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FINRA) Tj ET Q q 0 0 0 rg BT 310.54 689.25 Td ( 09-09 acknowledges that, during an of) Tj ET Q q 0 0 0 rg BT 466.70 689.25 Td (fering, it may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (reasonable for broker) Tj ET Q q 0 0 0 rg BT 121.31 677.25 Td (-dealers to report on a customer) Tj ET Q q 0 0 0 rg BT 248.58 677.25 Td () Tj ET Q q 0 0 0 rg BT 251.36 677.25 Td (s account statement the value at which the shares are then being of) Tj ET Q q 0 0 0 rg BT 517.19 677.25 Td (fered to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (public as the estimated value of such shares. However) Tj ET Q q 0 0 0 rg BT 251.92 665.25 Td (, according to FINRA) Tj ET Q q 0 0 0 rg BT 338.57 665.25 Td ( 09-09, broker) Tj ET Q q 0 0 0 rg BT 395.30 665.25 Td (-dealers may no longer use the of) Tj ET Q q 0 0 0 rg BT 528.41 665.25 Td (fering price ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (of shares on a customer account statement more than 18 months following the conclusion of an of) Tj ET Q q 0 0 0 rg BT 427.39 653.25 Td (fering. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 626.85 Td (Previously) Tj ET Q q 0 0 0 rg BT 103.13 626.85 Td (, to assist broker) Tj ET Q q 0 0 0 rg BT 168.48 626.85 Td (-dealers in complying with FINRA) Tj ET Q q 0 0 0 rg BT 307.90 626.85 Td ( 09-09, the board of directors of Hines Real Estate Investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 614.85 Td (T) Tj ET Q q 0 0 0 rg BT 41.76 614.85 Td (rust, Inc. \(the Company\) established an estimated value per share in May 201) Tj ET Q q 0 0 0 rg BT 359.62 614.85 Td (1 of $7.78. In order to assist broker) Tj ET Q q 0 0 0 rg BT 500.22 614.85 Td (-dealers in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 602.85 Td (remaining in compliance with FINRA) Tj ET Q q 0 0 0 rg BT 187.64 602.85 Td ( 09-09, on November 29, 2012, the Company) Tj ET Q q 0 0 0 rg BT 372.06 602.85 Td (s board of directors established a new estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 590.85 Td (value per share of the Company's common stock of $7.61. It is currently anticipated that the estimated value per share will continue to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 578.85 Td (be calculated at least every 18 months, unless the board of directors determines to update the estimate more frequently in its discretion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 566.85 Td (or if required by FINRA) Tj ET Q q 0 0 0 rg BT 133.21 566.85 Td ( rules. ) Tj ET Q q 0 0 0 rg BT 159.59 566.85 Td (As a result of this new estimated value per share, participants in the Company) Tj ET Q q 0 0 0 rg BT 473.95 566.85 Td (s dividend reinvestment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 554.85 Td (plan will acquire shares at a fixed price of $7.61 per share beginning with distributions declared for the fourth quarter of 2012, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 542.85 Td (are expected to be paid on January 1, 2013. ) Tj ET Q q 0 0 0 rg BT 211.22 542.85 Td (Additionally) Tj ET Q q 0 0 0 rg BT 261.12 542.85 Td (, beginning on December 31, 2012, any shares redeemed under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 530.85 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 530.85 Td (s share redemption program will be redeemed at a price of $7.61 per share, rather than at the current redemption price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 518.85 Td ($7.78 per share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 494.85 Td (The primary drivers of the change in the estimated per share value from $7.78 in May 201) Tj ET Q q 0 0 0 rg BT 421.35 494.85 Td (1 to $7.61 in November 2012 are as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 482.85 Td (follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 464.85 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 464.85 Td ($0.32 per share net increase in the aggregate value of the Company) Tj ET Q q 0 0 0 rg BT 368.56 464.85 Td (s real estate investments, which represents a 4.4% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 452.85 Td (net increase in value;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 434.85 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 434.85 Td ($0.15 per share reduction resulting from capital returned to the Company) Tj ET Q q 0 0 0 rg BT 392.19 434.85 Td (s stockholders through quarterly distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 422.85 Td (for the period from July 1, 201) Tj ET Q q 0 0 0 rg BT 219.66 422.85 Td (1 through October 1, 2012. ) Tj ET Q q 0 0 0 rg BT 330.30 422.85 Td (These payments represent the portion of the quarterly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 410.85 Td (distributions that were designated as special distributions