Cardinal Investment Advisors November 14, 2012Rosanna LeungSenior AssociateMark HoopesChiefCompliance OfficeAdelante Capital Management LLC555 12thStreet, Suite 2100Oakland, CA 94607Tel: (510) 986-2100Fax: (510) 268-0663www.adelante.com2 Cardinal Investment Advisors November 14, 2012Adelante Capital Management Attributes Specialist in real estate securities with global expertise and exceptional client service Value investor - focus on net asset value (NAV) versus earnings Information edge through: Property-centric research by sector experts Meaningful, long-term relationships with company managements invest like a partner High conviction portfolios with concentrated holdings and low turnoverFirm AUM: $2.0 billion3 Cardinal Investment Advisors November 14, 2012Distinctive Investment Philosophy Focusing on NAV Real estate assets are the key drivers of company performance Objective, on-site property research discerns the value of real estate assets Comparison of stock price to real estate value is the best way to determine return opportunities for individual companies4 Cardinal Investment Advisors November 14, 2012Teamwork of Sector/Regional Specialists to Leverage Global InsightsPortfolio ManagersMichael Torres (26) and Jeung Hyun (16)North America ResearchLuis Sanchez (27) Industrial OfficeJeung Hyun(16) Retail-Regional HotelLen Rittberg, CFA (14) Apartment Mfd. Housing StorageSuhail Chandy, CFA (6) Retail-Local Health Care TechnologyAsia-Pacific ResearchResolution Capital (Sub-Advisor): Andrew Parsons (23) & Marco Colantonio (18) Relationship since 1997; Sub-advisor since Global Strategy inception July 2006 Highly compatible NAV philosophy and sector specialist researchEurope ResearchLuis Sanchez (27)Trading & Risk Mgmt.Mark Montgomery (16)Numbers in parenthesis are years ofexperience5 Cardinal Investment Advisors November 14, 2012Rigorous Investment Process to Construct Optimal Portfolio Real estate securities exposure/competitive risk-adjusted returns Identify countries with institutional quality companies Avoid excessive geo-political risk Target transparent and liquid capital markets Assemble bottom-up portfolio based on relative value Adhere to strategy guidelines and client restrictions Evaluate absolute and relative risk/return trade-offs Concentrated holdings/low turnover Conduct in-depth property level due diligence Leverage extensive commercial real estate relationships Update proprietary NAV models quarterlyClient ObjectivesInvestmentResearchPortfolioConstructionClient PortfolioGlobal UniverseScreensAttribution & Risk Analysis6 Cardinal Investment Advisors November 14, 2012Individual security selection is driven by the following factors:Property-Centric Research to Discern Relative ValueRecent Purchases RationaleRetail Properties ofAmerica, Inc. Price to NAVKlepierre Implied Cap RateNorwegian Property ASA Price to NAV*Applicable to Global Strategy only1 2 3 4 5 6 7Tertiary ImportanceSecondaryImportancePrimaryImportanceCorporate Structure*FFOGrowthFFOMultipleDividend PayoutDividendYieldLiquidity VolumeGeographic DistributionReal Estate QualityDebt Service CoverageLeverageRatioPrice toNAVImpliedCap RatePropertySectorManagementTeamMarket CapitalizationCountry*Market Transparency*Benchmark Weight7 Cardinal Investment Advisors November 14, 2012Source: Adelante Capital Management and BloombergInvestment Timeline: CoreSite Realty CorporationPrice chart highlighting research and key buy and sell dates $120 $140 $160 $180 $200 $220 $240 $260 $280$12$14$16$18$20$22$24$26$28Aug-10Oct-10Dec-10Feb-11Apr-11Jun-11Aug-11Oct-11Dec-11Feb-12Apr-12Jun-12Aug-12Oct-12WREIT Index PriceCoreSitePriceCoreSite Wilshire US REIT IndexAdded to positionInitiated position via IPOTrimmed positionExited positionOn-site research & meetings with management8 Cardinal Investment Advisors November 14, 2012Active Management to Capture ReturnsDisciplined Approach to SellingCountry Moving geo-political environment shifts risk level Exogenous event impairs expected economic prospectsSector Unrealistic prospects for a sector leading to significant premiums for individual companiesCompany Senior management or strategy changes Ill-timed secondary equity offerings diluting shareholders Loss offocus in pursuing external growthSecurity Stock has met expectations and moved to relative premium to NAV External