EPRA / NAREIT / Euronext Indices Press Release

Quarterly Review Changes, effective 2nd January 2002

Euronext Indices B.V. announces the results of the quarterly review of the EPRA/NAREIT Global Real Estate Indices on 30 November 2001. All changes are effective as at Monday 2 January 2002.

Results of the quarterly review

Additions Befimmo S.c.a. (Belgium): included in the index with a free float of 60% Aedes Spa (Italy): included in the index with a free float of 60%

Deletions Sjaelsjo Gruppen (Denmark): removed from the index under rule 1.7b Steen & Strom (Norway): removed from the index under rule 1.7b Avantor (Norway): removed from the index under rule 1.7b Wing Tai Holdings (Singapore): removed from the index under rule 1.7b Catellus Development Corporation removed from the index under rule 2.2. Choice Hotels Incorporated(US) removed from the index under rule 2.3. Crestline Capital Corporation(US) removed from the index under rule 2.3. Hilton Hotels Corporation(US) removed from the index under rule 2.3. Manor Care Incorporated(US) removed from the index under rule 2.3. The St. Joe Company(US) removed from the index under rule 2.2.

Free float changes AMP Diversified Property Trust (Australia): the new free float factor will be 90% AMP shopping centre Trust (Australia): the new free float factor will be 60% Deutsche Diversified Trust (Australia): the new free float factor will be 80% Gandel Retail Trust (Australia): the new free float factor will be 70% Amoy Properties (Hong Kong): the new free float factor will be 40% HKR International (Hong Kong): the new free float factor will be 50% Boca Resorts Inc.(US) new free float will be 70%. Boston Properties Inc. (US) new free float will be 100%. Forest City Enterprises(US) new free float will be 80%. Healthcare Realty Trust Inc. (US) new free float will be 80%. Pan Pacific Retail Properties Inc. (US) new free float will be 60%. PS Business Parks Inc. (US) new free float will be 100%. Senior Housing Properties Trust (US) new free float will be 80%. Shurgard Storage Centers, Inc. (US) new free float will be 100%. Simon Property Group, (US) Inc. new free float will be 90%. SL Green Realty Corp. (US) new free float will be 80%. Universal Health Realty Income Trust(US) new free float will be 80%.

Due to the deletions of Steen & Strom and Avantor, the Norwegian Country index will have no constituents as of January 2nd, 2002. Therefore, from January 2nd onwards, the Norwegian index will remain frozen at the closing level of December 28th till further notice.

The new number of shares for each constituent, is included in the appendix to this press- release.

Rule changes of the EPRA/NAREIT Global Real Estate Indices Ground Rules

Definition of holding companies The definition of holding companies (as stated in rule 1.6e) will broadened. Currently holding companies are defined as companies that have more than 50 percent of their net assets invested in the securities of other listed property companies. This will be changed into 50 percent of their net assets invested in the securities of any other listed company.

Rule 1.6e will thus be changed into:

“Holding companies are excluded from the index. Holding companies are defined as companies that have more than 50 percent of their net assets invested in the securities of other listed companies.”

Definition of real estate companies To harmonize the definition of real estate companies between North America, Europe and Asia, the North American definition will be changed. Currently the North American definition refers to a minimum of 75% of the total revenue to be received from rental revenues. To harmonize the definitions, this will be changed into 75% of the EBITDA be received from rental revenues.

Rule 2.2 and 2.4 will therefore be changed into:

“2.2 Companies with a standard industrial classification (SIC) code in Real Estate sector must have derived, in the previous full financial year, at least 75 percent of their total EBITDA from rental income in North America to be eligible.

2.3 Companies with a standard industrial classification (SIC) code in the Lodging or Health Care sectors are included if, in the previous full financial year, at least 75 percent of EBITDA was received from owned properties or in the form of rents paid by, or shares of profits made by unrelated operators.”

Euronext Indices B.V. 13 December 2001

The NAREIT/EPRA Global Real Estate Index is comprised jointly by the National Association of Real Estate Investment Trusts® (NAREIT) located in Washington, DC, USA and the European Public Real Estate Association (EPRA) based in Amsterdam, Netherlands.

The National Association of Real Estate Investment Trusts® (NAREIT) is the national trade association for REITs and publicly traded real estate companies in the United States. Members are real estate investment trusts (REITs) and other businesses that own, operate and finance income-producing real estate, as well as those firms and individuals who advise, study and service those businesses.