of gains and returns of capital from the sales of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 398.85 Td (Company) Tj ET Q q 0 0 0 rg BT 138.67 398.85 Td (s real estate investments, as previously disclosed in the Company's Quarterly Reports on Form 10-Q and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 386.85 Td (other filings with the Securities and Exchange Commission; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 368.85 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 368.85 Td ($0.23 per share reduction resulting from market adjustments related to the valuation of the Company) Tj ET Q q 0 0 0 rg BT 502.72 368.85 Td (s debt, primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 356.85 Td (due to the increased availability of low interest rate financing; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 338.85 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 338.85 Td ($0.09 per share reduction related to an increase in the value of the noncontrolling interests, which is primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 326.85 Td (attributable to the Participation Interest, which is described below) Tj ET Q q 0 0 0 rg BT 359.33 326.85 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 300.45 Td (Methodology ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 274.05 Td (Consistent with the Company) Tj ET Q q 0 0 0 rg BT 180.39 274.05 Td (s last valuation in May 201) Tj ET Q q 0 0 0 rg BT 288.61 274.05 Td (1, the Company engaged ) Tj ET Q q 0 0 0 rg BT 390.35 274.05 Td (W) Tj ET Q q 0 0 0 rg BT 398.99 274.05 Td (eiserMazars, LLP) Tj ET Q q 0 0 0 rg BT 469.70 274.05 Td ( \(W) Tj ET Q q 0 0 0 rg BT 488.61 274.05 Td (eiser"\), an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 262.05 Td (independent third party real estate advisory and consulting services firm, to review market value estimates of the Company's real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 250.05 Td (estate investments as of September 30, 2012. ) Tj ET Q q 0 0 0 rg BT 218.28 250.05 Td (Their review was performed in accordance with Uniform Standards of Professional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 238.05 Td (Appraisal Practice. In their report, ) Tj ET Q q 0 0 0 rg BT 174.93 238.05 Td (W) Tj ET Q q 0 0 0 rg BT 183.57 238.05 Td (eiser found the basic assumptions and the individual market value estimates of the Company) Tj ET Q q 0 0 0 rg BT 556.54 238.05 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 226.05 Td (real estate investments to be fair and reasonable. ) Tj ET Q q 0 0 0 rg BT 231.76 226.05 Td (Additionally) Tj ET Q q 0 0 0 rg BT 281.66 226.05 Td (, the Company engaged Jones Lang LaSalle \(JLL\), an independent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 214.05 Td (third party real estate advisory and consulting services firm, to provide values of the Company's debt obligations as of September 30, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 202.05 Td (2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 178.05 Td (As of September 30, 2012, the Company) Tj ET Q q 0 0 0 rg BT 225.09 178.05 Td (s estimated per share value was calculated as follows \(amounts in thousands except per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 166.05 Td (share information\):) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 36.00 157.05 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 130.55 370.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 130.55 10.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 130.55 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 130.55 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 130.55 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 102.55 370.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 102.55 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 102.55 87.00 -15.00 re f /GS0 gs 0.8 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58.549999999999955 m 503.5 58.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 72.54999999999995 m 576.5 72.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 60.549999999999955 m 576.5 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 58.549999999999955 m 576.5 58.549999999999955 l s BT /F2 12.00 Tf ET q 0 0 0 rg BT 39.00 135.68 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 42.00 135.68 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.60 135.23 Td (EstimatedValue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.90 135.23 Td (PerShare) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 121.12 Td (Real estate investments, including unconsolidated subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 121.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.65 121.12 Td (3,015,268) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.00 121.