http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqrschstockrschsector&IndCatCode=REA&MarketCode=GL&MarketCap=X> UBS Research: Real Estate en Copyright (C) UBS 2008. All rights reserved. eMarketing@ubs.com eMarketing@ubs.com Mon, 6 Oct 2008 Mon, 6 Oct 2008 60 http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqrschrss http://research.ibb.ubs.com:80/images/logo.gif http://www.ubs.com 160 44 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew13341|native|public Regions

• Global


• Asia Pacific


• Japan

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services


• Japanese Real Estate


• Japanese Financial


• Japanese Financial Services

Companies

• 8951.T Nippon Building Fund


• 8952.T Japan Real Estate


• 8953.T Japan Retail Fund


• 8954.T ORIX JREIT


• 8972.T Kenedix Realty


• 3227.T MID REIT


• 3234.T Mori Hills REIT

Subjects

• Industry Overview

]]> Toshihiko Okino 8951.T 8952.T 8953.T 8954.T 8972.T 3227.T 3234.T http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew13341|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50815|native|public Regions

• Europe Including UK


• United Kingdom


• Global


• UBSW EMEA

Sectors

• European Building Materials


• European Industrial, Diversified


• European Real Estate


• European Semiconductors


• British Industrial, Diversified


• Global Building Materials


• Global Industrial, Diversified


• Global Real Estate


• Global Semiconductors


• European Industrial Services


• Global Industrial Services


• European Basic Materials


• European Consumer, Cyclical


• European Financial


• European Industrial


• European Mining & Metals


• European General Industrial Services


• European Technology


• British Industrial


• Global Basic Materials


• Global Consumer, Cyclical


• Global Financial


• Global Industrial


• Global Mining & Metals


• Global General Industrial Services


• Global Technology


• European Basic Resources


• European Construction


• European Financial Services


• European Industrial Goods & Services


• European Media


• British Industrial Goods & Services


• Global Basic Resources


• Global Construction


• Global Financial Services


• Global Industrial Goods & Services


• Global Media

Subjects

• Industry Overview


• Morning Note

]]> Sakshi Jain http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50815|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50814|native|public Regions

• Europe Including UK


• United Kingdom


• Global


• UBSW EMEA

Sectors

• European Aerospace


• European Building Materials


• European Industrial, Diversified


• European Advanced Industrial Equipment


• European Real Estate


• European Semiconductors


• European Steel


• British Industrial, Diversified


• Global Aerospace


• Global Building Materials


• Global Industrial, Diversified


• Global Advanced Industrial Equipment


• Global Real Estate


• Global Semiconductors


• Global Steel


• European Industrial Services


• Global Industrial Services


• European Basic Materials


• European Consumer, Cyclical


• European Financial


• European Industrial


• European Mining & Metals


• European General Industrial Services


• European Technology


• British Industrial


• Global Basic Materials


• Global Consumer, Cyclical


• Global Financial


• Global Industrial


• Global Mining & Metals


• Global General Industrial Services


• Global Technology


• European Basic Resources


• European Construction


• European Financial Services


• European Industrial Goods & Services


• European Media


• British Industrial Goods & Services


• Global Basic Resources


• Global Construction


• Global Financial Services


• Global Industrial Goods & Services


• Global Media

Subjects

• Industry Overview


• Morning Note

]]> Sakshi Jain http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50814|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew13340|native|public Regions

• Global


• Asia Pacific


• Japan

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services


• Japanese Real Estate


• Japanese Financial


• Japanese Financial Services

Companies

• 8801.T Mitsui Fudosan


• 8802.T Mitsubishi Estate


• 8830.T Sumitomo Realty&Dev.


• 8933.T NTT Urban Developm't

Subjects

• Industry Overview

]]> Toshihiko Okino 8801.T 8802.T 8830.T 8933.T http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew13340|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50796|native|public Regions

