Global and Emerging Markets Property Hunter

Global Property Performance — The Global Property Index was up 0.8% last week
and is now down 25.5% QTD and YTD (in US$). Last week, most regions were up
including the UK (14.4%), Japan (11.5%), Hong Kong/China (2.7%), Europe Ex
UK (2.2%) and Singapore (0.9%). Year to date, most major regions are in negative
territory, with U.S. down 37.7%, UK down 27.0%, Australia down 26.0%, Japan
down 19.6%, and Singapore down 17.2%.
 Global Property at a Glance — The Global Property Hunter, our global comparative
valuation and performance table, is presented on the following pages. It is made
up of 348 global property companies, including all property companies covered by
Citi Investment Research as well as those companies not covered but included in
the EPRA Index. The Global Property Hunter contains: (1) analyst ratings,
(2) performance data, (3) valuation data, (4) earnings growth forecasts, and (5)
key balance sheet ratios for global property companies, organized by region.
 Emerging Markets at a Glance — The Emerging Markets Property Hunter, our
comparative valuation and performance table for emerging markets property
companies, is presented on the following pages. It includes the constituents of the
BMI Emerging Markets Property Index, as well as additional real estate companies
in emerging markets. The Emerging Markets Property Hunter contains: (1) analyst
ratings, (2) performance data, (3) valuation data, (4) earnings growth forecasts,
and (5) key balance sheet ratios for global companies, organized by region.