The European Public Real Estate Association (EPRA) is a non-profit association primarily focused on promoting the European quoted real estate sector. Members are real estate companies, investment banks, pension funds, lawyers, accountants and business schools.

The EPRA/NAREIT Global Real-estate Index is maintained under the guidance of ground rules approved by the European Public Real Estate Association (EPRA) and the National Association of Real Estate Investment Trusts® (NAREIT) and is calculated on a daily basis by Euronext Indices BV.

Further Contacts: Fraser Hughes at EPRA +31 (0)20 405 3832 Chuck DiRocco at NAREIT +1 202 739 9418 Appendix

EPRA/NAREIT Global Real Estate Index constituents effective 2nd January 2002. The constituents can change subject to corporate actions up to the effective date.

New Constituents, and changes to shares and free float are highlighted.

Constituent Country Number of Free Float Number of shares shares included in the index

AMP DIVERSIFIED PROPERTY TST Australia 485.78 90 437.20 AMP OFFICE TRUST Australia 848.09 80 678.47 AMP SHOPPING CENTRE TRUST Australia 668.85 60 401.19 BT OFFICE TRUST Australia 932.58 100 932.58 CENTRO PROPERTIES GROUP Australia 353.69 100 353.69 COLONIAL FIRST STATE PROP Australia 622.14 80 497.71 COMMONWEALTH PROPERTY OFFICE Australia 587.27 100 587.27 DEUTSCHE DIVERSIFIED TRUST Australia 902.53 80 722.02 DEUTSCHE OFFICE TRUST Australia 1,148.05 70 803.64 GANDEL RETAIL TRUST Australia 1,282.75 70 897.93 GENERAL PROPERTY TRUST Australia 1,852.08 100 1,852.08 ING INDUSTRIAL FUND Australia 567.05 90 510.34 ING OFFICE FUND Australia 788.06 90 709.25 INVESTA PROPERTY GROUP Australia 586.24 100 586.24 LEND LEASE CORP LIMITED Australia 430.87 90 387.78 LEND LEASE US OFFICE TRUST Australia 419.39 100 419.39 MACQUARIE TRUST Australia 354.68 100 354.68 MACQUARIE GOODMAN INDUSTRIAL Australia 703.93 100 703.93 MACQUARIE OFFICE TRUST Australia 707.78 100 707.78 MIRVAC GROUP Australia 617.19 100 617.19 STOCKLAND TRUST GROUP Australia 770.01 100 770.01 WESTFIELD AMERICA TRUST Australia 1,628.86 90 1,465.97 WESTFIELD HOLDINGS LIMITED Australia 562.40 80 449.92 WESTFIELD TRUST Australia 1,885.22 100 1,885.22 IMMOFINANZ IMMOBILIEN ANLAGE Austria 123.07 100 123.07 BEFIMMO S.C.A. Belgium 7.78 60 4.67 COFINIMMO Belgium 7.12 100 7.12 BOARDWALK EQUITIES INC Canada 50.26 100 50.26 BROOKFIELD PROPERTIES CORP Canada 163.31 100 163.31 H&R REAL ESTATE INVSTMNT-UTS Canada 69.42 100 69.42 LEGACY HOTELS REAL ESTATE Canada 67.50 100 67.50 RIOCAN REAL ESTATE INVST TR Canada 145.97 100 145.97 SUMMIT REAL ESTATE INV TR-UT Canada 34.19 100 34.19 TRIZECHAHN CORPORATION Canada 150.63 100 150.63 TK DEVELOPMENT Denmark 14.02 100 14.02 SPONDA OYJ Finland 81.98 60 49.19 FONCIERE LYONNAISE France 35.68 30 10.70 GECINA SA France 19.24 50 9.62 KLEPIERRE France 12.95 40 5.18 SIMCO France 27.08 50 13.54 SOPHIA (EX-SFI) France 35.34 50 17.67 UNIBAIL France 46.65 100 46.65 CBB HOLDING AG Germany 52.56 20 10.51 IVG HOLDING AG Germany 116.00 60 69.60 AMOY PROPERTIES Hong Kong 2,889.33 40 1,155.73 