and Drawdown hinds (5108 million) Inflows: ARI fee commencement on prior capital raised ($310 million): Nei segment transfers ($199 million): and ACRE Debt Fund I (591 million) Realizations: RE debt (5236 million) and RE equity (S76 million) FY 15 Fee-Generating AUM Rollforcard''' IS in millions) Private

ear ended December 31.2011 as compared to 2010. In addition, increased net assets managed by ARI. AGRE CMBS Accounts. ACRE U.S. Real Estate Fund and ACRE Debt Fund I. L.P. account resulted in increased management fees earned of $2.7 million. $1.8 million. $1.5 million and $0.2 million, respectively, during the