events and changes to Adelante model assumptionsOpportunistic Up to 10% ofportfolio tradedRecent Sales RationaleDDR Corp. Security: Price to NAVHufvudstaden Security: Implied Cap RateContinuous evaluation ofrelative value: Sell, Trim or Hold9 Cardinal Investment Advisors November 14, 2012Total Return StrategyObjectiveProduce high current return and long-term capital growth by investing in a diversified portfolio ofU.S. real estate securities which are undervalued relative to real estate valuePortfolio Profile 85% 95% core holdings, up to 10% traded positions and 5% cashDiversification GuidelinesInvest in at least three property sectors; sector exposure limited to the greater of2x benchmark weight or 5%; maximum security weight limited to the greater of10% or 1.5x benchmark weight; minimum market capitalization of$100 millionProhibited Investments Short positions, options and derivativesAs of September 30, 2012Number of SecuritiesTurnover1(%)Weighted Average Market Cap. ($ millions)AFFO Yield2(%)Dividend Yield (%) Price/NAV Beta3Total Return Strategy36 40.5 15,141 4.32 2.9 0.98 0.95Wilshire US REIT Index102 NA 13,753 5.07 3.5 1.07 1.001 Turnover Trailing 1-year; 2 AFFO Yield 2013 estimate; 3 Beta Trailing 5-year. Source: Adelante Capital Management Total Return Strategy representative portfolio, Green Street Advisors and Wilshire AssociatesStrategy AUM: $1.3 billion10 Cardinal Investment Advisors November 14, 201210 LargestPortfolio HoldingsSimon Property Group 11.1% -0.1% 2.9%Equity Residential5.9% +1.7% 2.4%Public Storage5.7% +0.3% 3.2%AvalonBay Communities5.0% +1.8% 2.9%Boston Properties4.7% +0.8% 2.1%Health Care REIT4.7% +1.0% 5.0%ProLogis Inc.4.3% +0.5% 1.3%HCP Inc.4.3% -0.4% 4.5%Vornado Realty Trust4.2% +0.6% 3.4%Ventas Inc. 4.0% -0.6% 3.9%Ten Largest Holdings 53.9%Yield Name WeightActive Weight1.8%0.6%1.0%0.5%0.8%1.7%-0.6%-0.4%0.3%-0.1%-1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0%AvalonBay Cmtys.Vornado RealtyHealth Care REITProLogis Inc.Boston Pptys.Equity ResidentialVentas Inc.HCP Inc.Public StorageSimon Property Grp.Held in Portfolio Not held in PortfolioRelative Exposure to10 Largest Index ConstituentsHigh Conviction in Value, Quality and Future PotentialSource: Adelante Capital Management Total Return Strategy representative portfolio and Wilshire US REIT Index, as ofOctober 31, 201211 Cardinal Investment Advisors November 14, 2012Sector Exposures Change as Opportunities Arise0%10%20%30%40%50%60%70%80%90%100%4Q071Q082Q083Q084Q081Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q12CashPreferredTriple-Net LeaseStorageMfd. HomesHotelsHealthcareRetail-RegionalRetail-LocalDiversifiedIndustrial MixedIndustrialOfficeApartmentsSource:Adelante Capital Management Total Return Strategy representative portfolioHistorical property sector weightings12 Cardinal Investment Advisors November 14, 201214.2%15.0%23.1%-0.9%11.9%13.7%14.4%22.2%1.3%11.3%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%YTD 10/31/12* 1-Year 3-Year 5-Year SI (7/1/95)Total Return Strategy Composite (Net)Wilshire US REIT IndexAchieving Investment Objectives* Not annualized$100$200$300$400$500$600$700$800Jun-95 Jun-97 Jun-99 Jun-01 Jun-03 Jun-05 Jun-07 Jun-09 Jun-11Total Return Strategy Composite (Net)Wilshire US REIT Index$701$634Annualized Investment Returns Preliminary as of 10/31/12Growth of $1007/1/95 to 10/31/1213 Cardinal Investment Advisors November 14, 2012Global StrategyObjectiveAchieve long-term capital growth and stable income return by investing in a globally diversified portfolio ofproperty companies in Developed countries which are undervalued relative to real estate valuePortfolio Profile 85% 95% core holdings, up to 10% traded positions and 5% cashDiversification GuidelinesInvest in three global regions (North America, Europe, and Asia-Pacific) at all times; region neutral to benchmark weight; no currency hedging; security exposure limited to 15%; minimum market capitalization of$100 millionProhibited Investments Short positions, options and derivativesAs of September 30, 2012Number of SecuritiesTurnover1(%)Weighted Average Market Cap. ($ millions)Long-Term Debt/ CapitalDividend Yield (%)Price/ Earnings Beta2Global Strategy 55 46.0 14,936 45.0 2.9 52.7 0.98FTSE EPRA/NAREIT Developed Index290 NA 12,001 43.7 3.6 89.5 1.001 Turnover Trailing 1-year; 2 Beta Trailing 