monthly company chart book - epra...country garden holdings hong kong 27 federal realty inv * usa...

Monthly Company Chart BookMarch 2009

In association with:

Graph 2 displays the companies' 12-month dividend yield.

* Companies marked with * throughout this report are tax-transparent.

MARCH2

EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com

NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com

DATE: MARCH 2009 CONTACT DETAILS:

3/31/2009

Customised versions of these graphs (i.e. performance over a longer/shorter period,different rebase dates, combinations of graphs etc.) are available upon request:please contact Laurens te Beek ([email protected]).

Graph 3 of this Chart Book shows the correlations of each company with the various

indices.

Introduction

This Monthly Company Chart Book is a reference document that aims to present aquick and complete profile of all the constituents of the FTSE EPRA/NAREIT GlobalReal Estate Index, through a number of charts:

For each company, graph 1 presents a comparison of its 12-month rolling

performance against:

- its respective country index,- its respective regional index,- its respective sector index (on a regional basis),- its respective investment focus index (on a regional basis),- its respective REIT/Non-REIT index (on a regional basis),- its respective country blue chip index, and- its respective bond index (on a regional basis).

All performance charts have been rebased to an index value of 1000 on 31 March2008.

Sample Chart

0

200

400

600

800

1,000

1,200

1,400

1,600

Dates

Company -44%

Country Index -33%

Regional Index -22%

Sector Index -11%

Investment Focus Index 11%

REIT/Non-REIT Index 22%

Blue Chip Index 33%

Bond Index 44%

Alfabetical Index of Companies Page 289 Section 4 - Emerging Markets & AIM

Page 9 Section 1 - Developed Asia Page 290 Section 4.1 - Brazil

03 Section 4.2 - China

Page 10 Section 1.1 - Australia Page 310 Section 4.3 - Egypt

Page 22 Section 1.2 - Hong Kong Page 312 Section 4.4 - India

Page 43 Section 1.3 - Japan Page 319 Section 4.5 - Indonesia

Page 66 Section 1.4 - New Zealand Page 323 Section 4.6 - Malaysia

Page 68 Section 1.5 - Singapore Page 329 Section 4.7 - Mexico

Page 335 Section 4.8 - Philippines

Page 79 Section 2 - Developed Europe Page 342 Section 4.9 - Poland

Page 345 Section 4.10 - South Africa

Page 80 Section 2.1 - Austria Page 356 Section 4.11 - South Korea

Page 83 Section 2.2 - Belgium Page 358 Section 4.12 - Taiwan

Page 90 Section 2.3 - Finland Page 360 Section 4.13 - Thailand

Page 94 Section 2.4 - France Page 370 Section 4.14 - Turkey

Page 105 Section 2.5 - Germany Page 372 Section 4.15 - AIM

Page 114 Section 2.6 - Greece

Page 118 Section 2.7 - Italy Page 391 Section 5 - Details on Methodology

Page 121 Section 2.8 - Netherlands

Page 129 Section 2.9 - Norway Page 393 Section 6 - Data Vendor Codes

Page 131 Section 2.10 - Sweden

Page 138 Section 2.11 - Switzerland Page 406 Contacts

Page 143 Section 2.12 - United Kingdom

Page 407 Disclaimer

Page 172 Section 3 - Developed North America

Page 173 Section 3.1 - Canada

Page 190 Section 3.2 - United States

For an explanation of the graphs and details on the calculation, please refer to Section 5.

A disclaimer applies to this document. Please refer to page 407.

MARCH3




3/31/2009

Contents

Company Country Page Company Country Page

Ablon Group AIM 373 Brascan Residential Properties SA Brazil 291

Acadia Realty Trust * USA 191 BRE Properties * USA 204

Acanthe Developpement * France 95 British Land * UK 145

Aeon Mall Co ltd Japan 44 Brixton * UK 146

Affine * France 96 Brookfield Props Canada 176

Agile Property Holdings Hong Kong 23 Bunnings Warehouse Prop * Australia 11

Agree Realty Corp * USA 192 CA Immobilien Anlage Austria 81

Alexander's Inc. * USA 193 Calloway REIT * Canada 177

Alexandria Real Estate * USA 194 Camargo Correa Desenvolvimento Imobiliario S/A Ord Brazil 293

Allied Properties REIT * Canada 174 Camden Property Trust * USA 205

Allreal Switzerland 112 Canadian Apartment Props * Canada 178

Alstria Office * Germany 106 Canadian REIT * Canada 179

Amata Corp Thailand 361 CapitaCommercial Trust * Singapore 70

AMB Property * USA 195 Capitaland Singapore 71

American Campus Communities * USA 196 Capitamall Trust * Singapore 72

Ansal Properties & Infrastructure India 313 Carpathian AIM 376

Apartment Investment * USA 197 Castellum Sweden 132

Apexhi Properties -A- South Africa 346 CBL & Associates Props * USA 206

Apexhi Properties -B- South Africa 347 Cedar Shopping Centers * USA 207

Apexhi Properties -C- South Africa 348 Central Pattana Thailand 363

Ascendas REIT * Singapore 69 CFS Retail Property Trust * Australia 12

Ashford Hospitality * USA 198 Champion REIT * Hong Kong 24

Asian Property Development Thailand 362 Chartwell Seniors Housing REIT * Canada 180

Associated Estates Realty * USA 199 China Merchants Prop (B) China 305

Atlas Estates AIM 374 China Overseas Land Hong Kong 25

Avalonbay Communities * USA 200 China Real Estate Opportunities AIM 377

Ayala Land Philippines 336 China Resources Land Hong Kong 26

Babis Vovos Greece 115 Ciputra Develop Indonesia 321

Bakrieland Devel Indonesia 320 Citycon OYJ Finland 91

Befimmo * Belgium 84 CLS Holdings UK 147

Beijing North Star (H) China 304 Cmnwealth Prop Office * Australia 13

Beni Stabili Italy 119 Cofinimmo * Belgium 85

Big Yellow Group * UK 144 Colonia Real Estate Germany 107

BioMed Realty Trust * USA 201 Colonial Properties * USA 208

Boardwalk REIT * Canada 175 Cominar REIT * Canada 181

Boston Properties * USA 202 Consorcio Ara Mexico 330

BR Malls Participacoes S/A Ord Brazil 292 Conwert Immobilien Austria 82

Brandywine Realty Trust * USA 203 Corio * Netherlands 122

MARCH4




3/31/2009

Alfabetical Index of Companies


Corporate Office Props * USA 209 F&C Commercial Prop UK 151

Corrections Corp of America USA 210 Fabege Sweden 133

Country Garden Holdings Hong Kong 27 Federal Realty Inv * USA 227

Cousins Properties * USA 211 Felcor Lodging Trust * USA 228

Cyrela Brazil Realty S/A Empreendimentose e Participacoes OrBrazil 294 Filinvest Land Philippines 337

Cyrela Commercial Properties Brazil 295 First Industrial Realty * USA 229

Daejan Holdings UK 148 First Potomac Realty Trust * USA 230

Daibiru Corp Japan 45 Fonciere Des Regions * France 97

Dawnay Day Treveria AIM 378 Forest City Enterprises USA 231

DCT Industrial Trust * USA 212 Fountainhead Property Trust South Africa 350

Derwent London * UK 149 Gafisa Brazil 296

Desarrolladora Homex SA de CV Mexico 331 Gagfah Germany 111

Deutsche Euroshop Germany 108 Gecina * France 98

Deutsche Land AIM 379 Geo B Mexico 332

Deutsche Wohnen Germany 109 Getty Realty * USA 232

Developers Diversified * USA 213 Globe Trade Centre Poland 343

Development Securities UK 150 Goodman Group * Australia 15

Dexus Property Group * Australia 14 GPT Group * Australia 16

Diamondrock Hospitality * USA 214 Grainger Plc UK 152

DIC Asset Germany 110 Great Eagle Holdings Hong Kong 28

Digital Realty Trust * USA 215 Great Portland Estates * UK 153

DLF India 314 Growthpoint Prop Ltd South Africa 351

Dolphin Capital Investors AIM 381 Guangzhou R&F Properties (H) China 306

Douglas Emmett * USA 216 H & R Real Estate * Canada 184

Duke Realty Corp * USA 217 Hammerson * UK 154

Dundee REIT * Canada 182 Hang Lung Properties Hong Kong 29

Eastgroup Properties * USA 219 Hansteen Holdings AIM 382

Education Realty Trust * USA 220 HCP * USA 233

Emira Property Fund South Africa 349 Health Care REIT * USA 234

Entertainment Props * USA 221 Healthcare Realty Trust * USA 235

Equity Lifestyle Properties * USA 222 Heiwa Real Estate Japan 46

Equity One Inc * USA 223 Helical Bar UK 155

Equity Residential Props * USA 224 Henderson Land Dev Hong Kong 30

Essex Property Trust * USA 225 Hersha Hospitality Trust * USA 236

Eurobank Properties * Greece 116 Highwoods Properties * USA 237

Eurocommercial Props * Netherlands 123 Hilltop Holdings USA 238

Extendicare Real Estate Investment Trust * Canada 183 Home Props of New York * USA 239

Extra Space Storage * USA 226 Hongkong Land Hldgs Singapore 73

MARCH5




3/31/2009



Hopson Development Hong Kong 31 Klepierre * France 100

Hospitality Properties * USA 240 Klovern AB Sweden 135

Host Hotels & Resorts * USA 241 Kowloon Dev Hong Kong 34

HRPT Properties Trust * USA 242 Kungsleden Sweden 136

Hufvudstaden A Sweden 134 Lamda Development Greece 117

Hung Poo Real Estate Development Taiwan 359 Land And General Malaysia 326

Hyprop Investments Ltd South Africa 352 Land Securities * UK 160

Hysan Development Hong Kong 32 LaSalle Hotel Properties * USA 248

Icade * France 99 LC Corp SA Poland 344

IGB Malaysia 324 Leasinvest Real Estate * Belgium 87

IGD * Italy 120 Lexington Corporate * USA 249

Iguatemi Empresa de Shopping Centers S/A Ord Brazil 297 Liberty International * UK 161

ING Office Fund * Australia 17 Liberty Property Trust * USA 250

ING UK Real Estate Income Trust UK 156 Link REIT * Hong Kong 35

Inland Real Estate Corp * USA 243 Lippo Karawaci Indonesia 322

Innvest REIT * Canada 185 LPN Development Thailand 365

Inpar SA Brazil 298 LTC Properties * USA 251

Intervest Offices * Belgium 86 Mack-Cali Realty * USA 252

Invesco Property Income Trust UK 154 Macquarie Office Trust * Australia 18

Investors Real Estate * USA 244 Mapletree Logistics Trust * Singapore 75

Invista Foundation Prop UK 157 Medical Properties Trust * USA 253

Is Gayrimenkul Yatirim Ortak Turkey 371 Megaworld Corporation Philippines 338

ISIS Property Trust 2 Ld UK 159 Mercialys * France 101

ISIS Property Trust Ld UK 158 Mid-America Apartment * USA 254

IVR Prime Urban Developers India 315 Mirland Development Corp AIM 385

Japan Prime Realty Inv. * Japan 47 Mirvac Group * Australia 19

Japan Real Estate * Japan 48 Mitsubishi Estate Japan 51

Japan Retail Fund * Japan 49 Mitsui Fudosan Japan 52

Jinqiao Export Processing (B) China 307 Morguard REIT * Canada 186

Kenedix Realty Investment * Japan 50 Mori Trust Sogo REIT * Japan 53

Keppel Land Singapore 74 MRV Engenharia e Participacoes SA Brazil 300

Kerry Properties Hong Kong 33 Mucklow <A&J> * UK 162

Kilroy Realty * USA 245 Multiplan Empreendimentos Imobiliaros S/A Ord Brazil 301

Kimco Realty * USA 246 National Healthcare Corp. * USA 255

Kite Realty Group Trust * USA 247 National Retail Properties * USA 256

Kiwi Income Property Trust * New Zealand 67 Nationwide Health Props * USA 257

Klabin Segall S/A Ord Brazil 299 New World China Land Hong Kong 36

KLCC Property Holdings Malaysia 325

MARCH6




3/31/2009



New World Development Hong Kong 37 Segro * UK 165

Nieuwe Steen Inv * Netherlands 124 Senior Housing Prop * USA 270

Nippon Building Fund * Japan 54 Shaftesbury * UK 166

Nomura Real Estate Office Fund * Japan 55 Shanghai Lujiazui Fin & Trade Dev (B) China 308

Northern Property REIT * Canada 187 Shenzhen Investment Hong Kong 38

Norwegian Property Norway 130 Shenzhen Vanke (B) China 309

NTT Urban Development Japan 56 Shimao Property Holdings Hong Kong 39

Omega Healthcare Investors * USA 258 Shui On Land Hong Kong 40

Orient Express Hotel USA 259 Silic * France 102

ORIX JREIT * Japan 57 Simon Property Group * USA 271

Pangbourne Prop Ltd South Africa 353 Singapore Land Singapore 76

Parkway Properties * USA 260 Sino Land Hong Kong 41

Parsvnath Developers India 316 Sirius Real Estate AIM 388

Patrizia Immobilien Germany 112 Six Of October Development & Investment Egypt 311

Peninsula Land India 317 SL Green Realty * USA 272

Pennsylvania Real Estate * USA 261 SM Prime Hldgs Philippines 340

Post Properties * USA 262 Societe de la Tour Eiffel * France 103

Premier Investment Co. * Japan 58 Sovran Self Storage * USA 273

Primaris Retail REIT * Canada 188 SP Setia Malaysia 327

Primary Health Prop.* UK 163 Spazio Investment AIM 389

Prologis * USA 263 Sponda Finland 92

ProLogis European Properties * Netherlands 125 St Modwen Properties UK 167

PS Business Parks * USA 264 Standard Life Inv Prop UK 168

PSP Swiss Property Switzerland 140 Stockland Trust Group * Australia 20

Public Storage * USA 265 Strategic Hotels & Resorts * USA 274

Quality Houses Thailand 367 Sumitomo Realty & Dev Japan 59

Quintain Estates UK 164 Summit Germany AIM 0

Ramco-Gershenson * USA 266 Sun Communities * USA 275

Raven Russia AIM 386 Sun Hung Kai Props Hong Kong 42

Realty Income * USA 267 Sunstone Hotel Investors * USA 179

Redefine Income Find South Africa 354 Suntec REIT * Singapore 77

Regency Centers * USA 268 Supalai PCL Thailand 369

Riocan Real Estate * Canada 189 Swiss Prime Site Switzerland 141

Robinson`s Land Corporation Philippines 339 Tanger Factory Outlet * USA 277

Rodobens Negocios Imobiliarios S/A Ord Brazil 302 Taubman Centers * USA 278

SA Corporate Real Estate Fund South Africa 355 Technopolis Finland 93

Sare Holding S.A. de C.V. Mexico 333 The Macerich Company * USA 279

Saul Centers * USA 269 Toc Co Japan 60

MARCH7




3/31/2009


Company Country Page

Tokyo Tatemono Japan 61

Tokyu Land Japan 62

Tokyu REIT * Japan 63

UDR Inc. * USA 280

UK Commercial Property Trust UK 169

Unibail-Rodamco * France 104

Unite Group UK 170

Unitech India 318

United Urban Investment * Japan 65

Universal Health Realty * USA 281

Urbi Desarrollos Urbanos Mexico 334

Urstadt Biddle Class A * USA 282

U-Store-It Trust * USA 283

Vastned Offices/Ind * Netherlands 126

Vastned Retail * Netherlands 127

Ventas * USA 284

Vista Land & Lifescapes Philippines 341

Vivacon AG Germany 113

Vornado Realty Trust * USA 285

Warehouses De Pauw * Belgium 88

Washington Real Estate * USA 286

Weingarten Realty * USA 287

Wereldhave * Netherlands 128

Wereldhave Belgium * Belgium 89

Westfield Group * Australia 21

Wihlborgs Fastigheter Sweden 137

Wing Tai Holdings Singapore 78

Winthrop Realty Trust * USA 288

Workspace Group * UK 171

YNH Property Malaysia 328

Zueblin Immobilien Holding Switzerland 142

MARCH8




3/31/2009


Section 1

9




Developed Asia

Section 1.1

10




Australia

Bloomberg: BWP AU Reuters: BWP.AX ISIN: AU000000BWP3 SNL: BWP-ASX

11




Bunnings Warehouse Prop *

Graph 1: 12 Month Returns

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009

Company: Bunnings Warehouse Prop * -19.49%

Country Index: Australia -62.13%

Regional Index: Asia -41.29%

Sector Index: Retail -39.02%

Investment Focus Index: Rental -45.05%

REIT-Structure Index: REIT -48.1%

Blue Chip Index: ASX -33.12%

Bond Index: JPMTAUST 17.5%

Graph 2: 12 Month Dividend Yields

0%

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009Company: Bunnings Warehouse Prop *

Graph 3: Correlations

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009

Bunnings Warehouse Prop * v. Asia Correlation

Bunnings Warehouse Prop * v. Global Correlation

Bunnings Warehouse Prop * v. Australia Correlation

Bunnings Warehouse Prop * v. Equities

Bunnings Warehouse Prop * v. Bonds

Bloomberg: CFX AU Reuters: CFX.AX ISIN: AU000000CFX0 SNL: CFX-ASX

12




CFS Retail Property Trust *


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Company: CFS Retail Property Trust * -24.88%









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Company: CFS Retail Property Trust *


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CFS Retail Property Trust * v. Asia Correlation

CFS Retail Property Trust * v. Global Correlation

CFS Retail Property Trust * v. Australia Correlation

CFS Retail Property Trust * v. Equities

CFS Retail Property Trust * v. Bonds

Bloomberg: CPA AU Reuters: CPA.AX ISIN: AU000000CPA7 SNL: CPA-ASX

13




Cmnwealth Prop Office *


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Company: Cmnwealth Prop Office * -31.95%



Sector Index: Office -30.2%






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Company: Cmnwealth Prop Office *


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Cmnwealth Prop Office * v. Asia Correlation

Cmnwealth Prop Office * v. Global Correlation

Cmnwealth Prop Office * v. Australia Correlation

Cmnwealth Prop Office * v. Equities

Cmnwealth Prop Office * v. Bonds

Bloomberg: DXS AU Reuters: DXS.AX ISIN: AU000000DXS1 SNL: DXS-ASX

14




Dexus Property Group *


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009

Company: Dexus Property Group * -55.49%



Sector Index: Diversified -43.87%






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008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Dexus Property Group *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Dexus Property Group * v. Asia Correlation

Dexus Property Group * v. Global Correlation

Dexus Property Group * v. Australia Correlation

Dexus Property Group * v. Equities

Dexus Property Group * v. Bonds

Bloomberg: GMG AU Reuters: GMG.AX ISIN: AU000000GMG2 SNL: GMG-ASX

15




Goodman Group *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Goodman Group * -92.46%



Sector Index: Industrial -80.19%






0%

20%

40%

60%

80%

100%

120%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Goodman Group *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Goodman Group * v. Asia Correlation

Goodman Group * v. Global Correlation

Goodman Group * v. Australia Correlation

Goodman Group * v. Equities

Goodman Group * v. Bonds

Bloomberg: GPT AU Reuters: GPT.AX ISIN: AU000000GPT8 SNL: GPT-ASX

16




GPT Group *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: GPT Group * -86.62%









0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009Company: GPT Group *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

GPT Group * v. Asia Correlation

GPT Group * v. Global Correlation

GPT Group * v. Australia Correlation

GPT Group * v. Equities

GPT Group * v. Bonds

Bloomberg: IOF AU Reuters: IOF.AX ISIN: AU000000IOF6 SNL: IOF-ASX

17




ING Office Fund *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ING Office Fund * -67.92%









0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009Company: ING Office Fund *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

ING Office Fund * v. Asia Correlation

ING Office Fund * v. Global Correlation

ING Office Fund * v. Australia Correlation

ING Office Fund * v. Equities

ING Office Fund * v. Bonds

Bloomberg: MOF AU Reuters: MOF.AX ISIN: AU000000MOF8 SNL: MOF-ASX

18




Macquarie Office Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Macquarie Office Trust * -81.32%









0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009Company: Macquarie Office Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Macquarie Office Trust * v. Asia Correlation

Macquarie Office Trust * v. Global Correlation

Macquarie Office Trust * v. Australia Correlation

Macquarie Office Trust * v. Equities

Macquarie Office Trust * v. Bonds

Bloomberg: MGR AU Reuters: MGR.AX ISIN: AU000000MGR9 SNL: MGR-ASX

19




Mirvac Group *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mirvac Group * -78.86%




Investment Focus Index: Non-Rental -38.65%





0%

5%

10%

15%

20%

25%

30%

35%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mirvac Group *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Mirvac Group * v. Asia Correlation

Mirvac Group * v. Global Correlation

Mirvac Group * v. Australia Correlation

Mirvac Group * v. Equities

Mirvac Group * v. Bonds

Bloomberg: SGP AU Reuters: SGP.AX ISIN: AU000000SGP0 SNL: SGP-ASX

20




Stockland Trust Group *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Stockland Trust Group * -55.79%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Stockland Trust Group *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Stockland Trust Group * v. Asia Correlation

Stockland Trust Group * v. Global Correlation

Stockland Trust Group * v. Australia Correlation

Stockland Trust Group * v. Equities

Stockland Trust Group * v. Bonds

Bloomberg: WDC AU Reuters: WDC.AX ISIN: AU000000WDC7 SNL: WDC-ASX

21




Westfield Group *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Westfield Group * -43.82%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Westfield Group *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Westfield Group * v. Asia Correlation

Westfield Group * v. Global Correlation

Westfield Group * v. Australia Correlation

Westfield Group * v. Equities

Westfield Group * v. Bonds

Section 1.2

22




Hong Kong

Bloomberg: 3383 HK Reuters: 3383.HK ISIN: KYG011981035 SNL: 3383-HKG

23




Agile Property Holdings


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Agile Property Holdings -46.53%

Country Index: Hong Kong -27.96%




REIT-Structure Index: Non-REIT -36.41%

Blue Chip Index: Hang Seng -40.58%

Bond Index: JPMTHK 4.94%


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009Company: Agile Property Holdings


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Agile Property Holdings v. Asia Correlation

Agile Property Holdings v. Global Correlation

Agile Property Holdings v. Hong Kong Correlation

Agile Property Holdings v. Equities

Agile Property Holdings v. Bonds

Bloomberg: 2778 HK Reuters: 2778.HK ISIN: HK2778034606 SNL: 2778-HKG

24




Champion REIT *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Champion REIT * -53.52%









0%

5%

10%

15%

20%

25%

30%

35%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Champion REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Champion REIT * v. Asia Correlation

Champion REIT * v. Global Correlation

Champion REIT * v. Hong Kong Correlation

Champion REIT * v. Equities

Champion REIT * v. Bonds

Not enough historical data for 36

month calculations


25




China Overseas Land


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: China Overseas Land -15.32%



Sector Index: Residential -11.94%






0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: China Overseas Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

China Overseas Land v. Asia Correlation

China Overseas Land v. Global Correlation

China Overseas Land v. Hong Kong Correlation

China Overseas Land v. Equities

China Overseas Land v. Bonds

Bloomberg: 1109 HK Reuters: 1109.HK ISIN: KYG2108Y1052 SNL: 1109-HKG

26




China Resources Land


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: China Resources Land -11.11%









0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: China Resources Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

China Resources Land v. Asia Correlation

China Resources Land v. Global Correlation

China Resources Land v. Hong Kong Correlation

China Resources Land v. Equities

China Resources Land v. Bonds


27




Country Garden Holdings


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Country Garden Holdings -69.45%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Country Garden Holdings


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Country Garden Holdings v. Asia Correlation

Country Garden Holdings v. Global Correlation

Country Garden Holdings v. Hong Kong Correlation

Country Garden Holdings v. Equities

Country Garden Holdings v. Bonds


month calculations

Bloomberg: 41 HK Reuters: 0041.HK ISIN: BMG4069C1486 SNL: 0041-HKG

28




Great Eagle Holdings


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Great Eagle Holdings -51.66%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Great Eagle Holdings


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Great Eagle Holdings v. Asia Correlation

Great Eagle Holdings v. Global Correlation

Great Eagle Holdings v. Hong Kong Correlation

Great Eagle Holdings v. Equities

Great Eagle Holdings v. Bonds


29




Hang Lung Properties


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hang Lung Properties -33.94%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hang Lung Properties


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hang Lung Properties v. Asia Correlation

Hang Lung Properties v. Global Correlation

Hang Lung Properties v. Hong Kong Correlation

Hang Lung Properties v. Equities

Hang Lung Properties v. Bonds


30




Henderson Land Dev


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Henderson Land Dev -46.65%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Henderson Land Dev


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Henderson Land Dev v. Asia Correlation

Henderson Land Dev v. Global Correlation

Henderson Land Dev v. Hong Kong Correlation

Henderson Land Dev v. Equities

Henderson Land Dev v. Bonds

Bloomberg: 754 HK Reuters: 0754.HK ISIN: BMG4600H1016 SNL: 0754-HKG

31




Hopson Development


0

200

400

600

800

1,000

1,200

1,400

1,600

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hopson Development -57.08%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hopson Development


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hopson Development v. Asia Correlation

Hopson Development v. Global Correlation

Hopson Development v. Hong Kong Correlation

Hopson Development v. Equities

Hopson Development v. Bonds


32




Hysan Development


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hysan Development -39.91%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hysan Development


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hysan Development v. Asia Correlation

Hysan Development v. Global Correlation

Hysan Development v. Hong Kong Correlation

Hysan Development v. Equities

Hysan Development v. Bonds

Bloomberg: 683 HK Reuters: 0683.HK ISIN: BMG524401079 SNL: 0683-HKG

33




Kerry Properties


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kerry Properties -60.13%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kerry Properties


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Kerry Properties v. Asia Correlation

Kerry Properties v. Global Correlation

Kerry Properties v. Hong Kong Correlation

Kerry Properties v. Equities

Kerry Properties v. Bonds


34




Kowloon Dev


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kowloon Dev -78.7%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kowloon Dev


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Kowloon Dev v. Asia Correlation

Kowloon Dev v. Global Correlation

Kowloon Dev v. Hong Kong Correlation

Kowloon Dev v. Equities

Kowloon Dev v. Bonds


35




Link REIT *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Link REIT * -11.24%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Link REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Link REIT * v. Asia Correlation

Link REIT * v. Global Correlation

Link REIT * v. Hong Kong Correlation

Link REIT * v. Equities

Link REIT * v. Bonds

Bloomberg: 917 HK Reuters: 0917.HK ISIN: KYG6493A1013 SNL: 0917-HKG

36




New World China Land


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: New World China Land -46.56%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: New World China Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

New World China Land v. Asia Correlation

New World China Land v. Global Correlation

New World China Land v. Hong Kong Correlation

New World China Land v. Equities

New World China Land v. Bonds


37




New World Development


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: New World Development -59.01%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: New World Development


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

New World Development v. Asia Correlation

New World Development v. Global Correlation

New World Development v. Hong Kong Correlation

New World Development v. Equities

New World Development v. Bonds


38




Shenzhen Investment


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shenzhen Investment -41.16%









0%

5%

10%

15%

20%

25%

30%

35%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shenzhen Investment


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Shenzhen Investment v. Asia Correlation

Shenzhen Investment v. Global Correlation

Shenzhen Investment v. Hong Kong Correlation

Shenzhen Investment v. Equities

Shenzhen Investment v. Bonds


39




Shimao Property Holdings


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shimao Property -51.36%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shimao Property


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Shimao Property Holdings v. Asia Correlation

Shimao Property v. Global Correlation

Shimao Property v. Hong Kong Correlation

Shimao Property v. Equities

Shimao Property v. Bonds


month calculations


40




Shui On Land


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shui On Land -62.55%









0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shui On Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Shui On Land v. Asia Correlation

Shui On Land v. Global Correlation

Shui On Land v. Hong Kong Correlation

Shui On Land v. Equities

Shui On Land v. Bonds


month calculations


41




Sino Land


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sino Land -53.87%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sino Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Sino Land v. Asia Correlation

Sino Land v. Global Correlation

Sino Land v. Hong Kong Correlation

Sino Land v. Equities

Sino Land v. Bonds


42




Sun Hung Kai Props


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sun Hung Kai Props -42.83%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sun Hung Kai Props


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Sun Hung Kai Props v. Asia Correlation

Sun Hung Kai Props v. Global Correlation

Sun Hung Kai Props v. Hong Kong Correlation

Sun Hung Kai Props v. Equities

Sun Hung Kai Props v. Bonds

Section 1.3

43




Japan

Bloomberg: 8905 JP Reuters: 8905.T ISIN: JP3131430005 SNL: 8905-TKS

44




Aeon Mall Co ltd


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Aeon Mall Co ltd -54.61%

Country Index: Japan -33.65%





Blue Chip Index: Nikkei 225 -35.26%

Bond Index: JPMTJPN 2.15%


0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Aeon Mall Co ltd


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Aeon Mall Co ltd v. Asia Correlation

Aeon Mall Co ltd v. Global Correlation

Aeon Mall Co ltd v. Japan Correlation

Aeon Mall Co ltd v. Equities

Aeon Mall Co ltd v. Bonds

Bloomberg: 8806 JP Reuters: 8806.OS ISIN: JP3497200000 SNL: 8806-TKS

45




Daibiru Corp


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Daibiru Corp -16.06%









0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Daibiru Corp


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Daibiru Corp v. Asia Correlation

Daibiru Corp v. Global Correlation

Daibiru Corp v. Japan Correlation

Daibiru Corp v. Equities

Daibiru Corp v. Bonds


46




Heiwa Real Estate


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Heiwa Real Estate -55.06%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Heiwa Real Estate


