Select Client List of CEL & Associates, Inc.

The following is a partial list of those real estate organizations 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.

Acadia Realty Trust Actus Lend Lease Advance Realty Group Advanced Construction Services Advantis AIMCO AIMCO Senior Living A.J. Dwoskin & Associates, Inc. Albert B. Ashforth, Inc. ALCO Holdings, LLC 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 Management Company AMCAL Communities, Inc. American Apartment Communities American Express Real Estate Services American Management Services American Realty Advisors American Retail Group American Spectrum Realty, Inc. American Trading Real Estate American Ventures Corporation AMLI Residential Properties Trust AMRESCO Advisors, Inc. The Apartment Network Apartment Realty Advisors Archon Group Archstone-Smith Communities Arden Realty Army Hawaii Family Housing, LLC Arnel Management Company Aronov Realty Management Artery Group Associated Estates Realty Corp. Atapco Properties, Inc. AvalonBay Communities 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 Ben Tobin Companies, Ltd. Benj. E. Sherman & Sons, Inc. Biltmore Farms, Inc. Birtcher Anderson Properties, Inc. Birtcher Enterprises Blake Real Estate, Inc. Block & Company, Inc., Realtors Blue Capital Management, Inc. BOMA Bonita Bay Group Boston Capital Partners, Inc. Boston Properties, Inc. Boyle Investment Company Bozzuto & Associates Braden Fellman Group, Ltd. Brandywine Realty Trust BRE Commercial NAI Brio Properties Broadway Medical Management Broe Real Estate Services, Inc. Brookfield Commercial Properties Burnham Real Estate Services Buyers Access 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. Carlson Real Estate Company Carmel Property Management, Inc. CarrAmerica Realty Corporation Carson Companies Carter & Associates Caruso Affiliated Holdings Cassidy & Pinkard Castlebrook Realty Group Catellus Development Corporation Cathcart Management, LLC CB Richard Ellis CBL Partners Cencor Realty Services, Inc. CenterPoint Properties Trust Central Management Services ChainLinks Chamberlin Associates Chaney, Brooks & Company Charles Dunn Company Charles Glen, LLC Chateau Communities, Inc. Chicago Board of Trade Childress Klein Properties Clark & Clark CMD Realty Investors, Inc. Codina Real Estate Management The Cogdell Group Cole Companies College Life Development Corp. Colliers International Colliers Monroe Friedlander Colliers Pinkard 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 ConAm Management Corporation Connolly Realty Services, Inc. Consolidated Realty Group Continental Realty Corporation Corcoran Management Company Core Network Cornerstone Industrial Properties LLC 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 Cousins Properties, Inc. Cousins Stone CPG, Inc. Craig Davis Properties Cranbrook Group, Inc. Creekstone Builders, Inc. Crescent Real Estate Equities, Ltd. Crescent Resources Inc. Crosland Group Crown Properties, Inc. Curtin Property Company Cushman & Wakefield Cushman & Wakefield LePage CWS Apartment Homes, LLC DalMac Companies David Nassif Company Davis Partners 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&S Ring Management Corporation Eastern Realty Investment Mgmt. Eastman Management Corp. Echelon Residential LLC ECOM Real Estate Edens & Avant. E.I.G. – Equity Investment Group Ellis-Trick, Inc. Embrey Partners, Ltd. Entergy EPT Management Company Equity Advisors, Inc. Equity Bank Etkins Equities Eugene Burger Management Corp. Ezralow Company Fairfield Properties, Inc. Famous Footwear Fenley Real Estate First Industrial Realty Trust, Inc. First Worthing Company Focus Management Fogelman Management Group Forestar Fort Campbell Family Housing LLC Fort Drum Mountain Community Homes Fox Realty Co. 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 Greystar Management Services Grosvenor Canada Grosvenor USA Group One Investments Grubb & Ellis Grubb & Ellis Bissell Patrick Grubb & Ellis West Shell Commercial The Grupe Company Gumenick Properties 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 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 Inland Southeast Property Management Corp. Inland Southern Management Institute of Real Estate Management Interland Corporation Intrawest Corporation INVESCO Realty Advisors, Inc. Investment Development Services IRT Property Company Irvine Apartment Management Company J.I. Kislak, Inc. J.J. Barnicke, Ltd. [Canada] JCM Partners JMI Realty The John Akridge Companies John Burnham & Company Jonathan Rose Companies Jones Lang LaSalle JPI Luxury Living Julian LeCraw & Company, Inc. 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 Koll Development Company 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 Lionstone Group Lincoln Property Company The Lipton Group LNR Property Corporation Loeb Properties, Inc. Loews Hotels Logistics Management Institute Lowe Enterprises, Inc. The Lurie Company Macfarlan Real Estate Services Mack-Cali Realty Corporation Madison Marquette Retail Services Makowsky Ringel Greenberg The Mall Corp. Manco Abbott, Inc. Mansur Real Estate Services, Inc. Marcus & Millichap Mark IV Capital, Inc. MAXXAM Property Management McCandless Companies McCord Development, Inc. McKee Group McKinley Apartment Homes Meadowood Investors, LLC Means Knaus Meredith & Grew, Inc. Merritt Properties, LLC Metric Property Management, Inc. MetroNational

Metropolitan Realty Associates LLC Metzler Realty Advisors, Inc. 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 Hunneman Commercial NAIOP National Apartment Association 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 Northco Management Services Nottingham Properties, Inc. Ohana Military Communities, LLC Omni Properties, Inc. ONCOR International Pace Properties Pacific Living Properties, Inc. Pacific Medical Buildings Pacific Real Estate Partners Palms Associates Parkway Properties, Inc. PCS Property Management Pinnacle Realty Management Co. The Pizzuti Companies Place Properties PM Realty Advisors PM Realty Group Polacheck Property Management Port Authority of New York Premysis Real Estate Services Prescott Realty Group Principal Capital Management Prometheus Real Estate Group Property One, Inc. Public Storage Business Parks QDC Property Management, Inc. Quadrant/KMS Management Services R & B Realty Group Ram Realty Rayonier Real Estate Capital Partners 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 Schaedle Worthington Hyde Properties Scheer Partners Schnitzer Northwest, LLC SCI Real Estate Investments Seawood Solutions and Services, Inc. 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 Sobrato Development Companies Somera Capital Management Southern Land Company Southwest Residential Partners, Inc. Sovereign Partners, LLC. Spaulding & Slye Colliers Spectrum Properties Sperry Van Ness Asset Management & Leasing Spieker Properties SSR Realty Advisors, Inc. Stellar Development & Management Stewart Title of California, Inc. STG Asset Management, Inc. Stiles Corporation Stirling Properties Sun Communities, Inc. The Sundance Company Terranomics Texas Apartment Association Thomas Property Group TMT Development Company, Inc. The Towbes Group, Inc. Tower Management Service, L.P. The Town & Country Trust TPMC Realty Corporation Trammell Crow Company Trammell Crow Residential Transatlantic Group, Ltd. Transcontinental Corporation Transwestern Property Company Transworld Properties Travers Realty Trinity Properties The Trump Group Unico Properties, Inc. 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 Watson Land Company Watt Enterprise Watt Family Properties Weingarten Realty Investors Weitzman Group Westcore Properties Western National Property Management Western Rim Property Services, LP Westwood Financial Corporation Wilcox Realty Group The William Lyon Property Mgmt. Co. William R. Hough & Co. Wilmorite, Inc. Wilson-Cornerstone Properties The Woodmont Companies