Short Term Rental Cycle – 1 st Quarter 2003

1. Antwerp, Milan, Rome, Copenhagen, Lyon Brussels Barcelona Moscow Lisbon, Luxembourg, Munich Amsterdam, Düsseldorf Rental growth slowing Rents falling Dublin, Madrid Frankfurt, London Paris, Berlin, Edinburgh, Oslo Hamburg Rents bottoming out Rental growth accelerating Helsinki, Athens Stockholm Warsaw Prague, Budapest Short Term Rental Cycle – 1st Quarter 2003 OFFICES • Note: • This diagram illustrates where Jones Lang LaSalle estimate each prime office market is within its individual rental cycle as at end March 2003. • Markets can move around the clock at different speeds and directions. • The diagram is a convenient method of comparing the relative position of markets in their rental cycle. • Their position is not necessarily representative of investment or development market prospects. • Their position refers to Prime Face Rental Values

2. Belgium,France,Italy,Luxembourg ,Spain Netherlands Germany UK , Ireland Rental growth slowing Rents falling Rents bottoming out Rental growth accelerating Sweden Hungary Poland Czech Republic Short Term Rental Cycle – 1st Quarter 2003 WAREHOUSING • Note: • This diagram illustrates where Jones Lang LaSalle estimate each warehousing market is within its individual rental cycle as at end March 2003. • Markets can move around the clock at different speeds and directions. • The diagram is a convenient method of comparing the relative position of markets in their rental cycle. • Their position is not necessarily representative of investment or development market prospects. • Their position refers to Prime Rental Values