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Heiwa Real Estate v. Asia Correlation

Heiwa Real Estate v. Global Correlation

Heiwa Real Estate v. Japan Correlation

Heiwa Real Estate v. Equities

Heiwa Real Estate v. Bonds


47




Japan Prime Realty Inv. *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Japan Prime Realty Inv. * -44.74%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Japan Prime Realty Inv. *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Japan Prime Realty Inv. * v. Asia Correlation

Japan Prime Realty Inv. * v. Global Correlation

Japan Prime Realty Inv. * v. Japan Correlation

Japan Prime Realty Inv. * v. Equities

Japan Prime Realty Inv. * v. Bonds


48




Japan Real Estate *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Japan Real Estate * -34.83%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Japan Real Estate *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Japan Real Estate * v. Asia Correlation

Japan Real Estate * v. Global Correlation

Japan Real Estate * v. Japan Correlation

Japan Real Estate * v. Equities

Japan Real Estate * v. Bonds


49




Japan Retail Fund *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Japan Retail Fund * -40.22%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Japan Retail Fund *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Japan Retail Fund * v. Asia Correlation

Japan Retail Fund * v. Global Correlation

Japan Retail Fund * v. Japan Correlation

Japan Retail Fund * v. Equities

Japan Retail Fund * v. Bonds


50




Kenedix Realty Investment *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kenedix Realty Investment * -69.83%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kenedix Realty Investment *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Kenedix Realty Investment * v. Asia Correlation

Kenedix Realty Investment * v. Global Correlation

Kenedix Realty Investment * v. Japan Correlation

Kenedix Realty Investment * v. Equities

Kenedix Realty Investment * v. Bonds


51




Mitsubishi Estate


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mitsubishi Estate -54.46%









0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mitsubishi Estate


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Mitsubishi Estate v. Asia Correlation

Mitsubishi Estate v. Global Correlation

Mitsubishi Estate v. Japan Correlation

Mitsubishi Estate v. Equities

Mitsubishi Estate v. Bonds


52




Mitsui Fudosan


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mitsui Fudosan -46.08%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mitsui Fudosan


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Mitsui Fudosan v. Asia Correlation

Mitsui Fudosan v. Global Correlation

Mitsui Fudosan v. Japan Correlation

Mitsui Fudosan v. Equities

Mitsui Fudosan v. Bonds


53




Mori Trust Sogo REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mori Trust Sogo REIT * -17.78%









0%

1%

2%

3%

4%

5%

6%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mori Trust Sogo REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Mori Trust Sogo REIT * v. Asia Correlation

Mori Trust Sogo REIT * v. Global Correlation

Mori Trust Sogo REIT * v. Japan Correlation

Mori Trust Sogo REIT * v. Equities

Mori Trust Sogo REIT * v. Bonds


54




Nippon Building Fund *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Nippon Building Fund * -32.86%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Nippon Building Fund *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Nippon Building Fund * v. Asia Correlation

Nippon Building Fund * v. Global Correlation

Nippon Building Fund * v. Japan Correlation

Nippon Building Fund * v. Equities

Nippon Building Fund * v. Bonds


55




Nomura Real Estate Office Fund *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Nomura Real Estate Office Fund * -32.3%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Nomura Real Estate Office Fund *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Nomura Real Estate Office Fund * v. Asia Correlation

Nomura Real Estate Office Fund * v. Global Correlation

Nomura Real Estate Office Fund * v. Japan Correlation

Nomura Real Estate Office Fund * v. Equities

Nomura Real Estate Office Fund * v. Bonds


56




NTT Urban Development


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: NTT Urban Development -44.9%









0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: NTT Urban Development


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

NTT Urban Development v. Asia Correlation

NTT Urban Development v. Global Correlation

NTT Urban Development v. Japan Correlation

NTT Urban Development v. Equities

NTT Urban Development v. Bonds


57




ORIX JREIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ORIX JREIT * -30.34%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ORIX JREIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

ORIX JREIT * v. Asia Correlation

ORIX JREIT * v. Global Correlation

ORIX JREIT * v. Japan Correlation

ORIX JREIT * v. Equities

ORIX JREIT * v. Bonds


58




Premier Investment Co. *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Premier Investment Co. * -49.08%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Premier Investment Co. *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Premier Investment Co. * v. Asia Correlation

Premier Investment Co. * v. Global Correlation

Premier Investment Co. * v. Japan Correlation

Premier Investment Co. * v. Equities

Premier Investment Co. * v. Bonds


59




Sumitomo Realty & Dev


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sumitomo Realty & Dev -38.36%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sumitomo Realty & Dev


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Sumitomo Realty & Dev v. Asia Correlation

Sumitomo Realty & Dev v. Global Correlation

Sumitomo Realty & Dev v. Japan Correlation

Sumitomo Realty & Dev v. Equities

Sumitomo Realty & Dev v. Bonds


60




Toc Co


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Toc Co -52.67%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Toc Co


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Toc Co v. Asia Correlation

Toc Co v. Global Correlation

Toc Co v. Japan Correlation

Toc Co v. Equities

Toc Co v. Bonds


61




Tokyo Tatemono


0

200

400

600

800

1,000

1,200

1,400

1,600

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Tokyo Tatemono -61.43%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Tokyo Tatemono


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Tokyo Tatemono v. Asia Correlation

Tokyo Tatemono v. Global Correlation

Tokyo Tatemono v. Japan Correlation

Tokyo Tatemono v. Equities

Tokyo Tatemono v. Bonds


62




Tokyu Land


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Tokyu Land -56.8%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Tokyu Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Tokyu Land v. Asia Correlation

Tokyu Land v. Global Correlation

Tokyu Land v. Japan Correlation

Tokyu Land v. Equities

Tokyu Land v. Bonds


63




Tokyu REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Tokyu REIT * -30.13%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Tokyu REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Tokyu REIT * v. Asia Correlation

Tokyu REIT * v. Global Correlation

Tokyu REIT * v. Japan Correlation

Tokyu REIT * v. Equities

Tokyu REIT * v. Bonds

Bloomberg: 8982 JP Reuters: 8982.T ISIN: JP3046370007 SNL: -NA-

64




Top REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Top REIT * -16.51%









0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Gramercy Capital *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009


month calculations


65




United Urban Investment *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: United Urban Investment * -35.48%









0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: United Urban Investment *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

United Urban Investment * v. Asia Correlation

United Urban Investment * v. Global Correlation

United Urban Investment * v. Japan Correlation

United Urban Investment * v. Equities

United Urban Investment * v. Bonds

Section 1.4

66




New Zealand

Bloomberg: KIP NZ Reuters: KIP.NZ ISIN: NZKIPE0001S5 SNL: KIP-NZE

67




Kiwi Income Property Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kiwi Income Property Trust * -20.66%

Country Index: New Zealand -26.04%





Blue Chip Index: #N/A

Bond Index: JPMTNZ 15.52%


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kiwi Income Property Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Kiwi Income Property Trust * v. Asia Correlation

Kiwi Income Property Trust * v. Global Correlation

Kiwi Income Property Trust * v. Equities

Kiwi Income Property Trust * v. Bonds

Section 1.5

68




Singapore

Bloomberg: AREIT SP Reuters: AEMN.SI ISIN: SG1M77906915 SNL: A17U-SES

69




Ascendas REIT *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ascendas REIT * -48.74%

Country Index: Singapore -51.96%





Blue Chip Index: STI -43.47%

Bond Index: JPMTSING 5.18%


0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ascendas REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Ascendas REIT * v. Asia Correlation

Ascendas REIT * v. Global Correlation

Ascendas REIT * v. Singapore Correlation

Ascendas REIT * v. Equities

Ascendas REIT * v. Bonds

Bloomberg: CCT SP Reuters: CACT.SI ISIN: SG1P32918333 SNL: C61U-SES

70




CapitaCommercial Trust *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: CapitaCommercial Trust * -60.36%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: CapitaCommercial Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

CapitaCommercial Trust * v. Asia Correlation

CapitaCommercial Trust * v. Global Correlation

CapitaCommercial Trust * v. Singapore Correlation

CapitaCommercial Trust * v. Equities

CapitaCommercial Trust * v. Bonds

Bloomberg: CAPL SP Reuters: CATL.SI ISIN: SG1J27887962 SNL: C31-SES

71




Capitaland


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Capitaland -55.7%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Capitaland


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Capitaland v. Asia Correlation

Capitaland v. Global Correlation

Capitaland v. Singapore Correlation

Capitaland v. Equities

Capitaland v. Bonds

Bloomberg: CT SP Reuters: CMLT.SI ISIN: SG1M51904654 SNL: C38U-SES

72




Capitamall Trust *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Capitamall Trust * -53.12%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Capitamall Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Capitamall Trust * v. Asia Correlation

Capitamall Trust * v. Global Correlation

Capitamall Trust * v. Singapore Correlation

Capitamall Trust * v. Equities

Capitamall Trust * v. Bonds

Bloomberg: HKL SP Reuters: HKLD.SI ISIN: BMG4587L1090 SNL: H78-SES

73




Hongkong Land Hldgs


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hongkong Land Hldgs -44.79%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hongkong Land Hldgs


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hongkong Land Hldgs v. Asia Correlation

Hongkong Land Hldgs v. Global Correlation

Hongkong Land Hldgs v. Singapore Correlation

Hongkong Land Hldgs v. Equities

Hongkong Land Hldgs v. Bonds

Bloomberg: KPLD SP Reuters: KLAN.SI ISIN: SG1R31002210 SNL: K17-SES

74




Keppel Land


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Keppel Land -73.35%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Keppel Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Keppel Land v. Asia Correlation

Keppel Land v. Global Correlation

Keppel Land v. Singapore Correlation

Keppel Land v. Equities

Keppel Land v. Bonds

Bloomberg: MLT SP Reuters: MAPL.SI ISIN: SG1S03926213 SNL: M44U-SES

75




Mapletree Logistics Trust *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mapletree Logistics Trust * -47.55%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mapletree Logistics Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Mapletree Logistics Trust * v. Asia Correlation

Mapletree Logistics Trust * v. Global Correlation

Mapletree Logistics Trust * v. Singapore Correlation

Mapletree Logistics Trust * v. Equities

Mapletree Logistics Trust * v. Bonds

Bloomberg: SL SP Reuters: SLND.SI ISIN: SG1S69002321 SNL: S30-SES

76




Singapore Land


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Singapore Land -53.24%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Singapore Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Singapore Land v. Asia Correlation

Singapore Land v. Global Correlation

Singapore Land v. Singapore Correlation

Singapore Land v. Equities

Singapore Land v. Bonds

Bloomberg: SUN SP Reuters: SUNT.SI ISIN: SG1Q52922370 SNL: T82U-SES

77




Suntec REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Suntec REIT * -56.55%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Suntec REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Suntec REIT * v. Asia Correlation

Suntec REIT * v. Global Correlation

Suntec REIT * v. Singapore Correlation

Suntec REIT * v. Equities

Suntec REIT * v. Bonds

Bloomberg: WINGT SP Reuters: WTHS.SI ISIN: SG1K66001688 SNL: W05-SES

78




Wing Tai Holdings


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Wing Tai Holdings -66.69%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Wing Tai Holdings


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Wing Tai Holdings v. Asia Correlation

Wing Tai Holdings v. Global Correlation

Wing Tai Holdings v. Singapore Correlation

Wing Tai Holdings v. Equities

Wing Tai Holdings v. Bonds

Section 2

79




Developed Europe

Section 2.1

80




Austria

Bloomberg: CAI AV Reuters: CAIV.VI ISIN: AT0000641352 SNL: CAI-WBO

81




CA Immobilien Anlage


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: CA Immobilien Anlage -73.22%

Country Index: Austria -82.62%

Regional Index: Europe -55.74%





Bond Index: JPMTAI 5.82%


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: CA Immobilien Anlage

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

CA Immobilien Anlage v. Europe Correlation

CA Immobilien Anlage v. Global Correlation

CA Immobilien Anlage v. Austria Correlation

CA Immobilien Anlage v. Equities

CA Immobilien Anlage v. Bonds

Bloomberg: CWI AV Reuters: CONW.VI ISIN: AT0000697750 SNL: CWI-WBO

82




Conwert Immobilien


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Conwert Immobilien -55.49%

Country Index: Austria -82.62%






Bond Index: JPMTAI 5.82%


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Conwert Immobilien

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Conwert Immobilien v. Europe Correlation

Conwert Immobilien v. Global Correlation

Conwert Immobilien v. Austria Correlation

Conwert Immobilien v. Equities

Conwert Immobilien v. Bonds

Section 2.2

83




Belgium

Bloomberg: BEFB BB Reuters: BEFB.BR ISIN: BE0003678894 SNL: BEFB-BRU

84




Befimmo *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Befimmo * -22.1%

Country Index: Belgium -26.41%





Blue Chip Index: BEL 20 -52.98%

Bond Index: JPMTBE 6.76%


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Befimmo *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Befimmo * v. Europe Correlation

Befimmo * v. Global Correlation

Befimmo * v. Belgium Correlation

Befimmo * v. Equities

Befimmo * v. Bonds

Bloomberg: COFB BB Reuters: COFB.BR ISIN: BE0003593044 SNL: COFB-BRU

85




Cofinimmo *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cofinimmo * -41.4%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cofinimmo *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Cofinimmo * v. Europe Correlation

Cofinimmo * v. Global Correlation

Cofinimmo * v. Belgium Correlation

Cofinimmo * v. Equities

Cofinimmo * v. Bonds

Bloomberg: INTO BB Reuters: PRIF.BR ISIN: BE0003746600 SNL: INTO-BRU

86




Intervest Offices *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Intervest Offices * -29.18%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Intervest Offices *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Intervest Offices * v. Europe Correlation

Intervest Offices * v. Global Correlation

Intervest Offices * v. Belgium Correlation

Intervest Offices * v. Equities

Intervest Offices * v. Bonds

Bloomberg: LEAS BB Reuters: LNRE.BR ISIN: BE0003770840 SNL: LEAS-BRU

87




Leasinvest Real Estate *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Leasinvest Real Estate * -30.81%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Leasinvest Real Estate *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Leasinvest Real Estate * v. Europe Correlation

Leasinvest Real Estate * v. Global Correlation

Leasinvest Real Estate * v. Belgium Correlation

Leasinvest Real Estate * v. Equities

Leasinvest Real Estate * v. Bonds

Bloomberg: WDP BB Reuters: WDPP.BR ISIN: BE0003763779 SNL: WDP-BRU

88




Warehouses De Pauw *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Warehouses De Pauw * -37.16%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Warehouses De Pauw *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Warehouses De Pauw * v. Europe Correlation

Warehouses De Pauw * v. Global Correlation

Warehouses De Pauw * v. Belgium Correlation

Warehouses De Pauw * v. Equities

Warehouses De Pauw * v. Bonds

Bloomberg: WEHB BB Reuters: WEHB.BR ISIN: BE0003724383 SNL: WEHB-BRU

89




Wereldhave Belgium *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Wereldhave Belgium * -5.07%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Wereldhave Belgium *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Wereldhave Belgium * v. Europe Correlation

Wereldhave Belgium * v. Global Correlation

Wereldhave Belgium * v. Belgium Correlation

Wereldhave Belgium * v. Equities

Wereldhave Belgium * v. Bonds

Section 2.3

90




Finland

Bloomberg: CTY1S FH Reuters: CTY1S.HE ISIN: FI0009002471 SNL: CTY1S-HEL

91




Citycon OYJ


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Citycon OYJ -59.68%

Country Index: Finland -64.64%





Blue Chip Index: HEX 25 -52.66%

Bond Index: JPMTFIN 7.82%


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Citycon OYJ


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Citycon OYJ v. Europe Correlation

Citycon OYJ v. Global Correlation

Citycon OYJ v. Finland Correlation

Citycon OYJ v. Equities

Citycon OYJ v. Bonds

Bloomberg: SDA1V FH Reuters: SDA1V.HE ISIN: FI0009006829 SNL: SDA1V-HEL

92




Sponda


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sponda -74.97%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sponda


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Sponda v. Europe Correlation

Sponda v. Global Correlation

Sponda v. Finland Correlation

Sponda v. Equities

Sponda v. Bonds

Bloomberg: TPS1V FH Reuters: TPS1V.HE ISIN: FI0009006886 SNL: TPS1V-HEL

93




Technopolis


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Technopolis -56.43%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Technopolis


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Technopolis v. Europe Correlation

Technopolis v. Global Correlation

Technopolis v. Finland Correlation

Technopolis v. Equities

Technopolis v. Bonds

Section 2.4

94




France

Bloomberg: ACAN FP Reuters: CFMP.PA ISIN: FR0000064602 SNL: ACAN-PAR

95




Acanthe Developpement *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Acanthe Developpement * -46.96%

Country Index: France -41.65%





Blue Chip Index: CAC 40 -40.36%

Bond Index: JPMTFRN 8.52%


0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Acanthe Developpement *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Acanthe Developpement * v. Europe Correlation

Acanthe Developpement * v. Global Correlation

Acanthe Developpement * v. France Correlation

Acanthe Developpement * v. Equities

Acanthe Developpement * v. Bonds

Bloomberg: IML FP Reuters: BTPP.PA ISIN: FR0000036105 SNL: IML-PAR

96




Affine *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Affine * -76.42%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Affine *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Affine * v. Europe Correlation

Affine * v. Global Correlation

Affine * v. France Correlation

Affine * v. Equities

Affine * v. Bonds

Bloomberg: FDR FP Reuters: FDR.PA ISIN: FR0000064578 SNL: FDR-PAR

97




Fonciere Des Regions *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Fonciere Des Regions * -62.09%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Fonciere Des Regions *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Fonciere Des Regions * v. Europe Correlation

Fonciere Des Regions * v. Global Correlation

Fonciere Des Regions * v. France Correlation

Fonciere Des Regions * v. Equities

Fonciere Des Regions * v. Bonds

Bloomberg: GFC FP Reuters: GFCP.PA ISIN: FR0010040865 SNL: GFC-PAR

98




Gecina *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Gecina * -69.44%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Gecina *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Gecina * v. Europe Correlation

Gecina * v. Global Correlation

Gecina * v. France Correlation

Gecina * v. Equities

Gecina * v. Bonds

Bloomberg: ICA FP Reuters: ICAD.PA ISIN: FR0000035081 SNL: ICAD-PAR

99




Icade *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Icade * -43.44%









0%

1%

2%

3%

4%

5%

6%

7%

8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Icade *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Icade * v. Europe Correlation

Icade * v. Global Correlation

Icade * v. France Correlation

Icade * v. Equities

Icade * v. Bonds


month calculations

Bloomberg: LI FP Reuters: LOIM.PA ISIN: FR0000121964 SNL: LI-PAR

100




Klepierre *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Klepierre * -64.97%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Klepierre *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Klepierre * v. Europe Correlation

Klepierre * v. Global Correlation

Klepierre * v. France Correlation

Klepierre * v. Equities

Klepierre * v. Bonds

Bloomberg: MERY FP Reuters: MERY.PA ISIN: FR0010241638 SNL: MERY-PAR

101




Mercialys *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mercialys * -24.59%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mercialys *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Mercialys * v. Europe Correlation

Mercialys * v. Global Correlation

Mercialys * v. France Correlation

Mercialys * v. Equities

Mercialys * v. Bonds

Bloomberg: SIL FP Reuters: SILP.PA ISIN: FR0000050916 SNL: SIL-PAR

102




Silic *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Silic * -41.2%









0%

1%

2%

3%

4%

5%

6%

7%

8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Silic *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Silic * v. Europe Correlation

Silic * v. Global Correlation

Silic * v. France Correlation

Silic * v. Equities

Silic * v. Bonds

Bloomberg: EIFF FP Reuters: TEIF.PA ISIN: FR0000036816 SNL: EIFF-PAR

103




Societe de la Tour Eiffel *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Societe de la Tour Eiffel * -81.54%









0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Societe de la Tour Eiffel *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Societe de la Tour Eiffel * v. Europe Correlation

Societe de la Tour Eiffel * v. Global Correlation

Societe de la Tour Eiffel * v. France Correlation

Societe de la Tour Eiffel * v. Equities

Societe de la Tour Eiffel * v. Bonds

Bloomberg: UL FP Reuters: UNBP.PA ISIN: FR0000124711 SNL: UL-PAR

104




Unibail-Rodamco *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Unibail-Rodamco * -34.59%









0%

1%

2%

3%

4%

5%

6%

7%

8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Unibail-Rodamco *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Unibail-Rodamco * v. Europe Correlation

Unibail-Rodamco * v. Global Correlation

Unibail-Rodamco * v. France Correlation

Unibail-Rodamco * v. Equities

Unibail-Rodamco * v. Bonds

Section 2.5

105




Germany

Bloomberg: AOX GR Reuters: AOXG.F ISIN: DE000A0LD2U1 SNL: AOX-ETR

106




Alstria Office *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Alstria Office * -71.97%

Country Index: Germany -53.51%





Blue Chip Index: DAX -37.49%

Bond Index: JPMTWG 9.42%


0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Alstria Office *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Alstria Office * v. Europe Correlation

Alstria Office * v. Global Correlation

Alstria Office * v. Germany Correlation

Alstria Office * v. Equities

Alstria Office * v. Bonds


month calculations

Bloomberg: KBU GR Reuters: KBUG.F ISIN: DE0006338007 SNL: KBU-ETR

107




Colonia Real Estate


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Colonia Real Estate -77.13%









0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Colonia Real Estate


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Colonia Real Estate v. Europe Correlation

Colonia Real Estate v. Global Correlation

Colonia Real Estate v. Germany Correlation

Colonia Real Estate v. Equities

Colonia Real Estate v. Bonds

Bloomberg: DEQ GR Reuters: DEQGn.DE ISIN: DE0007480204 SNL: DEQ-ETR

108




Deutsche Euroshop


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Deutsche Euroshop -18.36%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Deutsche Euroshop


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Deutsche Euroshop v. Europe Correlation

Deutsche Euroshop v. Global Correlation

Deutsche Euroshop v. Germany Correlation

Deutsche Euroshop v. Equities

Deutsche Euroshop v. Bonds

Bloomberg: DWN GY Reuters: DWNG.F ISIN: DE000A0HN5C6 SNL: DWN-ETR

109




Deutsche Wohnen


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Deutsche Wohnen -37.22%









0%

5%

10%

15%

20%

25%

30%

35%

40%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Deutsche Wohnen


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Deutsche Wohnen v. Europe Correlation

Deutsche Wohnen v. Global Correlation

Deutsche Wohnen v. Germany Correlation

Deutsche Wohnen v. Equities

Deutsche Wohnen v. Bonds

Bloomberg: DAZ GR Reuters: DAZG.DE ISIN: DE0005098404 SNL: DAZ-ETR

110




DIC Asset


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: DIC Asset -83.06%









0%

10%

20%

30%

40%

50%

60%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: DIC Asset


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

DIC Asset v. Europe Correlation

DIC Asset v. Global Correlation

DIC Asset v. Germany Correlation

DIC Asset v. Equities

DIC Asset v. Bonds

Bloomberg: GFJ GR Reuters: GFJG.DE ISIN: LU0269583422 SNL: GFJ-ETR

111




Gagfah


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Gagfah -68.86%









0%

5%

10%

15%

20%

25%

30%

35%

40%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Gagfah


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Gagfah v. Europe Correlation

Gagfah v. Global Correlation

Gagfah v. Germany Correlation

Gagfah v. Equities

Gagfah v. Bonds


month calculations

Bloomberg: P1Z GR Reuters: P1ZGn.F ISIN: DE000PAT1AG3 SNL: P1Z-ETR

112




Patrizia Immobilien


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Patrizia Immobilien -70.7%









0%

1%

2%

3%

4%

5%

6%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Patrizia Immobilien


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Patrizia Immobilien v. Europe Correlation

Patrizia Immobilien v. Global Correlation

Patrizia Immobilien v. Germany Correlation

Patrizia Immobilien v. Equities

Patrizia Immobilien v. Bonds


month calculations

Bloomberg: VIA GR Reuters: VIVG.DE ISIN: DE0006048911 SNL: VIA-ETR

113




Vivacon AG


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Vivacon AG -84.3%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Vivacon AG


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Vivacon AG v. Europe Correlation

Vivacon AG v. Global Correlation

Vivacon AG v. Germany Correlation

Vivacon AG v. Equities

Vivacon AG v. Bonds

Section 2.6

114




Greece

Bloomberg: VOVOS GA Reuters: VOVr.AT ISIN: GRS421003005 SNL: VOVOS-ATH

115




Babis Vovos


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Babis Vovos -89.23%

Country Index: Greece -69.08%





Blue Chip Index: ASE 20 -58.91%

Bond Index: JPMTGR 0.43%


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Babis Vovos

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Babis Vovos v. Europe Correlation

Babis Vovos v. Global Correlation

Babis Vovos v. Greece Correlation

Babis Vovos v. Equities

Babis Vovos v. Bonds

Bloomberg: EUPRO GA Reuters: EUPr.AT ISIN: GRS491003000 SNL: EUPRO-ATH

116




Eurobank Properties *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Eurobank Properties Real Estate Investment Co * -19.08%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Eurobank Properties Real Estate Investment Co *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Eurobank Properties * v. Europe Correlation

Eurobank Properties * v. Global Correlation

Eurobank Properties * v. Greece Correlation

Eurobank Properties * v. Equities

Eurobank Properties * v. Bonds


month calculations

Bloomberg: LAMDA GA Reuters: LMDr.AT ISIN: GRS245213004 SNL: LAMDA-ATH

117




Lamda Development


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Lamda Development -57.02%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Lamda Development


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Lamda Development v. Europe Correlation

Lamda Development v. Global Correlation

Lamda Development v. Greece Correlation

Lamda Development v. Equities

Lamda Development v. Bonds

Section 2.7

118




Italy

Bloomberg: BNS IM Reuters: BNSI.MI ISIN: IT0001389631 SNL: BNS-MIL

119




Beni Stabili


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Beni Stabili -47.77%

Country Index: Italy -61.53%





Blue Chip Index: MIB 30 -47.76%

Bond Index: JPMTIT 5.36%


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009Company: Beni Stabili


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Beni Stabili v. Europe Correlation

Beni Stabili v. Global Correlation

Beni Stabili v. Italy Correlation

Beni Stabili v. Equities

Beni Stabili v. Bonds

Bloomberg: IGD IM Reuters: IGD.MI ISIN: IT0003745889 SNL: IGD-MIL

120




IGD *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: IGD -59.87%

Country Index: Italy -61.53%





Blue Chip Index: MIB 30 -47.76%

Bond Index: JPMTIT 5.36%


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: IGD


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

IGD * v. Europe Correlation

IGD * v. Global Correlation

IGD * v. Italy Correlation

IGD * v. Equities

IGD * v. Bonds

Section 2.8

121




Netherlands

Bloomberg: CORA NA Reuters: COR.AS ISIN: NL0000288967 SNL: CORA-AMS

122




Corio *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Corio * -43.89%

Country Index: Netherlands -43.15%





Blue Chip Index: AEX -50.96%

Bond Index: JPMTNL 8.16%


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Corio *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Corio * v. Europe Correlation

Corio * v. Global Correlation

Corio * v. Netherlands Correlation

Corio * v. Equities

Corio * v. Bonds

Bloomberg: ECMPA NA Reuters: SIPFc.AS ISIN: NL0000288876 SNL: ECMPA-AMS

123




Eurocommercial Props *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Eurocommercial Props * -42.22%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Eurocommercial Props *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Eurocommercial Props * v. Europe Correlation

Eurocommercial Props * v. Global Correlation

Eurocommercial Props * v. Netherlands Correlation

Eurocommercial Props * v. Equities

Eurocommercial Props * v. Bonds

Bloomberg: NISTI NA Reuters: NSTEc.AS ISIN: NL0000292324 SNL: NISTI-AMS

124




Nieuwe Steen Inv *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Nieuwe Steen Inv * -33.85%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Nieuwe Steen Inv *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Nieuwe Steen Inv * v. Europe Correlation

Nieuwe Steen Inv * v. Global Correlation

Nieuwe Steen Inv * v. Netherlands Correlation

Nieuwe Steen Inv * v. Equities

Nieuwe Steen Inv * v. Bonds

Bloomberg: PEPR NA Reuters: PEPR.AS ISIN: LU0100194785 SNL: PEPR-AMS

125




ProLogis European Properties *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ProLogis European Properties * -86.55%









0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ProLogis European Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

ProLogis European Properties * v. Europe Correlation

ProLogis European Properties * v. Global Correlation

ProLogis European Properties * v. Netherlands Correlation

ProLogis European Properties * v. Equities

ProLogis European Properties * v. Bonds


month calculations

Bloomberg: VNOI NA Reuters: VWNN.AS ISIN: NL0000288934 SNL: VNOI-AMS

126




Vastned Offices/Ind *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Vastned Offices/Ind * -63.96%









0%

5%

10%

15%

20%

25%

30%

35%

40%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Vastned Offices/Ind *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Vastned Offices/Ind * v. Europe Correlation

Vastned Offices/Ind * v. Global Correlation

Vastned Offices/Ind * v. Netherlands Correlation

Vastned Offices/Ind * v. Equities

Vastned Offices/Ind * v. Bonds

Bloomberg: VASTN NA Reuters: VASN.AS ISIN: NL0000288918 SNL: VASTN-AMS

127




Vastned Retail *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Vastned Retail * -54.88%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Vastned Retail *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Vastned Retail * v. Europe Correlation

Vastned Retail * v. Global Correlation

Vastned Retail * v. Netherlands Correlation

Vastned Retail * v. Equities

Vastned Retail * v. Bonds

Bloomberg: WHA NA Reuters: WEHA.AS ISIN: NL0000289213 SNL: WEHB-BRU

128




Wereldhave *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Wereldhave * -32.6%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Wereldhave *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Wereldhave * v. Europe Correlation