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 121.12 Td (13.02) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 107.12 Td (Cash and other assets, net of other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.50 107.12 Td (170,253) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.50 107.12 Td (0.73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 93.12 Td (Debt obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.30 92.22 Td (\(1,327,644\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 92.22 Td (\(5.73\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 78.12 Td (Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 77.22 Td (\(94,495\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.80 77.22 Td (\(0.41\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 63.28 Td (Estimated value / value per share) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 419.00 63.28 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.65 63.28 Td (1,763,382) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.00 63.28 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 555.15 63.28 Td (7.61) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 749.25 Td (Real estate investments, including unconsolidated subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.69 749.25 Td ( ) Tj ET Q q 0 0 0 rg BT 325.51 749.25 Td (The estimated market values of the Company) Tj ET Q q 0 0 0 rg BT 509.90 749.25 Td (s real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 737.25 Td (investments, which were reviewed by ) Tj ET Q q 0 0 0 rg BT 212.11 737.25 Td (W) Tj ET Q q 0 0 0 rg BT 220.74 737.25 Td (eiser as described above, were primarily determined using methodologies that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 725.25 Td (commonly used in the commercial real estate industry \(including discounted cash flow analyses and reviews of current, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 713.25 Td (historical and projected capitalization rates for properties comparable to those owned by the Company\) and assume a 10-year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 701.25 Td (holding period. Other key assumptions that were used in the discounted cash flow analysis are set forth in the following table: ) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 36.00 692.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 39.50 658.75 375.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 658.75 9.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 658.75 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 658.75 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 658.75 54.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 658.75 m 502.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 658.75 m 571.5 658.75 l s BT /F2 12.00 Tf ET q 0 0 0 rg BT 42.00 663.88 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 45.00 663.88 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.85 663.43 Td (Range) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 523.70 672.48 Td (Weighted) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 526.60 662.48 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 42.00 649.32 Td (Exit capitalization rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 649.21 Td (5.44% 10.00%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.35 650.01 Td (7.43%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 42.00 635.32 Td (Discount rate/internal rate of return) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.50 634.21 Td (6.24% 12.25%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.35 636.01 Td (7.96%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 7.50 Tf ET q 0 0 0 rg BT 36.00 621.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 609.25 Td (Cash and other assets, net of other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.80 609.25 Td ( Cash and other assets and liabilities were valued based on the amounts recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 597.25 Td (for reporting purposes less estimated reserves for doubtful accounts. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.00 570.85 Td (Debt obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.50 570.85 Td ( ) Tj ET Q q 0 0 0 rg BT 137.32 570.85 Td (The Company engaged JLL) Tj ET Q q 0 0 0 rg BT 248.31 570.85 Td ( to provide values of the Company's debt obligations as of September 30, 2012. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 558.85 Td (Such values were based on estimates of current interest rates and leverage levels for similar obligations and then marked to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 546.85 Td (market. