Select Client List of CEL & Associates, Inc.

The following is a select list of recent/current clients for whom CEL & Associates, Inc. has provided strategic, long-range planning, organizational, operational, performance improvement, survey and/or compensation assistance, guidance and advice. This is not a comprehensive list of clients and is presented in alphabetical order.

Academic Properties Acadia Realty Trust Actus Lend Lease Advance Realty Group Advanced Construction Services AIMCO AIMCO Senior Living A.J. Dwoskin & Associates, Inc. Albert B. Ashforth, Inc. ALCO Properties, Inc. Aldrich Eastman Waltch Alecta Investment Management Alexander Properties Group Alexander Summer, LLC Alexandria Real Estate Equities Allete, Inc. Alliance Property Services Alliance Residential Management Altman Companies AMB Properties Corporation AMCAL Communities, Inc. American Apartment Communities American Express Real Estate Services American Realty Advisors American Retail Group American Spectrum Realty, Inc. American Trading Real Estate American Ventures Corporation AMLI Residential Properties Trust AmREIT AMRESCO Advisors, Inc. The Apartment Network Apartment Realty Advisors Archon Group Archstone Communities Arden Realty Army Hawaii Family Housing, LLC Arnel Management Company Aronov Realty Management Artery Group The Ashforth Company Associated Estates Realty Corp. Atapco Properties, Inc. AvalonBay Communities AVERA Capital Partners Avison Young Commercial Real Estate [Canada] Bailey Properties, LLC The Ballast Point Group Bank of America Private Bank Basile Baumann Prost & Associates Beacon Capital Belfonti Companies Belfry Development Corporation Bell Partners, Inc. Belmont Village Ben Tobin Companies, Ltd. Benj. E. Sherman & Sons, Inc. Bernstein Consortium Management, Inc. Biltmore Farms, Inc. Birtcher Anderson Properties, Inc. Birtcher Enterprises Bissell Property Services Bixby Land Company Black Oak Associates Blake Real Estate, Inc. Block & Company, Inc., Realtors Bohannon Development Company BOMA Bonita Bay Group Boston Capital Partners, Inc. Boston Properties, Inc. Boyle Investment Company Bozzuto & Associates Braden Fellman Group, Ltd. Brandywine Realty Trust BRE/Grubb & Ellis Commercial BRE Commercial NAI Brio Properties Broadway Medical Management Broe Real Estate Services, Inc. Brookfield Properties Corporation Brunswick Forest Buchanan Street Partners Buckingham Companies Building and Land Technology Burnham Real Estate Services Buyers Access C.W. Clark, Inc. California Military Communities, LLC Cambridge Healthcare Management Cambridge Management Services Camden Property Trust Camp Pendleton and Quantico Housing, LLC Campbell Corporation CAPREIT Capstar Commercial Real Estate Services Carabetta Management Company Cardinal Capital The Carey Winston Co. Carleton Management Company Carlin Family Trust Carlson Real Estate Company Carmel Property Management, Inc. Carr Realty Partners Carson Companies Carter & Associates Caruso Affiliated Holdings Cassidy & Pinkard Castlebrook Realty Group Catellus Development Corporation Cathcart Management, LLC CB Richard Ellis CCIM Cencor Realty Services, Inc. CenterPoint Properties Trust Central Management Services Century Housing ChainLinks Chamberlin Associates Chandler Partners Chaney, Brooks & Company Charles Dunn Company Charles Glen, LLC Chateau Communities, Inc. Chicago Board of Trade Childress Klein Properties Clark & Clark CLB Partners CMD Realty Investors, Inc. Codina Real Estate Management Cogdell Spencer Inc. Cole Companies College Life Development Corp. Colliers International Colliers Monroe Friedlander Colliers Parish Colliers Pinkard Colliers Spectrum Cauble Colliers Tingey Colliers Towle Colliers Turley Martin Tucker Collins Enterprises, Inc. Colonnade Properties LLC Colonial Properties Trust Combined Properties Commerce CRG CommonWealth Partners Communities Southwest Community Preservation Corporation ConAm Management Corporation Connolly Realty Services, Inc. Consolidated Realty Group Construction Management Association of America (CMAA) Continental Realty Corporation Corcoran Management Company Core Network Cornerstone Industrial Properties LLC Cornerstone Real Estate Funds Cornerstone Ventures, Inc. Corporate Office Properties Trust Corporate Realty Management Corporex Family of Companies Corrigan Properties, Inc. Corum Real Estate Group, Inc. Cottonwood Management Services Covenant Management Corporation CPG, Inc. Cranbrook Group, Inc. Creekstone Builders, Inc. Crescent Real Estate Equities, Ltd. Crescent Resources, Inc. Crosland, LLC Crown Properties, Inc. CSM Corporation Curtin Property Company

