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1 ING ING * * ING

2

3 ING ING ING Investment Management Asia Pacific (Hong Kong) Limited HSBC Trustee (Cayman) Limited ING (a) (b) 1933 S 1940 (a)(b) (c) 2

4 ING Investment Management Asia Pacific (Hong Kong) Limited Michael Ferrer, Stephen Luk, Yang Chong Wey Jian Lee ING Clarion Real Estate Securities L.P. 259 Radnor - Chester Road, 2nd Floor Radnor, PA United States of America HSBC Trustee (Cayman) Limited P.O. Box 484 Strathvale House, North Church Street George Town Grand Cayman KY Cayman Islands British West Indies Ernst & Young Conyers Dill & Pearman 62 Forum Lane Cricket Square Camana Bay Hutchins Drive P.O. Box 510 PO Box 2681 Grand Cayman KY Grand Cayman KY Cayman Islands Cayman Islands

5 (a) (b) (c) (d) 20% 20% (a) 20% 20% (a) (b) (c) ING ING Investment Management Asia Pacific (Hong Kong) Limited 4

6 REIT USD US$ 571 ING HSBC Trustee (Cayman) Limited 5

7 ING ING Investment Management Asia Pacific (Hong Kong) Limited 1997ING Insurance International B.V. ING Groep N.V.ING Groep N.V ING Michael Ferrer MichaelING Investment ManagementIIM Michael 15ING1997 IIM Philippines ING ING Michael IIM Michael Stephen Luk Stephen Luk 1998 IIM Asia Pacific Stephen Stephen ING NatWest Markets Yang Chong Wey (Andy) AndyING Life (Taiwan) 110Andy ING Andy 18 6

8 Andy County Investment Management Bankers Trust Andy William M Mercer AMP Society (FIAA) Jian Lee Jian Lee Jian 13 8 ING CPA Nicholas Toovey, CFA Nicholas Toovey 2003 IIM Asia Pacific IIM Merrill Lynch Investment Managers Mercury Asset Management Nicholas University of Canterbury Bratin Sanyal Bratin Sanyal IIM Asia Pacific Bratin ING Bratin 1985Indian Institute of Technology Rutgers University (ABD) Oscar Leung, CFA Oscar Leung 18 Oscar Curtin University of Technology 7

9 ING Clarion Real Estate Securities L.P. ING Groep, N.V. ING GroupING Real Estate ING Real Estate T. Ritson Ferguson Ferguson Terguson Radnor Advisors Trammell Crow Company 1991 Messrs. Campbell and KlingING Clarion Real Estate Securities Ferguson Bain and Company FergusonWharton (University of Pennsylvania) Duke University Phi Kappa Phi (NAREIT) (AIMR) Ferguson (CFA) Kenneth D. Campbell Campbell Audit Investments, Inc (Realty Stock Review) 1990 Campbell REIT Campbell Capital University Campbell (NAREIT) 1996 NAREIT REIT 8

10 Steven D. Burton, CFA Burton ING Clarion Real Estate Securities GE Investment Corporation 3 5,000 Burton 1995 ING Clarion Real Estate Securities Kellogg Middlebury College Burton (CFA) (AIMR) Sherry L. Rexroad, CFA Rexroad ING Clarion Real Estate Securities AEW Capital Management AEW Rexroad (EPA) 4, ING Clarion Real Estate Securities RexroadWharton(University of Pennsylvania) Haverford College (AIMR)(NAREIT) Rexroad (CFA) Joseph P. Smith, CFA Smith Smith 1997 ING Clarion Alex. Brown & Sons, Inc. Radnor Advisors Smith Wharton (University of Pennsylvannia) Villanova University (CFA) (AIMR) Diane L. Wade, CFA WadeREIT 1996 ING Clarion Real Estate Securities (NAREIT) WadeBarnes, Morris, Pardoe and Foster, Inc. Grubb & Ellis Pennsylvania State University (CFA) (AIMR) 9

11 Kenneth S. Weinberg, CFA Weinberg REIT Weinberg 2004 ING Clarion Real Estate Securities Legg Mason Wood Walker, Inc. Prudential Financial Weinberg Duke University Fuqua Duke University Weinberg (CFA) (AIMR) Christopher S. Reich, CFA ReichReich UBS Securities, LLC 2004 ING Clarion Real Estate Securities ING Clarion Real Estate Securities Reich Accenture Reich New York University Stern Beta Gamma Sigma Bucknell University Alpha Lambda Delta (CFA)(AIMR) Jonathan D. Miniman Miniman 200 Miniman ING Clarion Real Estate Securities Group One Trading, L.P. PNC Financial Services Miniman Villanova University (NASD) (CFA)II(AIMR) Christopher J. Stephan Stephan 2004 ING Clarion Real Estate Securities Rittenhouse Asset ManagementStephanValley Forge Asset Management Prudential Securities, Inc. Stephan Pennsylvania State University(CFA)II 10

12 HSBC Trustee (Cayman) Limited Ernst & Young, Cayman Islands Ernst & Young, Cayman Islands ING 11

13 HSBC International Trust Services (Asia) Limited - IFS Subscription Account V 1 12

14 (a) (b) 7 10% 10% 13

15 1% (a) (b) (c) (d) (e) (f) (b)(c) (f) (c) (f) (a) (b) 14

16 (g) (a) (b) (c) (d) (i) (ii) (a) (b) (a) (b) (c) 10% 10% 15% 15

17 (d) (e) (f) (g) (h) (i) 15% 10% 20% (f) 20% 30% (h) (i) (ii) (iii) (iv) (v) (vi) (vii) 1/2% 5% (REIT) 10% 25% 16

18 (viii) (ix) 25% 2.5% 1% (i) (ii) ING 17

19 104 26A(1A)(a)(i) 17.5% 16%)

20 % 21 10% 25% 19

21 ING Investment Management Asia Pacific (Hong Kong) Limited HSBC Trustee (Cayman) Limited (a)30 (b) (c)60 (d) (a) 1000 (b) (c) 1 20

22 (1)(b) 21

23 (a) 22

24 (b) A (A) A (D) I 2,500 1,000 A(D) 2,500 1, ,000 50,

25 ING ING ING 1,000 1 (REIT) ING ING 80%50% 50% 24

26 ( REIT ) (i) (ii) (iii) 20% 5% 5% 5% (i) 1%(ii) 1% A(A)A(D) 1.60% I 1.00% 25

27 (i) (ii) 0.1% 5,000 2,000 3, A(A) 2,500 A(D) 2,500 I 250,000 A(A) 1,000 A(D) 1,000 I 50,000 REIT 26

28 A(A) A(D) 2,500 I 250,000 A(A)A(D)1,000 I 50,000 27

29 2 3 I 10,000 A(A) A(D)

30 10,000 I 100 A(A) A(D) (a)a(a) A(A)(b) A(D)IA(D) I 30 29

31 A(D)I 30 (REIT) REIT 30

32 31

33 (i)(ii) (iii) (iv) REIT 32

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