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 520.45 Td (Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.30 520.45 Td ( ) Tj ET Q q 0 0 0 rg BT 173.12 520.45 Td (The value of interests in the Company owned by af) Tj ET Q q 0 0 0 rg BT 377.60 520.45 Td (filiates of Hines Interests Limited Partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 508.45 Td (\("Hines"\) was determined based on their interest in each of the items described above. ) Tj ET Q q 0 0 0 rg BT 409.66 508.45 Td (As of September 30, 2012, Hines 2005 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 496.45 Td (VS I LP) Tj ET Q q 0 0 0 rg BT 94.67 496.45 Td (, an af) Tj ET Q q 0 0 0 rg BT 119.20 496.45 Td (filiate of Hines, owned a 0.5% interest in Hines REIT) Tj ET Q q 0 0 0 rg BT 333.69 496.45 Td ( Properties, L.P) Tj ET Q q 0 0 0 rg BT 394.80 496.45 Td (. \(the Operating Partnership\). ) Tj ET Q q 0 0 0 rg BT 522.53 496.45 Td (Additionally) Tj ET Q q 0 0 0 rg BT 572.43 496.45 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 484.45 Td (as of September 30, 2012, HALP) Tj ET Q q 0 0 0 rg BT 195.67 484.45 Td ( ) Tj ET Q q 0 0 0 rg BT 197.61 484.45 Td (Associates Limited Partnership \(HALP\), another af) Tj ET Q q 0 0 0 rg BT 411.81 484.45 Td (filiate of Hines, owned a 4.6% limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 472.45 Td (partnership interest in the Operating Partnership through a profits interest in the Operating Partnership \(the Participation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 460.45 Td (Interest\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 63.00 436.45 Td (Liquidity discount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.23 436.45 Td ( No liquidity discounts or discounts relating to the fact that the Company is externally managed were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 424.45 Td (applied to the estimated per) Tj ET Q q 0 0 0 rg BT 173.32 424.45 Td (-share valuation and no attempt was made to value the Company as an enterprise.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 400.45 Td (Based on the information above, and in consultation with the Company) Tj ET Q q 0 0 0 rg BT 347.00 400.45 Td (s advisor) Tj ET Q q 0 0 0 rg BT 382.43 400.45 Td (, Hines ) Tj ET Q q 0 0 0 rg BT 412.71 400.45 Td (Advisors L.P) Tj ET Q q 0 0 0 rg BT 464.39 400.45 Td (. \(the Advisor\), the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 388.45 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 388.45 Td (s board of directors unanimously agreed upon an estimated per share value of $7.61, which is consistent with the ) Tj ET Q q 0 0 0 rg BT 530.61 388.45 Td (Advisor) Tj ET Q q 0 0 0 rg BT 563.20 388.45 Td () Tj ET Q q 0 0 0 rg BT 565.98 388.45 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 376.45 Td (recommendation. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 350.05 Td (Limitations of the Estimated V) Tj ET Q q 0 0 0 rg BT 161.01 350.05 Td (alue per Share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 323.65 Td (As with any valuation methodology) Tj ET Q q 0 0 0 rg BT 203.67 323.65 Td (, each methodology used to determine the estimated value per share was based upon a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 311.65 Td (number of assumptions, estimates and judgments that may not be accurate or complete. Further) Tj ET Q q 0 0 0 rg BT 416.89 311.65 Td (, dif) Tj ET Q q 0 0 0 rg BT 432.82 311.65 Td (ferent parties using dif) Tj ET Q q 0 0 0 rg BT 522.88 311.65 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 299.65 Td (property-specific and general real estate and capital market assumptions, estimates, judgments and standards could derive an estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 287.65 Td (value per share, that could be significantly dif) Tj ET Q q 0 0 0 rg BT 219.09 287.65 Td (ferent from the estimated value per share determined by the Company) Tj ET Q q 0 0 0 rg BT 501.77 287.65 Td (s board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 275.65 Td (directors. For example, assuming all other factors remain constant, a 5% increase in the value of the Company) Tj ET Q q 0 0 0 rg BT 479.75 275.65 Td (s real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 263.65 Td (investments would increase the estimated value per share by $0.70. ) Tj ET Q q 0 0 0 rg BT 307.41 263.65 Td (The estimated value per share determined by the Company) Tj ET Q q 0 0 0 rg BT 545.66 263.65 Td (s board ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 251.65 Td (of directors does not represent the fair value of the Company's assets less liabilities in accordance with U.S. generally accepted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 239.65 Td (accounting principles, and such estimated value per share is not a representation, warranty or guarantee that \(i\) a stockholder would be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 227.65 Td (able to realize