are considered discretionary if the Firm has sole or primary responsibility for major investment decisions, including acquisitions, dispositions and financing. The existence of client-imposed investment restrictions may not preclude classification of a portfolio as discretionary where such restrictions do not inhibit the Firm from implementing its intended strategy. There is no minimum portfolio asset size requirement for inclusion in a composite and no assets are included in any composite that is not a part of the Firm.

A portfolio is included in a composite in the first full quarter after the first investment is purchased. From 01/01/2002 to 09/30/2010, a portfolio with an investment purchased on the first day of the quarter is included in a composite for that quarter. Effective 10/01/2010, a portfolio with an investment purchased on the first day of the quarter is excluded from a composite for that quarter. A portfolio is included in a composite through the last full quarter prior to the last investment sale. A portfolio with its last investment sold on the last day of a quarter is excluded from a composite for that quarter.

RREEF Real Estate – RREEF America REIT II Composite

The RREEF Real Estate – RREEF America REIT II Composite is a core, open-end commingled composite structured as a private real estate investment trust (REIT) that seeks to provide institutional investors with attractive risk-adjusted returns from both low-risk/core investments and selected moderate-risk/enhanced return investments in real estate. The composite’s investment strategy includes the acquisition, active management and sale of well-located apartment, industrial, retail and office properties in major metropolitan markets across the continental United States. The strategy also pursues a defensive property-weighting approach through the over-weighting of property types with lower volatility. The composite was created in March 2009. From 01/01/2002 to 09/30/2010, the RREEF Real Estate – RREEF America REIT II Composite was known as the “RREEF America REIT II Composite.” This name change is effective 10/01/2010.

Performance Results

Composite returns are calculated on an asset-weighted basis using beginning of period values adjusted for time-weighted external cash flows. Cash flows are time-weighted so portfolio returns reflect the time assets are actually held in the portfolio. Contributions and distributions are weighted based on the date of cash flow. Returns include cash and cash equivalents, related interest income and when applicable, the reinvestment of income. Income returns are based on accrual recognition of earned income. Capital expenditures are capitalized and included in the cost of the property and are reconciled through the valuation process and reflected in the capital return component. Returns are calculated on a quarterly basis. Annual returns are time-weighted returns calculated by geometrically linking quarterly returns. Income and capital returns may not equal total returns due to compounding effects of linking quarterly returns. Gross returns are presented before asset management and performance fees. Net returns are presented after asset management and performance fees. Gross and Net returns are calculated net of operating and fund expenses incurred on behalf of the underlying portfolios. Returns are calculated net of certain administrative expenses incurred on behalf of the underlying portfolios. Returns are presented and denominated in U.S. Dollars. Returns are presented net of leverage. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. A complete list and description of the Firm’s composites is also available upon request.

Important notes


Portfolios may be leveraged utilizing fixed and floating rate debt. Effective 01/01/2009, the impact of marking debt to market, where called for by the client agreement, is included in the performance of the composite. Material use of leverage is defined as the use of debt of any amount on any asset. Material use of derivatives is defined as the use of interest rate swaps and caps, the amount of which totals more than 5% of portfolio assets. Total Firm assets represent the aggregate fair market value of properties under management. Total Firm net assets represent the net asset value of all portfolios under management.

Assets are valued quarterly by the Firm. For both internal and external property valuations, the Firm relies on the application of market discount rates to project future cash flows and capitalized terminal values over the expected holding period. Prior to January 1, 2006, real estate assets were externally appraised by either a tax appraiser or an independent Member of the Appraisal Institute (MAI) at least once every 36 months, unless otherwise not required by a portfolio’s Investment Management Agreement and certain properties under development. Effective January 1, 2006, all properties were externally appraised by either a tax appraiser or an independent Member of the Appraisal Institute (MAI) at least once every 36 months. Effective January 1, 2011, assets are externally appraised by either a tax appraiser or an independent Member of the Appraisal Institute (MAI) at least once every 12 months unless client agreements stipulate otherwise, in which case real estate investments are externally appraised at least once every 36 months or per the client agreement if the client agreement requires external valuations more frequently than every 36 months.

Composite dispersion measures represent the consistency of composite performance with respect to the individual portfolio returns within the composite. Composite dispersion is measured by the high and low returns for the periods presented.

Past performance is not indicative of future results. Other methods may produce different results and the results for individual portfolios and for different periods may vary depending on market conditions and the composition of the portfolio. Care should be used when comparing these results to those published by other investment advisers, other investment vehicles and unmanaged indices due to possible differences in calculation methods.

Fees

The REIT earns an annual asset management fee as follows:

Amount of Net Operating Income (NOI) Base Fee (as a % of NOI)

For the first $40 million 8%

For the next $40million 7%

All amounts exceeding $80 million 6%

Net operating income, as defined, is calculated as net income before depreciation, amortization , investment management fees and after deducting one-half (1/2) of the debt service (principal and interest) excluding certain principal pay downs.