Wereldhave * v. Global Correlation

Wereldhave * v. Netherlands Correlation

Wereldhave * v. Equities

Wereldhave * v. Bonds

Section 2.9

129




Norway

Bloomberg: NPRO NO Reuters: NPRO.OL ISIN: NO0010317811 SNL: NPRO-OSL

130




Norwegian Property


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Norwegian Property ASA -90.91%

Country Index: Norway -90.68%





Blue Chip Index: OBX -42.89%

Bond Index: #N/A


0%

10%

20%

30%

40%

50%

60%

70%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Norwegian Property ASA


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Norwegian Property v. Europe Correlation

Norwegian Property v. Global Correlation

Norwegian Property v. Equities

Norwegian Property v. Bonds


month calculations

Section 2.10

131




Sweden

Bloomberg: CAST SS Reuters: CAST.ST ISIN: SE0000379190 SNL: CAST-OME

132




Castellum


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Castellum -36.14%

Country Index: Sweden -48.12%





Blue Chip Index: OMX -31.41%

Bond Index: JPMTSW 11.52%


0%

1%

2%

3%

4%

5%

6%

7%

8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Castellum


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Castellum v. Europe Correlation

Castellum v. Global Correlation

Castellum v. Sweden Correlation

Castellum v. Equities

Castellum v. Bonds

Bloomberg: FABG SS Reuters: FABG.ST ISIN: SE0000950636 SNL: FABG-OME

133




Fabege


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Fabege -54.33%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Fabege


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Fabege v. Europe Correlation

Fabege v. Global Correlation

Fabege v. Sweden Correlation

Fabege v. Equities

Fabege v. Bonds

Bloomberg: HUFVA SS Reuters: HUFVa.ST ISIN: SE0000170375 SNL: HUFVA-OME

134




Hufvudstaden A


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hufvudstaden A -32.16%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hufvudstaden A


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hufvudstaden A v. Europe Correlation

Hufvudstaden A v. Global Correlation

Hufvudstaden A v. Sweden Correlation

Hufvudstaden A v. Equities

Hufvudstaden A v. Bonds

Bloomberg: KLOV SS Reuters: KLOV.ST ISIN: SE0000331225 SNL: KLOV-OME

135




Klovern AB


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Klovern AB -34.71%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Klovern AB


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Klovern AB v. Europe Correlation

Klovern AB v. Global Correlation

Klovern AB v. Sweden Correlation

Klovern AB v. Equities

Klovern AB v. Bonds

Bloomberg: KLED SS Reuters: KLED.ST ISIN: SE0000549412 SNL: KLED-OME

136




Kungsleden


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kungsleden -57.15%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kungsleden


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Kungsleden v. Europe Correlation

Kungsleden v. Global Correlation

Kungsleden v. Sweden Correlation

Kungsleden v. Equities

Kungsleden v. Bonds

Bloomberg: WIHL SS Reuters: WIHL.ST ISIN: SE0001413600 SNL: WIHL-OME

137




Wihlborgs Fastigheter


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Wihlborgs Fastigheter -32.23%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Wihlborgs Fastigheter


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Wihlborgs Fastigheter v. Europe Correlation

Wihlborgs Fastigheter v. Global Correlation

Wihlborgs Fastigheter v. Sweden Correlation

Wihlborgs Fastigheter v. Equities

Wihlborgs Fastigheter v. Bonds

Section 2.11

138




Switzerland

Bloomberg: ALLN SW Reuters: ALLN.S ISIN: CH0008837566 SNL: ALLN-SWX

139




Allreal


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Allreal -14.22%

Country Index: Switzerland -21.45%





Blue Chip Index: SMI -31.79%

Bond Index: #N/A


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Allreal


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Allreal v. Europe Correlation

Allreal v. Global Correlation

Allreal v. Switzerland Correlation

Allreal v. Equities

Allreal v. Bonds

Bloomberg: PSPN SW Reuters: PSPN.S ISIN: CH0018294154 SNL: PSPN-SWX

140




PSP Swiss Property


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: PSP Swiss Property -28.41%







Bond Index: #N/A


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: PSP Swiss Property


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

PSP Swiss Property v. Europe Correlation

PSP Swiss Property v. Global Correlation

PSP Swiss Property v. Switzerland Correlation

PSP Swiss Property v. Equities

PSP Swiss Property v. Bonds

Bloomberg: SPSN SW Reuters: SPSN.S ISIN: CH0008038389 SNL: SPSN-SWX

141




Swiss Prime Site


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Swiss Prime Site -25%







Bond Index: #N/A


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Swiss Prime Site


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Swiss Prime Site v. Europe Correlation

Swiss Prime Site v. Global Correlation

Swiss Prime Site v. Switzerland Correlation

Swiss Prime Site v. Equities

Swiss Prime Site v. Bonds

Bloomberg: ZUBN SW Reuters: ZUBN.S ISIN: CH0021831182 SNL: ZUBN-SWX

142




Zueblin Immobilien Holding


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Zueblin Immobilien Holding -59.31%







Bond Index: #N/A


0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Zueblin Immobilien Holding


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Zueblin Immobilien Holding v. Europe Correlation

Zueblin Immobilien Holding v. Global Correlation

Zueblin Immobilien Holding v. Switzerland Correlation

Zueblin Immobilien Holding v. Equities

Zueblin Immobilien Holding v. Bonds

Section 2.12

143




United Kingdom

Bloomberg: BYG LN Reuters: BYG.L ISIN: GB0002869419 SNL: BYG-LON

144




Big Yellow Group *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Big Yellow Group * -56.3%

Country Index: UK -67.79%


Sector Index: Self Storage -61.71%



Blue Chip Index: FTSE 100 -31.15%

Bond Index: JPMTUK 11.5%


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Big Yellow Group *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Big Yellow Group * v. Europe Correlation

Big Yellow Group * v. Global Correlation

Big Yellow Group * v. UK Correlation

Big Yellow Group * v. Equities

Big Yellow Group * v. Bonds

Bloomberg: BLND LN Reuters: BLND.L ISIN: GB0001367019 SNL: BLND-LON

145




British Land *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: British Land * -52.55%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: British Land *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

British Land * v. Europe Correlation

British Land * v. Global Correlation

British Land * v. UK Correlation

British Land * v. Equities

British Land * v. Bonds

Bloomberg: BXTN LN Reuters: BXTN.L ISIN: GB0001430023 SNL: BXTN-LON

146




Brixton *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Brixton * -94.62%









0%

5%

10%

15%

20%

25%

30%

35%

40%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Brixton *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Brixton * v. Europe Correlation

Brixton * v. Global Correlation

Brixton * v. UK Correlation

Brixton * v. Equities

Brixton * v. Bonds

Bloomberg: CLI LN Reuters: CLSH.L ISIN: GB0001592475 SNL: CLI-LON

147




CLS Holdings


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: CLS Holdings -33.99%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: CLS Holdings

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

CLS Holdings v. Europe Correlation

CLS Holdings v. Global Correlation

CLS Holdings v. UK Correlation

CLS Holdings v. Equities

CLS Holdings v. Bonds

Bloomberg: DJAN LN Reuters: DJAN.L ISIN: GB0002502036 SNL: DJAN-LON

148




Daejan Holdings


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Daejan Holdings -39.45%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Daejan Holdings


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Daejan Holdings v. Europe Correlation

Daejan Holdings v. Global Correlation

Daejan Holdings v. UK Correlation

Daejan Holdings v. Equities

Daejan Holdings v. Bonds

Bloomberg: DLN LN Reuters: DLN.L ISIN: GB0002652740 SNL: DLN-LON

149




Derwent London *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Derwent London * -56.19%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Derwent London *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Derwent London * v. Europe Correlation

Derwent London * v. Global Correlation

Derwent London * v. UK Correlation

Derwent London * v. Equities

Derwent London * v. Bonds

Bloomberg: DSC LN Reuters: DSC.L ISIN: GB0002668464 SNL: DSC-LON

150




Development Securities


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Development Securities -47.61%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Development Securities


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Development Securities v. Europe Correlation

Development Securities v. Global Correlation

Development Securities v. UK Correlation

Development Securities v. Equities

Development Securities v. Bonds

Bloomberg: FCPT LN Reuters: FCPT.L ISIN: GB00B05KL904 SNL: FCPT-LON

151




F&C Commercial Prop


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: F&C Commercial Prop -32.73%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: F&C Commercial Prop


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

F&C Commercial Prop v. Europe Correlation

F&C Commercial Prop v. Global Correlation

F&C Commercial Prop v. UK Correlation

F&C Commercial Prop v. Equities

F&C Commercial Prop v. Bonds

Bloomberg: GRI LN Reuters: GRI.L ISIN: GB00B04V1276 SNL: GRI-LON

152




Grainger Plc


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Grainger Plc -75.09%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Grainger Plc


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Grainger Plc v. Europe Correlation

Grainger Plc v. Global Correlation

Grainger Plc v. UK Correlation

Grainger Plc v. Equities

Grainger Plc v. Bonds

Bloomberg: GPOR LN Reuters: GPOR.L ISIN: GB00B01FLL16 SNL: GPOR-LON

153




Great Portland Estates *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Great Portland Estates * -53.97%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Great Portland Estates *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Great Portland Estates * v. Europe Correlation

Great Portland Estates * v. Global Correlation

Great Portland Estates * v. UK Correlation

Great Portland Estates * v. Equities

Great Portland Estates * v. Bonds

Bloomberg: HMSO LN Reuters: HMSO.L ISIN: GB0004065016 SNL: HMSO-LON

154




Hammerson *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hammerson * -66.34%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hammerson *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hammerson * v. Europe Correlation

Hammerson * v. Global Correlation

Hammerson * v. UK Correlation

Hammerson * v. Equities

Hammerson * v. Bonds

Bloomberg: HLCL LN Reuters: HLCL.L ISIN: GB00B0FYMT95 SNL: DSC-LON

155




Helical Bar


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Helical Bar -23.54%









0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Helical Bar


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Helical Bar v. Europe Correlation

Helical Bar v. Global Correlation

Helical Bar v. UK Correlation

Helical Bar v. Equities

Helical Bar v. Bonds

Bloomberg: IRET LN Reuters: IRET.L ISIN: GB00B0LCW208 SNL: IRET-LON

156




ING UK Real Estate Income Trust


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ING UK Real Estate Income Trust -72.46%









0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ING UK Real Estate Income Trust


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

ING UK Real Estate Income Trust v. Europe Correlation

ING UK Real Estate Income Trust v. Global Correlation

ING UK Real Estate Income Trust v. UK Correlation

ING UK Real Estate Income Trust v. Equities

ING UK Real Estate Income Trust v. Bonds

Bloomberg: IFD LN Reuters: INRE.L ISIN: GB00B01HM147 SNL: IFD-LON

157




Invista Foundation Prop


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Invista Foundation Prop -64.2%









0%

10%

20%

30%

40%

50%

60%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Invista Foundation Prop


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Invista Foundation Prop v. Europe Correlation

Invista Foundation Prop v. Global Correlation

Invista Foundation Prop v. UK Correlation

Invista Foundation Prop v. Equities

Invista Foundation Prop v. Bonds

Bloomberg: IPT LN Reuters: IPT.L ISIN: GB0033674564 SNL: IPT-LON

158




ISIS Property Trust Ld


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ISIS Property Trust Ld -44.47%









0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ISIS Property Trust Ld


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

ISIS Property Trust Ld v. Europe Correlation

ISIS Property Trust Ld v. Global Correlation

ISIS Property Trust Ld v. UK Correlation

ISIS Property Trust Ld v. Equities

ISIS Property Trust Ld v. Bonds

Bloomberg: IRP LN Reuters: IRP.L ISIN: GB00B012T521 SNL: IRP-LON

159




ISIS Property Trust 2 Ld


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ISIS Property Trust 2 Ld -48.42%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: ISIS Property Trust 2 Ld


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

ISIS Property Trust 2 Ld v. Europe Correlation

ISIS Property Trust 2 Ld v. Global Correlation

ISIS Property Trust 2 Ld v. UK Correlation

ISIS Property Trust 2 Ld v. Equities

ISIS Property Trust 2 Ld v. Bonds

Bloomberg: LAND LN Reuters: LAND.L ISIN: GB0031809436 SNL: LAND-LON

160




Land Securities *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Land Securities * -67.88%









0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Land Securities *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Land Securities * v. Europe Correlation

Land Securities * v. Global Correlation

Land Securities * v. UK Correlation

Land Securities * v. Equities

Land Securities * v. Bonds

Bloomberg: LII LN Reuters: LII.L ISIN: GB0006834344 SNL: LII-LON

161




Liberty International *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Liberty International * -60.1%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Liberty International *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Liberty International * v. Europe Correlation

Liberty International * v. Global Correlation

Liberty International * v. UK Correlation

Liberty International * v. Equities

Liberty International * v. Bonds

Bloomberg: MKLW LN Reuters: MKLW.L ISIN: GB0006091408 SNL: MKLW-LON

162




Mucklow <A&J> *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mucklow <A&J> * -37.93%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mucklow <A&J> *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Mucklow <A&J> * v. Europe Correlation

Mucklow <A&J> * v. Global Correlation

Mucklow <A&J> * v. UK Correlation

Mucklow <A&J> * v. Equities

Mucklow <A&J> * v. Bonds

Bloomberg: PHP LN Reuters: PHP.L ISIN: GB0007015521 SNL: PHP-LON

163




Primary Health Prop. *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Primary Health Prop. * -25.88%



Sector Index: Health Care -32.17%






0%

1%

2%

3%

4%

5%

6%

7%

8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Primary Health Prop. *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Primary Health Prop. * v. Europe Correlation

Primary Health Prop. * v. Global Correlation

Primary Health Prop. * v. UK Correlation

Primary Health Prop. * v. Equities

Primary Health Prop. * v. Bonds

Bloomberg: QED LN Reuters: QED.L ISIN: GB0007184442 SNL: QED-LON

164




Quintain Estates


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Quintain Estates -98.13%









-5%

0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Quintain Estates


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Quintain Estates v. Europe Correlation

Quintain Estates v. Global Correlation

Quintain Estates v. UK Correlation

Quintain Estates v. Equities

Quintain Estates v. Bonds

Bloomberg: SGRO LN Reuters: SGRO.L ISIN: GB00B1YFN979 SNL: SGRO-LON

165




Segro *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Segro * -75.27%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Segro *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Segro * v. Europe Correlation

Segro * v. Global Correlation

Segro * v. UK Correlation

Segro * v. Equities

Segro * v. Bonds

Bloomberg: SHB LN Reuters: SHB.L ISIN: GB0007990962 SNL: SHB-LON

166




Shaftesbury *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shaftesbury * -49.57%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shaftesbury *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Shaftesbury * v. Europe Correlation

Shaftesbury * v. Global Correlation

Shaftesbury * v. UK Correlation

Shaftesbury * v. Equities

Shaftesbury * v. Bonds

Bloomberg: SMP LN Reuters: SMP.L ISIN: GB0007291015 SNL: SMP-LON

167




St Modwen Properties


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: St Modwen Properties -80.93%









0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: St Modwen Properties


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

St Modwen Properties v. Europe Correlation

St Modwen Properties v. Global Correlation

St Modwen Properties v. UK Correlation

St Modwen Properties v. Equities

St Modwen Properties v. Bonds

Bloomberg: SLI LN Reuters: SLI.L ISIN: GB0033875286 SNL: SLI-LON

168




Standard Life Inv Prop


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Standard Life Inv Prop -64.87%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Standard Life Inv Prop


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Standard Life Inv Prop v. Europe Correlation

Standard Life Inv Prop v. Global Correlation

Standard Life Inv Prop v. UK Correlation

Standard Life Inv Prop v. Equities

Standard Life Inv Prop v. Bonds

Bloomberg: UKCM LN Reuters: UKCM.L ISIN: GB00B19Z2J52 SNL: UKCM-LON

169




UK Commercial Property Trust


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: UK Commercial Property Trust -25%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: UK Commercial Property Trust

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

UK Commercial Property Trust v. Europe Correlation

UK Commercial Property Trust v. Global Correlation

UK Commercial Property Trust v. UK Correlation

UK Commercial Property Trust v. Equities

UK Commercial Property Trust v. Bonds


month calculations

Bloomberg: UTG LN Reuters: UTG.L ISIN: GB0006928617 SNL: UTG-LON

170




Unite Group


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Unite Group -79.19%



Sector Index: Specialty -81.91%






0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Unite Group


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Unite Group v. Europe Correlation

Unite Group v. Global Correlation

Unite Group v. UK Correlation

Unite Group v. Equities

Unite Group v. Bonds

Bloomberg: WKP LN Reuters: WKP.L ISIN: GB0005296354 SNL: WKP-LON

171




Workspace Group *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Workspace Group * -94.06%









0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Workspace Group *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Workspace Group * v. Europe Correlation

Workspace Group * v. Global Correlation

Workspace Group * v. UK Correlation

Workspace Group * v. Equities

Workspace Group * v. Bonds

Section 3

172




Developed North America

Section 3.1

173




Canada

Bloomberg: AP-U CN Reuters: AP_u.TO ISIN: CA0194561027 SNL: AP.UN-TSX

174




Allied Properties REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Allied Properties REIT * -33.93%

Country Index: Canada -44.2%

Regional Index: North America -51.71%




Blue Chip Index: TSX -34.68%

Bond Index: JPMTCAN 10.15%


0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Allied Properties REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Allied Properties REIT * v. North America Correlation

Allied Properties REIT * v. Global Correlation

Allied Properties REIT * v. Canada Correlation

Allied Properties REIT * v. Equities

Allied Properties REIT * v. Bonds

Bloomberg: BEI-u CN Reuters: BEI_u.TO ISIN: CA0966311064 SNL: BEI.UN-TSX

175




Boardwalk REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Boardwalk REIT * -31.58%









0%

1%

2%

3%

4%

5%

6%

7%

8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Boardwalk REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Boardwalk REIT * v. North America Correlation

Boardwalk REIT * v. Global Correlation

Boardwalk REIT * v. Canada Correlation

Boardwalk REIT * v. Equities

Boardwalk REIT * v. Bonds

Bloomberg: BPO CN Reuters: BPO.TO ISIN: CA1129001055 SNL: BPO-US

176




Brookfield Props


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Brookfield Props -63.18%









0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Brookfield Props


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Brookfield Props v. North America Correlation

Brookfield Props v. Global Correlation

Brookfield Props v. Canada Correlation

Brookfield Props v. Equities

Brookfield Props v. Bonds

Bloomberg: CWT-U Cn Reuters: CWT_u.TO ISIN: CA1312532056 SNL: CWT.UN-TSX

177




Calloway REIT *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Calloway REIT * -50.52%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Calloway REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Calloway REIT * v. North America Correlation

Calloway REIT * v. Global Correlation

Calloway REIT * v. Canada Correlation

Calloway REIT * v. Equities

Calloway REIT * v. Bonds

Bloomberg: CAR-U CN Reuters: CAR_u.TO ISIN: CA1349211054 SNL: CAR.UN-TSX

178




Canadian Apartment Props *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Canadian Apartment Props * -21.24%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Canadian Apartment Props *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Canadian Apartment Props * v. North America Correlation

Canadian Apartment Props * v. Global Correlation

Canadian Apartment Props * v. Canada Correlation

Canadian Apartment Props * v. Equities

Canadian Apartment Props * v. Bonds

Bloomberg: REF-U CN Reuters: REF_u.TO ISIN: CA13650J1049 SNL: REF.UN-TSX

179




Canadian REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Canadian REIT * -25.69%









0%

1%

2%

3%

4%

5%

6%

7%

8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Canadian REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Canadian REIT * v. North America Correlation

Canadian REIT * v. Global Correlation

Canadian REIT * v. Canada Correlation

Canadian REIT * v. Equities

Canadian REIT * v. Bonds

Bloomberg: CSH-U CN Reuters: CSH_u.TO ISIN: CA16140U1003 SNL: CSH.UN-TSX

180




Chartwell Seniors Housing REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Chartwell Seniors Housing REIT * -56.76%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Chartwell Seniors Housing REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Chartwell Seniors Housing REIT * v. North America Correlation

Chartwell Seniors Housing REIT * v. Global Correlation

Chartwell Seniors Housing REIT * v. Canada Correlation

Chartwell Seniors Housing REIT * v. Equities

Chartwell Seniors Housing REIT * v. Bonds

Bloomberg: CUF-U CN Reuters: CUF_u.TO ISIN: CA1999101001 SNL: CUF.UN-TSX

181




Cominar REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cominar REIT * -32.52%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cominar REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Cominar REIT * v. North America Correlation

Cominar REIT * v. Global Correlation

Cominar REIT * v. Canada Correlation

Cominar REIT * v. Equities

Cominar REIT * v. Bonds

Bloomberg: D-U CN Reuters: D_u.TO ISIN: CA2652702077 SNL: D.UN-TSX

182




Dundee REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Dundee REIT * -60.75%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Dundee REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Dundee REIT * v. North America Correlation

Dundee REIT * v. Global Correlation

Dundee REIT * v. Canada Correlation

Dundee REIT * v. Equities

Dundee REIT * v. Bonds

Bloomberg: EXE-U CN Reuters: EXE_u.TO ISIN: CA3022511032 SNL: EXE.UN-TSX

183




Extendicare REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Extendicare REIT * -63.42%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Extendicare REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Extendicare REIT * v. North America Correlation

Extendicare REIT * v. Global Correlation

Extendicare REIT * v. Canada Correlation

Extendicare REIT * v. Equities

Extendicare REIT * v. Bonds

Bloomberg: HR-U CN Reuters: HR_u.TO ISIN: CA4044282032 SNL: HR.UN-TSX

184




H & R Real Estate *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: H & R Real Estate * -60.59%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: H & R Real Estate *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

H & R Real Estate * v. North America Correlation

H & R Real Estate * v. Global Correlation

H & R Real Estate * v. Canada Correlation

H & R Real Estate * v. Equities

H & R Real Estate * v. Bonds

Bloomberg: INN-U CN Reuters: INN_u.TO ISIN: CA45771T1084 SNL: INN.UN-TSX

185




Innvest REIT *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Innvest REIT * -68%



Sector Index: Lodging/Resorts -70%






0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Innvest REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Innvest REIT * v. North America Correlation

Innvest REIT * v. Global Correlation

Innvest REIT * v. Canada Correlation

Innvest REIT * v. Equities

Innvest REIT * v. Bonds

Bloomberg: MRT-U CN Reuters: MRT_u.TO ISIN: CA6179141065 SNL: MRT.UN-TSX

186




Morguard REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Morguard REIT * -21.82%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Morguard REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Morguard REIT * v. North America Correlation

Morguard REIT * v. Global Correlation

Morguard REIT * v. Canada Correlation

Morguard REIT * v. Equities

Morguard REIT * v. Bonds

Bloomberg: NPR-U CN Reuters: NPR_u.TO ISIN: CA6656241024 SNL: NPR.UN-TSX

187




Northern Property REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Northern Property REIT * -17.03%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Northern Property REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Northern Property REIT * v. North America Correlation

Northern Property REIT * v. Global Correlation

Northern Property REIT * v. Canada Correlation

Northern Property REIT * v. Equities

Northern Property REIT * v. Bonds

Bloomberg: PMZ-U CN Reuters: PMZ_u.TO ISIN: CA74157U1093 SNL: PMZ.UN-TSX

188




Primaris Retail REIT *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Primaris Retail REIT * -45.43%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Primaris Retail REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Primaris Retail REIT * v. North America Correlation

Primaris Retail REIT * v. Global Correlation

Primaris Retail REIT * v. Canada Correlation

Primaris Retail REIT * v. Equities

Primaris Retail REIT * v. Bonds

Bloomberg: REI-U CN Reuters: REI_u.TO ISIN: CA7669101031 SNL: REI.UN-TSX

189




Riocan Real Estate *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Riocan Real Estate * -39.37%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Riocan Real Estate *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Riocan Real Estate * v. North America Correlation

Riocan Real Estate * v. Global Correlation

Riocan Real Estate * v. Canada Correlation

Riocan Real Estate * v. Equities

Riocan Real Estate * v. Bonds

Section 3.2

190




United States

Bloomberg: AKR US Reuters: AKR.N ISIN: US0042391096 SNL: AKR-US

191




Acadia Realty Trust *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Acadia Realty Trust * -54.28%

Country Index: USA -52.35%






Bond Index: JPMTUS 8.53%


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Acadia Realty Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Acadia Realty Trust * v. North America Correlation

Acadia Realty Trust * v. Global Correlation

Acadia Realty Trust * v. USA Correlation

Acadia Realty Trust * v. Equities

Acadia Realty Trust * v. Bonds

Bloomberg: ADC US Reuters: ADC.N ISIN: US0084921008 SNL: ADC-US

192




Agree Realty Corp *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Agree Realty Corp * -42.84%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Agree Realty Corp *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Agree Realty Corp * v. North America Correlation

Agree Realty Corp * v. Global Correlation

Agree Realty Corp * v. USA Correlation

Agree Realty Corp * v. Equities

Agree Realty Corp * v. Bonds

Bloomberg: ALX US Reuters: ALX.N ISIN: US0147521092 SNL: ALX-US

193




Alexander's Inc. *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Alexander's Inc. * -51.94%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Alexander's Inc. *

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Alexander's Inc. * v. North America Correlation

Alexander's Inc. * v. Global Correlation

Alexander's Inc. * v. USA Correlation

Alexander's Inc. * v. Equities

Alexander's Inc. * v. Bonds

Bloomberg: ARE US Reuters: ARE.N ISIN: US0152711091 SNL: ARE-US

194




Alexandria Real Estate *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Alexandria Real Estate * -60.74%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Alexandria Real Estate *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Alexandria Real Estate * v. North America Correlation

Alexandria Real Estate * v. Global Correlation

Alexandria Real Estate * v. USA Correlation

Alexandria Real Estate * v. Equities

Alexandria Real Estate * v. Bonds

Bloomberg: AMB US Reuters: AMB.N ISIN: US00163T1097 SNL: AMB-US

195




AMB Property *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: AMB Property * -73.54%









0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: AMB Property *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

AMB Property * v. North America Correlation

AMB Property * v. Global Correlation

AMB Property * v. USA Correlation

AMB Property * v. Equities

AMB Property * v. Bonds

Bloomberg: ACC US Reuters: ACC.N ISIN: US0248351001 SNL: ACC-US

196




American Campus Communities *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: American Campus Communities * -36.55%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: American Campus Communities *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

American Campus Communities * v. North America Correlation

American Campus Communities * v. Global Correlation

American Campus Communities * v. USA Correlation

American Campus Communities * v. Equities

American Campus Communities * v. Bonds

Bloomberg: AIV US Reuters: AIV.N ISIN: US03748R1014 SNL: AIV-US

197




Apartment Investment *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Apartment Investment * -81.61%









0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Apartment Investment *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Apartment Investment * v. North America Correlation

Apartment Investment * v. Global Correlation

Apartment Investment * v. USA Correlation

Apartment Investment * v. Equities

Apartment Investment * v. Bonds

Bloomberg: AHT US Reuters: AHT.N ISIN: US0441031095 SNL: AHT-US

198




Ashford Hospitality *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ashford Hospitality * -72.89%









0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ashford Hospitality *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Ashford Hospitality * v. North America Correlation

Ashford Hospitality * v. Global Correlation

Ashford Hospitality * v. USA Correlation

Ashford Hospitality * v. Equities

Ashford Hospitality * v. Bonds

Bloomberg: AEC US Reuters: AEC.N ISIN: US0456041054 SNL: AEC-US

199




Associated Estates Realty *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Associated Estates Realty * -50.35%









0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Associated Estates Realty *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Associated Estates Realty * v. North America Correlation

Associated Estates Realty * v. Global Correlation

Associated Estates Realty * v. USA Correlation

Associated Estates Realty * v. Equities

Associated Estates Realty * v. Bonds

Bloomberg: AVB US Reuters: AVB.N ISIN: US0534841012 SNL: AVB-US

200




Avalonbay Communities *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Avalonbay Communities * -49.74%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Avalonbay Communities *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Avalonbay Communities * v. North America Correlation

Avalonbay Communities * v. Global Correlation

Avalonbay Communities * v. USA Correlation

Avalonbay Communities * v. Equities

Avalonbay Communities * v. Bonds

Bloomberg: BMR US Reuters: BMR.N ISIN: US09063H1077 SNL: BMR-US

201




BioMed Realty Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: BioMed Realty Trust * -71.66%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: BioMed Realty Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

BioMed Realty Trust * v. North America Correlation

BioMed Realty Trust * v. Global Correlation

BioMed Realty Trust * v. USA Correlation

BioMed Realty Trust * v. Equities

BioMed Realty Trust * v. Bonds

Bloomberg: BXP US Reuters: BXP.N ISIN: US1011211018 SNL: BXP-US

202




Boston Properties *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Boston Properties * -61.95%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Boston Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Boston Properties * v. North America Correlation

Boston Properties * v. Global Correlation

Boston Properties * v. USA Correlation

Boston Properties * v. Equities

Boston Properties * v. Bonds

Bloomberg: BDN US Reuters: BDN.N ISIN: US1053682035 SNL: BDN-US

203




Brandywine Realty Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Brandywine Realty Trust * -83.2%









0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Brandywine Realty Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Brandywine Realty Trust * v. North America Correlation

