an overview of prepared for A D V I S O R Y G R O U P World Services Group, Inc. May, 2004 U.S. Economy & Commercial Real Estate Investment Market

A D V I S O R Y G R O U P 2 Economic Overview

A D V I S O R Y G R O U P 3 Annual U.S. Inflation Rate 1980–2005 Forecast Source: Economy.com, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 4 U.S. Growth in Gross Domestic Product (GDP) 1980–2005 Forecast Source: Economy.com, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 5 U.S. Productivity Growth 1980–2004 Q1 Source: Economy.com, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 6 U.S. Unemployment Rate 1980–2005 Forecast Source: Economy.com, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 7 U.S. Growth in Total Employment vs. U.S. Unemployment Rate 1980–2005 Forecast Source: Economy.com, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 8 Economic Cycle by State February 2004 Recession Flat Expanding

A D V I S O R Y G R O U P 9 U.S. Investment Market Overview

A D V I S O R Y G R O U P 10 Percent of Investment in Core Properties by Capital Sector 2003 Source: Real Capital Analytics, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 11 U.S. Sales Volumes by Core Property Type 2002 vs Source: Real Capital Analytics, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 12 Source: NCREIF, Economy.com, Cushman & Wakefield Analytics Cap Rate Spreads to 10-year Treasuries 1983Q1–2003Q4

A D V I S O R Y G R O U P 13 Average Capitalization Rate by Core Property Type 2003 Source: Real Capital Analytics, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 14 Source: NCREIF, Cushman & Wakefield Analytics Private Equity Annual Returns by Property Type

A D V I S O R Y G R O U P 15 U.S. Office Markets

A D V I S O R Y G R O U P 16 U.S. Growth in Office-using Employment 1980–2005 Forecast Source: Economy.com, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 17 Top U.S. Office Markets by Sales Volume Office Leasing Market Inventory Year-end 2003 Source: Cushman & Wakefield Research, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 18 Vacancy Rates Top Tier CBD Office Markets, 1997–2003 Source: Cushman & Wakefield Research, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 19 Overall Average Asking Rents Top Tier CBD Office Markets, 1997–2003 Source: Cushman & Wakefield Research, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 20 Top U.S. Office Markets by Sales Volume Construction Completions vs. Net Absorption 2003 Source: Cushman & Wakefield Research, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 21 Top U.S. Office Markets by Sales Volume Occupancy Rate vs. Average Asking Rent Year-end 2003 Source: Cushman & Wakefield Research, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 22 Top U.S. CBD Office Markets by Sales Volume 2003 Source: Real Capital Analytics, Cushman & Wakefield Analytics

A D V I S O R Y G R O U P 23 Top U.S. Office Markets by Sales Volume Average Price per Square Foot 2003 Source: Real Capital Analytics, Cushman & Wakefield Analytics U.S. Average $197

A D V I S O R Y G R O U P 24 Top U.S. Office Markets by Sales Volume Average Capitalization Rate 2003 Source: Real Capital Analytics, Cushman & Wakefield Analytics U.S. Average 8.5%