CHEUNG KONG HOLDINGS LTD Hong Kong 2,316.16 70 1,621.31 CHINA OVERSEAS LAND & INVEST Hong Kong 5,463.70 50 2,731.85 CHINA RESOURCES BEIJING LAND Hong Kong 1,498.21 60 898.93 GREAT EAGLE HOLDINGS LTD Hong Kong 577.17 50 288.58 HENDERSON LAND DEVELOPMENT Hong Kong 1,722.14 40 688.86 HKR INTERNATIONAL LTD Hong Kong 1,157.38 50 578.69 HONGKONG LAND HOLDINGS LTD Hong Kong 2,460.89 60 1,476.53 HYSAN DEVELOPMENT CO Hong Kong 1,031.30 60 618.78 KERRY PROPERTIES LTD Hong Kong 1,154.87 40 461.95 NEW WORLD DEVELOPMENT Hong Kong 2,133.99 70 1,493.79 SINO LAND CO Hong Kong 3,841.08 40 1,536.43 SUN HUNG KAI PROPERTIES Hong Kong 2,400.91 60 1,440.54 SWIRE PACIFIC LTD 'A' Hong Kong 940.11 80 752.09 WHARF HOLDINGS LTD Hong Kong 2,446.51 50 1,223.25 GREEN PROPERTY PLC Ireland 105.38 100 105.38 AEDES SPA Italy 36.75 60 22.05 BENI STABILI SPA Italy 1,679.34 60 1,007.60 DAIBIRU CORPORATION Japan 116.85 60 70.11 GOLDCREST CO LTD Japan 17.89 50 8.95 HEIWA REAL ESTATE CO LTD Japan 112.59 100 112.59 MITSUBISHI ESTATE CO LTD Japan 1,299.19 80 1,039.35 MITSUI FUDOSAN CO LTD Japan 812.56 90 731.30 SUMITOMO REALTY & DEVELOPMNT Japan 407.09 90 366.38 CORIO NV Netherlands 65.83 70 46.08 EUROCOMMERCIAL PROPERTIES NV Netherlands 25.55 100 25.55 HASLEMERE NV Netherlands 23.67 100 23.67 NIEUWE STEEN INVESTMENTS NV Netherlands 27.56 80 22.05 RODAMCO EUROPE NV Netherlands 77.42 90 69.68 UNI-INVEST NV Netherlands 65.14 100 65.14 VASTNED OFFICES/INDUSTRIAL Netherlands 17.95 100 17.95 VASTNED RETAIL NV Netherlands 15.17 100 15.17 WERELDHAVE NV Netherlands 16.04 100 16.04 CAPITALAND LTD Singapore 2,517.35 40 1,006.94 KEPPEL LAND LTD Singapore 708.57 50 354.29 SINGAPORE LAND LTD Singapore 344.07 40 137.63 INMOBILIARIA COLONIAL SA Spain 56.02 60 33.61 METROVACESA S.A. Spain 62.43 60 37.46 VALLEHERMOSO SA Spain 154.76 80 123.81 CASTELLUM AB Sweden 43.00 100 43.00 DROTT AB-B SHS Sweden 101.15 100 101.15 HUFVUDSTADEN AB-A SHS Sweden 203.00 60 121.80 JM AB Sweden 33.52 100 33.52 KUNGSLEDEN AB Sweden 18.96 100 18.96 MANDAMUS FASTIGHETER AB Sweden 20.54 100 20.54 PANDOX AB Sweden 24.90 80 19.92 TORNET FASTIGHETS AB Sweden 26.56 100 26.56 WIHLBORGS FASTIGHETER AB-B Sweden 312.12 90 280.91 PSP SWISS PROPERTY AG Switzerland 7.65 70 5.36 ZUEBLIN IMMOBILIEN HOLDING Switzerland 28.53 70 19.97 ASHTENNE HOLDINGS PLC UK 69.60 100 69.60 BENCHMARK GROUP PLC UK 96.48 30 28.94 COMPANY PLC UK 518.10 100 518.10 UK 242.70 100 242.70 CANARY WHARF GROUP PLC UK 656.58 90 590.92 CAPITAL & REGIONAL PLC UK 83.30 100 83.30 CHELSFIELD PLC UK 243.80 60 146.28 CLS HOLDINGS PLC UK 101.27 60 60.76 COMPCO HOLDINGS PLC UK 37.40 80 29.92 DERWENT VALLEY HOLDINGS PLC UK 53.10 100 53.10 DEVELOPMENT SECURITIES PLC UK 28.00 100 28.00 FREEPORT PLC UK 42.04 100 42.04 GRAINGER TRUST PLC UK 24.80 70 17.36 GRANTCHESTER HOLDINGS PLC UK 101.52 100 101.52 PLC UK 208.10 100 208.10 PLC UK 295.47 100 295.47 HELICAL BAR PLC UK 29.90 90 26.91 LAND SECURITIES PLC UK 522.00 100 522.00 LIBERTY INTERNATIONAL PLC UK 278.96 90 251.06 MERCHANT SECS UK 242.65 70 169.86 MARYLEBONE WARWICK BALFOUR UK 115.31 80 92.25 