5-yearSource: Adelante Capital Management Global Strategy representative portfolio, FactSet and FTSE EPRA/NAREITStrategy AUM: $22 million14 Cardinal Investment Advisors November 14, 201210 LargestPortfolio HoldingsSource: Adelante Capital Management Global Strategy representative portfolio and FTSE EPRA/NAREIT Developed Index, as ofOctober 31, 20121.1%0.6%-0.7%0.3%1.4%1.3%3.0%0.9%0.8%-2.0%-3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0%Equity ResidentialPublic StorageMitsui FudosanVentas Inc.HCP Inc.Unibail-RodamcoMitsubishi EstatesWestfield GroupSun Hung Kai Pptys.Simon Property Grp.Held in Portfolio Not held in PortfolioRelative Exposure to10 Largest Index ConstituentsHigh Conviction in Value, Quality and Future PotentialSimon Property Group5.7% +0.8% 2.9%Westfield Group5.7% +3.0% 5.4%Link REIT4.3% +3.1% 3.1%Sun Hung Kai Pptys.3.8% +0.9% 3.1%Unibail-Rodamco 3.5% +1.4% 4.6%Mitsubishi Estates3.5% +1.3% 0.8%Global Logistic Pptys.3.0% +2.5% 0.0%Equity Residential3.0% +1.1% 2.4%AvalonBay Communities 2.9% +1.5% 2.9%Hysan Development Co. 2.9% +2.5% 2.2%Ten Largest Holdings 38.3%Yield Name WeightActive Weight15 Cardinal Investment Advisors November 14, 2012Country Exposures Change as Opportunities Arise0%10%20%30%40%50%60%70%80%90%100%4Q071Q082Q083Q084Q081Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q12CashNorwayNetherlandsFinlandGermanyItalySwedenFranceU.K.SingaporeJapanAustraliaHong KongCanadaU.S.Source:Adelante Capital Management Global Strategy representative portfolioHistorical country weightings16 Cardinal Investment Advisors November 14, 2012Year to Date Returns: Regional Performance14.3%35.8%24.9%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%NorthAmericaAsia-Pacific EuropeReturnPerformance by Region Growth of USD 100 $95 $100 $105 $110 $115 $120 $125 $130 $135 $140Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12North America Asia-Pacific EuropeFTSE EPRA/NAREIT Developed IndexSource:Adelante Capital Management, FTSE EPRA/NAREIT and FactSet, in USD; Through October 31, 201217 Cardinal Investment Advisors November 14, 201223.5%18.6%16.5%-1.1%3.3%22.7%16.9%13.7%-2.5%2.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%YTD 10/31/12* 1-Year 3-Year 5-Year SI (8/1/06)Global Strategy Composite (Net)FTSE EPRA/NAREIT Developed IndexAchieving Investment Objectives* Not annualized$40$60$80$100$120$140Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12Global Strategy Composite (Net)FTSE EPRA/NAREIT Developed Index$123$113Annualized Investment Returns Preliminary as of 10/31/12Growth of $1008/1/06 to 10/31/1218 Cardinal Investment Advisors November 14, 2012Client PartnershipsRepresentative ClientsPublic Funds (75%)Anchorage Police and Fire RetirementContra Costa County Employees Retirement Assoc.Employees' Retirement Fund ofthe City ofDallasNew York State Teachers Retirement SystemCorporate Funds (9%)Corning IncorporatedInsurance Companies (8%)Endowments & Foundations (1%)The Annie E. Casey FoundationOther (7%) Commitment to and alignment with our clients Longevity of relationships 64% over 10 years 97% over 5 years Invest alongside clients, at both firm and employee level Employee- and minority-owned Create customized strategies Resource for commercial real estate solutions Access to all personnel Intellectual exchange on market environment Candid rebalancing discussionsCatering to Institutional Investors through attentive client serviceNumbers in parenthesis are the percentage ofAdelantes AUM as ofSeptember 30, 201219 Cardinal Investment Advisors November 14, 2012GIPSPerformance Presentation: Total Return Strategy CompositeAs of December 31YearGross Return (%)Net Return (%)Wilshire US REIT Index Return (%)Internal Dispersion (%)Number of AccountsComposite Assets($ millions)% of Firm AssetsTotal Firm Assets ($ millions)2011 10.24 9.80 9.24 0.42 11 1,574 66 2,3782010 30.88 30.35 28.60 0.18 15 1,749 69 2,5422009 28.86 28.29 28.60 0.54 17 1,486 64 2,3062008 (45.15) (45.39) (39.20) 0.55 20 1,159 66 1,7642007 (16.63) (17.02) (17.55) 0.22 21 2,176 66 3,2992006 38.03 37.40 35.97 0.29 22 2,706 65 4,1892005 16.98 16.43 13.82 0.42 20 2,130 62 3,4582004 36.43 35.92 33.16 0.44 24 2,149 63 3,4062003 35.73 35.04 36.18 0.42 27 1,853 64 2,8882002 4.44 3.84 3.58 1.02 25 1,075 57 1,8832001 11.51 10.89 12.35 0.50 17 966 58 1,6592000 33.85 33.17 31.04 0.38 15 1,006 71 1,4101999 (0.13) (0.68) (2.58) 0.39 17 646 72 8921998 (12.34) (12.75) (17.01) 0.31 16 539 78 6901997 24.71 24.09 19.65 0.32 15 364 74 4911996 37.16 36.17 37.05 n/m 10 91 73 1241995* 12.66 11.94 8.54 n/m 1 1 5 21July 1, 1995 through December 31, 2011Adelante Capital Management LLC claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards.Adelante Capital Management LLC has been independently verified for the periods July 1, 2001 through June 30, 2012.