MEPT

DURING THE QUARTER, MEPT EXECUTED A FORWARD COMMITMENT OF $120 MILLION TO PURCHASE, UPON COMPLETION IN 2011, ONE FRANKLIN-LE MERIDIEN,
a planned 250-room, four-star hotel property in Boston. The hotel will be part of a 1.4 million square foot, mixed-use development that will incorporate the former historic Filenes Basement clothing store into space for retail, hotel, residential, and office.

IN SEPTEMBER, MEPT PURCHASED AN ADDITIONAL OWNERSHIP INTEREST IN ARBORETUM LAKES WEST FOR $1.7 MILLION.
The purchase of the outstanding 5 percent interest brings the total MEPT ownership to 100 percent. Arboretum Lakes West is a Class A, 190,361 square foot, mid-rise suburban office building located in Chicago.

Procter & Gamble Co.
Procter & Gamble Co. - maker of Tide laundry detergent, Charmin bathroom tissue and Crest toothpaste - leased 1.2 million square feet of space at Gateway Commerce Center in Edwardsville. P&G has moved into nearly 580,000 square feet at the Gateway Commerce Center's Westway III building at 3101 Westway Drive under the $17 million deal.

Symantec Expands in Downtown San Francisco
Firm Takes Additional 17,000 SF at 303 2nd Street Symantec leased 16,966 square feet on the fifth and eighth floors for six years at 303 2nd St. in San Francisco, where it already occupies 38,734 square feet.

Ozburn-Hessey Expands Operations in Dallas
Ozburn-Hessey Logistics signed a 15-month lease for an additional 148,000 square feet at the Pinnacle Park I building at 3700 Pinnacle Point Drive in Dallas, TX. The firm moved into this new space on July 1.


	MANAGEMENT TEAM \| POLICY BOARD MEMBERS

Management Team

MEPT is organized as a bank collective investment trust, which is maintained by NewTower Trust Company. The Fund is managed by three entities: Kennedy Associates Real Estate Counsel, LP, (Kennedy) of Seattle, Washington, serves as the real estate investment advisor, Landon Butler & Company, LP™ (LBC) provides investor relations and marketing services to MEPT, and NewTower Trust Company (NewTower), of Bethesda, Maryland, serves as the trustee and fiduciary of the Fund.

MEPT's management team has a unique combination of capabilities since the team is made of three organizations with distinct areas of expertise, and more than 109 professionals with a broad range of real estate and investment management acumen. NewTower, Kennedy and LBC work together on MEPT to offer participating pension plans an attractive and direct way to invest in equity real estate.

Kennedy, the real estate investment advisor to MEPT, was founded in 1978. LBC became a full service investor relations firm in 1981. Together, Kennedy and LBC founded MEPT in 1981. NewTower became the fiduciary and trustee of MEPT on June 14, 2005.

MEPT uses a Policy Board to perform oversight and risk analysis for the Fund. Principals of NewTower, Kennedy, and LBC serve together on MEPT's Policy Board. The Policy Board determines MEPT's strategic direction, including investment policy and portfolio strategy. The Policy Board meets at least twice a year to review the performance and management of the Fund. The current members of the Policy Board are Landon Butler (LBC), Patrick Mayberry (NewTower), John Parker (Kennedy) and Gary Whitelaw (Bentall Capital).

Kennedy serves as the real estate advisor to MEPT. Kennedy, headquartered in Seattle, Washington, with offices in Chicago, Illinois, Dallas, Texas, Los Angeles and San Francisco, California and Washington, D.C., manages real estate assets of more than $7.5 billion.

Landon Butler & Company, LP™ (LBC), headquartered in Washington, D.C., sponsors and provides services to real estate investment vehicles developed to meet the needs of U.S. and foreign multi-employer, public employee, and corporate pension plans.

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