Capital Markets Panel DiscussionMarch 13, 2001

• Austin Lehr

• Fred Ruess• Walt Rakowich

Panelists:

Moderator:

BetaWest -DLJ Real Estate Capital PartnersKeyBankProLogis

Real Estate Advisory Services• Paul Luber

Four Quadrants of Real Estate Capital Markets

Equity DebtPRIVATE

PUBLIC

PrivateEquity

PrivateDebt

PublicEquity

PublicDebt

Institutional Real Estate Capital Markets

$63.8 Trillion

U.S. Equity22.6%

Dollar Bonds19.9%

Private Markets0.2%

Cash Equiv.4.8%

U.S. Real Estate4.8%

High YieldBonds1.0%

All Other Equities16.6%

Japan Bonds8.0%

Japan Equity5.3%

Emerging Market Equities1.2%

All Other Bonds13.7%

Emerging MarketDebt1.9%

Total U.S. Institutional Capital MarketDecember 31, 2000 (Preliminary)

Source:

Equity

Debt

Real Estate Capital Sources Overview

Source: Lend Lease Investment Research & Rosen Consulting: Emerging Trends in Real Estate 2001 As of Sept. 15, 2000

Institutional Capital(Real Estate held for investment)45% - $1.93 trillion

Non-institutional Capital(Corporate, Government and Residential Real Estate)55% - $2.37 trillion

Total U.S. Real Estate: $4.3 Trillion

Breakdown of $1.93 Trillionof Institutional Capital

Total Equity 20% - $378.7 billion

Total Debt 80% - $1,551.9 billion

Source: Lend Lease Investment Research & Rosen Consulting: Emerging Trends in Real Estate 2001 As of Sept. 15, 2000

Breakdown of $1.93 Trillionof Institutional Capital

Total Debt 80% - $1,551.9 billion

Total Equity 20% - $378.7 billion

Private Debt 66%

Private Equity 13%

Public Equity 7%Public Debt 14%

$1,930100%$1,930100%Total$285.014%Public

$1,266.966%Private$1,551.980%Debt$141.67%Public

$237.113%Private$378.720%Equity

Amount($ billions)

% of Total

Private/Public

Amount($ billions)

Percent of TotalQuadrant

2000 Institutional Equity Market Participants

REITs Public REOCS37.4% - $141.6(Public)

Savings Association0.3% - $1.2

Pension Funds37.5% - $141.9

Life Companies10.5% - $39.7

Foreign Investors13.9% - $52.5

Commercial Banks0.5% - $1.8

Note: Dollar Amounts in BillionsSource: Lend Lease Investment Research & Rosen Consulting: Emerging Trends in Real Estate 2001 As of Sept. 15, 2000

Total Equity $378.7 billion (20% of Institutional Capital)

Savings Association9%- $139.8

REITs1%-$10.3(Public)Pension Funds

2%-$36.4

Life Companies14%-$212.9

Other3%-$52.7

Foreign Investors14%-$215.1 Federally Funded

Mortgage Pools4%-$61.0(Public)

Non-Gov't CMBS Issuers14%-$213.7(Public)

Commercial Banks39%-$610.0

Note: Dollar Amounts in BillionsSource: Lend Lease Investment Research & Rosen Consulting: Emerging Trends in Real Estate 2001 As of Sept. 15, 2000

2000 Institutional Debt Market ParticipantTotal Debt $1551.9 (80% of Institutional Capital)

Panelist Profile

Austin Lehr - President

DLJ Real Estate Capital PartnersCredit Suisse/First Boston

Panelist Profile

Fred Ruess – Senior Vice PresidentCommercial Real Estate Division

Panelist Profile

Walt Rakowich, Managing Directorand Chief Financial Officer

Capital Markets Panel DiscussionMarch 13, 2001

• Austin Lehr

• Fred Ruess• Walt Rakowich

Panelists:

Moderator:

BetaWest -DLJ Real Estate Capital PartnersKeyBankProLogis

Real Estate Advisory Services• Paul Luber