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 firms policies and procedures are designed to calculate and present performance in compliance with the GIPS standards.The Total Return Strategy Composite has been examined for the periods July 1, 1995 through June 30, 2012.The verification and performance examination reports are available upon request.* for the period from July 1, 1995 (inception) to December 31, 1995; n/m not meaningful (see note 5)20 Cardinal Investment Advisors November 14, 20121. Adelante Capital Management LLC (Adelante) is an independent investment advisor registered under the Investment Advisors Act of 1940.A complete list of composite descriptions, and policies for valuing portfolios, calculating performance and preparing compliant presentations, are available upon request.2. The Total Return Strategy Composite (Composite) includes all non-wrap accounts invested in publicly traded real estate securities, predominantly REITs.Accounts are invested in common stocks, preferred stocks, convertible securities and cash.Securities are selected based on their price to net asset value, relative value within a sector, and management strength.Accounts typically hold between 25-35 stocks.The benchmark is the Wilshire US REIT Index.The Composite was created in July 1995. 3. Account returns are calculated monthly, using an internal rate of return method.Accounts are revalued for any cash flow that exceeds 10% of the accounts fair market value.Returns are net of transaction costs and non-reclaimable withholding taxes.Monthly composite returns are calculated using the aggregate method.Net returns reflect the actual management fee expenses realized by the composite accounts.Certain accounts included in the composite may pay different fees, including performance-based fees, than those described in note 6. All returns are expressed in U.S. dollars.4. The Wilshire US REIT Index returns are provided to represent the investment environment existing during the time periods shown and are not covered by the report of the independent verifiers.For comparison purposes, the index is fully invested and includes the reinvestment of income.The returns for the index do not include any transaction costs, management fees or other costs.5. The dispersion of annual returns is measured by the asset weighted standard deviation of account returns represented within the composite for the full year.For periods with less than 6 accounts included, standard deviation is not presented as it is not considered meaningful.6. Past performance is not an indicator of future results. Gross performance results do not reflect the deduction of investment advisory fees or any other expenses that may be incurred in the management of the account.However, the results do reflect the reinvestment of dividends and other earnings.Performance results will be reduced by the investment advisory fees.Adelantes investment advisory fees are described in Part II of Form ADV.The standard fee schedule in effect is as follows:0.65% on the first $25 million; 0.60% on the next $25 million; 0.55% on the next $25 million; and 0.50% on the next $25 million.Fees are negotiable for amounts greater than $100 million. 7. Performance results from July 1, 1995 through June 30, 2001 were examined by PricewaterhouseCoopers LLP.For the period from January 1, 2001 through June 30, 2001 the composites gross and net returns were 7.19% and 6.92%, respectively.These results were examined by PricewaterhouseCoopers LLP.For the period from July 1, 2001 through December 31, 2001 the composites gross and net returns were 4.02% and 3.71%, respectively.These results were examined by Vincent Performance Services LLC.8. 