The REIT also earns a performance fee, which is determined at the end of a three-year compensation period. The fee, which is payable in common stock of the REIT and subject to a 50% holdback, is based on 15% of the excess by which the estimated ending fair market value equity of the portfolio plus net sales proceeds held by the REIT pending distribution of reinvestment, exceeds the ending value that would result in a 6% real internal rate of return, adjusted to 6.75% with 30% debt (return hurdle).

NCREIF Fund Index – ODCE Benchmark

The National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index – Open-End Diversified Core Equity (NFI-ODCE) is a fund-level capitalization-weighted, time-weighted return index and includes property investments at ownership share, cash balances and leverage.



Compliance Statement

RREEF Direct Real Estate claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. RREEF Direct Real Estate has been independently verified for the periods January 1, 2002 through September 30, 2011.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The RREEF Real Estate – RREEF America REIT II Composite has been examined for the periods January 1, 2002 through September 30, 2011. The verification and performance examination reports are available upon request.


Hypothetical Performance Note

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve fi i l i k d h th ti l t di d l t l t f th i t f fi i l i k i t l t di F l th bilit t ith t d lfinancial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results.

There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. Management fees are not included in the calculation of hypothetical returns.


Performance Notes

The NCREIF Fund Index - Open End Diversified Core Equity Index (NFI-ODCE), is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both ahistorical and current basis the results of 30 open-end commingled funds pursuing a core investment strategy, including 18 current active funds, some of which have performance historiesdating back to the 1970s. The NFI-ODCE is a fund-level capitalization weighted, time-weighted return index and includes property investments at ownership share, cash balances and leverage(i.e., returns reflect the fund’s actual asset ownership positions and financing strategy). In equal weighted performance analysis each property counts the same weight, regardless of the valueof the fund. Index aggregates are typically value-weighted. Equal weighting however; is useful for statistical analysis as well as peer comparisons. Some of the NPI query tools and Fund LevelIndices provide Equal-Weighted Return Analysis, however the overall index is published on a Value-Weighted Basis. The current quarter results are preliminary based on estimated dataprovided by the fund managers and are therefore subject to change.

The estimated Net Asset Value (NAV) and total fund returns are calculated based primarily on values from independent appraisals of real estate assets and the estimated market valuation ofthe Fund’s debt obligations and does not purport to present the net realizable, liquidation or fair value of the Fund as a whole or the actual rate of return on an investment. In the second quarterof 2012, the Fund externally appraised 100 percent of its assets. Appraisals are based on numerous assumptions which may not be realized; the appraised value of an asset may not reflectthe amount that will be realized upon disposition. Accordingly, the amounts ultimately realized may vary significantly from the fair values utilized in the calculation of the NAV. The Fund hassuffered losses on assets which had significant appraised values.

Performance returns are calculated on an asset-weighted basis using beginning of period values adjusted for contributions including reinvested dividends and distributions Contributions andPerformance returns are calculated on an asset weighted basis using beginning of period values, adjusted for contributions, including reinvested dividends, and distributions. Contributions anddistributions are weighted based on the date of cash flows. Income returns are based on accrual recognition of earned income and incurred expenses, and appreciation returns are based onunrealized and realized appreciation and debt valuation adjustments. Annual returns are time-weighted and geometrically linked returns. Income and appreciation returns may not equal totalreturns due to compounding effects of linking quarterly returns. Note that after fee returns can be higher than before fee returns for some periods due to reversals of accrued performance fees.

The financial data herein is based, in part, on management’s business plans and budgets as of the date indicated and takes into account such factors and assumptions as management deemsrelevant including property operations and portfolio level expenses. However, events assumed to occur may not occur, and other events may occur which were not assumed to occur orotherwise taken into account in preparing the data contained herein. Such events could materially affect the analysis. In addition, changes in a number of factors, including (without limitation)global and local economic conditions the growing global economic crisis the availability of credit (or lack thereof) the level of interest rates and other credit terms demand for certain types ofglobal and local economic conditions, the growing global economic crisis, the availability of credit (or lack thereof), the level of interest rates and other credit terms, demand for certain types ofinvestments and a number of other factors may cause the actual results to vary, perhaps significantly, from the financial data contained herein. You and your advisers should consider theimpact of current economic conditions, which are unprecedented, in evaluating the information contained herein.