the estimated share value if such stockholder attempts to sell his or her shares; \(ii\) a stockholder would ultimately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 215.65 Td (realize distributions per share equal to the estimated value per share upon the Company's liquidation or sale; \(iii\) shares of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 203.65 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 203.65 Td (s common stock would trade at the estimated value per share on a national securities exchange; \(iv\) a third party would of) Tj ET Q q 0 0 0 rg BT 564.83 203.65 Td (fer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 191.65 Td (the estimated value per share in an arm) Tj ET Q q 0 0 0 rg BT 195.10 191.65 Td (s-length transaction to purchase all or substantially all of the Company's shares of common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 179.65 Td (stock; or \(v\) the methodologies used to estimate the value per share would be acceptable to FINRA. In addition, the Company can ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 167.65 Td (make no claim as to whether the estimated value will or will not satisfy the applicable annual valuation requirements under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 155.65 Td (Employee Retirement Income Security ) Tj ET Q q 0 0 0 rg BT 193.73 155.65 Td (Act of 1974, as amended \("ERISA"\) and the Internal Revenue Code of 1986, as amended \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 143.65 Td ("Code"\) with respect to employee benefit plans subject to ERISA) Tj ET Q q 0 0 0 rg BT 297.16 143.65 Td ( and other retirement plans or accounts subject to Section 4975 of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 131.65 Td (Code that are investing in the Company) Tj ET Q q 0 0 0 rg BT 197.64 131.65 Td (s shares. ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 749.10 Td (Further) Tj ET Q q 0 0 0 rg BT 90.04 749.10 Td (, the estimated value per share was calculated as of a moment in time, and, although the value of the Company) Tj ET Q q 0 0 0 rg BT 534.62 749.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (common shares will fluctuate over time as a result of, among other things, developments related to individual assets, changes in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (real estate and capital markets, sales of assets, the distribution of sales proceeds to the Company) Tj ET Q q 0 0 0 rg BT 423.39 725.10 Td (s stockholders and changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (corporate policies such as the Company) Tj ET Q q 0 0 0 rg BT 197.90 713.10 Td (s dividend level relative to earnings, the Company does not undertake to update the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (value per share on a regular basis. ) Tj ET Q q 0 0 0 rg BT 173.72 701.10 Td (As a result, stockholders should not rely on the estimated value per share as being an accurate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (measure of the then-current value of shares of the Company) Tj ET Q q 0 0 0 rg BT 278.41 689.10 Td (s common stock in making a decision to buy or sell shares of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 677.10 Td (s common stock, including whether to reinvest distributions by participating in the dividend reinvestment plan. ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.85 737.10 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 737.10 Td (TURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 280.05 713.10 Td (Act of 1934, the registrant has duly caused this report to be signed on its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (behalf by the undersigned thereunto duly authorized.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 635.6 m 447.5 635.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.00 669.17 Td (HINES REAL ESTATE INVESTMENT TRUST, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 641.17 Td (November 30, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.00 641.17 Td (By:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 641.17 Td (/s/J. Shea Mor) Tj ET Q q 0 0 0 rg BT 338.82 641.17 Td (genroth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 626.17 Td (J. Shea Mor) Tj ET Q q 0 0 0 rg BT 326.87 626.17 Td (genroth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 611.17 Td (Chief ) Tj ET Q q 0 0 0 rg BT 303.17 611.17 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 362.69 611.17 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 400.26 611.17 Td (T) Tj ET Q q 0 0 0 rg BT 406.02 611.17 Td (reasurer) Tj ET Q BT /F2 10.00 Tf ET BT /F1 9.00 Tf ET endstream endobj 13 0 obj <> /View <>>>>> endobj 14 0 obj <> /View <>>>>> endobj 15 0 obj <> endobj 16 0 obj <> endobj 17 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;