3 Year Standard Deviation:GIPSPerformance Presentation: Total Return Strategy CompositeAccompanying Notes3 Year Period Composite Benchmark1/1/09-12/31/11 30.94% 32.54%21 Cardinal Investment Advisors November 14, 2012As of December 31YearGross Return (%)Net Return (%)FTSE EPRA/NAREIT Developed Index Return (%)Internal Dispersion (%)Number of AccountsComposite Assets($ millions)% of Firm AssetsTotal Firm Assets($ millions)2011 (1.64) (2.49) (5.82) n/m 2 17.7 1 2,3782010 24.48 23.59 20.40 n/m 2 22.3 1 2,5422009 41.39 39.92 38.26 n/m 2 27.1 1 2,3062008 (46.08) (46.61) (47.72) n/m 1 1.0 1 1,7642007 (8.20) (9.12) (6.96) n/m 1 1.8 1 3,2992006* 21.81 21.31 21.01 n/m 1 1.8 1 4,189GIPSPerformance Presentation: Global Strategy CompositeAugust 1, 2006 through December 31, 2011Adelante Capital Management LLC claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards.Adelante Capital Management LLC has been independently verified for the periods July 1, 2001 through June 30, 2012.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 firms policies and procedures are designed to calculate and present performance in compliance with the GIPS standards.The Global Strategy Composite has been examined for the periods August 1, 2006 through June 30, 2012.The verification and performance examination reports are available upon request.n/m not meaningful (see note 5); * for the period from August 1, 2006(inception) to December 31, 200622 Cardinal Investment Advisors November 14, 20121. Adelante Capital Management LLC (Adelante) is an independent investment advisor registered under the Investment Advisors Act of 1940.A complete list of composite descriptions, and policies for valuing portfolios, calculating performance and preparing compliant presentations, are available upon request.2. The Global Strategy Composite (Composite) includes the Adelante Global Property Securities Fund LP and one institutional separate account both of which invest in publicly traded real estate securities in the North American, European, and Asia-Pacific markets.A subadvisor is used in connection with the Asia-Pacific exposure in the Fund.The accounts are invested in common stocks, preferred stocks, convertible securities and cash.Securities are selected based on their price to net asset value, relative value within a sector, and management strength. The Composite was created in August 2006.3. Account returns are calculated monthly, using an internal rate of return method.Returns are net of transaction costs and non-reclaimable withholding taxes.Monthly composite returns are calculated using the aggregate method.Net returns reflect the deduction of actual management fees.Certain accounts included in the composite may pay different fees, including performance-based fees, than those described in note 6.All returns are expressed in U.S. dollars.4. The FTSE EPRA/NAREIT Developed Index returns are provided to represent the investment environment existing during the time periods shown.The index consists of publicly traded real estate companies headquartered in develpoed countries throughout the world.For comparison purposes, the index is fully invested and includes the reinvestment of income.The returns for the index do not include any transaction costs, management fees or other costs.Index returns are not covered by the report of the independent verifier.5. The dispersion of annual returns is measured by the asset weighted standard deviation of account returns represented within the composite for the full year.For periods with less than 6 accounts included, standard deviation is not presented as it is not considered meaningful.6. Past performance is not an indicator of future results. Gross performance results do not reflect the deduction of investment advisory fees or any other expenses that may be incurred in the management of the account.However, the results do reflect the reinvestment of dividends and other earnings.Performance results will be reduced by the investment advisory fees.Adelantes investment advisory fees are described in Part II of Form ADV.The standard fee schedule in effect is as follows:0.80% on the first $50 million; 0.70% on the next $50 million; 0.65% on the next $50 million; and 0.60% on assets above $150 million.The standard management fee for the Adelante Global Property Securities Fund LP is 1.00%.7. 3 Year Standard Deviation:GIPSPerformance Presentation: Global Strategy CompositeAccompanying Notes3 Year Period Composite Benchmark1/1/09-12/31/11 25.03% 26.07%