Cushman & Wakefield Cushman & Wakefield LePage CWS Apartment Homes, LLC DalMac Companies David Nassif Company Davis Partners Dead River Companies Deluz Housing, LLC Denver Apartment Association Dial Equities, Inc. Direct Development Divaris Real Estate Divco West Properties Donahue Schriber Realty Group Doris Duke Charitable Trust Draper and Kramer, Incorporated Duke Realty Corporation E.I.G. – Equity Investment Group E&S Ring Management Corporation Eastern Realty Investment Mgmt. Eastman Management Corp. Echelon Residential LLC ECOM Real Estate Edens & Avant Edgewood Companies Ellis-Trick, Inc. Embrey Partners, Ltd. Entergy EPT Management Company Equity Advisors, Inc. Equity Bank Equity Resources Etkins Equities Eugene Burger Management Corp. Ezralow Company Fairfield Properties, Inc. Faison Famous Footwear Fenley Real Estate First Industrial Realty Trust, Inc. First Worthing Company Focus Management Fogelman Management Group Forestar Real Estate Group Fort Campbell Family Housing LLC Fort Drum Mountain Community Homes Fox Realty Co. FRP Development Corp. G. W. Williams Co. Gables Residential Trust Gaedeke Landers Gale & Wentworth, LLC Garden Homes of Princeton GDC Properties, Inc. GE Capital Real Estate, Inc. Georgia Apartment Association Gencorp. Genstar Development Company Gerson Bakar & Associates GH Palmer Gilbane Development Co. Gleischman Sumner Company, Inc. Glenborough Realty Trust GMAC Home Services Granite Properties Grant Thornton Greystar Real Estate Partners, LLC Grosvenor Canada Grosvenor USA Group One Investments Grubb & Ellis Grubb & Ellis Bissell Patrick Grubb & Ellis West Shell Commercial The Grupe Company Gumenick Properties GVA Advantis GVA Thompson Doyle Hennessey & Stevens GVA Worldwide G.W. Williams Co. H.G. Fenton Company Hall Financial Group The Hamilton Company Hanover Company Harbor Group Management Company Harrison & Bates Incorporated Harsch Investment Properties LLC Harwood Management Services HB Nitkin Group HDG Mansur The Hearst Corporation Hearthstone Advisors Inc. Heitman Financial Heitman Properties, Ltd. HHHunt Hickam Community Housing LLC Hill & Co. HILLS Property Management Hillwood Investment Properties Hines Holualoa Realty Advisors Horning Brothers Huntington Village IDS Real Estate Group Inland Southeast Property Management Corp. Inland Southern Management Institute of Real Estate Management Interland Corporation Intrawest Corporation INVESCO Realty Advisors, Inc. IRT Property Company Irvine Apartment Management Company J.I. Kislak, Inc. J.J. Barnicke, Ltd. [Canada] James Campbell Company, LLC JCM Partners JMI Realty JTS Realty Services The John Akridge Companies John Burnham & Company Jonathan Rose Companies Jones Lang LaSalle JPI Luxury Living Julian LeCraw & Company, Inc. KDC Kenilworth Equities, Ltd. Kennecott Development Company Kennedy Associates Real Estate Counsel, Inc. Kennedy-Wilson Properties Kilroy Realty Corporation Kirco Kislak Realty Koger Equity, Inc. Koll Bren Realty Advisors Konover Management Corp. Korman Commercial Properties Kushner Companies Lane Company Lane Investment Development, LLC LaSalle Partners Management Services Lat Purser & Associates, Inc. Lauth Property Group LeCesse Development Corp. LEDIC Management Group, Inc. Legacy Partners Lewis Operating Corporation Lexford Property Management Company, Inc. Liberty Property Trust Lillibridge Healthcare Trust Lindahl Group, LLC Lionstone Group Lincoln Property Company The Lipton Group LNR Property Corporation Loeb & Loeb Loeb Properties, Inc. Loews Hotels Logistics Management Institute Lowe Enterprises, Inc. The Lurie Company MacFarlane Partners Mack-Cali Realty Corporation Madison Marquette Retail Services Maestas & Ward Commercial Real Estate Majestic Realty