Brandywine Realty Trust * v. Global Correlation

Brandywine Realty Trust * v. USA Correlation

Brandywine Realty Trust * v. Equities

Brandywine Realty Trust * v. Bonds

Bloomberg: BRE US Reuters: BRE.N ISIN: US05564E1064 SNL: BRE-US

204




BRE Properties *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: BRE Properties * -56.91%









0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: BRE Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

BRE Properties * v. North America Correlation

BRE Properties * v. Global Correlation

BRE Properties * v. USA Correlation

BRE Properties * v. Equities

BRE Properties * v. Bonds

Bloomberg: CPT US Reuters: CPT.N ISIN: US1331311027 SNL: CPT-US

205




Camden Property Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Camden Property Trust * -57.01%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Camden Property Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Camden Property Trust * v. North America Correlation

Camden Property Trust * v. Global Correlation

Camden Property Trust * v. USA Correlation

Camden Property Trust * v. Equities

Camden Property Trust * v. Bonds

Bloomberg: CBL US Reuters: CBL.N ISIN: US1248301004 SNL: CBL-US

206




CBL & Associates Props *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: CBL & Associates Props * -89.26%









0%

10%

20%

30%

40%

50%

60%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: CBL & Associates Props *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

CBL & Associates Props * v. North America Correlation

CBL & Associates Props * v. Global Correlation

CBL & Associates Props * v. USA Correlation

CBL & Associates Props * v. Equities

CBL & Associates Props * v. Bonds

Bloomberg: CDR US Reuters: CDR.N ISIN: US1506022094 SNL: CDR-US

207




Cedar Shopping Centers *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cedar Shopping Centers * -85.1%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cedar Shopping Centers *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Cedar Shopping Centers * v. North America Correlation

Cedar Shopping Centers * v. Global Correlation

Cedar Shopping Centers * v. USA Correlation

Cedar Shopping Centers * v. Equities

Cedar Shopping Centers * v. Bonds

Bloomberg: CLP US Reuters: CLP.N ISIN: US1958721060 SNL: CLP-US

208




Colonial Properties *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Colonial Properties * -84.16%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Colonial Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Colonial Properties * v. North America Correlation

Colonial Properties * v. Global Correlation

Colonial Properties * v. USA Correlation

Colonial Properties * v. Equities

Colonial Properties * v. Bonds

Bloomberg: OFC US Reuters: OFC.N ISIN: US22002T1088 SNL: OFC-US

209




Corporate Office Props *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Corporate Office Props * -26.12%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Corporate Office Props *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Corporate Office Props * v. North America Correlation

Corporate Office Props * v. Global Correlation

Corporate Office Props * v. USA Correlation

Corporate Office Props * v. Equities

Corporate Office Props * v. Bonds

Bloomberg: CXW US Reuters: CXW.N ISIN: US22025Y4070 SNL: -NA-

210




Corrections Corp of America


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Corrections Corp of America -53.45%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Corrections Corp of America

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Corrections Corp of America v. North America Correlation

Corrections Corp of America v. Global Correlation

Corrections Corp of America v. USA Correlation

Corrections Corp of America v. Equities

Corrections Corp of America v. Bonds

Bloomberg: CUZ US Reuters: CUZ.N ISIN: US2227951066 SNL: CUZ-US

211




Cousins Properties *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cousins Properties * -73.94%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cousins Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Cousins Properties * v. North America Correlation

Cousins Properties * v. Global Correlation

Cousins Properties * v. USA Correlation

Cousins Properties * v. Equities

Cousins Properties * v. Bonds

Bloomberg: DCT US Reuters: DCT.N ISIN: US2331531051 SNL: DCT-US

212




DCT Industrial Trust *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: DCT Industrial Trust * -68.17%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: DCT Industrial Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

DCT Industrial Trust * v. North America Correlation

DCT Industrial Trust * v. Global Correlation

DCT Industrial Trust * v. USA Correlation

DCT Industrial Trust * v. Equities

DCT Industrial Trust * v. Bonds


month calculations

Bloomberg: DDR US Reuters: DDR.N ISIN: US2515911038 SNL: DDR-US

213




Developers Diversified *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Developers Diversified * -94.27%









0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Developers Diversified *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Developers Diversified * v. North America Correlation

Developers Diversified * v. Global Correlation

Developers Diversified * v. USA Correlation

Developers Diversified * v. Equities

Developers Diversified * v. Bonds

Bloomberg: DRH US Reuters: DRH.N ISIN: US2527843013 SNL: DRH-US

214




Diamondrock Hospitality *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Diamondrock Hospitality * -68.35%









0%

5%

10%

15%

20%

25%

30%

35%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Diamondrock Hospitality *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Diamondrock Hospitality * v. North America Correlation

Diamondrock Hospitality * v. Global Correlation

Diamondrock Hospitality * v. USA Correlation

Diamondrock Hospitality * v. Equities

Diamondrock Hospitality * v. Bonds

Bloomberg: DLR US Reuters: DLR.N ISIN: US2538681030 SNL: DLR-US

215




Digital Realty Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Digital Realty Trust * -6.54%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Digital Realty Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Digital Realty Trust * v. North America Correlation

Digital Realty Trust * v. Global Correlation

Digital Realty Trust * v. USA Correlation

Digital Realty Trust * v. Equities

Digital Realty Trust * v. Bonds

Bloomberg: DEI US Reuters: DEI.N ISIN: US25960P1093 SNL: DEI-US

216




Douglas Emmett *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Douglas Emmett * -66.5%









0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Douglas Emmett *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Douglas Emmett * v. North America Correlation

Douglas Emmett * v. Global Correlation

Douglas Emmett * v. USA Correlation

Douglas Emmett * v. Equities

Douglas Emmett * v. Bonds


month calculations

Bloomberg: DRE US Reuters: DRE.N ISIN: US2644115055 SNL: DRE-US

217




Duke Realty Corp *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Duke Realty Corp * -75.89%



Sector Index: Office Mixed -41.58%






0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Duke Realty Corp *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Duke Realty Corp * v. North America Correlation

Duke Realty Corp * v. Global Correlation

Duke Realty Corp * v. USA Correlation

Duke Realty Corp * v. Equities

Duke Realty Corp * v. Bonds

Bloomberg: DFT US Reuters: DFT.N ISIN: US26613Q1067 SNL: -NA-

218




DuPont Fabros Technology *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: DuPont Fabros Technology * -58.28%









0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: DuPont Fabros Technology *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

DuPont Fabros Technology * v. North America Correlation

DuPont Fabros Technology * v. Global Correlation

DuPont Fabros Technology * v. USA Correlation

DuPont Fabros Technology * v. Equities

DuPont Fabros Technology * v. Bonds


month calculations

Bloomberg: EGP US Reuters: EGP.N ISIN: US2772761019 SNL: EGP-US

219




Eastgroup Properties *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Eastgroup Properties * -39.58%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Eastgroup Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Eastgroup Properties * v. North America Correlation

Eastgroup Properties * v. Global Correlation

Eastgroup Properties * v. USA Correlation

Eastgroup Properties * v. Equities

Eastgroup Properties * v. Bonds

Bloomberg: EDR US Reuters: EDR.N ISIN: US28140H1041 SNL: EDR-US

220




Education Realty Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Education Realty Trust * -72.24%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Education Realty Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Education Realty Trust * v. North America Correlation

Education Realty Trust * v. Global Correlation

Education Realty Trust * v. USA Correlation

Education Realty Trust * v. Equities

Education Realty Trust * v. Bonds

Bloomberg: EPR US Reuters: EPR.N ISIN: US29380T1051 SNL: EPR-US

221




Entertainment Props *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Entertainment Props * -68.05%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Entertainment Props *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Entertainment Props * v. North America Correlation

Entertainment Props * v. Global Correlation

Entertainment Props * v. USA Correlation

Entertainment Props * v. Equities

Entertainment Props * v. Bonds

Bloomberg: ELS US Reuters: ELS.N ISIN: US29472R1086 SNL: ELS-US

222




Equity Lifestyle Properties *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Equity Lifestyle Properties * -22.83%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Equity Lifestyle Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Equity Lifestyle Properties * v. North America Correlation

Equity Lifestyle Properties * v. Global Correlation

Equity Lifestyle Properties * v. USA Correlation

Equity Lifestyle Properties * v. Equities

Equity Lifestyle Properties * v. Bonds

Bloomberg: EQY US Reuters: EQY.N ISIN: US2947521009 SNL: EQY-US

223




Equity One Inc *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Equity One Inc * -49.14%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Equity One Inc *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Equity One Inc * v. North America Correlation

Equity One Inc * v. Global Correlation

Equity One Inc * v. USA Correlation

Equity One Inc * v. Equities

Equity One Inc * v. Bonds

Bloomberg: EQR US Reuters: EQR.N ISIN: US29476L1070 SNL: EQR-US

224




Equity Residential Props *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Equity Residential Props * -55.77%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Equity Residential Props *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Equity Residential Props * v. North America Correlation

Equity Residential Props * v. Global Correlation

Equity Residential Props * v. USA Correlation

Equity Residential Props * v. Equities

Equity Residential Props * v. Bonds

Bloomberg: ESS US Reuters: ESS.N ISIN: US2971781057 SNL: ESS-US

225




Essex Property Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Essex Property Trust * -49.69%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Essex Property Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Essex Property Trust * v. North America Correlation

Essex Property Trust * v. Global Correlation

Essex Property Trust * v. USA Correlation

Essex Property Trust * v. Equities

Essex Property Trust * v. Bonds

Bloomberg: EXR US Reuters: EXR.N ISIN: US30225T1025 SNL: EXR-US

226




Extra Space Storage *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Extra Space Storage * -65.97%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Extra Space Storage *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Extra Space Storage * v. North America Correlation

Extra Space Storage * v. Global Correlation

Extra Space Storage * v. USA Correlation

Extra Space Storage * v. Equities

Extra Space Storage * v. Bonds

Bloomberg: FRT US Reuters: FRT.N ISIN: US3137472060 SNL: FRT-US

227




Federal Realty Inv *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Federal Realty Inv * -40.99%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Federal Realty Inv *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Federal Realty Inv * v. North America Correlation

Federal Realty Inv * v. Global Correlation

Federal Realty Inv * v. USA Correlation

Federal Realty Inv * v. Equities

Federal Realty Inv * v. Bonds

Bloomberg: FCH US Reuters: FCH.N ISIN: US31430F1012 SNL: FCH-US

228




Felcor Lodging Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Felcor Lodging Trust * -88.69%









0%

10%

20%

30%

40%

50%

60%

70%

80%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Felcor Lodging Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Felcor Lodging Trust * v. North America Correlation

Felcor Lodging Trust * v. Global Correlation

Felcor Lodging Trust * v. USA Correlation

Felcor Lodging Trust * v. Equities

Felcor Lodging Trust * v. Bonds

Bloomberg: FR US Reuters: FR.N ISIN: US32054K1034 SNL: FR-US

229




First Industrial Realty *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: First Industrial Realty * -92.07%









0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: First Industrial Realty *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

First Industrial Realty * v. North America Correlation

First Industrial Realty * v. Global Correlation

First Industrial Realty * v. USA Correlation

First Industrial Realty * v. Equities

First Industrial Realty * v. Bonds

Bloomberg: FPO US Reuters: FPO.N ISIN: US33610F1093 SNL: FPO-US

230




First Potomac Realty Trust *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: First Potomac Realty Trust * -52.18%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: First Potomac Realty Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

First Potomac Realty Trust * v. North America Correlation

First Potomac Realty Trust * v. Global Correlation

First Potomac Realty Trust * v. USA Correlation

First Potomac Realty Trust * v. Equities

First Potomac Realty Trust * v. Bonds

Bloomberg: FCE/A US Reuters: FCEa.N ISIN: US3455501078 SNL: FCEA-US

231




Forest City Enterprises


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Forest City Enterprises -90.22%









-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Forest City Enterprises


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Forest City Enterprises v. North America Correlation

Forest City Enterprises v. Global Correlation

Forest City Enterprises v. USA Correlation

Forest City Enterprises v. Equities

Forest City Enterprises v. Bonds

Bloomberg: GTY US Reuters: GTY.N ISIN: US3742971092 SNL: GTY-US

232




Getty Realty *


0

200

400

600

800

1,000

1,200

1,400

1,600

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Getty Realty * 15.19%









0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Getty Realty *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Getty Realty * v. North America Correlation

Getty Realty * v. Global Correlation

Getty Realty * v. USA Correlation

Getty Realty * v. Equities

Getty Realty * v. Bonds

Bloomberg: HCP US Reuters: HCP.N ISIN: US40414L1098 SNL: HCP-US

233




HCP *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: HCP * -47.2%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: HCP *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

HCP * v. North America Correlation

HCP * v. Global Correlation

HCP * v. USA Correlation

HCP * v. Equities

HCP * v. Bonds

Bloomberg: HCN US Reuters: HCN.N ISIN: US42217K1060 SNL: HCN-US

234




Health Care REIT *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Health Care REIT * -32.22%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Health Care REIT *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Health Care REIT * v. North America Correlation

Health Care REIT * v. Global Correlation

Health Care REIT * v. USA Correlation

Health Care REIT * v. Equities

Health Care REIT * v. Bonds

Bloomberg: HR US Reuters: HR.N ISIN: US4219461047 SNL: HR-US

235




Healthcare Realty Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Healthcare Realty Trust * -42.68%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Healthcare Realty Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Healthcare Realty Trust * v. North America Correlation

Healthcare Realty Trust * v. Global Correlation

Healthcare Realty Trust * v. USA Correlation

Healthcare Realty Trust * v. Equities

Healthcare Realty Trust * v. Bonds

Bloomberg: HT US Reuters: HT.N ISIN: US4278251040 SNL: HT-US

236




Hersha Hospitality Trust *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hersha Hospitality Trust * -78.96%









0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hersha Hospitality Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hersha Hospitality Trust * v. North America Correlation

Hersha Hospitality Trust * v. Global Correlation

Hersha Hospitality Trust * v. USA Correlation

Hersha Hospitality Trust * v. Equities

Hersha Hospitality Trust * v. Bonds

Bloomberg: HIW US Reuters: HIW.N ISIN: US4312841087 SNL: HIW-US

237




Highwoods Properties *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Highwoods Properties * -31.06%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Highwoods Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Highwoods Properties * v. North America Correlation

Highwoods Properties * v. Global Correlation

Highwoods Properties * v. USA Correlation

Highwoods Properties * v. Equities

Highwoods Properties * v. Bonds

Bloomberg: ARC US Reuters: HTH.N ISIN: US4327481010 SNL: HTH-US

238




Hilltop Holdings


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hilltop Holdings 9.62%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hilltop Holdings

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hilltop Holdings v. North America Correlation

Hilltop Holdings v. Global Correlation

Hilltop Holdings v. USA Correlation

Hilltop Holdings v. Equities

Hilltop Holdings v. Bonds

Bloomberg: HME US Reuters: HME.N ISIN: US4373061039 SNL: HME-US

239




Home Props of New York *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Home Props of New York * -36.13%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Home Props of New York *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Home Props of New York * v. North America Correlation

Home Props of New York * v. Global Correlation

Home Props of New York * v. USA Correlation

Home Props of New York * v. Equities

Home Props of New York * v. Bonds

Bloomberg: HPT US Reuters: HPT.N ISIN: US44106M1027 SNL: HPT-US

240




Hospitality Properties *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hospitality Properties * -64.73%









0%

5%

10%

15%

20%

25%

30%

35%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hospitality Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hospitality Properties * v. North America Correlation

Hospitality Properties * v. Global Correlation

Hospitality Properties * v. USA Correlation

Hospitality Properties * v. Equities

Hospitality Properties * v. Bonds

Bloomberg: HST US Reuters: HST.N ISIN: US44107P1049 SNL: HST-US

241




Host Hotels & Resorts *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Host Hotels & Resorts * -75.38%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Host Hotels & Resorts *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Host Hotels & Resorts * v. North America Correlation

Host Hotels & Resorts * v. Global Correlation

Host Hotels & Resorts * v. USA Correlation

Host Hotels & Resorts * v. Equities

Host Hotels & Resorts * v. Bonds

Bloomberg: HRP US Reuters: HRP.N ISIN: US40426W1018 SNL: HRP-US

242




HRPT Properties Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: HRPT Properties Trust * -52.6%









0%

5%

10%

15%

20%

25%

30%

35%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: HRPT Properties Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

HRPT Properties Trust * v. North America Correlation

HRPT Properties Trust * v. Global Correlation

HRPT Properties Trust * v. USA Correlation

HRPT Properties Trust * v. Equities

HRPT Properties Trust * v. Bonds

Bloomberg: IRC US Reuters: IRC.N ISIN: US4574612002 SNL: IRC-US

243




Inland Real Estate Corp *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Inland Real Estate Corp * -53.39%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Inland Real Estate Corp *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Inland Real Estate Corp * v. North America Correlation

Inland Real Estate Corp * v. Global Correlation

Inland Real Estate Corp * v. USA Correlation

Inland Real Estate Corp * v. Equities

Inland Real Estate Corp * v. Bonds

Bloomberg: IRET US Reuters: IRET.OQ ISIN: US4617301035 SNL: IRET-US

244




Investors Real Estate *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Investors Real Estate * 0.82%









0%

1%

2%

3%

4%

5%

6%

7%

8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Investors Real Estate *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Investors Real Estate * v. North America Correlation

Investors Real Estate * v. Global Correlation

Investors Real Estate * v. USA Correlation

Investors Real Estate * v. Equities

Investors Real Estate * v. Bonds

Bloomberg: KRC US Reuters: KRC.N ISIN: US49427F1084 SNL: KRC-US

245




Kilroy Realty *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kilroy Realty * -65%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kilroy Realty *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Kilroy Realty * v. North America Correlation

Kilroy Realty * v. Global Correlation

Kilroy Realty * v. USA Correlation

Kilroy Realty * v. Equities

Kilroy Realty * v. Bonds

Bloomberg: KIM US Reuters: KIM.N ISIN: US49446R1095 SNL: KIM-US

246




Kimco Realty *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kimco Realty * -80.55%









0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kimco Realty *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Kimco Realty * v. North America Correlation

Kimco Realty * v. Global Correlation

Kimco Realty * v. USA Correlation

Kimco Realty * v. Equities

Kimco Realty * v. Bonds

Bloomberg: KRG US Reuters: KRG.N ISIN: US49803T1025 SNL: KRG-US

247




Kite Realty Group Trust *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kite Realty Group Trust * -82.5%









0%

5%

10%

15%

20%

25%

30%

35%

40%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Kite Realty Group Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Kite Realty Group Trust * v. North America Correlation

Kite Realty Group Trust * v. Global Correlation

Kite Realty Group Trust * v. USA Correlation

Kite Realty Group Trust * v. Equities

Kite Realty Group Trust * v. Bonds

Bloomberg: LHO US Reuters: LHO.N ISIN: US5179421087 SNL: LHO-US

248




LaSalle Hotel Properties *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: LaSalle Hotel Properties * -79.7%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: LaSalle Hotel Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

LaSalle Hotel Properties * v. North America Correlation

LaSalle Hotel Properties * v. Global Correlation

LaSalle Hotel Properties * v. USA Correlation

LaSalle Hotel Properties * v. Equities

LaSalle Hotel Properties * v. Bonds

Bloomberg: LXP US Reuters: LXP.N ISIN: US5290431015 SNL: LXP-US

249




Lexington Corporate *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Lexington Corporate * -82.63%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Lexington Corporate *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Lexington Corporate * v. North America Correlation

Lexington Corporate * v. Global Correlation

Lexington Corporate * v. USA Correlation

Lexington Corporate * v. Equities

Lexington Corporate * v. Bonds

Bloomberg: LRY US Reuters: LRY.N ISIN: US5311721048 SNL: LRY-US

250




Liberty Property Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Liberty Property Trust * -39.12%









0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Liberty Property Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Liberty Property Trust * v. North America Correlation

Liberty Property Trust * v. Global Correlation

Liberty Property Trust * v. USA Correlation

Liberty Property Trust * v. Equities

Liberty Property Trust * v. Bonds

Bloomberg: LTC US Reuters: LTC.N ISIN: US5021751020 SNL: LTC-US

251




LTC Properties *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: LTC Properties * -31.78%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: LTC Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

LTC Properties * v. North America Correlation

LTC Properties * v. Global Correlation

LTC Properties * v. USA Correlation

LTC Properties * v. Equities

LTC Properties * v. Bonds

Bloomberg: CLI US Reuters: CLI.N ISIN: US5544891048 SNL: CLI-US

252




Mack-Cali Realty *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mack-Cali Realty * -44.53%









0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mack-Cali Realty *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Mack-Cali Realty * v. North America Correlation

Mack-Cali Realty * v. Global Correlation

Mack-Cali Realty * v. USA Correlation

Mack-Cali Realty * v. Equities

Mack-Cali Realty * v. Bonds

Bloomberg: MPW US Reuters: MPW.N ISIN: US58463J3041 SNL: MPW-US

253




Medical Properties Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Medical Properties Trust * -67.76%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Medical Properties Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Medical Properties Trust * v. North America Correlation

Medical Properties Trust * v. Global Correlation

Medical Properties Trust * v. USA Correlation

Medical Properties Trust * v. Equities

Medical Properties Trust * v. Bonds

Bloomberg: MAA US Reuters: MAA.N ISIN: US59522J1034 SNL: MAA-US

254




Mid-America Apartment *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mid-America Apartment * -38.14%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mid-America Apartment *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Mid-America Apartment * v. North America Correlation

Mid-America Apartment * v. Global Correlation

Mid-America Apartment * v. USA Correlation

Mid-America Apartment * v. Equities

Mid-America Apartment * v. Bonds

Bloomberg: NHC US Reuters: NHC.A ISIN: US6359061008 SNL: -NA-

255




National Healthcare Corp. *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: National Healthcare * -17.56%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: National Healthcare *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

National Healthcare * v. North America Correlation

National Healthcare * v. Global Correlation

National Healthcare * v. USA Correlation

National Healthcare * v. Equities

National Healthcare * v. Bonds

Bloomberg: NNN US Reuters: NNN.N ISIN: US6374171063 SNL: NNN-US

256




National Retail Properties *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: National Retail Properties * -28.16%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: National Retail Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

National Retail Properties * v. North America Correlation

National Retail Properties * v. Global Correlation

National Retail Properties * v. USA Correlation

National Retail Properties * v. Equities

National Retail Properties * v. Bonds

Bloomberg: NHP US Reuters: NHP.N ISIN: US6386201049 SNL: NHP-US

257




Nationwide Health Props *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Nationwide Health Props * -34.25%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Nationwide Health Props *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Nationwide Health Props * v. North America Correlation

Nationwide Health Props * v. Global Correlation

Nationwide Health Props * v. USA Correlation

Nationwide Health Props * v. Equities

Nationwide Health Props * v. Bonds

Bloomberg: OHI US Reuters: OHI.N ISIN: US6819361006 SNL: OHI-US

258




Omega Healthcare Investors *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Omega Healthcare Investors * -18.89%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Omega Healthcare Investors *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Omega Healthcare Investors * v. North America Correlation

Omega Healthcare Investors * v. Global Correlation

Omega Healthcare Investors * v. USA Correlation

Omega Healthcare Investors * v. Equities

Omega Healthcare Investors * v. Bonds

Bloomberg: OEH US Reuters: OEH.N ISIN: BMG677431071 SNL: OEH-US

259




Orient Express Hotel


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Orient Express Hotel -90.5%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Orient Express Hotel


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Orient Express Hotel v. North America Correlation

Orient Express Hotel v. Global Correlation

Orient Express Hotel v. USA Correlation

Orient Express Hotel v. Equities

Orient Express Hotel v. Bonds

Bloomberg: PKY US Reuters: PKY.N ISIN: US70159Q1040 SNL: PKY-US

260




Parkway Properties *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Parkway Properties * -72.13%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Parkway Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Parkway Properties * v. North America Correlation

Parkway Properties * v. Global Correlation

Parkway Properties * v. USA Correlation

Parkway Properties * v. Equities

Parkway Properties * v. Bonds

Bloomberg: PEI US Reuters: PEI.N ISIN: US7091021078 SNL: PEI-US

261




Pennsylvania Real Estate *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Pennsylvania Real Estate * -85.44%









0%

10%

20%

30%

40%

50%

60%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Pennsylvania Real Estate *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Pennsylvania Real Estate * v. North America Correlation

Pennsylvania Real Estate * v. Global Correlation

Pennsylvania Real Estate * v. USA Correlation

Pennsylvania Real Estate * v. Equities

Pennsylvania Real Estate * v. Bonds

Bloomberg: PPS US Reuters: PPS.N ISIN: US7374641071 SNL: PPS-US

262




Post Properties *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Post Properties * -73.74%









0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Post Properties *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Post Properties * v. North America Correlation

Post Properties * v. Global Correlation

Post Properties * v. USA Correlation

Post Properties * v. Equities

Post Properties * v. Bonds

Bloomberg: PLD US Reuters: PLD.N ISIN: US7434101025 SNL: PLD-US

263




Prologis *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Prologis * -88.96%









0%

10%

20%

30%

40%

50%

60%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Prologis *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Prologis * v. Europe Correlation

Prologis * v. Global Correlation

Prologis * v. USA Correlation

Prologis * v. Equities

Prologis * v. Bonds

Bloomberg: PSB US Reuters: PSB.A ISIN: US69360J1079 SNL: PSB-US

264




PS Business Parks *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: PS Business Parks * -29%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: PS Business Parks *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

PS Business Parks * v. North America Correlation

PS Business Parks * v. Global Correlation

PS Business Parks * v. USA Correlation

PS Business Parks * v. Equities

PS Business Parks * v. Bonds

Bloomberg: PSA US Reuters: PSA.N ISIN: US74460D1090 SNL: PSA-US

265




Public Storage *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Public Storage * -37.16%









0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Public Storage *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Public Storage * v. North America Correlation

Public Storage * v. Global Correlation

Public Storage * v. USA Correlation

Public Storage * v. Equities

Public Storage * v. Bonds

Bloomberg: RPT US Reuters: RPT.N ISIN: US7514522025 SNL: RPT-US

266




Ramco-Gershenson *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ramco-Gershenson * -69.45%









0%

5%

10%

15%

20%

25%

30%

35%

40%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ramco-Gershenson *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Ramco-Gershenson * v. North America Correlation

Ramco-Gershenson * v. Global Correlation

Ramco-Gershenson * v. USA Correlation

Ramco-Gershenson * v. Equities

Ramco-Gershenson * v. Bonds

Bloomberg: O US Reuters: O.N ISIN: US7561091049 SNL: O-US

267




Realty Income *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Realty Income * -26.54%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Realty Income *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Realty Income * v. North America Correlation

Realty Income * v. Global Correlation

Realty Income * v. USA Correlation

Realty Income * v. Equities

Realty Income * v. Bonds

Bloomberg: REG US Reuters: REG.N ISIN: US7588491032 SNL: REG-US

268




Regency Centers *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Regency Centers * -58.97%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Regency Centers *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Regency Centers * v. North America Correlation

Regency Centers * v. Global Correlation

Regency Centers * v. USA Correlation

Regency Centers * v. Equities

Regency Centers * v. Bonds

Bloomberg: BFS US Reuters: BFS.N ISIN: US8043951016 SNL: BFS-US

269




Saul Centers *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Saul Centers * -54.28%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Saul Centers *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Saul Centers * v. North America Correlation

Saul Centers * v. Global Correlation

Saul Centers * v. USA Correlation

Saul Centers * v. Equities

Saul Centers * v. Bonds

Bloomberg: SNH US Reuters: SNH.N ISIN: US81721M1099 SNL: SNH-US

270




Senior Housing Prop *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Senior Housing Prop * -40.84%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Senior Housing Prop *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Senior Housing Prop * v. North America Correlation

Senior Housing Prop * v. Global Correlation

Senior Housing Prop * v. USA Correlation

Senior Housing Prop * v. Equities

Senior Housing Prop * v. Bonds

Bloomberg: SPG US Reuters: SPG.N ISIN: US8288061091 SNL: SPG-US

271




Simon Property Group *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Simon Property Group * -62.03%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Simon Property Group *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Simon Property Group * v. North America Correlation

Simon Property Group * v. Global Correlation

Simon Property Group * v. USA Correlation

Simon Property Group * v. Equities

Simon Property Group * v. Bonds

Bloomberg: SLG US Reuters: SLG.N ISIN: US78440X1019 SNL: SLG-US

272




SL Green Realty *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: SL Green Realty * -86.74%









0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: SL Green Realty *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

SL Green Realty * v. North America Correlation

SL Green Realty * v. Global Correlation

SL Green Realty * v. USA Correlation

SL Green Realty * v. Equities

SL Green Realty * v. Bonds

Bloomberg: SSS US Reuters: SSS.N ISIN: US84610H1086 SNL: SSS-US

273




Sovran Self Storage *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sovran Self Storage * -52.99%









0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sovran Self Storage *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Sovran Self Storage * v. North America Correlation

Sovran Self Storage * v. Global Correlation

Sovran Self Storage * v. USA Correlation

Sovran Self Storage * v. Equities

Sovran Self Storage * v. Bonds

Bloomberg: BEE US Reuters: BEE.N ISIN: US86272T1060 SNL: BEE-US

274




Strategic Hotels & Resorts *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Strategic Hotels & Resorts * -94.74%









0%

20%

40%

60%

80%

100%

120%

140%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Strategic Hotels & Resorts *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Strategic Hotels & Resorts * v. North America Correlation

Strategic Hotels & Resorts * v. Global Correlation

Strategic Hotels & Resorts * v. USA Correlation

Strategic Hotels & Resorts * v. Equities

Strategic Hotels & Resorts * v. Bonds

Bloomberg: SUI US Reuters: SUI.N ISIN: US8666741041 SNL: SUI-US

275




Sun Communities *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sun Communities * -42.29%









0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sun Communities *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Sun Communities * v. North America Correlation

