Presentation and Reporting:
　　When appropriate, firms have the responsibility to include otherinformation not necessarily covered by the Standards in a GIPS-compliantpresentation.
　　（1）2010 version newly requires that firms present information about thehistorical variability of composite and benchmark returns. For periods endingon or after 1 Jan 2011, firms must present, as of each annual period end, the three-yearannualized ex post standard deviation (using monthly returns) for thecomposite and the benchmark.
　　（2）Returns for periods of less than one year must not beannualized
　　（3）The percentage of the non-fee-paying portfolios if it shows up
　　（4）Firms are required to present, at a minimum, 5 years of annual investmentperformance that is compliant with the GIPS standards. If the firms orcomposite has been in existence less than 5 years, the firm must presentperformance since the inception of the firm or composite;
　　（5）After a firm presents 5 years of compliant history, the firm mustpresent additional annual performance up to 10 years, at a minimum. Forexample, after a firm presents 5 years of compliant history, the firm must addan additional year of performance each year so that after 5 years of claimingcompliance, the firm presents a 10-year performance record.
　　（6）Firms may link a non-GIPS-compliant performance record to theircompliant history so long as no noncompliant performance is presented after 1January 2000 and the firm discloses the periods of noncompliance and explainshow the presentation is not in compliance with the GIPS.
　　6. Real Estate:
　　These provisions apply to all investments where returns are primarilyfrom the holding, trading, development, or management of real estate assets.Real estate includesland, buildings under development, completed buildings,and other structures or improvements held for investment purposes. The provisionsapply regardless of the level of control the firm has over management of theinvestment. The provisions apply irrespective of whether a real estate asset orinvestment is producing revenue. They also apply to real estate investmentswith leverage or gearing.
　　Requirements:
　　l  Value in accordance with the definition of fair value and the GIPSValuation Principles
　　l  Before 2012-1-1, external valuation at least every 36 months.After, at least every 12 months unless ruled by agreement with the client (atleast every 36 months)
　　l  External valuations must  beperformed by an independent externalprofessionally designated, certified orlicensed commercial property valuer/appraiser.
　　l  Transaction expenses deducted, income and capital returns separatedand based on geometrically linked time-weighted capital employed
　　l  Disclosures about the methods and frequency of valuations
　　l  Component returns in gross-of-fees or net-of-fees at least quarterly
　　l  Calculating annualized SI-IRR(since inception IRR) using quarterlycash flows minimum
 
　　（1） firms must present as of each annual period end, the cumulativecommitted capital, since-inception paid-in capital, and since-inceptiondistributions. In addition,  theinvestment multiple (TVPI), the realization multiple (DPI), the PIC multipleand RVPI.
　　（2）Committed capital: the capital pledgedto the investment vehicle
　　（3）Paid-in capital: the amount of committedcapital that has been drawn down
　　（4）TVPI: total value to since-inceptionpaid-in capital
　　total value: since-inception distributions to date plus theend-of-period residual value
　　（5）DPI: realization multiple, the ratio ofsince-inception distributions to since-inception paid-in capital
　　（6）PIC multiple: the ratio ofsince-inception paid-in capital to committed capital
　　（7）RVPI: unrealized multiple, the ratio ofresidual value to since-inception paid-in capital
　　
　　　　
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