PLC UK 159.90 70 111.93 MUCKLOW < A & J > GROUP PLC UK 61.52 60 36.91 NHP PLC UK 145.07 100 145.07 PILLAR PROPERTY PLC UK 143.30 80 114.64 QUINTAIN ESTATES & DEV PLC UK 127.26 100 127.26 SAVILLE GORDON ESTATES PLC UK 158.03 100 158.03 UK 131.50 100 131.50 SLOUGH ESTATES PLC UK 413.50 100 413.50 ST. MODWEN PROPERTIES PLC UK 120.80 70 84.56 TOWN CENTRE SECURITIES PLC UK 74.47 70 52.13 UNITE GROUP PLC UK 67.56 80 54.05 WARNER ESTATE HOLDINGS PLC UK 50.81 80 40.65 PLC UK 16.41 100 16.41 ALEXANDRIA REAL EST EQUITIES United States 16.30 100 16.30 AMB PROPERTY CORP United States 83.71 100 83.71 AMLI RESIDENTIAL PROPERTIES United States 17.85 100 17.85 APARTMENT INVT & MGMT CO -A United States 74.28 90 66.85 ARCHSTONE-SMITH TRUST United States 171.64 100 171.64 ARDEN REALTY INC. United States 63.80 100 63.80 AVALONBAY COMMUNITIES INC United States 69.60 100 69.60 BEDFORD PROPERTY INVESTORS United States 16.61 90 14.95 BOCA RESORTS INC -CL A United States 39.45 70 27.62 BOSTON PROPERTIES INC United States 90.77 100 90.77 BRANDYWINE REALTY TRUST United States 35.47 100 35.47 BRE PROPERTIES -CL A United States 45.61 100 45.61 CAMDEN PROPERTY TRUST United States 40.77 100 40.77 CAPITAL AUTOMOTIVE REIT United States 26.00 100 26.00 CARRAMERICA REALTY CORP United States 61.10 100 61.10 CBL & ASSOCIATES PROPERTIES United States 25.59 100 25.59 CENTERPOINT PROPERTIES CORP United States 22.74 100 22.74 CHATEAU COMMUNITIES INC United States 28.76 80 23.01 CHELSEA PROPERTY GROUP INC United States 18.74 90 16.86 COLONIAL PROPERTIES TRUST United States 20.86 100 20.86 COMMERCIAL NET LEASE REALTY United States 34.91 100 34.91 CORNERSTONE REALTY INCOME TR United States 47.41 100 47.41 COUSINS PROPERTIES INC United States 49.89 80 39.91 CRESCENT REAL ESTATE EQT CO United States 108.90 90 98.01 DEVELOPERS DIVERS REALTY CRP United States 55.33 90 49.80 DUKE REALTY CORP United States 130.62 100 130.62 EASTGROUP PROPERTIES United States 15.91 100 15.91 ENTERTAINMENT PROPERTIES TR United States 14.80 90 13.32 EQUITY INNS INC United States 36.84 100 36.84 EQUITY OFFICE PROPERTIES TR United States 414.33 100 414.33 EQUITY RESIDENTIAL PROPS TR United States 270.80 100 270.80 ESSEX PROPERTY TRUST INC United States 18.41 100 18.41 EXTENDED STAY AMERICA INC United States 93.03 80 74.42 FEDERAL REALTY INVS TRUST United States 40.04 100 40.04 FELCOR LODGING TRUST INC United States 52.98 70 37.09 FIRST INDUSTRIAL REALTY TR United States 39.20 100 39.20 FOREST CITY ENTERPRISES-CL A United States 34.38 80 27.50 GABLES RESIDENTIAL TRUST United States 24.10 100 24.10 GENERAL GROWTH PROPERTIES United States 52.72 100 52.72 GLENBOROUGH REALTY TRUST INC United States 26.93 100 26.93 GLIMCHER REALTY TRUST United States 29.96 100 29.96 GREAT LAKES REIT INC United States 16.55 100 16.55 HEALTH CARE PPTYS INVEST INC United States 55.76 100 55.76 HEALTHCARE REALTY TRUST INC United States 40.92 80 32.74 HIGHWOODS PROPERTIES INC United States 52.86 100 52.86 HOME PROPERTIES OF NY INC United States 22.15 90 19.94 HOSPITALITY PROPERTIES TRUST United States 62.52 