Sun Communities * v. Global Correlation

Sun Communities * v. USA Correlation

Sun Communities * v. Equities

Sun Communities * v. Bonds

Bloomberg: SHO US Reuters: SHO.N ISIN: US8678921011 SNL: SHO-US

276




Sunstone Hotel Investors *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sunstone Hotel Investors * -82.53%









0%

10%

20%

30%

40%

50%

60%

70%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sunstone Hotel Investors *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Sunstone Hotel Investors * v. North America Correlation

Sunstone Hotel Investors * v. Global Correlation

Sunstone Hotel Investors * v. USA Correlation

Sunstone Hotel Investors * v. Equities

Sunstone Hotel Investors * v. Bonds

Bloomberg: SKT US Reuters: SKT.N ISIN: US8754651060 SNL: SKT-US

277




Tanger Factory Outlet *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Tanger Factory * -19.78%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Tanger Factory *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Tanger Factory * v. North America Correlation

Tanger Factory * v. Global Correlation

Tanger Factory * v. USA Correlation

Tanger Factory * v. Equities

Tanger Factory * v. Bonds

Bloomberg: TCO US Reuters: TCO.N ISIN: US8766641034 SNL: TCO-US

278




Taubman Centers *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Taubman Centers * -67.29%









0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Taubman Centers *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Taubman Centers * v. North America Correlation

Taubman Centers * v. Global Correlation

Taubman Centers * v. USA Correlation

Taubman Centers * v. Equities

Taubman Centers * v. Bonds

Bloomberg: MAC US Reuters: MAC.N ISIN: US5543821012 SNL: MAC-US

279




The Macerich Company *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: The Macerich Company * -91.09%









0%

10%

20%

30%

40%

50%

60%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: The Macerich Company *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

The Macerich Company * v. North America Correlation

The Macerich Company * v. Global Correlation

The Macerich Company * v. USA Correlation

The Macerich Company * v. Equities

The Macerich Company * v. Bonds

Bloomberg: UDR US Reuters: UDR.N ISIN: US9026531049 SNL: UDR-US

280




UDR Inc. *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: UDR Inc. * -62.36%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: UDR Inc. *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

UDR Inc. * v. North America Correlation

UDR Inc. * v. Global Correlation

UDR Inc. * v. USA Correlation

UDR Inc. * v. Equities

UDR Inc. * v. Bonds

Bloomberg: UHT US Reuters: UHT.N ISIN: US91359E1055 SNL: UHT-US

281




Universal Health Realty *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Universal Health Realty * -12.22%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Universal Health Realty *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Universal Health Realty * v. North America Correlation

Universal Health Realty * v. Global Correlation

Universal Health Realty * v. USA Correlation

Universal Health Realty * v. Equities

Universal Health Realty * v. Bonds

Bloomberg: UBA US Reuters: UBA.N ISIN: US9172862057 SNL: UBA-US

282




Urstadt Biddle Class A *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Urstadt Biddle Class A * -14.69%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Urstadt Biddle Class A *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Urstadt Biddle Class A * v. North America Correlation

Urstadt Biddle Class A * v. Global Correlation

Urstadt Biddle Class A * v. USA Correlation

Urstadt Biddle Class A * v. Equities

Urstadt Biddle Class A * v. Bonds

Bloomberg: YSI US Reuters: YSI.N ISIN: US91274F1049 SNL: YSI-US

283




U-Store-It Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: U-Store-It Trust * -82.17%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: U-Store-It Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

U-Store-It Trust * v. North America Correlation

U-Store-It Trust * v. Global Correlation

U-Store-It Trust * v. USA Correlation

U-Store-It Trust * v. Equities

U-Store-It Trust * v. Bonds

Bloomberg: VTR US Reuters: VTR.N ISIN: US92276F1003 SNL: VTR-US

284




Ventas *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ventas * -49.65%









0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ventas *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Ventas * v. North America Correlation

Ventas * v. Global Correlation

Ventas * v. USA Correlation

Ventas * v. Equities

Ventas * v. Bonds

Bloomberg: VNO US Reuters: VNO.N ISIN: US9290421091 SNL: VNO-US

285




Vornado Realty Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Vornado Realty Trust * -61.01%









0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Vornado Realty Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Vornado Realty Trust * v. North America Correlation

Vornado Realty Trust * v. Global Correlation

Vornado Realty Trust * v. USA Correlation

Vornado Realty Trust * v. Equities

Vornado Realty Trust * v. Bonds

Bloomberg: WRE US Reuters: WRE.N ISIN: US9396531017 SNL: WRE-US

286




Washington Real Estate *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Washington Real Estate * -48.23%









0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Washington Real Estate *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Washington Real Estate * v. North America Correlation

Washington Real Estate * v. Global Correlation

Washington Real Estate * v. USA Correlation

Washington Real Estate * v. Equities

Washington Real Estate * v. Bonds

Bloomberg: WRI US Reuters: WRI.N ISIN: US9487411038 SNL: WRI-US

287




Weingarten Realty *


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Weingarten Realty * -72.36%









0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Weingarten Realty *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Weingarten Realty * v. North America Correlation

Weingarten Realty * v. Global Correlation

Weingarten Realty * v. USA Correlation

Weingarten Realty * v. Equities

Weingarten Realty * v. Bonds

Bloomberg: FUR US Reuters: FUR.N ISIN: US9763913004 SNL: FUR-US

288




Winthrop Realty Trust *


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Winthrop Realty Trust * -66.3%









0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Winthrop Realty Trust *


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Winthrop Realty Trust * v. North America Correlation

Winthrop Realty Trust * v. Global Correlation

Winthrop Realty Trust * v. USA Correlation

Winthrop Realty Trust * v. Equities

Winthrop Realty Trust * v. Bonds

Section 4

289




Emerging Markets & AIM

Section 4.1

290




Brazil

Bloomberg: BISA3 BZ Reuters: BISA3.SA ISIN: BRBISAACNOR8 SNL: BISA3-BSP

291




Brascan Residential Properties SA


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Brascan Residential Properties SA -76.59%

Global Index: Brazil -46.11%

Regional Index: Emerging -49.57%

Blue Chip Index: IBOV -32.87%


0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Brascan Residential Properties SA


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Brascan Residential Properties SA v. Emerging Correlation

Brascan Residential Properties SA v. Global Correlation


month calculations

Bloomberg: BRML3 BZ Reuters: BRML3.SA ISIN: BRBRMLACNOR9 SNL: BRML3-BSP

292




BR Malls Participacoes S/A Ord


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: BR Malls Participacoes S/A Ord -7.93%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: BR Malls Participacoes S/A Ord

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

BR Malls Participacoes S/A Ord v. Emerging Correlation

BR Malls Participacoes S/A Ord v. Global Correlation


month calculations

Bloomberg: CCIM3 BZ Reuters: CCIM3.SA ISIN: BRCCIMACNOR5 SNL: CCIM3-BSP

293




Camargo Correa Desenvolvimento Imobiliario S/A Ord


0

200

400

600

800

1,000

1,200

1,400

1,600

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Camargo Correa Desenvolvimento Imobiliario S/A Ord -71.69%





0%

0%

0%

0%

0%

0%

1%

1%

1%

1%

1%

1%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Camargo Correa Desenvolvimento Imobiliario S/A Ord

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Camargo Correa Desenvolvimento Imobiliario S/A Ord v. Emerging Correlation

Camargo Correa Desenvolvimento Imobiliario S/A Ord v. Global Correlation


month calculations

Bloomberg: CYRE3 BZ Reuters: CYRE3.SA ISIN: BRCYREACNOR7 SNL: CYRE3-BSP

294




Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or -60.09%





0%

1%

1%

2%

2%

3%

3%

4%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or v. Emerging Correlation

Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or v. Global Correlation

Bloomberg: CCPR3 BZ Reuters: CCPR3.SA ISIN: BRCCPRACNOR9 SNL: CCPR3-BSP

295




Cyrela Commercial Properties


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cyrela Commercial Properties -20.73%





0%

0%

0%

1%

1%

1%

1%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Cyrela Commercial Properties


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Cyrela Commercial Properties v. Emerging Correlation

Cyrela Commercial Properties v. Global Correlation


month calculations

Bloomberg: GFSA3 BZ Reuters: GFSA3.SA ISIN: BRGFSAACNOR3 SNL: GFSA3.BSP

296




Gafisa


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Gafisa -59.84%





0%

1%

1%

2%

2%

3%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Gafisa


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Gafisa v. Emerging Correlation

Gafisa v. Global Correlation


month calculations

Bloomberg: IGTA3 BZ Reuters: IGTA3.SA ISIN: BRIGTAACNOR5 SNL: IGTA3-BSP

297




Iguatemi Empresa de Shopping Centers S/A Ord


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Iguatemi Empresa de Shopping Centers S/A Ord -43.73%





0%

1%

2%

3%

4%

5%

6%

7%

8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Iguatemi Empresa de Shopping Centers S/A Ord


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Iguatemi Empresa de Shopping Centers S/A Ord v. Emerging Correlation

Iguatemi Empresa de Shopping Centers S/A Ord v. Global Correlation


month calculations

Bloomberg: INPR3 BZ Reuters: INPR3.SA ISIN: BRINPRACNOR3 SNL: -NA-

298




Inpar SA


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Inpar SA -82.37%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Inpar SA

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Inpar SA v. Emerging Correlation

Inpar SA v. Global Correlation


month calculations

Bloomberg: KSSA3 BZ Reuters: KSSA3.SA ISIN: BRKSSAACNOR8 SNL: KSSA3-BSP

299




Klabin Segall S/A Ord


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Klabin Segall S/A Ord -84.49%





0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Klabin Segall S/A Ord


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Klabin Segall S/A Ord v. Emerging Correlation

Klabin Segall S/A Ord v. Global Correlation


month calculations

Bloomberg: MRVE3 BZ Reuters: MRVE3.SA ISIN: BRMRVEACNOR2 SNL: MRVE3-BSP

300




MRV Engenharia e Participacoes SA


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: MRV Engenharia e Participacoes SA -55.93%





0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

0.90%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: MRV Engenharia e Participacoes SA


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

MRV Engenharia e Participacoes SA v. Emerging Correlation

MRV Engenharia e Participacoes SA v. Global Correlation


month calculations

Bloomberg: MULT3 BZ Reuters: MULT3.SA ISIN: BRMULTACNOR5 SNL: MULT3-BSP

301




Multiplan Empreendimentos Imobiliaros S/A Ord


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Multiplan Empreendimentos Imobiliaros S/A Ord -24.27%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Multiplan Empreendimentos Imobiliaros S/A Ord

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Multiplan Empreendimentos Imobiliaros S/A Ord v. Emerging Correlation

Multiplan Empreendimentos Imobiliaros S/A Ord v. Global Correlation


month calculations

Bloomberg: RDNI3 BZ Reuters: RDNI3.SA ISIN: BRRDNIACNOR9 SNL: RDNI3-BSP

302




Rodobens Negocios Imobiliarios S/A Ord


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Rodobens Negocios Imobiliarios S/A Ord -55.15%





0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Rodobens Negocios Imobiliarios S/A Ord


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Rodobens Negocios Imobiliarios S/A Ord v. Emerging Correlation

Rodobens Negocios Imobiliarios S/A Ord v. Global Correlation


month calculations

Section 4.2

303




China

Bloomberg: 588 HK Reuters: 601588.SS ISIN: CNE100000262 SNL: -NA-

304




Beijing North Star (H)


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Beijing North Star (H) -55.34%

Global Index: China -46.11%


Blue Chip Index: SHCOMP -31.66%


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Beijing North Star (H)


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Beijing North Star (H) v. Emerging Correlation

Beijing North Star (H) v. Global Correlation

Bloomberg: 200024 CH Reuters: 000024.SZ ISIN: CNE000000891 SNL: -NA-

305




China Merchants Prop (B)


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: China Merchants Prop (B) -31.96%





0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: China Merchants Prop (B)


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

China Merchants Prop (B) v. Emerging Correlation

China Merchants Prop (B) v. Global Correlation

Bloomberg: 2777 HK Reuters: 2777.HK ISIN: CNE100000569 SNL: -NA-

306




Guangzhou R&F Properties (H)


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Guangzhou R&F Properties (H) -56.42%





0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Guangzhou R&F Properties (H)


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Guangzhou R&F Properties (H) v. Emerging Correlation

Guangzhou R&F Properties (H) v. Global Correlation

Bloomberg: 900911 CH Reuters: 600639.SS ISIN: CNE000000941 SNL: -NA-

307




Jinqiao Export Processing (B)


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Jinqiao Export Processing (B) -42.09%





0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Jinqiao Export Processing (B)


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Jinqiao Export Processing (B) v. Emerging Correlation

Jinqiao Export Processing (B) v. Global Correlation

Bloomberg: 900932 CH Reuters: 600663.SS ISIN: CNE000000HH6 SNL: -NA-

308




Shanghai Lujiazui Fin & Trade Dev (B)


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shanghai Lujiazui Fin & Trade Dev (B) -34.64%





0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shanghai Lujiazui Fin & Trade Dev (B)


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Shanghai Lujiazui Fin & Trade Dev (B) v. Emerging Correlation

Shanghai Lujiazui Fin & Trade Dev (B) v. Global Correlation

Bloomberg: 200002 CH Reuters: 000002.SZ ISIN: CNE0000008Q1 SNL: -NA-

309




Shenzhen Vanke (B)


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shenzhen Vanke (B) -25.09%





0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Shenzhen Vanke (B)


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Shenzhen Vanke (B) v. Emerging Correlation

Shenzhen Vanke (B) v. Global Correlation

Section 4.3

310




Egypt

Bloomberg: OCDI EY Reuters: OCDI.CA ISIN: EGS65851C015 SNL: -NA-

311




Six Of October Development & Investment


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Six Of October Development & Investment -85.04%

Global Index: Egypt -46.11%


Blue Chip Index: HERMES -59.56%


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Six Of October Development & Investment

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Six Of October Development & Investment v. Emerging Correlation

Six Of October Development & Investment v. Global Correlation

Section 4.4

312




India

Bloomberg: APIL IN Reuters: ANSP.BO ISIN: INE436A01026 SNL: 500013-BOM

313




Ansal Properties & Infrastructure


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ansal Properties & Infrastructure -83.91%

Global Index: India -46.11%


Blue Chip Index: SENSEX -37.94%


0%

1%

2%

3%

4%

5%

6%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ansal Properties & Infrastructure


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Ansal Properties & Infrastructure v. Emerging Correlation

Ansal Properties & Infrastructure v. Global Correlation

Bloomberg: DLFU IN Reuters: DLF.BO ISIN: INE271C01023 SNL: 532868-BOM

314




DLF


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: DLF -74.06%





0%

1%

1%

2%

2%

3%

3%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: DLF


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

DLF v. Emerging Correlation

DLF v. Global Correlation


month calculations

Bloomberg: IVR IN Reuters: IVR.BO ISIN: INE414I01018 SNL: 532881-BOM

315




IVR Prime Urban Developers


0

200

400

600

800

1,000

1,200

1,400

1,600

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: IVR Prime Urban Developers -83.2%





0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: IVR Prime Urban Developers


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

IVR Prime Urban Developers v. Emerging Correlation

IVR Prime Urban Developers v. Global Correlation


month calculations

Bloomberg: PARSV IN Reuters: PARV.BO ISIN: INE561H01018 SNL: 532780-BOM

316




Parsvnath Developers


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Parsvnath Developers -82.73%





0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Parsvnath Developers


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Parsvnath Developers v. Emerging Correlation

Parsvnath Developers v. Global Correlation


month calculations

Bloomberg: PENL IN Reuters: PENL.BO ISIN: INE138A01028 SNL: 503031-BOM

317




Peninsula Land


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Peninsula Land -75.52%





0%

1%

1%

2%

2%

3%

3%

4%

4%

5%

5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Peninsula Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Peninsula Land v. Emerging Correlation

Peninsula Land v. Global Correlation

Bloomberg: UT IN Reuters: UNTE.BO ISIN: INE694A01020 SNL: 507878-BOM

318




Unitech


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Unitech -87.44%





0%

0%

0%

1%

1%

1%

1%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Unitech


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Unitech v. Emerging Correlation

Unitech v. Global Correlation

Section 4.5

319




Indonesia

Bloomberg: ELTY IJ Reuters: ELTY.JK ISIN: ID1000088701 SNL: -NA-

320




Bakrieland Devel


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Bakrieland Devel -83.65%

Global Index: Indonesia -46.11%


Blue Chip Index: JCI -41.4%


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Bakrieland Devel

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Bakrieland Devel v. Emerging Correlation

Bakrieland Devel v. Global Correlation

Bloomberg: CTRA IJ Reuters: CTRA.JK ISIN: ID1000058803 SNL: -NA-

321




Ciputra Develop


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ciputra Develop -34.55%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ciputra Develop

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Ciputra Develop v. Emerging Correlation

Ciputra Develop v. Global Correlation

Bloomberg: LPKR IJ Reuters: LPKR.JK ISIN: ID1000108905 SNL: -NA-

322




Lippo Karawaci


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Lippo Karawaci 5%





0%

0%

0%

0%

0%

0%

0%

0%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Lippo Karawaci


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Lippo Karawaci v. Emerging Correlation

Lippo Karawaci v. Global Correlation

Section 4.6

323




Malaysia

Bloomberg: IGB MK Reuters: IGBS.KL ISIN: MYL1597OO003 SNL: -NA-

324




IGB


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: IGB -14.01%

Global Index: Malaysia -46.11%


Blue Chip Index: KLCI -30.06%


0%

1%

1%

2%

2%

3%

3%

4%

4%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: IGB


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

IGB v. Emerging Correlation

IGB v. Global Correlation

Bloomberg: KLCC MK Reuters: KCCP.KL ISIN: MYL5089OO007 SNL: -NA-

325




KLCC Property Holdings


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: KLCC Property Holdings 2.74%





0%

1%

1%

2%

2%

3%

3%

4%

4%

5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: KLCC Property Holdings


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

KLCC Property Holdings v. Emerging Correlation

KLCC Property Holdings v. Global Correlation

Bloomberg: LGH MK Reuters: LAND.KL ISIN: MYL3174OO009 SNL: -NA-

326




Land And General


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Land And General -54.17%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Land And General

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

1/1

/1900

Land And General v. Emerging Correlation

Land And General v. Global Correlation

Bloomberg: SPSB MK Reuters: SETI.KL ISIN: MYL8664OO004 SNL: -NA-

327




SP Setia


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: SP Setia -25%





0%

1%

2%

3%

4%

5%

6%

7%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: SP Setia


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

SP Setia v. Emerging Correlation

SP Setia v. Global Correlation

Bloomberg: YNHB MK Reuters: YNHB.KL ISIN: MYL3158OO002 SNL: -NA-

328




YNH Property


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: YNH Property -52.11%





0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: YNH Property


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

YNH Property v. Emerging Correlation

YNH Property v. Global Correlation

Section 4.7

329




Mexico

Bloomberg: ARA* MM Reuters: ARA.MX ISIN: MXP001161019 SNL: -NA-

330




Consorcio Ara


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Consorcio Ara -65.77%

Global Index: Mexico -46.11%


Blue Chip Index: MEXBOL -36.51%


0%

1%

1%

2%

2%

3%

3%

4%

4%

5%

5%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Consorcio Ara


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Consorcio Ara v. Emerging Correlation

Consorcio Ara v. Global Correlation

Bloomberg: HOMEX* MM Reuters: HOMEX.MX ISIN: MX01HO000007 SNL: -NA-

331




Desarrolladora Homex SA de CV


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Desarrolladora Homex SA de CV -69.66%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Desarrolladora Homex SA de CV

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Desarrolladora Homex SA de CV v. Emerging Correlation

Desarrolladora Homex SA de CV v. Global Correlation

Bloomberg: GEOB MM Reuters: GEOB.MX ISIN: MXP3142C1177 SNL: -NA-

332




Geo B


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Geo B -57.88%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Geo B

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Geo B v. Emerging Correlation

Geo B v. Global Correlation

Bloomberg: SAREB MM Reuters: SAREB.MX ISIN: MX01SA030007 SNL: -NA-

333




Sare Holding S.A. de C.V.


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sare Holding S.A. de C.V. -87.9%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sare Holding S.A. de C.V.

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Sare Holding S.A. de C.V. v. Emerging Correlation

Sare Holding S.A. de C.V. v. Global Correlation

Bloomberg: URBI* MM Reuters: URBI.MX ISIN: MX01UR000007 SNL: -NA-

334




Urbi Desarrollos Urbanos


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Urbi Desarrollos Urbanos -64.38%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Urbi Desarrollos Urbanos

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Urbi Desarrollos Urbanos v. Emerging Correlation

Urbi Desarrollos Urbanos v. Global Correlation

Section 4.8

335




Philippines

Bloomberg: ALI PM Reuters: ALI.PS ISIN: PHY0488F1004 SNL: -NA-

336




Ayala Land


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ayala Land -46.98%

Global Index: Philippines -46.11%


Blue Chip Index: PCOMP -33.45%


0%

0%

0%

1%

1%

1%

1%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ayala Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Ayala Land v. Emerging Correlation

Ayala Land v. Global Correlation

Bloomberg: FLI PM Reuters: FLI.PS ISIN: PHY249161019 SNL: -NA-

337




Filinvest Land


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Filinvest Land -65.38%





0%

1%

2%

3%

4%

5%

6%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Filinvest Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Filinvest Land v. Emerging Correlation

Filinvest Land v. Global Correlation

Bloomberg: MEG PM Reuters: MEG.PS ISIN: PHY594811127 SNL: -NA-

338




Megaworld Corporation


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Megaworld Corporation -77.24%





0%

1%

1%

2%

2%

3%

3%

4%

4%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Megaworld Corporation


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Megaworld Corporation v. Emerging Correlation

Megaworld Corporation v. Global Correlation

Bloomberg: RLC PM Reuters: RLC.PS ISIN: PHY731961264 SNL: -NA-

339




Robinson`s Land Corporation


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Robinson`s Land Corporation -56.1%





0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Robinson`s Land Corporation


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Robinson`s Land Corporation v. Emerging Correlation

Robinson`s Land Corporation v. Global Correlation

Bloomberg: SMPH PM Reuters: SMPH.PS ISIN: PHY8076N1120 SNL: -NA-

340




SM Prime Hldgs


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: SM Prime Hldgs -14.12%





0%

1%

1%

2%

2%

3%

3%

4%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: SM Prime Hldgs


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

SM Prime Hldgs v. Emerging Correlation

SM Prime Hldgs v. Global Correlation

Bloomberg: VLL PM Reuters: VLL.PS ISIN: PHY9382G1068 SNL: -NA-

341




Vista Land & Lifescapes


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Vista Land & Lifescapes -74%





0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Vista Land & Lifescapes


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Vista Land & Lifescapes v. Emerging Correlation

Vista Land & Lifescapes v. Global Correlation


month calculations

Section 4.9

342




Poland

Bloomberg: GTC PW Reuters: GTCA.WA ISIN: PLGTC0000037 SNL: GTC-WAR

343




Globe Trade Centre


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Globe Trade Centre -60.5%

Global Index: Poland -46.11%


Blue Chip Index: WIG 20 -49.28%


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Globe Trade Centre

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Globe Trade Centre v. Emerging Correlation

Globe Trade Centre v. Global Correlation

Bloomberg: LCC PW Reuters: LCCA.WA ISIN: PLLCCRP00017 SNL: -NA-

344




LC Corp SA


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: LC Corp SA -75.17%

Global Index: Poland -46.11%


Blue Chip Index: WIG 20 -49.28%


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: LC Corp SA

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

LC Corp SA v. Emerging Correlation

LC Corp SA v. Global Correlation


month calculations

Section 4.10

345




South Africa

Bloomberg: APA SJ Reuters: APBJ.J ISIN: ZAE000083598 SNL: -NA-

346




Apexhi Properties -A-


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Apexhi Properties -A- -4.95%

Global Index: South Africa -46.11%


Blue Chip Index: TOP40 -32.72%


0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Apexhi Properties -A-


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Apexhi Properties -A- v. Emerging Correlation

Apexhi Properties -A- v. Global Correlation

Bloomberg: APB SJ Reuters: APBJ.J ISIN: ZAE000083606 SNL: -NA-

347




Apexhi Properties -B-


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Apexhi Properties -B- -5.06%





0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Apexhi Properties -B-


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Apexhi Properties -B- v. Emerging Correlation

Apexhi Properties -B- v. Global Correlation

Bloomberg: AXC SJ Reuters: APBJ.J ISIN: ZAE000083580 SNL: -NA-

348




Apexhi Properties -C-


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Apexhi Properties -C- 2.21%





0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Apexhi Properties -C-


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Apexhi Properties -C- v. Emerging Correlation

Apexhi Properties -C- v. Global Correlation

Bloomberg: EMI SJ Reuters: EMIJ.J ISIN: ZAE000050712 SNL: -NA-

349




Emira Property Fund


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Emira Property Fund 1.52%





0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Emira Property Fund


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Emira Property Fund v. Emerging Correlation

Emira Property Fund v. Global Correlation

Bloomberg: FPT SJ Reuters: FPTJ.J ISIN: ZAE000097416 SNL: -NA-

350




Fountainhead Property Trust


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Fountainhead Property Trust -6.61%





0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Fountainhead Property Trust


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Fountainhead Property Trust v. Emerging Correlation

Fountainhead Property Trust v. Global Correlation

Bloomberg: GRT SJ Reuters: GRTJ.J ISIN: ZAE000037669 SNL: -NA-

351




Growthpoint Prop Ltd


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Growthpoint Prop Ltd -0.73%





0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Growthpoint Prop Ltd


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Growthpoint Prop Ltd v. Emerging Correlation

Growthpoint Prop Ltd v. Global Correlation

Bloomberg: HYP SJ Reuters: HYPJ.J ISIN: ZAE000003430 SNL: -NA-

352




Hyprop Investments Ltd


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hyprop Investments Ltd -3.08%





0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hyprop Investments Ltd


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hyprop Investments Ltd v. Emerging Correlation

Hyprop Investments Ltd v. Global Correlation

Bloomberg: PAP SJ Reuters: PAPJ.J ISIN: ZAE000005252 SNL: -NA-

353




Pangbourne Prop Ltd


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Pangbourne Prop Ltd 0.57%





0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Pangbourne Prop Ltd


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Pangbourne Prop Ltd v. Emerging Correlation

Pangbourne Prop Ltd v. Global Correlation

Bloomberg: RDF SJ Reuters: RDFJ.J ISIN: ZAE000023503 SNL: -NA-

354




Redefine Income Find


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Redefine Income Find -3.97%





0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Redefine Income Find


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Redefine Income Find v. Emerging Correlation

Redefine Income Find v. Global Correlation

Bloomberg: SAC SJ Reuters: SACJ.J ISIN: ZAE000083614 SNL: -NA-

355




SA Corporate Real Estate Fund


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: SA Corporate Real Estate Fund -21.31%





0%

2%

4%

6%

8%

10%

12%

14%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: SA Corporate Real Estate Fund


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

SA Corporate Real Estate Fund v. Emerging Correlation

SA Corporate Real Estate Fund v. Global Correlation

Section 4.11

356




South Korea

Bloomberg: 076850 ks Reuters: -NA- ISIN: KR7076850007 SNL: -NA-

357




Macquarie Central Office CR-REIT


0

200

400

600

800

1,000

1,200

1,400

1,600

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Macquarie Central Office CR-REIT -13.59%

Global Index: Taiwan -46.11%

Regional Index: #N/A



0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Macquarie Central Office CR-REIT

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Macquarie Central Office CR-REIT v. Global Correlation

Section 4.12

358




Taiwan

Bloomberg: 2536 TT Reuters: 2536.TW ISIN: TW0002536000 SNL: -NA-

359




Hung Poo Real Estate Development


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hung Poo Real Estate Development -54.5%

Global Index: Taiwan -46.11%


Blue Chip Index: TWSE -39.22%


0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hung Poo Real Estate Development


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hung Poo Real Estate Development v. Emerging Correlation

Hung Poo Real Estate Development v. Global Correlation

Section 4.13

360




Thailand

Bloomberg: AMATA TB Reuters: AMAT.BK ISIN: TH0617A10Z08 SNL: -NA-

361




Amata Corp


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Amata Corp -81.66%

Global Index: Thailand -46.11%


Blue Chip Index: SET -47.19%


0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Amata Corp


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Amata Corp v. Emerging Correlation

Amata Corp v. Global Correlation

Bloomberg: AP TB Reuters: AP.BK ISIN: TH0308010Z07 SNL: -NA-

362




Asian Property Development


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Asian Property Development -69.33%





0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Asian Property Development


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Asian Property Development v. Emerging Correlation

Asian Property Development v. Global Correlation

Bloomberg: CPN TB Reuters: CPN.BK ISIN: TH0481A10Z01 SNL: -NA-

363




Central Pattana


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Central Pattana -55.75%





0%

1%

1%

2%

2%

3%

3%

4%

4%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Central Pattana


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Central Pattana v. Emerging Correlation

Central Pattana v. Global Correlation

Bloomberg: LH TB Reuters: LH.BK ISIN: TH0143010Z08 SNL: -NA-

364




Land & Houses


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Land & Houses -69.44%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Macquarie Central Office CR-REIT


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Land & Houses v. Emerging Correlation

Land & Houses v. Global Correlation

Bloomberg: LPN TB Reuters: LPN.BK ISIN: TH0456010Z04 SNL: -NA-

365




LPN Development


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: LPN Development -66.67%





0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: LPN Development


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

LPN Development v. Emerging Correlation

LPN Development v. Global Correlation

Bloomberg: PF TB Reuters: -NA- ISIN: TH0352010Z05 SNL: -NA-

366




Property Perfect


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Property Perfect -46.51%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Property Perfect