Moreover, the information set forth above speaks only as of the date indicated; it was not revised to take account of events which have occurred subsequent to the date indicated. Accordingly,it may not be representative of values or the amount that may ultimately be received with respect of an investment. No assurance can be given as to the actual events that may occur or theappropriate assumptions to be applied. Net performance results are after asset management and incentive fees. No representation or warranty is made as to the actual amounts that will bedistributed with respect to your investment. Information herein includes or is based upon certain “forward-looking statements.” These forward-looking statements include, but are not limited to,the plans projections objectives expectations and intentions of the Fund and its advisers and other statements contained herein that are not historical facts These statements are based onthe plans, projections, objectives, expectations and intentions of the Fund and its advisers and other statements contained herein that are not historical facts. These statements are based oncurrent beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond the Fund’s control. Actual results may differmaterially from these expectations due to changes in, among other things, global, political, economic, business, competitive, market and regulatory factors.

Past performance is not indicative of future results. Net performance results are after asset management and incentive fees. This information includes or is based upon certain “forward-lookingstatements.” These forward-looking statements include, but are not limited to, the plans, projections, objectives, expectations and intentions of the Fund and its advisers and other statementscontained herein that are not historical facts. These statements are based on current beliefs or expectations and are inherently subject to significant uncertainties and changes incircumstances, many of which are beyond the Fund’s control. Actual results may differ materially from these expectations due to changes in, among other things, global, political, economic,business, competitive, market and regulatory factors. The final NAV and performance results, as revised, will be published following the Fund's quarterly Board of Directors meeting in the


business, competitive, market and regulatory factors. The final NAV and performance results, as revised, will be published following the Fund s quarterly Board of Directors meeting in theFund's quarterly report and shall supersede in their entirety any estimates contained herein.

Important Information

© 2012. All rights reserved. RREEF Real Estate, part of RREEF Alternatives, the alternative investments business of Deutsche Asset Management, the asset management division ofDeutsche Bank AG offers a range of real estate investment strategies, including: core and value-added and opportunistic real estate, real estate debt, and real estate and infrastructuresecurities.

In the United States RREEF Real Estate relates to the asset management activities of RREEF America L.L.C., and Deutsche Investment Management Americas Inc.; in Germany: RREEFInvestment GmbH, RREEF Management GmbH and RREEF Spezial Invest GmbH; in Australia: Deutsche Asset Management (Australia) Limited (ABN 63 116 232 154) an Australian financialservices license holder; in Japan: Deutsche Securities Inc. (For DSI, financial advisory (not investment advisory) and distribution services only); in Hong Kong: Deutsche BankAktiengesellschaft, Hong Kong Branch (for RREEF Real Estate’s direct real estate business), and Deutsche Asset Management (Hong Kong) Limited (for RREEF Real Estate’s real estatesecurities business); in Singapore: Deutsche Asset Management (Asia) Limited (Company Reg. No. 198701485N); in the United Kingdom: Deutsche Alternative Asset Management (UK)Limited, Deutsche Alternative Asset Management (Global) Limited and Deutsche Asset Management (UK) Limited; in Italy: RREEF Fondimmobiliari SGR S.p.A.; and in Denmark, Finland,Norway and Sweden: Deutsche Alternative Asset Management (UK) Limited and Deutsche Alternative Asset Management (Global) Limited; in addition to other regional entities in the DeutscheBank Group.

An investment in real estate involves a high degree of risk, including possible loss of principal amount invested, and is suitable only for sophisticated investors who can bear such losses. Thevalue of shares/ units and their derived income may fall or rise. Any forecasts provided herein are based upon RREEF Real Estate’s opinion of the market at this date and are subject to changedependent on the market. Past performance or any prediction, projection or forecast on the economy or markets is not indicative of future performance.

This material was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. It is intended for informational purposes only. Itdoes not constitute investment advice, a recommendation, an offer, solicitation, the basis for any contract to purchase or sell any security or other instrument, or for Deutsche Bank AG or itsaffiliates to enter into or arrange any type of transaction as a consequence of any information contained herein. Neither Deutsche Bank AG nor any of its affiliates gives any warranty as to theaccuracy, reliability or completeness of information which is contained in this document. Except insofar as liability under any statute cannot be excluded, no member of the Deutsche BankGroup, the Issuer or any officer, employee or associate of them accepts any liability (whether arising in contract, in tort or negligence or otherwise) for any error or omission in this document orfor any resulting loss or damage whether direct, indirect, consequential or otherwise suffered by the recipient of this document or any other person.

Certain RREEF Real Estate investment strategies may not be available in every region or country for legal or other reasons, and information about these strategies is not directed to thoseinvestors residing or located in any such region or country.

From time to time RREEF Real Estate receives information requests from investors or their consultants. This information is available upon request. Please contact your Client Relationsrepresentative for assistance in this regard. RREEF Real Estate also has a password-protected client web portal called Client Connect with additional information on the Fund. For access,please contact your Client Relations representative or go to www.rreef.com.


I-006308-15.0

RREEF America REIT II America REIT II - Cloud Solutions for

Documents

Transcript of RREEF America REIT II America REIT II - Cloud Solutions for