Makowsky Ringel Greenberg The Mall Corp. Manco Abbott, Inc. Marcus & Millichap Mark IV Capital, Inc. MAXXAM Property Management McAlister Company McCandless Companies McCord Development, Inc. McKee Group McKinley Apartment Homes McWhinney Enterprises Meadowood Investors, LLC Means Knaus Partners Mercy Housing Meredith & Grew, Inc. Meritex Enterprises Merritt Properties, LLC Metric Property Management, Inc. MetroNational Metropolitan Realty Associates LLC Metzler North America Michael Realty Mid-Peninsula Housing Coalition Mile High Properties Miles Properties, Inc. Miller-Valentine Group Mohr Partners, Inc. Monday Properties Monterey Bay Military Housing, LLC Moody Rambin Interests Moore Horizons Morgan Group Morlin Management NAI/Brannen Goddard NAI Global NAI Hunneman Commercial NAIOP National Apartment Association National Association of Office & Industrial Parks National Association of Realtors National Community Renaissance National Multi Housing Council New Technology Development LP Newton Community Development Foundation Nisbet Investment Corp. Nordblom Management Company Norris Beggs Simpson Northco Management Services Northgate Gonzales Supermarkets Nottingham Properties, Inc. NTS Corporation O’Donnell Properties Ohana Military Communities, LLC Omni Properties, Inc. ONCOR International Opus Corporation Oxbridge Development Pace Properties Pacific Living Properties, Inc. Pacific Medical Buildings Pacific Office Properties Trust, Inc. Pacific Real Estate Partners Palm Desert Development Company Palms Associates Paradigm Capital Advisors Parkway Properties, Inc. PCS Property Management Penco, Inc. Pinnacle – An American Management Services Company The Pizzuti Companies Place Properties PM Realty Advisors PM Realty Group Polacheck Property Management Port Authority of New York Prana Investments Premysis Real Estate Services Prescott Realty Group PricewaterhousCoopers Principal Capital Management Prometheus Real Estate Group Property & Portfolio Research, Inc. Property One, Inc. PS Business Parks QDC Property Management, Inc. Quadrant/KMS Management Services R & B Realty Group Ram Realty Rayonier Real Estate Capital Partners Real Estate Investment Society (REIS) RealSource Brokerage, LLC Realty Resources, Inc. Reckson Associates Realty Corporation Redding Management, Inc. Redico Management, Inc. Regency Management Service LLC Regency Properties REI Real Estate Services, LLC Reliance Housing Foundation RiverRock Real Estate Group RM Crowe Company The RREEF Funds Robert Bass Organization Rockwell Management Ronus Properties Royal Management and Development, Inc. The Rubin Organization, Inc. Ryan Properties Sagamore Equities LLC Sares-Regis Group Scanlon Kemper Bard Schaedle Worthington Hyde Properties Scheer Partners Schnitzer Northwest, LLC SCI Real Estate Investments Seawood Solutions and Services, Inc. Security Properties The Seeley Company Senterra Real Estate Group, LLC Sentinel Real Estate Corporation Sequoia Equities, Inc. Shea Properties The Shidler Group The Shooshan Company Shorenstein Company, LP SIMA Corporation Simpson Property Group SkyWest Properties Slenker Land Corporation Smith Mack/ONCOR International Soaring Heights Communities, LLC The Sobrato Organization Somera Capital Management Southern Land Company Southview Investment Corporation Southwest Residential Partners, Inc. Sovereign Partners, LLC. Spaulding & Slye Colliers Spectrum Properties Sperry Van Ness Asset Management & Leasing SSR Realty Advisors, Inc. Standard Insurance Stellar Development & Management Stewart Title of California, Inc. STG Asset Management, Inc. Stiles Corporation Stirling Enterprises Studley Sun Communities, Inc. The Sundance Company Terranomics Texas Apartment Association Thalhimer Commercial Real Estate Thomas Property Group TIC Holdings, Inc. Tierra Vista Communities, LLC TMT Development Company, Inc. The Towbes Group, Inc. Tower Management Service, L.P. TPMC Realty Corporation Trammell Crow Company Trammell Crow Residential Transatlantic Group, Ltd. Transcontinental Corporation Transwestern Transworld Properties Travers Realty Trinity Properties Triumph Management The Trump Group Unico Properties, Inc. Union Investment Real Estate AG United Commercial Realty United Dominion Realty Trust United Properties Urban Partners, LLC USA Properties Fund Inc. Utah Apartment Association Van Metre Management Ventana Property Services, Inc. Village Green Management Co. W & M Properties Walden Residential Properties, Inc. Wallick Companies Washington Management Office Washington Real Estate Investment Trust The Watermarke Companies Waterton Residential Watson Land Company Watt Companies Wealth Capital Management, Inc. Weingarten Realty Investors Weirick Management Company Weitzman Group Welbourne Management Westcore Properties Western National Property Management Western Rim Property Services, LP Westwood Financial Corporation Whitestone REIT Wilcox Realty Group The William Lyon Property Mgmt. Co. William R. Hough & Co. Wilmorite, Inc. Wilshire Holdings Wilson-Cornerstone Properties The Woodlands The Woodmont Companies