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Property Perfect v. Emerging Correlation

Property Perfect v. Global Correlation

Bloomberg: QH TB Reuters: QH.BK ISIN: TH0256A10Z04 SNL: -NA-

367




Quality Houses


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Quality Houses -70.44%





0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Quality Houses


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Quality Houses v. Emerging Correlation

Quality Houses v. Global Correlation

Bloomberg: SC TB Reuters: -NA- ISIN: TH0747010005 SNL: -NA-

368




SC Asset


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: SC Asset -52.04%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: SC Asset


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

SC Asset v. Emerging Correlation

SC Asset v. Global Correlation

Bloomberg: SPALI TB Reuters: SPAL.BK ISIN: TH0371010Z05 SNL: -NA-

369




Supalai PCL


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Supalai PCL -45.7%





0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Supalai PCL


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Supalai PCL v. Emerging Correlation

Supalai PCL v. Global Correlation

Section 4.14

370




Turkey

Bloomberg: ISGYO TI Reuters: YKGYO.IS ISIN: TRAISGYO91Q3 SNL: -NA-

371




Is Gayrimenkul Yatirim Ortak


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Is Gayrimenkul Yatirim Ortak -5.88%

Global Index: Turkey -46.11%


Blue Chip Index: XU100 -33.96%


0%

1%

2%

3%

4%

5%

6%

7%

8%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Is Gayrimenkul Yatirim Ortak


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Is Gayrimenkul Yatirim Ortak v. Emerging Correlation

Is Gayrimenkul Yatirim Ortak v. Global Correlation

Section 4.15

372




AIM

Bloomberg: ABL LN Reuters: ABL.L ISIN: GG00B1LB2139 SNL: ABL-LON

373




Ablon Group


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ablon Group -82.6%

Global Index: AIM -46.11%


Blue Chip Index: AXX -56.97%


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Ablon Group

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Ablon Group v. Emerging Correlation

Ablon Group v. Global Correlation


month calculations

Bloomberg: ATLS LN Reuters: ATLE.L ISIN: GB00B0WDBP88 SNL: ATLS-LON

374




Atlas Estates


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Atlas Estates -83.3%





0%

2%

4%

6%

8%

10%

12%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Atlas Estates


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Atlas Estates v. Emerging Correlation

Atlas Estates v. Global Correlation


month calculations

Bloomberg: BLK LN Reuters: -NA- ISIN: IE00B134XK63 SNL: -NA-

375




Blackrock International Land


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Blackrock International Land -85%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Blackrock International Land


-1.00

-0.90

-0.80

-0.70

-0.60

-0.50

-0.40

-0.30

-0.20

-0.10

0.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Blackrock International Land v. Emerging Correlation

Blackrock International Land v. Global Correlation

Bloomberg: CPT LN Reuters: CPTA.L ISIN: GB00B0B66533 SNL: CPT-LON

376




Carpathian


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Carpathian -85.19%





0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Carpathian


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Carpathian v. Emerging Correlation

Carpathian v. Global Correlation

Bloomberg: CREO LN Reuters: CREO.L ISIN: JE00B1P8F991 SNL: -NA-

377




China Real Estate Opportunities


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: China Real Estate Opportunities -74.97%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: China Real Estate Opportunities

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

China Real Estate Opportunities v. Emerging Correlation

China Real Estate Opportunities v. Global Correlation


month calculations

Bloomberg: TRV LN Reuters: DTR.L ISIN: GB00B0RFL714 SNL: DTR-LON

378




Dawnay Day Treveria


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Dawnay Day Treveria -87.35%





-5%

0%

5%

10%

15%

20%

25%

30%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Dawnay DayTreveria


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Dawnay Day Treveria v. Emerging Correlation

Dawnay Day Treveria v. Global Correlation

Bloomberg: DLD LN Reuters: DLD.L ISIN: GB00B10QQ280 SNL: DLD-LON

379




Deutsche Land


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Deutsche Land -79.94%





0%

5%

10%

15%

20%

25%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Deutsche Land


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Deutsche Land v. Emerging Correlation

Deutsche Land v. Global Correlation


month calculations

Bloomberg: DDE LN Reuters: -NA- ISIN: GB00B151M860 SNL: -NA-

380




Develica Deutschland


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Develica Deutschland -88.26%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Develica Deutschland


-1.00

-0.90

-0.80

-0.70

-0.60

-0.50

-0.40

-0.30

-0.20

-0.10

0.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Develica Deutschland v. Emerging Correlation

Develica Deutschland v. Global Correlation

Bloomberg: DCI LN Reuters: DOLC.L ISIN: VGG2803G1028 SNL: -NA-

381




Dolphin Capital Investors


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Dolphin Capital Investors -76.6%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Dolphin Capital Investors

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Dolphin Capital Investors v. Emerging Correlation

Dolphin Capital Investors v. Global Correlation

Bloomberg: HSTN LN Reuters: HSTN.L ISIN: GB00B0PPFY88 SNL: HSTN-LON

382




Hansteen Holdings


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hansteen Holdings -49.89%





0%

1%

2%

3%

4%

5%

6%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Hansteen Holdings


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Hansteen Holdings v. Emerging Correlation

Hansteen Holdings v. Global Correlation

Bloomberg: LOK LN Reuters: -NA- ISIN: GB0007276115 SNL: -NA-

383




Lok'N Store Group


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Lok'N Store Group -78.67%





0%

1%

1%

2%

2%

3%

3%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Lok'N Store Group


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Lok'N Store Group v. Emerging Correlation

Lok'N Store Group v. Global Correlation

Bloomberg: LSP LN Reuters: -NA- ISIN: GG00B1Z5TP40 SNL: -NA-

384




London & Stamford Property


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: London & Stamford Property 9.54%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: London & Stamford Property


-1.00

-0.90

-0.80

-0.70

-0.60

-0.50

-0.40

-0.30

-0.20

-0.10

0.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

London & Stamford Property v. Emerging Correlation

London & Stamford Property v. Global Correlation

Bloomberg: MLD LN Reuters: MLD.L ISIN: CY0100141015 SNL: -NA-

385




Mirland Development Corp


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mirland Development Corp -89.02%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Mirland Development Corp

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Mirland Development Corp v. Emerging Correlation

Mirland Development Corp v. Global Correlation


month calculations

Bloomberg: RUS LN Reuters: RUS.L ISIN: GB00B0D5V538 SNL: -NA-

386




Raven Russia


0

200

400

600

800

1,000

1,200

1,400

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Raven Russia -78.62%





0%

2%

4%

6%

8%

10%

12%

14%

16%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Raven Russia


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Raven Russia v. Emerging Correlation

Raven Russia v. Global Correlation

Bloomberg: RUGB LN Reuters: -NA- ISIN: GB0007601551 SNL: -NA-

387




Rugby Estates


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Rugby Estates -50.06%





0%

1%

2%

3%

4%

5%

6%

7%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Rugby Estates


-1.00

-0.90

-0.80

-0.70

-0.60

-0.50

-0.40

-0.30

-0.20

-0.10

0.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

London & Stamford Property v. Emerging Correlation

London & Stamford Property v. Global Correlation

Bloomberg: SRE LN Reuters: DDS.L ISIN: GG00B1W3VF54 SNL: SRE-LON

388




Sirius Real Estate


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sirius Real Estate -72.76%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Sirius Real Estate

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Sirius Real Estate v. Emerging Correlation

Sirius Real Estate v. Global Correlation


month calculations

Bloomberg: SPNV LN Reuters: SPNV.L ISIN: NL0000686319 SNL: SPNV-LON

389




Spazio Investment


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Spazio Investment -75%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Spazio Investment

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Spazio Investment v. Emerging Correlation

Spazio Investment v. Global Correlation


month calculations

Bloomberg: SGL LN Reuters: SGL.L ISIN: GB00B126Y552 SNL: SGL-LON

390




Summit Germany


0

200

400

600

800

1,000

1,200

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Summit Germany -81.82%





0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Company: Summit Germany

No dividend history


-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

3/3

1/2

008

4/1

4/2

008

4/2

8/2

008

5/1

2/2

008

5/2

6/2

008

6/9

/2008

6/2

3/2

008

7/7

/2008

7/2

1/2

008

8/4

/2008

8/1

8/2

008

9/1

/2008

9/1

5/2

008

9/2

9/2

008

10/1

3/2

008

10/2

7/2

008

11/1

0/2

008

11/2

4/2

008

12/8

/2008

12/2

2/2

008

1/5

/2009

1/1

9/2

009

2/2

/2009

2/1

6/2

009

3/2

/2009

3/1

6/2

009

3/3

0/2

009

Summit Germany v. Emerging Correlation

Summit Germany v. Global Correlation


month calculations

Section 5

391




Details on Methodology

Correlations

The correlations are calculated over a rolling 36-month period.

For the correlations of a stock against its country, region and global real estate index, the index returns are adjusted to exclude the company return. As such, when a country has

only 1 constituent, the correlation between the company and country-index is not calculated, as by definition it leaves a correlation of +1.

Dividend Yields

The dividend market capitalisation (defined as the dividend multiplied by the shares in issue and free float percentage) paid during the last twelve months as a percentage

of the investable market capitalisation of the index.

392




Section 6

393




Data Vendor Codes

394




Data Vendor Codes - Indices

EUR USD G BP JPY AUD Lo c al EUR USD G BP JPY AU D Lo cal EUR USD GB P J PY AU D L oca l

Pr ic e In d ices G ross Total Retu rn Ind ice s Net To tal Retu rn Ind ice s

AMERICAS EMERGING INDEX FENEL

ASIA 33 INDEX ENA3 (HKD)

ASIA DIVERSIFIED INDEX EGADE EGADU EGADG EGADJ EGADA TEGADE TEGADU TEGADG TEGADJ TEGADA

ASIA DIVIDEND+ INDEX ENAD

ASIA EMERGING INDEX FENEA

ASIA EX AUSTRALIA DIVERSIFIED INDEX EAADE EAADU EAADG EAADJ EAADA TEAADE TEAADU TEAADG TEAADJ TEAADA

ASIA EX AUSTRALIA HEALTHCARE INDEX EAAHE EAAHU EAAHG EAAHJ EAAHA TEAAHE TEAAHU TEAAHG TEAAHJ TEAAHA

ASIA EX AUSTRALIA INDEX EPAAE EPAAU EPAAG EPAAJ TEPAAE TEPAAU TEPAAG TEPAAJ TRPAAE TRPAAU TRPAAG TRPAAJ

ASIA EX AUSTRALIA INDUSTRIAL INDEX EAAIE EAAIU EAAIG EAAIJ EAAIA TEAAIE TEAAIU TEAAIG TEAAIJ TEAAIA

ASIA EX AUSTRALIA INDUSTRIAL/OFFICE MIXED INDEX EAAME EAAMU EAAMG EAAMJ EAAMA TEAAME TEAAMU TEAAMG TEAAMJ TEAAMA

ASIA EX AUSTRALIA LODGING/RESORTS INDEX EAALE EAALU EAALG EAALJ EAALA TEAALE TEAALU TEAALG TEAALJ TEAALA

ASIA EX AUSTRALIA NON-RENTAL INDEX EAANE EAANU EAANG EAANJ EAANA TEAANE TEAANU TEAANG TEAANJ TEAANA

ASIA EX AUSTRALIA OFFICE INDEX EAAOE EAAOU EAAOG EAAOJ EAAOA TEAAOE TEAAOU TEAAOG TEAAOJ TEAAOA

ASIA EX AUSTRALIA RENTAL INDEX EAARE EAARU EAARG EAARJ EAARA TEAARE TEAARU TEAARG TEAARJ TEAARA

ASIA EX AUSTRALIA RETAIL INDEX EAATE EAATU EAATG EAATJ EAATA TEAATE TEAATU TEAATG TEAATJ TEAATA

ASIA EX AUSTRALIA SELF STORAGE INDEX EAASE EAASU EAASG EAASJ EAASA TEAASE TEAASU TEAASG TEAASJ TEAASA

ASIA EX AUTRALIA RESIDENTIAL INDEX EAAEE EAAEU EAAEG EAAEJ EAAEA TEAAEE TEAAEU TEAAEG TEAAEJ TEAAEA

ASIA EX AUTRALIA SPECIALTY INDEX EAAPE EAAPU EAAPG EAAPJ EAAPA TEAAPE TEAAPU TEAAPG TEAAPJ TEAAPA

ASIA INDEX EGAS UGAS PGAS YGAS REGA RUGA RPGA RYAS TRGASE TRGASU TRGASG TRGASJ

ASIA INDUSTRIAL INDEX EGAIE EGAIU EGAIG EGAIJ EGAIA TEGAIE TEGAIU TEGAIG TEGAIJ TEGAIA

ASIA LODGING/RESORTS INDEX EGALE EGALU EGALG EGALJ EGALA TEGALE TEGALU TEGALG TEGALJ TEGALA

ASIA NON-REITS INDEX ENASE ENASU ENASG ENASJ ENASA TENASE TENASU TENASG TENASJ TENASA

ASIA OFFICE INDEX EGAFE EGAFU EGAFG EGAFJ EGAFA TEGAFE TEGAFU TEGAFG TEGAFJ TEGAFA

ASIA PAC EX JPN EX AUS LIQUID INDEX GSLQAPE GSLQAPU GSLQAPG GSLQAPJ GSLQAPA GSLQAPH (HKD), GSLQAPS (SGD) TGSLQAPE TGSLQAPU TGSLQAPG TGSLQAPJ TGSLQAPA TGSLQAPH (HKD), TGSLQAPS (SGD)

ASIA REITS INDEX ERASE ERASU ERASG ERASJ ERASA TERASE TERASU TERASG TERASJ TERASA

ASIA RESIDENTIAL INDEX EGAEE EGAEU EGAEG EGAEJ EGAEA TEGAEE TEGAEU TEGAEG TEGAEJ TEGAEA

ASIA RETAIL INDEX EGATE EGATU EGATG EGATJ EGATA TEGATE TEGATU TEGATG TEGATJ TEGATA

AUSTRALIA HEDGED IN US$ INDEX ELHAU TELHAU FTAHUST

AUSTRALIA INDEX ENAU UNAU PLAU YLAU ELAU REAU RUAU RPAU RYAU RDAU TRLAUE TRLAUU TRLAUG TRLAUJ TRLAUL

AUSTRALIA LIQUID INDEX LIQELAUE LIQELAUU LIQELAUG LIQELAUJ LIQELAUA TLIQELAUE TLIQELAUU TLIQELAUG TLIQELAUJ TLIQELAUA

AUSTRIA INDEX EPAS UPAS PPAS YPAS REPAS RUPAS RPAS RYAUS TRPASE TRPASU TRPASG TRPASJ

BELGIUM INDEX EPBL UPBL PPBL YPBL RPBL RUPBL RPPB RYBL TRPBLE TRPBLU TRPBLG TRPBLJ

CANADA INDEX ENCA UNCA PLCA YLCA ELCA (CAD) RCAE RCAU RPCA RYCA RCAC (CAD) TRLCAE TRLCAU TRLCAG TRLCAJ TRLCAL (CAD)

CUSTOM GLOBAL INDEX INDEX FTGIEUR FTGIUSD FTGILOC FTGIEUTR FTGIUSTR FTGILCTR

CZECH REPUBLIC INDEX TRPCZE TRPCZU TRPCZG TRPCZJ TRPCZL (NZD)

DENMARK INDEX EPDK UPDK PLDK YLDK ELDK (DKK) RPDK RUPDK RPLD RYDK RLDK (DKK) TRLDKE TRLDKU TRLDKG TRLDKJ TRLDKL (DKK)

EMERGING MARKET INDEX FENEI

EUROPE CAPPED INDEX EORA EORAU EORAG EORAG TEORAE TEORAU TEORAG TEORAJ R0RA R0RA R0RA R0RA

EUROPE DIVERSIFIED INDEX EPRDE EPRDU EPRDG EPRDJ EPRDA TEPRDE TEPRDU TEPRDG TEPRDJ TEPRDA

EUROPE EURO ZONE CAPPED INDEX EOEU EOEUU EOEUG EOEUJ TEOEUE TEOEUU TEOEUG TEOEUJ R0EU R0EU R0EU R0EU

EUROPE EURO ZONE DIVERSIFIED INDEX EPEDE EPEDU EPEDG EPEDJ EPEDA TEPEDE TEPEDU TEPEDG TEPEDJ TEPEDA

EUROPE EURO ZONE INDEX EPEU UPEU GPEU YPEU RPEU RUPEU RGPEU RYEU NEPEU NUPEU NPPEU NYPEU

EUROPE EURO ZONE INDUSTRIAL INDEX EPEIE EPEIU EPEIG EPEIJ EPEIA TEPEIE TEPEIU TEPEIG TEPEIJ TEPEIA

EUROPE EURO ZONE OFFICE INDEX EPEFE EPEFU EPEFG EPEFJ EPEFA TEPEFE TEPEFU TEPEFG TEPEFJ TEPEFA

EUROPE EURO ZONE RESIDENTIAL INDEX EPERE EPERU EPERG EPERJ EPERA TEPERE TEPERU TEPERG TEPERJ TEPERA

EUROPE EURO ZONE RETAIL INDEX EPETE EPETU EPETG EPETJ EPETA TEPETE TEPETU TEPETG TEPETJ TEPETA

EUROPE EX UK CAPPED INDEX EOUK EOUKU EOUKG EOUKJ TEOUKE TEOUKU TEOUKG TEOUKJ R0UK R0UK R0UK R0UK

EUROPE EX UK DIVIDEND+ INDEX ENDP

EUROPE EX UK INDEX EXUK UXUK GXUK YXUK RXUK RUXUK RGXUK RYXU REXUK NUXUK NPXUK NYXUK

EUROPE EX UK LIQUID INDEX GSLQEUE GSLQEUU GSLQEUG GSLQEUJ GSLQEUA GSLQEUH (HKD), GSLQEUS (SGD) TGSLQEUE TGSLQEUU TGSLQEUG TGSLQEUJ TGSLQEUA TGSLQEUH (HKD), TGSLQEUS (SGD)

EUROPE HEALTHCARE INDEX EPRHE EPRHU EPRHG EPRHJ EPRHA TEPRHE TEPRHU TEPRHG TEPRHJ TEPRHA

EUROPE INDEX EPRA UPRA GPRA YPRA RPRA RUPRA RGPRA RYRA NEPRA NUPRA NPPRA NYPRA

EUROPE INDUSTRIAL INDEX EPRIE EPRIU EPRIG EPRIJ EPRIA TEPRIE TEPRIU TEPRIG TEPRIJ TEPRIA

EUROPE LIQUID 40 CAPPED INDEX INDEX SOELU SOELG SEOLJ TSOELE TSOELU TSOELG TSOELJ R0EL R0EL R0EL R0EL

EUROPE LIQUID 40 EX UK CAPPED INDEX SOXUU SOXUG SOXUJ TSOXUE TSOXUU TSOXUG TSOXUJ R0XU R0XU R0XU R0XU

EUROPE LIQUID 40 EX UK INDEX SSXU USXU PSXU YSXU RSXU RUSX RPXU RYSX NSXU NUSXU NPSXU NYSXU

EUROPE LIQUID 40 INDEX SSEL USEL PSEL YSEL RSSL RUSE RPEL RYSE NSSL NUSSL NPSSL NYSSL

EUROPE LODGINGS/RESORTS INDEX EPRLE EPRLU EPRLG EPRLJ EPRLA TEPRLE TEPRLU TEPRLG TEPRLJ TEPRLA

EUROPE NON-REITS INDEX ENEE ENEEU ENEEG ENEEJ ENEEA TENEEE TENEEU TENEEG TENEEJ TENEEA

EUROPE OFFICE INDEX EPRFE EPRFU EPRFG EPRFJ EPRFA TEPRFE TEPRFU TEPRFG TEPRFJ TEPRFA

EUROPE REITS INDEX EREE EREEU EREEG EREEJ EREEA TEREEE TEREEU TEREEG TEREEJ TEREEA

EUROPE RESIDENTIAL INDEX EPREE EPREU EPREG EPREJ EPREA TEPREE TEPREU TEPREG TEPREJ TEPREA

EUROPE RETAIL INDEX EPRTE EPRTU EPRTG EPRTJ EPRTA TEPRTE TEPRTU TEPRTG TEPRTJ TEPRTA

EUROPE SELF STORAGE INDEX EPRSE EPRSU EPRSG EPRSJ EPRSA TEPRSE TEPRSU TEPRSG TEPRSJ TEPRSA

EUROPE SPECIALTY INDEX EPRPE EPRPU EPRPG EPRPJ EPRPA TEPRPE TEPRPU TEPRPG TEPRPJ TEPRPA

EUROPE UK RESTRICTED INDEX EPHG UPHG PPHG YPHG RPHG RUPH RPPH RYPH TRPHGE TRPHGU TRPHGG TRPHGJ

EUROPE EMERGING INDEX FENEU

EMEA EMERGING INDEX FENEM

FINLAND INDEX EPFI UPFI PPFI YPFI RPFI RUPFI RPPFI RYFI TRPFIE TRPFIU TRPFIG TRPFIJ

FRANCE INDEX EPFR UPFR PPFR YPFR RPFR RUPFR RPPFR RYFR TRPFRE TRPFRU TRPFRG TRPFRJ

395







GERMANY INDEX EPGR UPGR PPGR YPGR RPGR RUPGR RPPGR RYGR TRPGRE TRPGRU TRPGRG TRPGRJ

GLOBAL DIVERSIFIED INDEX ENGVE ENGVU ENGVG ENGVJ ENGVA TENGVE TENGVU TENGVG TENGVJ TENGVA

GLOBAL DIVIDEND+ INDEX ENGD

GLOBAL EX ASIA INDEX EGXA UGXA PGXA YGXA REXA RUXA RPXA RYXA TRGXAE TRGXAU TRGXAG TRGXAJ

GLOBAL EX ASIA NON-REITS INDEX ENXAE ENXAU ENXAG ENXAJ TENXAE TENXAU TENXAG TENXAJ

GLOBAL EX ASIA REITS INDEX ERXAE ERXAU ERXAG ERXAJ TERXAE TERXAU TERXAG TERXAJ

GLOBAL EX AUSTRALIA HEDGED IN AUD INDEX EGAAL TEGAAL

GLOBAL EX AUSTRALIA HEDGED IN USD INDEX EGAHU TEGAHU

GLOBAL EX AUSTRALIA INDEX GAXAU GAXAA TGAXAU TGAXAA TRAXAU TRAXAA

GLOBAL EX AUSTRALIA NON-RENTAL IN AUD HEDGED INDEX GAHNU GAHNA TGAHNU TGAHNA

GLOBAL EX AUSTRALIA NON-RENTAL IN AUD UNHEDGED INDEX GAUNU GAUNA TGAUNU TGAUNA

GLOBAL EX AUSTRALIA RENTAL IN AUD HEDGED INDEX GAHRU GAHRA TGAHRU TGAHRA

GLOBAL EX AUSTRALIA RENTAL IN AUD UNHEDGED INDEX GAURU GAURA TGAURU TGAURA

GLOBAL EX EUROPE INDEX EGXE UGXE PGXE YGXE REXE RUXE RPXE RYXE TRGXEE TRGXEU TRGXEG TRGXEJ

GLOBAL EX EUROPE NON-REITS INDEX ENXEE ENXEU ENXEG ENXEJ TENXEE TENXEU TENXEG TENXEJ

GLOBAL EX EUROPE REITS INDEX ERXEE ERXEU ERXEG ERXEJ TERXEE TERXEU TERXEG TERXEJ

GLOBAL EX JAPAN INDEX EGXJE EGXJU EGXJG EGXJJ TEGXJE TEGXJU TEGXJG TEGXJJ TRGXJE TRGXJU TRGXJG TRGXJJ

GLOBAL EX NORTH AMERICA EGXN UGXN PGXN YGXN REXN RUXN RPXN RYXN TRGXNE TRGXNU TRGXNG TRGXNJ

GLOBAL EX US INDEX EUGXU EGXU PGXU YGXU REUGXU REGXU RPGXU RYGXU TRGXUE TRGXUU TRGXUG TRGXUJ

GLOBAL EX US LIQUID INDEX GSLXUSE GSLXUSU GSLXUSG GSLXUSJ GSLXUSA GSLXUSH (HKD), GSLXUSS (SGD) TGSLXUSE TGSLXUSU TGSLXUSG TGSLXUSJ TGSLXUSA TGSLXUSh (HKD), TGSLXUSS (SGD)

GLOBAL EX US NON-REITS INDEX ENXUE ENXUU ENXUG ENXUJ TENXUE TENXUU TENXUG TENXUJ

GLOBAL EX US REITS INDEX ERXUE ERXUU ERXUG ERXUJ TERXUE TERXUU TERXUG TERXUJ

GLOBAL HEALTHCARE INDEX ENGEE ENGEU ENGEG ENGEJ ENGEA TENGEE TENGEU TENGEG TENGEJ TENGEA

GLOBAL HEDGED IN AUD INDEX EGHAA TEGHAA

GLOBAL INDEX ENGL UNGL PNGL YNGL RNGL RUGL RPGL RYGL TRNGLE TRNGLU TRNGLG TRNGLJ

GLOBAL INDUSTRIAL INDEX ENGIE ENGIU ENGIG ENGIJ ENGIA TENGIE TENGIU TENGIG TENGIJ TENGIA

GLOBAL INDUSTRIAL/OFFICE INDEX ENGME ENGMU ENGMG ENGMJ ENGMA TENGME TENGMU TENGMG TENGMJ TENGMA

GLOBAL LIQUID INDEX GSLQGLE GSLQGLU GSLQGLG GSLQGLJ GSLQGLA GSLQGLH (HKD), GSLQGLS (SGD) TGSLQGLE TGSLQGLU TGSLQGLG TGSLQGLJ TGSLQGLA TGSLQGLH (HKD), TGSLQGLS (SGD)

GLOBAL LODGINGS/RESORTS INDEX ENGOE ENGOU ENGOG ENGOJ ENGOA TENGOE TENGOU TENGOG TENGOJ TENGOA

GLOBAL NON-REITS INDEX ENRGE ENRGU ENRGG ENRGJ TENRGE TENRGU TENRGG TENRGJ

GLOBAL OFFICE INDEX ENGFE ENGFU ENGFG ENGFJ ENGFA TENGFE TENGFU TENGFG TENGFJ TENGFA

GLOBAL REITS INDEX ERGLU

GLOBAL REITS INDEX ERGLE ERGLU ERGLG ERGLJ TERGLE TERGLU TERGLG TERGLJ

GLOBAL RESIDENTIAL INDEX ENGAE ENGAU ENGAG ENGAJ ENGAA TENGAE TENGAU TENGAG TENGAJ TENGAA

GLOBAL RETAIL INDEX ENGTE ENGTU ENGTG ENGTJ ENGTA TENGTE TENGTU TENGTG TENGTJ TENGTA

GLOBAL SELF STORAGE INDEX ENGSE ENGSU ENGSG ENGSJ ENGSA TENGSE TENGSU TENGSG TENGSJ TENGSA

GLOBAL SPECIALTY INDEX ENGPE ENGPU ENGPG ENGPJ ENGPA TENGPE TENGPU TENGPG TENGPJ TENGPA

GREECE INDEX EPGC UPGC PPGC YPGC RPGC RUGC RPPGC RYGC TRPGCE TRPGCU TRPGCG TRPGCJ

HONG KONG INDEX ENHK USHK PLHK YLHK ELHK (HKD) REHK RUHK RPHK RYHK RHHK (HKD) TRLHKE TRLHKU TRLHKG TRLHKJ TRLHKL (HKD)

HUNGARY INDEX TRPHUE TRPHUU TRPHUG TRPHUJ TRPHUL (HUG)

IRELAND INDEX EPIR UPIR RPIR RUPIR TRPIRE TRPIRU TRPIRG TRPIRJ

ITALY INDEX EPIT UPIT PPIT YPIT RPIT RUPIT RPPI RYIT TRPITE TRPITU TRPITG TRPITJ

JAPAN INDEX ENJP UNJP PLJP ELJP REJP RUJP RPLJ RYJP TRPJPE TRPJPU TRPJPG TRPJPJ

JAPAN LIQUID INDEX LIQELJE LIQELJU LIQELJG LIQELJJ LIQELJA LIQELJH (HKD), LIQELJS (SGD) TLIQELJE TLIQELJU TLIQELJG TLIQELJJ TLIQELJA TLIQELJH (HKD), TLIQELJS (SGD)

NETHERLANDS INDEX EPNL UPNL PPNL YPNL RPNL RUPNL RPPN RYNL TRPNLE TRPNLU TRPNLG TRPNLJ

NEW ZEALAND INDEX ENNZ UNNZ PLNZ YLNZ ELNZ (NZD) REGNZ RUNZ RPNZ RYNZ RLPNZ (NZD) TRLNZE TRLNZU TRLNZG TRLNZJ TRLNZL (NZD)

NORTH AMERICA DIVERSIFIED INDEX EGNDE EGNDU EGNDG EGNDJ EGNDA TEGNDE TEGNDU TEGNDG TEGNDJ TEGNDA

NORTH AMERICA HEALTHCARE INDEX EGNHE EGNHU EGNHG EGNHJ EGNHA TEGNHE TEGNHU TEGNHG TEGNHJ TEGNHA

NORTH AMERICA INDEX EGNA UGNA PGNA YGNA REGN RUGN RPGN RYNA TRGNAE TRGNAU TRGNAG TRGNAJ

NORTH AMERICA INDUSTRIAL INDEX EGNIE EGNIU EGNIG EGNIJ EGNIA TEGNIE TEGNIU TEGNIG TEGNIJ TEGNIA

NORTH AMERICA LIQUID INDEX GSLQNAE GSLQNAU GSLQNAG GSLQNAJ GSLQNAA GSLQNAH (HKD), GSLQNAS (SGD) TGSLQNAE TGSLQNAU TGSLQNAG TGSLQNAJ TGSLQNAA TGSLQNAH (HKD), TGSLQNAS (SGD)