100 62.52 HOST MARRIOTT CORP United States 262.99 90 236.69 HRPT PROPERTIES TRUST United States 128.94 100 128.94 INNKEEPERS USA TRUST United States 34.77 100 34.77 IRT PROPERTY CO United States 30.49 100 30.49 JDN REALTY CORP United States 32.85 80 26.28 JP REALTY INC United States 16.34 100 16.34 KILROY REALTY CORP United States 27.43 100 27.43 KIMCO REALTY CORP United States 65.74 90 59.17 KOGER EQUITY INC United States 26.81 100 26.81 KRAMONT REALTY TRUST United States 18.75 100 18.75 LA QUINTA PROPERTIES-PAIRED United States 144.36 100 144.36 LASALLE HOTEL PROPERTIES United States 18.44 90 16.60 LEXINGTON CORPORATE PPTYS TR United States 22.28 90 20.06 LIBERTY PROPERTY TRUST United States 73.39 100 73.39 MACERICH CO/THE United States 33.91 90 30.52 MACK-CALI REALTY CORP United States 56.99 80 45.59 MANUFACTURED HOME COMMUNITIE United States 21.48 90 19.33 MERISTAR HOSPITALITY CORP United States 44.56 100 44.56 MID-AMERICA APARTMENT COMM United States 17.44 90 15.69 MILLS CORP United States 28.45 90 25.61 MISSION United States 17.12 100 17.12 NATIONWIDE HEALTH PPTYS INC United States 47.24 100 47.24 NEW PLAN EXCEL REALTY TRUST United States 87.34 100 87.34 PAN PACIFIC RETAIL PPTYS INC United States 32.32 60 22.62 PARKWAY PROPERTIES INC/MD United States 9.25 90 8.32 PENN REAL ESTATE INVEST TST United States 15.87 90 14.28 POST PROPERTIES INC United States 36.82 100 36.82 PRENTISS PROPERTIES TRUST United States 36.96 90 33.26 PRIME GROUP REALTY TRUST United States 15.70 100 15.70 PRIME HOSPITALITY CORP United States 44.77 100 44.77 PROLOGIS TRUST United States 174.95 80 139.96 PS BUSINESS PARKS INC/CA United States 21.53 100 21.53 PUBLIC STORAGE INC United States 113.78 90 102.40 REALTY INCOME CORP United States 32.78 100 32.78 RECKSON ASSOC REALTY CORP United States 49.88 90 44.89 RECKSON ASSOC REALTY CORP-B United States 10.28 100 10.28 REGENCY CENTERS CORP United States 57.59 40 23.04 RFS HOTEL INVESTORS INC United States 25.24 100 25.24 ROUSE CO United States 69.27 100 69.27 SAUL CENTERS INC United States 14.54 80 11.63 SENIOR HOUSING PROP TRUST United States 43.42 80 34.74 SHURGARD STORAGE CENTERS-A United States 32.29 100 32.29 SIMON PROPERTY GROUP INC United States 172.25 90 155.03 SL GREEN REALTY CORP United States 29.96 80 23.97 SOVRAN SELF STORAGE INC United States 12.30 100 12.30 STARWOOD HOTELS & RESORTS United States 197.75 100 197.75 STORAGE USA INC United States 27.53 60 16.52 SUMMIT PROPERTIES INC United States 26.99 100 26.99 SUN COMMUNITIES INC United States 17.51 100 17.51 TAUBMAN CENTERS INC United States 50.29 100 50.29 TOWN & COUNTRY TRUST United States 16.09 100 16.09 UNITED DOMINION REALTY TRUST United States 99.08 100 99.08 UNIVERSAL HEALTH RLTY INCOME United States 11.62 80 9.30 US RESTAURANT PROPERTIES United States 18.71 80 14.96 VENTAS INC United States 68.84 100 68.84 VORNADO REALTY TRUST United States 97.41 80 77.93 WASHINGTON REAL ESTATE INV United States 38.70 100 38.70 WEINGARTEN REALTY INVST United States 34.16 90 30.74 WYNDHAM INTERNATIONAL-CL A United States 167.87 90 151.08