ting the wise of the Managed Properties as of 1/1/2002 an 1 the estimated value as of 12/31/2004, including the calculation of the Performance Pee. Regatang your request for the value of the Excluded Pmpatits as of 1/1/2002, the ESC appraisal done in 2001 only included "Managed Pnaperties". Approximately