NORTH AMERICA LODGINGS RESORTS INDEX EGNLE EGNLU EGNLG EGNLJ EGNLA TEGNLE TEGNLU TEGNLG TEGNLJ TEGNLA

NORTH AMERICA NIDUSTRAL/OFFICE MIXED INDEX EGNME EGNMU EGNMG EGNMJ EGNMA TEGNME TEGNMU TEGNMG TEGNMJ TEGNMA

NORTH AMERICA OFFICE INDEX EGNFE EGNFU EGNFG EGNFJ EGNFA TEGNFE TEGNFU TEGNFG TEGNFJ TEGNFA

NORTH AMERICA RESIDENTIAL INDEX EGNEE EGNEU EGNEG EGNEJ EGNEA TEGNEE TEGNEU TEGNEG TEGNEJ TEGNEA

NORTH AMERICA RETAIL INDEX EGNTE EGNTU EGNTG EGNTJ EGNTA TEGNTE TEGNTU TEGNTG TEGNTJ TEGNTA

NORTH AMERICA SELF STORAGE INDEX EGNSE EGNSU EGNSG EGNSJ EGNSA TEGNSE TEGNSU TEGNSG TEGNSJ TEGNSA

NORTH AMERICA SPECIALTY INDEX EGNPE EGNPU EGNPG EGNPJ EGNPA TEGNPE TEGNPU TEGNPG TEGNPJ TEGNPA

NORWAY INDEX EPNK UPNK ELNK (NOK) RPNK RUPNK RLNK (NOK) TRLNKE TRLNKU TRLNKG TRLNKJ TRLNKL (NOK)

MIDDLE EAST/AFRICA EMERGIN INDEX FENME

POLAND INDEX TRPPOE TRPPOU TRPPOG TRPPOJ TRPPOL (PLN)

PORTUGAL INDEX EPPT UPPT RPPT RUPPT TRPPTE TRPPTU TRPPTG TRPPTJ

PURE ASIA EX AUSTRALIA INDEX TFEPAEAE

PURE ASIA INDEX EGPA UGPA PGPA YGPA RGPA RUPA RPPA RYPA TRGPAE TRGPAU TRGPAG TRGPAJ

PURE AUSTRALIA INDEX EPAU UPAU PPAU YPAU LPAU REPAU RAUU RPPAU RYPAU RLPA TRPAUE TRPAUU TRPAUG TRPAUJ TRPAUL

SINGAPORE INDEX ENSI UNSI PLSI YLSI ELSI (SGD) RESI RUSI RPSI RYSI RDSI (SGD) TRLSIE TRLSIU TRLSIG TRLSIJ TRLSIL (SGD)

SOUTH KOREA INDEX TRPKRE TRPKRU TRPKRG TRPKRJ TRPKRL (KRW)

SPAIN INDEX EPSP UPSP PPSP YPSP RPSP RUPSP RPPS RYSP TRPSPE TRPSPU TRPSPG TRPSPJ

SWEDEN INDEX EPSD UPSD PLSD YLSD ELSD (SEK) RPSD RUPSD RPLSD RYSD RLSD (SEK) TRLSDE TRLSDU TRLSDG TRLSDJ TRLSDL (SEK)

SWITZERLAND INDEX EPSW UPSW PPSW YLSW ELSW (CHF) RPSW RUPSW RPLSW RYSW RLSW (CHF) TRLSWE TRLSWU TRLSWG TRLSWJ TRLSWL (CHF)

396







UK DIVERSIFIED INDEX ELUDE ELUDU ELUDG ELUDJ ELUDA TELUDE TELUDU TELUDG TELUDJ TELUDA

UK HEALTHCARE INDEX ELUHE ELUHU ELUHG ELUHJ ELUHA TELUHE TELUHU TELUHG TELUHJ TELUHA

UK INDEX EPUK UPUK ELUK YLUK RPUK RUPUK RLUK RYUK NEPUK NUPUK NPPUK NYPUK

UK INDUSTRAL INDEX ELUIE ELUIU ELUIG ELUIJ ELUIA TELUIE TELUIU TELUIG TELUIJ TELUIA

UK LIQUID INDEX LIQELUE LIQELUU LIQELUG LIQELUJ LIQELUA LIQELUH (HKD), LIQELUS (SGD) TLIQELUE TLIQELUU TLIQELUG TLIQELUJ TLIQELUA TLIQELUH (HKD), TLIQELUS (SGD)

UK LODGINGS/RESORTS INDEX ELULE ELULU EULUG EULUJ ELULA TELULE TELULU TEULUG TEULUJ TELULA

UK NON-REITS INDEX ENUKNRE ENUKNRU ENUKNRG ENUKNRJ TENUKNRE TENUKNRU TENUKNRG TENUKNRJ

UK OFFICE INDEX ELUFE ELUFU ELUFG ELUFJ ELUFA TELUFE TELUFU TELUFG TELUFJ TELUFA

UK PROPERTY INDEX INAVEUPE INAVEUPU INAVEUPG INAVEUPC (CHF)

UK REITS INDEX ENUKRE ENUKRU ENUKRG ENUKRJ TENUKRE TENUKRU TENUKRG TENUKRJ

UK RESIDENTIAL INDEX ELUEE ELUEU ELUEG ELUEJ ELUEA TELUEE TELUEU TELUEG TELUEJ TELUEA

UK RETAIL INDEX ELUTE ELUTU ELUTG ELUTJ ELUTA TELUTE TELUTU TELUTG TELUTJ TELUTA

UK SELF STORAGE INDEX ELUSE ELUSU ELUSG ELUSJ ELUSA TELUSE TELUSU TELUSG TELUSJ TELUSA

UK SPECIALTY INDEX ELUPE ELUPU ELUPG ELUPJ ELUPA TELUPE TELUPU TELUPG TELUPJ TELUPA

US DIVERSIFIED INDEX UNUDE UNUDU UNUDG UNUDJ UNUDA TUNUDE TUNUDU TUNUDG TUNUDJ TUNUDA

US DIVIDEND+ INDEX ENUD

US HEALTHCARE INDEX UNUHE UNUHU UNUHG UNUHJ UNUHA TUNUHE TUNUHU TUNUHG TUNUHJ TUNUHA

US INDEX ENUS UNUS PNUS YNUS REUS RUUS RPNU RYUS TRNUSE TRNUSU TRNUSG TRNUSJ

US INDUSTRIAL INDEX UNUIE UNUIU UNUIG UNUIJ UNUIA TUNUIE TUNUIU TUNUIG TUNUIJ TUNUIA

US INDUSTRIAL/OFFICE MIXED INDEX UNUME UNUMU UNUMG UNUMJ UNUMA TUNUME TUNUMU TUNUMG TUNUMJ TUNUMA

US LODGINGS/RESORTS INDEX UNULE UNULU UNULG UNULJ UNULA TUNULE TUNULU TUNULG TUNULJ TUNULA

US OFFICE INDEX UNUFA UNUFU UNUFG UNUFJ UNUFA TUNUFA TUNUFU TUNUFG TUNUFJ TUNUFA

US RESIDENTIAL INDEX UNUEE UNUEU UNUEG UNUEJ UNUEA TUNUEE TUNUEU TUNUEG TUNUEJ TUNUEA

US RETAIL INDEX UNUTE UNUTU UNUTG UNUTJ UNUTA TUNUTE TUNUTU TUNUTG TUNUTJ TUNUTA

US SELF STORAGE INDEX UNUOE UNUOU UNUOG UNUOJ UNUOA TUNUOE TUNUOU TUNUOG TUNUOJ TUNUOA

US SPECIALTY INDEX UNUPE UNUPU UNUPG UNUPJ UNUPA TUNUPE TUNUPU TUNUPG TUNUPJ TUNUPA

397







AMERICAS EMERGING INDEX .FTENEL

ASIA 33 INDEX .FTENAE3 .FTENA3

ASIA DIVIDEND+ INDEX .FTENAD .FTENAD

ASIA EMERGING INDEX .FTENEA

ASIA EX AUSTRALIA INDEX .TFTRPAAE .TFTRPAAU .TFTRPAAS .TFTRPAAY .TFTRPAAL

ASIA INDEX .FTEGAS .FTUGAS .FTEGASE .FTEGASU .FTEGASY .FTEGASS .FTEGASL .TFTRGASE .TFTRGASU .TFTRGASS .TFTRGASY .TFTRGASL

ASIA NON-REITS INDEX .FTENASE .FTENASU .FTENASS .FTENASY .FTENASL .TFTENASE .TFTENASU .TFTENASS .TFTENASY .TFTENASL

ASIA REITS INDEX .FTERASE .FTERASU .FTERASS .FTERASY .FTERASL .TFTERASE .TFTERASU .TFTERASS .TFTERASY .TFTERASL

AUSTRALIA INDEX .FTELAU .FTELAUE .FTELAUU .FTELAUY .FTELAUS .FTELAUL .TFTELAUE .TFTELAUU .TFTELAUS .TFTELAUY .TFTELAUL

AUSTRIA INDEX .FTEPASE .FTEPASU .FTEPASY .FTEPASS .FTEPASL .TFTRPASE .TFTRPASU .TFTRPASS .TFTRPASY .TFTRPASL

BELGIUM INDEX .FTEPBLE .FTEPBLU .FTEPBLY .FTEPBLS .FTEPBLL .TFTRPBLE .TFTRPBLU .TFTRPBLS .TFTRPBLY .TFTRPBLL

CANADA INDEX .FTELCAE .FTELCAU .FTELCAY .FTELCAS .FTELCAL .TFTELCAE .TFTELCAU .TFTELCAS .TFTELCAY .TFTELCAL

CZECH INDEX .TFTRPCZL

DENMARK INDEX .FTELDKE .FTELDKU .FTELDKY .FTELDKS .FTELDKL .TFTELDKE .TFTELDKU .TFTELDKS .TFTELDKY .TFTELDKL

EMERGING MARKET INDEX .FTENEI

EUROPE CAPPED INDEX .FTEORA .FTEORA

EUROPE EURO ZONE CAPPED INDEX .FTEOEU .FTEOEU

EUROPE EURO ZONE INDEX .FTEPEU .FTEPEUE .FTEPEUU .FTEPEUY .FTEPEUS .FTEPEUL .TFTRPEUE .TFTRPEUU .TFTRPEUS .TFTRPEUY .TFTRPEUL

EUROPE EX UK CAPPED INDEX .FTEOUK .FTEOUK

EUROPE EX UK DIVIDEND+ INDEX .FTENDP .TFTENDPE .TFTENDPU .TFTENDPS .TFTENDPY .TFTENDPL

EUROPE EX UK INDEX .FTEXUK .FTEXUKE .FTEXUKU .FTEXUKY .FTEXUKS .FTEXUKL .TFTRXUKE .TFTRXUKU .TFTRXUKS .TFTRXUKY .TFTRXUKL

EUROPE INDEX .FTEPRA .FTUPRA .FTEPRAE .FTEPRAU .FTEPRAY .FTEPRAS .FTEPRAL .TFTRPRAE .TFTRPRAU .TFTRPRAS .TFTRPRAY .TFTRPRAL

EUROPE LIQUID 40 EX UK INDEX .FTSSXUE .FTSSXUU .FTSSXUY .FTSSXUS .FTSSXUL .TFTSSXUE .TFTSSXUU .TFTSSXUS .TFTSSXUY .TFTSSXUL

EUROPE LIQUID 40 INDEX .FTSSELE .FTSSELU .FTSSELY .FTSSELS .FTSSELL .TFTSSELE .TFTSSELU .TFTSSELS .TFTSSELY .TFTSSELL

EUROPE NON-REITS INDEX .FTENEE .FTENEE

EUROPE REITS INDEX .FTEREE .FTEREE

EUROPE UK RESTRICTED INDEX .FTEPHG .FTEPHGE .FTEPHGU .FTEPHGY .FTEPHGS .FTEPHGL .TFTRPHGE .TFTRPHGU .TFTRPHGS .TFTRPHGY .TFTRPHGL

EUROPE EMERGING INDEX .FTENEU

EMEA EMERGING INDEX .FTENEM

FINLAND INDEX .FTEPFIE .FTEPFIU .FTEPFIY .FTEPFIS .FTEPFIL .TFTRPFIE .TFTRPFIU .TFTRPFIS .TFTRPFIY .TFTRPFIL

FRANCE INDEX .FTEPFRE .FTEPFRU .FTEPFRY .FTEPFRS .FTEPFRL .TFTRPFRE .TFTRPFRU .TFTRPFRS .TFTRPFRY .TFTRPFRL

GERMANY INDEX .FTEPGRE .FTEPGRU .FTEPGRY .FTEPGRS .FTEPGRL .TFTRPGRE .TFTRPGRU .TFTRPGRS .TFTRPGRY .TFTRPGRL

GLOBAL DIVIDEND+ INDEX .FTENGD .FTENGED

GLOBAL EX ASIA INDEX .FTEGXAE .FTEGXAU .FTEGXAY .FTEGXAS .FTEGXAL .TFTRGXAE .TFTRGXAU .TFTRGXAS .TFTRGXAY .TFTRGXAL

GLOBAL EX ASIA NON-REITS INDEX .FTENXAE .FTENXAU .FTENXAS .FTENXAY .FTENXAL .TFTENXAE .TFTENXAU .TFTENXAS .TFTENXAY .TFTENXAL

GLOBAL EX ASIA REITS INDEX .FTERXAE .FTERXAU .FTERXAS .FTERXAY .FTERXAL .TFTERXAE .TFTERXAU .TFTERXAS .TFTERXAY .TFTERXAL

GLOBAL EX AUSTRALIA HEDGED IN AUD INDEX .FTEGAAA .TFTEGAAL

GLOBAL EX AUSTRALIA HEDGED IN USD INDEX .TFTEGAHU .TFTEGAHL

GLOBAL EX AUSTRALIA INDEX .TFTRAXAA

GLOBAL EX EUROPE INDEX .FTEGXEE .FTEGXEU .FTEGXEY .FTEGXES .FTEGXEL .TFTRGXEE .TFTRGXEU .TFTRGXES .TFTRGXEY .TFTRGXEL

GLOBAL EX EUROPE NON-REITS INDEX .FTENXEE .FTENXEU .FTENXES .FTENXEY .FTENXEL .TFTENXEE .TFTENXEU .TFTENXES .TFTENXEY .TFTENXEL

GLOBAL EX EUROPE REITS INDEX .FTERXEE .FTERXEU .FTERXES .FTERXEY .FTERXEL .TFTERXEE .TFTERXEU .TFTERXES .TFTERXEY .TFTERXEL

GLOBAL EX JAPAN INDEX .TFTRGXJE .TFTRGXJU .TFTRGXJS .TFTRGXJY .TFTRGXJL

GLOBAL EX NORTH AMERICA INDEX .FTEGXNE .FTEGXNU .FTEGXNY .FTEGXNS .FTEGXNL .TFTRGXNE .TFTRGXNU .TFTRGXNS .TFTRGXNY .TFTRGXNL

GLOBAL EX NORTH AMERICA REITS INDEX .TFTERXUE .TFTERXUU .TFTERXUS .TFTERXUY .TFTERXUL

GLOBAL EX US INDEX .FTEGXO .TFTEGXUE .TFTEGXUU .TFTEGXUS .TFTEGXUY .TFTEGXUL

GLOBAL EX US NON-REITS INDEX .FTENXUE .FTENXUU .FTENXUS .FTENXUY .FTENXUL .TFTENXUE .TFTENXUU .TFTENXUS .TFTENXUY .TFTENXUL

GLOBAL EX US REITS INDEX .FTERXUE .FTERXUU .FTERXUS .FTERXUY .FTERXUL

GLOBAL HEDGED IN AUD INDEX .FTSEGHAA

GLOBAL HEDGED IN USD INDEX .TFTELHAU .TFTELHAL

GLOBAL INDEX .FTENGL .FTUNGL .FTENGLE .FTENGLU .FTENGLY .FTENGLS .FTENGLL .TFTRNGLE .TFTRNGLU .TFTRNGLS .TFTRNGLY .TFTRNGLL

GLOBAL NON-REITS INDEX .FTENRGE .FTENRGU .FTENRGS .FTENRGY .FTENRGL

GLOBAL REITS INDEX .FTERGLE .FTERGLU .FTERGLS .FTERGLY .FTERGLL .TFTERGLE .TFTERGLU .TFTERGLS .TFTERGLY .TFTERGLL

GREECE INDEX .FTEPGCE .FTEPGCU .FTEPGCY .FTEPGCS .FTEPGCL .TFTRPGCE .TFTRPGCU .TFTRPGCS .TFTRPGCY .TFTRPGCL

HONG KONG INDEX .FTELHK .FTELHKE .FTELHKU .FTELHKY .FTELHKS .FTELHKL .TFTELHKE .TFTELHKU .TFTELHKS .TFTELHKY .TFTELHKL

HUNGARY INDEX .TFTRPHUL

IRELAND INDEX .FTEPIRE .FTEPIRU .FTEPIRY .FTEPIRS .FTEPIRL .TFTRPIRE .TFTRPIRU .TFTRPIRS .TFTRPIRY .TFTRPIRL

ITALY INDEX .FTEPITE .FTEPITU .FTEPITY .FTEPITS .FTEPITL .TFTRPITE .TFTRPITU .TFTRPITS .TFTRPITY .TFTRPITL

JAPAN INDEX .FTELJP .FTELJPE .FTELJPU .FTELJPY .FTELJPS .FTELJPL .TFTELJPE .TFTELJPU .TFTELJPS .TFTELJPY .TFTELJPL

NETHERLANDS INDEX .FTEPNLE .FTEPNLU .FTEPNLY .FTEPNLS .FTEPNLL .TFTRPNLE .TFTRPNLU .TFTRPNLS .TFTRPNLY .TFTRPNLL

NEW ZEALAND INDEX .FTELNZE .FTELNZU .FTELNZY .FTELNZS .FTELNZL .TFTELNZE .TFTELNZU .TFTELNZS .TFTELNZY .TFTELNZL

NORTH AMERICA INDEX .FTEGNA .FTUGNA .FTEGNAE .FTEGNAU .FTEGNAY .FTEGNAS .FTEGNAL .TFTRGNAE .TFTRGNAU .TFTRGNAS .TFTRGNAY .TFTRGNAL

NORWAY INDEX .FTELNKE .FTELNKU .FTELNKY .FTELNKS .FTELNKL .TFTELNKE .TFTELNKU .TFTELNKS .TFTELNKY .TFTELNKL

MIDDLE EAST/AFRICA EMERGIN INDEX .FTENME

POLAND INDEX .TFTRPPOE .TFTRPPOU .TFTRPPOS .TFTRPPOY .TFTRPPOL

PORTUGAL INDEX .FTEPPTE .FTEPPTU .FTEPPTY .FTEPPTS .FTEPPTL .TFTRPPTE .TFTRPPTU .TFTRPPTS .TFTRPPTY .TFTRPPTL

PURE ASIA INDEX .FTEGPAE .FTEGPAU .FTEGPAY .FTEGPAS .FTEGPAL .TFTRGPAE .TFTRGPAU .TFTRGPAS .TFTRGPAY .TFTRGPAL

PURE AUSTRALIA INDEX .FTLPAUE .FTLPAUU .FTLPAUY .FTLPAUS .FTLPAUL .TFTLPAUE .TFTLPAUU .TFTLPAUS .TFTLPAUY .TFTLPAUL

SINGAPORE INDEX .FTELSIE .FTELSIU .FTELSIY .FTELSIS .FTELSIL .TFTELSIE .TFTELSIU .TFTELSIS .TFTELSIY .TFTELSIL

SOUTH KOREA INDEX .TFTRPKRL

398







SPAIN INDEX .FTEPSPE .FTEPSPU .FTEPSPY .FTEPSPS .FTEPSPL .TFTRPSPE .TFTRPSPU .TFTRPSPS .TFTRPSPY .TFTRPSPL

SWEDEN INDEX .FTELSDE .FTELSDU .FTELSDY .FTELSDS .FTELSDL .TFTELSDE .TFTELSDU .TFTELSDS .TFTELSDY .TFTELSDL

SWITZERLAND INDEX .FTELSWE .FTELSWU .FTELSWY .FTELSWS .FTELSWL .TFTELSWE .TFTELSWU .TFTELSWS .TFTELSWY .TFTELSWL

UK INDEX .FTELUK .FTELUKE .FTELUKU .FTELUKY .FTELUKS .FTELUKL .TFTRPUKE .TFTRPUKU .TFTRPUKS .TFTRPUKY .TFTRPUKL

UK NON-REITS INDEX .FTENUKNRE .FTENUKNRU .FTENUKNRS .FTENUKNRY .FTENUKNRS

UK REITS INDEX .FTENUKRE .FTENUKRU .FTENUKRS .FTENUKRY .FTENUKRS

US DIVIDEND+ INDEX .FTENUD .FTENUD

US INDEX .FTUNUS .FTUNUSE .FTUNUSU .FTUNUSY .FTUNUSS .FTUNUSL .TFTUNUSE .TFTUNUSU .TFTUNUSS .TFTUNUSY .TFTUNUSL

THOMSON ONE

399





DATASTREAMFTSE EPRA/NAREIT Indices - Data Vendor Codes

* Bold indicates real time calculation

Index EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local

Price Indices Gross Total Return Indices Net Total Return Indices

ASIA INDEX EPRAASE PI EPRAASU PI EPRAASG PI EPRAASE RI EPRAASU RI EPRAASG RI

AUSTRALIA INDEX EPRAAUE PI EPRAAUU PI EPRAAUA PI EPRAAUE RI EPRAAUU RI EPRAAUA RI

AUSTRIA INDEX EPRAAUS PI EPRAAU$ PI EPRAAUS RI EPRAAU$ RI

BELGIUM INDEX EPRABGE PI EPRABGU PI EPRABGE RI EPRABGU RI

CANADA INDEX EPRACAE PI EPRACAU PI EPRACAC PI EPRACAE RI EPRACAU RI EPRACAC RI

DENMARK INDEX EPRADKE PI EPRADKU PI EPRADKD PI EPRADKE RI EPRADKU RI EPRADKD RI

EUROPE EURO ZONE INDEX EPRAEZE PI EPRAEZU PI EPRAEZG PI EPRAEZE RI EPRAEZU RI EPRAEZG RI

EUROPE EX UK INDEX EPRAXUE PI EPRAXUU PI EPRAXUG PI EPRAXUE RI EPRAXUU RI EPRAXUG RI

EUROPE INDEX EPRAIXE PI EPRAIXU PI EPRAIXG PI EPRAIXE RI EPRAIXU RI EPRAIXG RI

FINLAND INDEX EPRAFNE PI EPRAFNU PI EPRAFNE RI EPRAFNU RI

FRANCE INDEX EPRAFRE PI EPRAFRU PI EPRAFRE RI EPRAFRU RI

GERMANY INDEX EPRAGRE PI EPRAGRU PI EPRAGRE RI EPRAGRU RI

GLOBAL EX ASIA INDEX EPRGXAE PI EPRGXAU PI EPRGXAG PI EPRGXAE RI EPRGXAU RI EPRGXAG RI

GLOBAL EX EUROPE INDEX EPRGXEE PI EPRGXEU PI EPRGXEG PI EPRGXEE RI EPRGXEU RI EPRGXEG RI

GLOBAL EX NORTH AMERICA INDEX EPRXNAE PI EPRXNAU PI EPGXNAG PI EPRXNAE RI EPRXNAU RI EPGXNAG RI

GLOBAL INDEX EPRAGLE PI EPRAGLU PI EPRAGLG PI EPRAGLE RI EPRAGLU RI EPRAGLG RI

HONG KONG INDEX EPRAHKE PI EPRAHKU PI EPRAHKH PI EPRAHKE RI EPRAHKU RI EPRAHKH RI

IRELAND INDEX EPRAIRE PI EPRAIRU PI EPRAIRE RI EPRAIRU RI

ITALY INDEX EPRAITE PI EPRAITU PI EPRAITE RI EPRAITU RI

JAPAN INDEX EPRAJPE PI EPRAJPU PI EPRAJPJ PI EPRAJPE RI EPRAJPU RI EPRAJPJ RI

NETHERLANDS INDEX EPRANLE PI EPRANLU PI EPRANLE RI EPRANLU RI

NORTH AMERICA INDEX EPRANAE PI EPRANAU PI EPRANAG PI EPRANAE RI EPRANAU RI EPRANAG RI

NORWAY INDEX EPRANWE PI EPRANWU PI EPRANWN PI EPRANWE RI EPRANWU RI EPRANWN RI

PORTUGAL INDEX EPRAPRE PI EPRAPRU PI EPRAPRE RI EPRAPRU RI

SINGAPORE INDEX EPRASGE PI EPRASGU PI EPRASGS PI EPRASGE RI EPRASGU RI EPRASGS RI

SPAIN INDEX EPRASPE PI EPRASPU PI EPRASPE RI EPRASPU RI

SWEDEN INDEX EPRASWE PI EPRASWU PI EPRASWS PI EPRASWE RI EPRASWU RI EPRASWS RI

SWITZERLAND INDEX EPRASZE PI EPRASZU PI EPRASZC PI EPRASZE RI EPRASZU RI EPRASZC RI

UK INDEX EPRAUKE PI EPRAUKU PI EPRAUKG PI EPRAUKE RI EPRAUKU RI EPRAUKG RI

US INDEX EPRAUSE PI EPRAUSU PI EPRAUSE RI EPRAUSU RI

ASIA 33 INDEX ENA3-LN

ASIA DIVIDEND+ INDEX ENAD-LN

ASIA INDEX EGAS-LN UGAS-LN

AUSTRALIA INDEX ELAU-LN

EUROPE CAPPED INDEX EORA-LN

EUROPE EURO ZONE CAPPED INDEX EOEU-LN

EUROPE EURO ZONE INDEX EPEU-LN

EUROPE EX UK CAPPED INDEX EOUK-LN

EUROPE EX UK DIVIDEND+ INDEX ENDP-LN

EUROPE EX UK INDEX EXUK-LN

EUROPE INDEX EPRA-LN UPRA-LN

EUROPE NON-REITS INDEX ENEE-LN

EUROPE REITS INDEX EREE-LN

EUROPE UK RESTRICTED INDEX EPHG-LN

GLOBAL DIVIDEND+ INDEX ENGD-LN

GLOBAL EX US INDEX EGXU-LN

GLOBAL INDEX ENGL-LN UNGL-LN

HONG KONG INDEX ELHK-LN

JAPAN INDEX ELJP-LN

NORTH AMERICA INDEX EGNA-LN UGNA-LN

UK INDEX ELUK-LN

US DIVIDEND+ INDEX ENUD-LN

US INDEX UNUS-LN

400




THOMSON GLOBAL TOPIC


FTSE EPRA/NAREIT Indices - Data Vendor Codes

* Bold indicates real time calculation

Index EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local

Price Indices Gross Total Return Indices Net Total Return Indices

ASIA 33 INDEX =ENA3.FT

ASIA DIVIDEND+ INDEX =ENAD.FT

ASIA INDEX =EGAS.FT =UGAS.FT

AUSTRALIA INDEX =ELAU.FT

EUROPE CAPPED INDEX =EORA.FT

EUROPE EURO ZONE CAPPED INDEX =EOEU.FT

EUROPE EURO ZONE INDEX =EPAU.FT

EUROPE EX UK CAPPED INDEX =EOUK.FT

EUROPE EX UK DIVIDEND+ INDEX =ENDP.FT

EUROPE EX UK INDEX =EXUK.FT

EUROPE INDEX =EPRA.FT =UPRA.FT

EUROPE NON-REITS INDEX =ENEE.FT

EUROPE REITS INDEX =EREE.FT

EUROPE UK RESTRICTED INDEX =EPHG.FT

GLOBAL DIVIDEND+ INDEX =ENGD.FT

GLOBAL EX US INDEX =EGXU.FT

GLOBAL INDEX =ENGL.FT =UNGL.FT

HONG KONG INDEX =ELHK.FT

JAPAN INDEX =ELJP.FT

NORTH AMERICA INDEX =EGNA.FT =UGNA.FT

UK INDEX =ELUK.FT

US DIVIDEND+ INDEX =ENUD.FT

US INDEX =UNUS.FT

ASIA 33 INDEX 3220369

ASIA DIVIDEND+ INDEX 2677759

ASIA INDEX 1313678 1313682

AUSTRALIA INDEX 1314427

EUROPE CAPPED INDEX 3191123

EUROPE EURO ZONE CAPPED INDEX 3191105

EUROPE EURO ZONE INDEX 1125979

EUROPE EX UK CAPPED INDEX 3191135

EUROPE EX UK DIVIDEND+ INDEX 2289296

EUROPE EX UK INDEX 1148944

EUROPE INDEX 1125954 1148773

EUROPE NON-REITS INDEX 3135083

EUROPE REITS INDEX 3135068

EUROPE UK RESTRICTED INDEX 1181456

GLOBAL DIVIDEND+ INDEX 2677743

GLOBAL EX US INDEX 2337044

GLOBAL INDEX 1313614 1313646

HONG KONG INDEX 1314349

JAPAN INDEX 1314439

NORTH AMERICA INDEX 1313713 1314124

UK INDEX 1126372

US DIVIDEND+ INDEX 2677767

US INDEX 1314322

Constituent Country ISIN Constituent Country ISIN

CA Immobilien Anlage AT AT0000641352 CAI AV CAIV.VI CAI-WBO Corio * NL NL0000288967 CORA NA COR.AS CORA-AMS

