Disclaimer Bouwfonds Real Estate Investment Management B.V.

This publication has been prepared by: Bouwfonds Real Estate Investment Management B.V. or an group company thereof (hereinafter “Bouwfonds”). Bouwfonds Real Estate Investment Management B.V., has its registered office: De Beek 18, NL-3871 MS Hoevelaken, P.O. Box 15, NL-3870 DA Hoevelaken, the Netherlands. Bouwfonds is part of the Rabo Real Estate Group.

This publication is for distribution only under such circumstances as may be permitted by applicable law. This publication is only for the information of customers of Bouwfonds or its group companies and is provided to such customers subject to the terms of business in place between the recipient and such group company or Bouwfonds. This publication was based on current facts and conditions that can change from time to time. The information contained herein is based on selected sources considered reliable. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. No representation is made by us as to the reasonableness of the assumptions made, or the accuracy or completeness of any models contained herein. Any opinions expressed in this publication are subject to change without notice and reflect the current judgment of the author and may therefore differ or be contrary to opinions expressed by other business divisions or group companies of Bouwfonds. Bouwfonds is under no obligation to update or keep current the information contained herein. This publication has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not intended to, and should not be relied upon as comprising a complete report or analysis. Bouwfonds, its group companies, employees, related accounts, discretionary accounts, or clients may have or have had interests or long or short positions (including loans) in the securities or other financial instruments referred to herein (if applicable), and may at any time make purchases and/or sales in them as principal or agent. This publication does not constitute or form part of any offer or invitation to sell or the solicitation of any offer to buy any financial instrument, provide any underwriting commitment, or make any offer of financing on the part of us, nor is it intended to give rise to any legal relationship with you or any other person, nor is it a recommendation to buy any financial instrument or enter into any transaction or financing. Neither Bouwfonds nor any of its group companies, nor any of Bouwfonds’ or any of its group companies’ directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this publication. This publication should not be regarded by recipients as a substitute for the exercise of their own judgment. No part of it may be (i) copied, photocopied or duplicated in any form by any means, or (ii) redistributed without the prior written consent of Bouwfonds. This disclaimer shall be governed by and construed in accordance with the laws of the Netherlands. All disputes arising out of or in connection with this disclaimer shall be submitted to the exclusive jurisdiction of the courts of the Netherlands.

©2009 Bouwfonds Real Estate Investment Management. All rights reserved.