TAILIEUCHUNG - Global Real Estate Investment Trust Report 2010: Against all odds

We are also gaining industry recognition for projects around the globe. at a trophy class a office building in los angeles, California, we worked with the property managers to perform extensive retrofits on lighting and water systems, expanded building and tenant recycling programs, and ensured that all janitorial products were lEED-compliant and Green seal-certified. the property consistently achieves EnERGy staR labels, and in 2009, received a lEED-Eb o&M silver certification. in 2010, RREEF Real Estate purchased the first property in Wroclaw, poland to be certified under the Eu Greenbuilding programme, which requires a 25 percent energy saving over local standards. the. | Now in its fourth year the Ernst Young Global Real Estate Investment Trust Report is intended to help real estate investment trusts REITs and other property investors to make more informed investment decisions in regard to the REIT market. The report includes Global comparisons of REIT markets by size volume returns balance sheet and income measures An in-depth discussion of four of the largest REIT markets in the world the United States Australia Japan and the United Kingdom An update on China examining the drivers and hurdles to implementing a REIT regime in this important new market Global comparison issues - how tax differences interfere with country-to-country comparisons Analysis informed by local insight This year s report again includes local intelligence and insight from the Ernst Young professionals who work with REITs in the markets analyzed. We asked our local teams to discuss their respective markets with local REIT organizations and assess why some countries held up better under the onslaught of financial and economic uncertainty. We also asked for their outlooks on their local markets. We hope you will find this year s report valuable and that it helps to broaden your understanding of global REIT trends. Robert W. Lehman Global Director of REITs Ernst Young LLP Howard S. Roth Global Leader of Real Estate Ernst Young LLP Global REIT Report 2010 Against all odds

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