Conwert Immobilien AT AT0000697750 CWI AV CONW.VI CWI-WBO Eurocommercial Props * NL NL0000288876 ECMPA NA SIPFc.AS ECMPA-AMS

Befimmo * BE BE0003678894 BEFB BB BEFB.BR BEFB-BRU Nieuwe Steen Inv * NL NL0000292324 NISTI NA NSTEc.AS NISTI-AMS

Cofinimmo * BE BE0003593044 COFB BB COFB.BR COFB-BRU ProLogis European Properties * NL LU0100194785 PEPR NA PEPR.AS PEPR-AMS

Intervest Offices * BE BE0003746600 INTO BB PRIF.BR INTO-BRU Vastned Offices/Ind * NL NL0000288934 VNOI NA VWNN.AS VNOI-AMS

Leasinvest Real Estate * BE BE0003770840 LEAS BB LNRE.BR LEAS-BRU Vastned Retail * NL NL0000288918 VASTN NA VASN.AS VASTN-AMS

Wereldhave Belgium * BE BE0003724383 WEHB BB WEHB.BR WEHB-BRU Wereldhave * NL NL0000289213 WHA NA WEHA.AS WEHB-BRU

Warehouses De Pauw * BE BE0003763779 WDP BB WDPP.BR WDP-BRU Norwegian Property NW NO0010317811 NPRO NO NPRO.OL NPRO-OSL

Allreal CH CH0008837566 ALLN SW ALLN.S ALLN-SWX Castellum SE SE0000379190 CAST SS CAST.ST CAST-OME

PSP Swiss Property CH CH0018294154 PSPN SW PSPN.S PSPN-SWX Hufvudstaden A SE SE0000170375 HUFVA SS HUFVa.ST HUFVA-OME

Swiss Prime Site CH CH0008038389 SPSN SW SPSN.S SPSN-SWX Klovern AB SE SE0000331225 KLOV SS KLOV.ST KLOV-OME

Zueblin Immobilien Holding CH CH0021831182 ZUBN SW ZUBN.S ZUBN-SWX Kungsleden SE SE0000549412 KLED SS KLED.ST KLED-OME

Sponda FI FI0009006829 SDA1V FH SDA1V.HE SDA1V-HEL Fabege SE SE0000950636 FABG SS FABG.ST FABG-OME

Citycon OYJ FI FI0009002471 CTY1S FH CTY1S.HE CTY1S-HEL Wihlborgs Fastigheter SE SE0001413600 WIHL SS WIHL.ST WIHL-OME

Technopolis FI FI0009006886 TPS1V FH TPS1V.HE TPS1V-HEL British Land * UK GB0001367019 BLND LN BLND.L BLND-LON

Acanthe Developpement * FR FR0000064602 ACAN FP CFMP.PA ACAN-PAR Brixton * UK GB0001430023 BXTN LN BXTN.L BXTN-LON

Affine * FR FR0000036105 IML FP BTPP.PA IML-PAR Big Yellow Group * UK GB0002869419 BYG LN BYG.L BYG-LON

Fonciere Des Regions * FR FR0000064578 FDR FP FDR.PA FDR-PAR CLS Holdings UK GB0001592475 CLI LN CLSH.L CLI-LON

Gecina * FR FR0010040865 GFC FP GFCP.PA GFC-PAR Daejan Holdings UK GB0002502036 DJAN LN DJAN.L DJAN-LON

Icade * FR FR0000035081 ICA FP ICAD.PA ICAD-PAR Derwent London * UK GB0002652740 DLN LN DLN.L DLN-LON

Klepierre * FR FR0000121964 LI FP LOIM.PA LI-PAR Development Securities UK GB0002668464 DSC LN DSC.L DSC-LON

Mercialys * FR FR0010241638 MERY FP MERY.PA MERY-PAR F&C Commercial Prop UK GB00B05KL904 FCPT LN FCPT.L FCPT-LON

Silic * FR FR0000050916 SIL FP SILP.PA SIL-PAR Grainger Plc UK GB00B04V1276 GRI LN GRI.L GRI-LON

Societe de la Tour Eiffel * FR FR0000036816 EIFF FP TEIF.PA EIFF-PAR Great Portland Estates * UK GB00B01FLL16 GPOR LN GPOR.L GPOR-LON

Unibail-Rodamco * FR FR0000124711 UL FP UNBP.PA UL-PAR ING UK Real Estate Income Trust UK GB00B0LCW208 IRET LN IRET.L IRET-LON

Babis Vovos GR GRS421003005 VOVOS GA VOVr.AT VOVOS-ATH Hammerson * UK GB0004065016 HMSO LN HMSO.L HMSO-LON

Eurobank Properties * GR GRS491003000 EUPRO GA EUPr.AT EUPRO-ATH ISIS Property Trust Ld UK GB0033674564 IPT LN IPT.L IPT-LON

Lamda Development GR GRS245213004 LAMDA GA LMDr.AT LAMDA-ATH ISIS Property Trust 2 Ld UK GB00B012T521 IRP LN IRP.L IRP-LON

Alstria Office * DE DE000A0LD2U1 AOX GR AOXG.F AOX-ETR Invista Foundation Prop UK GB00B01HM147 IFD LN INRE.L IFD-LON

Colonia Real Estate DE DE0006338007 KBU GR KBUG.F KBU-ETR Helical Bar UK GB00B0FYMT95 HLCL LN HLCL.L HLCL-LON

Deutsche Wohnen DE DE000A0HN5C6 DWN GY DWNG.F DWN-ETR Land Securities * UK GB0031809436 LAND LN LAND.L LAND-LON

Deutsche Euroshop DE DE0007480204 DEQ GR DEQGn.DE DEQ-ETR Liberty International * UK GB0006834344 LII LN LII.L LII-LON

DIC Asset DE DE0005098404 DAZ GR DAZG.DE DAZ-ETR Mucklow <A&J> * UK GB0006091408 MKLW LN MKLW.L MKLW-LON

Gagfah DE LU0269583422 GFJ GR GFJG.DE GFJ-ETR Primary Health Prop.* UK GB0007015521 PHP LN PHP.L PHP-LON

Patrizia Immobilien DE DE000PAT1AG3 P1Z GR P1ZGn.F P1Z-ETR Quintain Estates UK GB0007184442 QED LN QED.L QED-LON

Vivacon AG DE DE0006048911 VIA GR VIVG.DE VIA-ETR Shaftesbury * UK GB0007990962 SHB LN SHB.L SHB-LON

Beni Stabili IT IT0001389631 BNS IM BNSI.MI BNS-MIL Segro * UK GB00B1YFN979 SGRO LN SGRO.L SGRO-LON

IGD * IT IT0003745889 IGD IM IGD.MI IGD-MIL St Modwen Properties UK GB0007291015 SMP LN SMP.L SMP-LON

401




Data Vendor Codes - Index Constituents


Standard Life Inv Prop UK GB0033875286 SLI LN SLI.L SLI-LON Japan Prime Realty Inv. * JP JP3040890000 8955 JP 8955.T 8955-TKS

UK Commercial Property Trust UK GB00B19Z2J52 UKCM LN UKCM.L UKCM-LON Japan Real Estate * JP JP3027680002 8952 JP 8952.T 8952-TKS

Unite Group UK GB0006928617 UTG LN UTG.L UTG-LON Japan Retail Fund * JP JP3039710003 8953 JP 8953.T 8953-TKS

Workspace Group * UK GB0005296354 WKP LN WKP.L WKP-LON Kenedix Realty Investment * JP JP3046270009 8972 JP 8972.T 8972-TKS

Bunnings Warehouse Prop * AU AU000000BWP3 BWP AU BWP.AX BWP-ASX Mitsubishi Estate JP JP3899600005 8802 JP 8802.T 8802-TKS

CFS Retail Property Trust * AU AU000000CFX0 CFX AU CFX.AX CFX-ASX Mitsui Fudosan JP JP3893200000 8801 JP 8801.T 8801-TKS

Cmnwealth Prop Office * AU AU000000CPA7 CPA AU CPA.AX CPA-ASX Mori Trust Sogo REIT * JP JP3046170001 8961 JP 8961.T 8961-TKS

Dexus Property Group * AU AU000000DXS1 DXS AU DXS.AX DXS-ASX Nippon Building Fund * JP JP3027670003 8951 JP 8951.T 8951-TKS

GPT Group * AU AU000000GPT8 GPT AU GPT.AX GPT-ASX Nomura Real Estate Office Fund * JP JP3045530007 8959 JP 8959.T 8959-TKS

ING Office Fund * AU AU000000IOF6 IOF AU IOF.AX IOF-ASX NTT Urban Development JP JP3165690003 8933 JP 8933.T 8933-TKS

Goodman Group * AU AU000000GMG2 GMG AU GMG.AX GMG-ASX ORIX JREIT * JP JP3040880001 8954 JP 8954.T 8954-TKS

Macquarie Office Trust * AU AU000000MOF8 MOF AU MOF.AX MOF-ASX Premier Investment Co. * JP JP3041770003 8956 JP 8956.T 8956-TKS

Mirvac Group * AU AU000000MGR9 MGR AU MGR.AX MGR-ASX Sumitomo Realty & Dev JP JP3409000001 8830 JP 8830.T 8830-TKS

Stockland Trust Group * AU AU000000SGP0 SGP AU SGP.AX SGP-ASX Toc Co JP JP3538400007 8841 JP 8841.T 8841-TKS

Westfield Group * AU AU000000WDC7 WDC AU WDC.AX WDC-ASX Tokyo Tatemono JP JP3582600007 8804 JP 8804.T 8804-TKS

Agile Property Holdings HK KYG011981035 3383 HK 3383.HK 3383-HKG Tokyu Land JP JP3569000007 8815 JP 8815.T 8815-TKS

Champion REIT * HK HK2778034606 2778 HK 2778.HK 2778-HKG Tokyu REIT * JP JP3044510000 8957 JP 8957.T 8957-TKS

China Overseas Land HK HK0688002218 688 HK 0688.HK 0688-HKG Top REIT * JP JP3046370007 8982 JP 8982.T -NA-

China Resources Land HK KYG2108Y1052 1109 HK 1109.HK 1109-HKG United Urban Investment * JP JP3045540006 8960 JP 8960.T 8960-TKS

Country Garden Holdings HK KYG245241032 2007 HK 2007.HK 2007-HKG Kiwi Income Property Trust * NZ NZKIPE0001S5 KIP NZ KIP.NZ KIP-NZE

Great Eagle Holdings HK BMG4069C1486 41 HK 0041.HK 0041-HKG Ascendas REIT * SG SG1M77906915 AREIT SP AEMN.SI A17U-SES

Hang Lung Properties HK HK0101000591 101 HK 0101.HK 0101-HKG CapitaCommercial Trust * SG SG1P32918333 CCT SP CACT.SI C61U-SES

Henderson Land Dev HK HK0012000102 12 HK 0012.HK 0012-HKG Capitaland SG SG1J27887962 CAPL SP CATL.SI C31-SES

Hopson Development HK BMG4600H1016 754 HK 0754.HK 0754-HKG Capitamall Trust * SG SG1M51904654 CT SP CMLT.SI C38U-SES

Hysan Development HK HK0014000126 14 HK 0014.HK 0014-HKG Hongkong Land Hldgs HK BMG4587L1090 HKL SP HKLD.SI H78-SES

Kerry Properties HK BMG524401079 683 HK 0683.HK 0683-HKG Keppel Land SG SG1R31002210 KPLD SP KLAN.SI K17-SES

Kowloon Dev HK HK0034000254 34 HK 0034.HK 0034-HKG Mapletree Logistics Trust * SG SG1S03926213 MLT SP MAPL.SI M44U-SES

Link REIT * HK HK0823032773 823 HK 0823.HK 0823-HKG Singapore Land SG SG1S69002321 SL SP SLND.SI S30-SES

New World China Land HK KYG6493A1013 917 HK 0917.HK 0917-HKG Suntec REIT * SG SG1Q52922370 SUN SP SUNT.SI T82U-SES

New World Development HK HK0017000149 17 HK 0017.HK 0017-HKG Wing Tai Holdings SG SG1K66001688 WINGT SP WTHS.SI W05-SES

Shenzhen Investment HK HK0604011236 604 HK 0604.HK 0604-HKG Allied Properties REIT * CA CA0194561027 AP-U CN AP_u.TO AP.UN-TSX

Shimao Property Holdings HK KYG810431042 813 HK 0813.HK 0813-HKG Boardwalk REIT * CA CA0966311064 BEI-u CN BEI_u.TO BEI.UN-TSX

Shui On Land HK KYG811511131 272 HK 0272.HK 0272-HKG Brookfield Props CA CA1129001055 BPO CN BPO.TO BPO-US

Sino Land HK HK0083000502 83 HK 0083.HK 0083-HKG Calloway REIT * CA CA1312532056 CWT-U Cn CWT_u.TO CWT.UN-TSX

Sun Hung Kai Props HK HK0016000132 16 HK 0016.HK 0016-HKG Canadian Apartment Props * CA CA1349211054 CAR-U CN CAR_u.TO CAR.UN-TSX

Aeon Mall Co ltd JP JP3131430005 8905 JP 8905.T 8905-TKS Canadian REIT * CA CA13650J1049 REF-U CN REF_u.TO REF.UN-TSX

Heiwa Real Estate JP JP3834800009 8803 JP 8803.T 8803-TKS Chartwell Seniors Housing REIT * CA CA16140U1003 CSH-U CN CSH_u.TO CSH.UN-TSX

Daibiru Corp JP JP3497200000 8806 JP 8806.OS 8806-TKS Cominar REIT * CA CA1999101001 CUF-U CN CUF_u.TO CUF.UN-TSX

402






Dundee REIT * CA CA2652702077 D-U CN D_u.TO D.UN-TSX Education Realty Trust * US US28140H1041 EDR US EDR.N EDR-US

Extendicare Real Estate Investment Trust *CA CA3022511032 EXE-U CN EXE_u.TO EXE.UN-TSX Entertainment Props * US US29380T1051 EPR US EPR.N EPR-US

H & R Real Estate * CA CA4044282032 HR-U CN HR_u.TO HR.UN-TSX Equity Lifestyle Properties * US US29472R1086 ELS US ELS.N ELS-US

Innvest REIT * CA CA45771T1084 INN-U CN INN_u.TO INN.UN-TSX Equity One Inc * US US2947521009 EQY US EQY.N EQY-US

Morguard REIT * CA CA6179141065 MRT-U CN MRT_u.TO MRT.UN-TSX Equity Residential Props * US US29476L1070 EQR US EQR.N EQR-US

Northern Property REIT * CA CA6656241024 NPR-U CN NPR_u.TO NPR.UN-TSX Essex Property Trust * US US2971781057 ESS US ESS.N ESS-US

Primaris Retail REIT * CA CA74157U1093 PMZ-U CN PMZ_u.TO PMZ.UN-TSX Extra Space Storage * US US30225T1025 EXR US EXR.N EXR-US

Riocan Real Estate * CA CA7669101031 REI-U CN REI_u.TO REI.UN-TSX Federal Realty Inv * US US3137472060 FRT US FRT.N FRT-US

Acadia Realty Trust * US US0042391096 AKR US AKR.N AKR-US Felcor Lodging Trust * US US31430F1012 FCH US FCH.N FCH-US

Hilltop Holdings US US4327481010 ARC US HTH.N HTH-US First Industrial Realty * US US32054K1034 FR US FR.N FR-US

Agree Realty Corp * US US0084921008 ADC US ADC.N ADC-US First Potomac Realty Trust * US US33610F1093 FPO US FPO.N FPO-US

Alexander's Inc. * US US0147521092 ALX US ALX.N ALX-US Forest City Enterprises US US3455501078 FCE/A US FCEa.N FCEA-US

Alexandria Real Estate * US US0152711091 ARE US ARE.N ARE-US Getty Realty * US US3742971092 GTY US GTY.N GTY-US

AMB Property * US US00163T1097 AMB US AMB.N AMB-US HCP * US US40414L1098 HCP US HCP.N HCP-US

American Campus Communities * US US0248351001 ACC US ACC.N ACC-US Health Care REIT * US US42217K1060 HCN US HCN.N HCN-US

Apartment Investment * US US03748R1014 AIV US AIV.N AIV-US Healthcare Realty Trust * US US4219461047 HR US HR.N HR-US

Ashford Hospitality * US US0441031095 AHT US AHT.N AHT-US Hersha Hospitality Trust * US US4278251040 HT US HT.N HT-US

Associated Estates Realty * US US0456041054 AEC US AEC.N AEC-US Highwoods Properties * US US4312841087 HIW US HIW.N HIW-US

Avalonbay Communities * US US0534841012 AVB US AVB.N AVB-US Home Props of New York * US US4373061039 HME US HME.N HME-US

BioMed Realty Trust * US US09063H1077 BMR US BMR.N BMR-US Hospitality Properties * US US44106M1027 HPT US HPT.N HPT-US

Boston Properties * US US1011211018 BXP US BXP.N BXP-US Host Hotels & Resorts * US US44107P1049 HST US HST.N HST-US

Brandywine Realty Trust * US US1053682035 BDN US BDN.N BDN-US HRPT Properties Trust * US US40426W1018 HRP US HRP.N HRP-US

BRE Properties * US US05564E1064 BRE US BRE.N BRE-US Inland Real Estate Corp * US US4574612002 IRC US IRC.N IRC-US

Camden Property Trust * US US1331311027 CPT US CPT.N CPT-US Investors Real Estate * US US4617301035 IRET US IRET.OQ IRET-US

CBL & Associates Props * US US1248301004 CBL US CBL.N CBL-US Kilroy Realty * US US49427F1084 KRC US KRC.N KRC-US

Cedar Shopping Centers * US US1506022094 CDR US CDR.N CDR-US Kimco Realty * US US49446R1095 KIM US KIM.N KIM-US

Colonial Properties * US US1958721060 CLP US CLP.N CLP-US Kite Realty Group Trust * US US49803T1025 KRG US KRG.N KRG-US

Corporate Office Props * US US22002T1088 OFC US OFC.N OFC-US LaSalle Hotel Properties * US US5179421087 LHO US LHO.N LHO-US

Corrections Corp of America US US22025Y4070 CXW US CXW.N -NA- Lexington Corporate * US US5290431015 LXP US LXP.N LXP-US

Cousins Properties * US US2227951066 CUZ US CUZ.N CUZ-US Liberty Property Trust * US US5311721048 LRY US LRY.N LRY-US

DCT Industrial Trust * US US2331531051 DCT US DCT.N DCT-US LTC Properties * US US5021751020 LTC US LTC.N LTC-US

Developers Diversified * US US2515911038 DDR US DDR.N DDR-US Mack-Cali Realty * US US5544891048 CLI US CLI.N CLI-US

Digital Realty Trust * US US2538681030 DLR US DLR.N DLR-US Medical Properties Trust * US US58463J3041 MPW US MPW.N MPW-US

Diamondrock Hospitality * US US2527843013 DRH US DRH.N DRH-US Mid-America Apartment * US US59522J1034 MAA US MAA.N MAA-US

Douglas Emmett * US US25960P1093 DEI US DEI.N DEI-US National Retail Properties * US US6374171063 NNN US NNN.N NNN-US

Duke Realty Corp * US US2644115055 DRE US DRE.N DRE-US Nationwide Health Props * US US6386201049 NHP US NHP.N NHP-US

DuPont Fabros Technology * US US26613Q1067 DFT US DFT.N -NA- Omega Healthcare Investors * US US6819361006 OHI US OHI.N OHI-US

Eastgroup Properties * US US2772761019 EGP US EGP.N EGP-US Orient Express Hotel US BMG677431071 OEH US OEH.N OEH-US

403






Parkway Properties * US US70159Q1040 PKY US PKY.N PKY-US Multiplan Empreendimentos Imobiliaros S/A OrdBRAZ BRMULTACNOR5 MULT3 BZ MULT3.SA MULT3-BSP

Pennsylvania Real Estate * US US7091021078 PEI US PEI.N PEI-US Cyrela Commercial Properties BRAZ BRCCPRACNOR9 CCPR3 BZ CCPR3.SA CCPR3-BSP

Post Properties * US US7374641071 PPS US PPS.N PPS-US Cyrela Brazil Realty S/A Empreendimentose e Participacoes OrBRAZ BRCYREACNOR7 CYRE3 BZ CYRE3.SA CYRE3-BSP

Prologis * US US7434101025 PLD US PLD.N PLD-US Guangzhou R&F Properties (H) CHN CNE100000569 2777 HK 2777.HK -NA-

PS Business Parks * US US69360J1079 PSB US PSB.A PSB-US Shanghai Lujiazui Fin & Trade Dev (B)CHN CNE000000HH6 900932 CH 600663.SS -NA-

Public Storage * US US74460D1090 PSA US PSA.N PSA-US China Merchants Prop (B) CHN CNE000000891 200024 CH 000024.SZ -NA-

Ramco-Gershenson * US US7514522025 RPT US RPT.N RPT-US Jinqiao Export Processing (B) CHN CNE000000941 900911 CH 600639.SS -NA-

Realty Income * US US7561091049 O US O.N O-US Beijing North Star (H) CHN CNE100000262 588 HK 601588.SS -NA-

Regency Centers * US US7588491032 REG US REG.N REG-US Shenzhen Vanke (B) CHN CNE0000008Q1 200002 CH 000002.SZ -NA-

Saul Centers * US US8043951016 BFS US BFS.N BFS-US Six Of October Development & InvestmentEGY EGS65851C015 OCDI EY OCDI.CA -NA-

Senior Housing Prop * US US81721M1099 SNH US SNH.N SNH-US Parsvnath Developers IDA INE561H01018 PARSV IN PARV.BO 532780-BOM

Simon Property Group * US US8288061091 SPG US SPG.N SPG-US DLF IDA INE271C01023 DLFU IN DLF.BO 532868-BOM

SL Green Realty * US US78440X1019 SLG US SLG.N SLG-US IVR Prime Urban Developers IDA INE414I01018 IVR IN IVR.BO 532881-BOM

Sovran Self Storage * US US84610H1086 SSS US SSS.N SSS-US Unitech IDA INE694A01020 UT IN UNTE.BO 507878-BOM

Strategic Hotels & Resorts * US US86272T1060 BEE US BEE.N BEE-US Ansal Properties & Infrastructure IDA INE436A01026 APIL IN ANSP.BO 500013-BOM

Sun Communities * US US8666741041 SUI US SUI.N SUI-US Peninsula Land IDA INE138A01028 PENL IN PENL.BO 503031-BOM

Sunstone Hotel Investors * US US8678921011 SHO US SHO.N SHO-US Ciputra Develop INDO ID1000058803 CTRA IJ CTRA.JK -NA-

Tanger Factory Outlet * US US8754651060 SKT US SKT.N SKT-US Bakrieland Devel INDO ID1000088701 ELTY IJ ELTY.JK -NA-

Taubman Centers * US US8766641034 TCO US TCO.N TCO-US Lippo Karawaci INDO ID1000108905 LPKR IJ LPKR.JK -NA-

The Macerich Company * US US5543821012 MAC US MAC.N MAC-US IGB MAL MYL1597OO003 IGB MK IGBS.KL -NA-

UDR Inc. * US US9026531049 UDR US UDR.N UDR-US Land And General MAL MYL3174OO009 LGH MK LAND.KL -NA-

Universal Health Realty * US US91359E1055 UHT US UHT.N UHT-US YNH Property MAL MYL3158OO002 YNHB MK YNHB.KL -NA-

Urstadt Biddle Class A * US US9172862057 UBA US UBA.N UBA-US SP Setia MAL MYL8664OO004 SPSB MK SETI.KL -NA-

U-Store-It Trust * US US91274F1049 YSI US YSI.N YSI-US KLCC Property Holdings MAL MYL5089OO007 KLCC MK KCCP.KL -NA-

Ventas * US US92276F1003 VTR US VTR.N VTR-US Consorcio Ara MEX MXP001161019 ARA* MM ARA.MX -NA-

Vornado Realty Trust * US US9290421091 VNO US VNO.N VNO-US Geo B MEX MXP3142C1177 GEOB MM GEOB.MX -NA-

Washington Real Estate * US US9396531017 WRE US WRE.N WRE-US Sare Holding S.A. de C.V. MEX MX01SA030007 SAREB MM SAREB.MX -NA-

Weingarten Realty * US US9487411038 WRI US WRI.N WRI-US Urbi Desarrollos Urbanos MEX MX01UR000007 URBI* MM URBI.MX -NA-

Winthrop Realty Trust * US US9763913004 FUR US FUR.N FUR-US Desarrolladora Homex SA de CV MEX MX01HO000007 HOMEX* MM HOMEX.MX -NA-

Gafisa BRAZ BRGFSAACNOR3 GFSA3 BZ GFSA3.SA GFSA3.BSP Vista Land & Lifescapes PHIL PHY9382G1068 VLL PM VLL.PS -NA-

Brascan Residential Properties SA BRAZ BRBISAACNOR8 BISA3 BZ BISA3.SA BISA3-BSP Filinvest Land PHIL PHY249161019 FLI PM FLI.PS -NA-

BR Malls Participacoes S/A Ord BRAZ BRBRMLACNOR9 BRML3 BZ BRML3.SA BRML3-BSP Megaworld Corporation PHIL PHY594811127 MEG PM MEG.PS -NA-

Klabin Segall S/A Ord BRAZ BRKSSAACNOR8 KSSA3 BZ KSSA3.SA KSSA3-BSP SM Prime Hldgs PHIL PHY8076N1120 SMPH PM SMPH.PS -NA-

Camargo Correa Desenvolvimento Imobiliario S/A OrdBRAZ BRCCIMACNOR5 CCIM3 BZ CCIM3.SA CCIM3-BSP Ayala Land PHIL PHY0488F1004 ALI PM ALI.PS -NA-

Rodobens Negocios Imobiliarios S/A OrdBRAZ BRRDNIACNOR9 RDNI3 BZ RDNI3.SA RDNI3-BSP Robinson`s Land Corporation PHIL PHY731961264 RLC PM RLC.PS -NA-

Iguatemi Empresa de Shopping Centers S/A OrdBRAZ BRIGTAACNOR5 IGTA3 BZ IGTA3.SA IGTA3-BSP LC Corp SA POL PLLCCRP00017 LCC PW LCCA.WA -NA-

Inpar SA BRAZ BRINPRACNOR3 INPR3 BZ INPR3.SA -NA- Globe Trade Centre POL PLGTC0000037 GTC PW GTCA.WA GTC-WAR

MRV Engenharia e Participacoes SA BRAZ BRMRVEACNOR2 MRVE3 BZ MRVE3.SA MRVE3-BSP Apexhi Properties -C- SAF ZAE000083580 AXC SJ APBJ.J -NA-

404





Constituent Country ISIN

Fountainhead Property Trust SAF ZAE000097416 FPT SJ FPTJ.J -NA-

SA Corporate Real Estate Fund SAF ZAE000083614 SAC SJ SACJ.J -NA-

Redefine Income Find SAF ZAE000023503 RDF SJ RDFJ.J -NA-

Apexhi Properties -A- SAF ZAE000083598 APA SJ APBJ.J -NA-

Apexhi Properties -B- SAF ZAE000083606 APB SJ APBJ.J -NA-

Growthpoint Prop Ltd SAF ZAE000037669 GRT SJ GRTJ.J -NA-

Hyprop Investments Ltd SAF ZAE000003430 HYP SJ HYPJ.J -NA-

Pangbourne Prop Ltd SAF ZAE000005252 PAP SJ PAPJ.J -NA-

Emira Property Fund SAF ZAE000050712 EMI SJ EMIJ.J -NA-

Quality Houses THAI TH0256A10Z04 QH TB QH.BK -NA-

Central Pattana THAI TH0481A10Z01 CPN TB CPN.BK -NA-

LPN Development THAI TH0456010Z04 LPN TB LPN.BK -NA-

Asian Property Development THAI TH0308010Z07 AP TB AP.BK -NA-

Amata Corp THAI TH0617A10Z08 AMATA TB AMAT.BK -NA-

Supalai PCL THAI TH0371010Z05 SPALI TB SPAL.BK -NA-

Is Gayrimenkul Yatirim Ortak TUR TRAISGYO91Q3 ISGYO TI YKGYO.IS -NA-

Hung Poo Real Estate Development TWN TW0002536000 2536 TT 2536.TW -NA-

Mirland Development Corp AIM CY0100141015 MLD LN MLD.L -NA-

Spazio Investment AIM NL0000686319 SPNV LN SPNV.L SPNV-LON

Carpathian AIM GB00B0B66533 CPT LN CPTA.L CPT-LON

Raven Russia AIM GB00B0D5V538 RUS LN RUS.L -NA-

Hansteen Holdings AIM GB00B0PPFY88 HSTN LN HSTN.L HSTN-LON

Dawnay Day Treveria AIM GB00B0RFL714 TRV LN DTR.L DTR-LON

Atlas Estates AIM GB00B0WDBP88 ATLS LN ATLE.L ATLS-LON

Deutsche Land AIM GB00B10QQ280 DLD LN DLD.L DLD-LON

Summit Germany AIM GB00B126Y552 SGL LN SGL.L SGL-LON

Ablon Group AIM GG00B1LB2139 ABL LN ABL.L ABL-LON

Sirius Real Estate AIM GG00B1W3VF54 SRE LN DDS.L SRE-LON

China Real Estate Opportunities AIM JE00B1P8F991 CREO LN CREO.L -NA-

Dolphin Capital Investors AIM VGG2803G1028 DCI LN DOLC.L -NA-

405





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