Financial Services >> Analyst Interviews >> March 26, 2007

OUTLOOK FOR REITS – PAUL E. ADORNATO & RICHARD ANDERSON – BMO CAPITAL MARKETS

TWST: Paul, as you look back at 2006, how would you characterize what went on in

the REIT space?

Mr. Adornato: The headlines were dominated by all of the M&A activity, which

provided a