Commercial real estate derivatives: the developing U.S. market.

million. REXX Rexx Index venture * Quarterly returns (total, rent

includes Cushman & and capital) at the national

Wakefield and Newmark, level as well as for 15 major

Knight, Frank as metro areas, back to 1994.

minority owners and data Office only at the current time.

contributors. * Proprietary model based on

www.rexxindex.com current micro (space market)

variables including rents,

vacancy rates and leasing

activity, as well as key macro

variables such as interest rates

and inflation.

* Focus on metro level rent indices

to allow investors to hedge or

leverage on performance in

specific local markets. Source: PREA Note: As of press time, the NCREIF index is the only index licensed for trading. Recent developments indicate this may change in the near future. As of the 3rd quarter of 2007, Moody's Investor Services has taken over production of the REAL indices. These are now the "Moodys/REAL Commercial Property Price Indices" or Moody's CPPI. REAL is working to establish a platform or trading derivatives on this index. On September 19th, the CME Group announced that futures and options based on the S & P/GRA indices would begin trading on the exchange on October 28th.