• Global


• Turkey


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Sectors

• Global Airlines


• Global Automobile Manufacturers


• Global Building Materials


• Global Banks


• Global Food Retailers & Wholesalers


• Global Industrial, Diversified


• Global Advanced Industrial Equipment


• Global Oil Companies, Secondary


• Global Real Estate


• Global Steel


• Turkish Airlines


• Turkish Automobile Manufacturers


• Turkish Building Materials


• Turkish Banks


• Turkish Food Retailers & Wholesalers


• Turkish Industrial, Diversified


• Turkish Advanced Industrial Equipment


• Turkish Oil Companies, Secondary


• Turkish Real Estate


• Turkish Steel


• Turkish Wireless Communications


• Turkish Distillers & Brewers


• Turkish Furnishings & Appliances


• Turkish Insurance, Full-Line


• Turkish Publishing


• EMEA Emerging Airlines


• EMEA Emerging Automobile Manufacturers


• EMEA Emerging Building Materials


• EMEA Emerging Banks


• EMEA Emerging Wireless Communications


• EMEA Emerging Distillers & Brewers


• EMEA Emerging Food Retailers & Wholesalers


• EMEA Emerging Furnishings & Appliances


• EMEA Emerging Industrial, Diversified


• EMEA Emerging Insurance, Full-Line


• EMEA Emerging Advanced Industrial Equipment


• EMEA Emerging Oil Companies, Secondary


• EMEA Emerging Publishing


• EMEA Emerging Real Estate


• EMEA Emerging Steel


• Global Wireless Communications


• Global Distillers & Brewers


• Global Furnishings & Appliances


• Global Insurance, Full-Line


• Global Publishing


• EMEA Emerging Basic Materials


• EMEA Emerging Consumer, Cyclical


• EMEA Emerging Energy


• EMEA Emerging Financial


• EMEA Emerging Home Construction & Furnishings


• EMEA Emerging Industrial


• EMEA Emerging Insurance


• EMEA Emerging Mining & Metals


• EMEA Emerging Consumer, Non-Cyclical


• EMEA Emerging Telecommunications


• EMEA Emerging Industrial Transportation


• Global Basic Materials


• Global Consumer, Cyclical


• Global Energy


• Global Financial


• Global Home Construction & Furnishings


• Global Industrial


• Global Insurance


• Global Mining & Metals


• Global Consumer, Non-Cyclical


• Global Telecommunications


• Global Industrial Transportation


• Turkish Basic Materials


• Turkish Consumer, Cyclical


• Turkish Energy


• Turkish Financial


• Turkish Home Construction & Furnishings


• Turkish Industrial


• Turkish Insurance


• Turkish Mining & Metals


• Turkish Consumer, Non-Cyclical


• Turkish Telecommunications


• Turkish Industrial Transportation


• EMEA Emerging Automobiles


• EMEA Emerging Basic Resources


• EMEA Emerging Cyclical Goods & Services


• EMEA Emerging Construction


• EMEA Emerging Food & Beverage


• EMEA Emerging Financial Services


• EMEA Emerging Industrial Goods & Services


• EMEA Emerging Media


• EMEA Emerging Non-Cyclical Goods & Services


• Global Automobiles


• Global Basic Resources


• Global Cyclical Goods & Services


• Global Construction


• Global Food & Beverage


• Global Financial Services


• Global Industrial Goods & Services


• Global Media


• Global Non-Cyclical Goods & Services


• Turkish Automobiles


• Turkish Basic Resources


• Turkish Cyclical Goods & Services


• Turkish Construction


• Turkish Food & Beverage


• Turkish Financial Services


• Turkish Industrial Goods & Services


• Turkish Media


• Turkish Non-Cyclical Goods & Services


• Turkish Banks, Ex-S&L


• Turkish Beverage


• Turkish Transportation Services


• EMEA Emerging Banks, Ex-S&L


• EMEA Emerging Beverage


• EMEA Emerging Transportation Services


• Global Banks, Ex-S&L


• Global Beverage


• Global Transportation Services


• Global Emerging Airlines


• Global Emerging Automobiles


• Global Emerging Automobile Manufacturers


• Global Emerging Basic Resources


• Global Emerging Banks, Ex-S&L


• Global Emerging Building Materials


• Global Emerging Banks


• Global Emerging Basic Materials


• Global Emerging Beverage


• Global Emerging Cyclical Goods & Services


• Global Emerging Construction


• Global Emerging Wireless Communications


• Global Emerging Consumer, Cyclical


• Global Emerging Distillers & Brewers


• Global Emerging Energy


• Global Emerging Food Retailers & Wholesalers


• Global Emerging Financial


• Global Emerging Food & Beverage


• Global Emerging Furnishings & Appliances


• Global Emerging Financial Services


• Global Emerging Home Construction & Furnishings


• Global Emerging Industrial, Diversified


• Global Emerging Industrial


• Global Emerging Industrial Goods & Services


• Global Emerging Insurance, Full-Line


• Global Emerging Insurance


• Global Emerging Advanced Industrial Equipment


• Global Emerging Media


• Global Emerging Mining & Metals


• Global Emerging Non-Cyclical Goods & Services


• Global Emerging Consumer, Non-Cyclical


• Global Emerging Oil Companies, Secondary


• Global Emerging Publishing


• Global Emerging Real Estate


• Global Emerging Steel


• Global Emerging Telecommunications


• Global Emerging Industrial Transportation


• Global Emerging Transportation Services

Companies

• AKBNK.IS Akbank


• ARCLK.IS Arcelik


• GARAN.IS Garanti


• MIGRS.IS Migros Turk


• FROTO.IS Ford Otosan


• EREGL.IS Erdemir


• AKCNS.IS Akcansa


• KCHOL.IS Koc Holding


• TUPRS.IS Tupras


• THYAO.IS Turkish Airlines


• YKBNK.IS YKB


• ISCTR.IS Is Bank


• SAHOL.IS Sabanci Holding


• SISE.IS Sisecam


• TOASO.IS Tofas Oto Fabrika


• AKGRT.IS Aksigorta


• ENKAI.IS ENKA


• DYHOL.IS Dogan Yayin Holding


• TKC.N Turkcell


• AEFES.IS Anadolu Efes


• VAKBN.IS Vakifbank


• ISGYO.IS Is REIT


• BIMAS.IS BIM


• TAVHL.IS TAV


• ASYAB.IS Bank Asya


• ALBRK.IS Albaraka

]]> Batuhan Ozsahin AKBNK.IS ARCLK.IS GARAN.IS MIGRS.IS FROTO.IS EREGL.IS AKCNS.IS KCHOL.IS TUPRS.IS THYAO.IS YKBNK.IS ISCTR.IS SAHOL.IS SISE.IS TOASO.IS AKGRT.IS ENKAI.IS DYHOL.IS TKC.N AEFES.IS VAKBN.IS ISGYO.IS BIMAS.IS TAVHL.IS ASYAB.IS ALBRK.IS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50796|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50795|native|public Regions

• Global

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services

]]> Kim Wright, CFA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50795|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50794|native|public Regions

• Global

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services

]]> Kim Wright, CFA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50794|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50792|native|public Regions

• Global

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services

]]> Kim Wright, CFA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50792|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50790|native|public Regions

• Global

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services

]]> Kim Wright, CFA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50790|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50737|native|public Regions

• Switzerland


• Europe Including UK


• Europe Ex. UK


• Global


• UBSW EMEA

Sectors

• Swiss Real Estate


• European Real Estate


• European Ex. UK Real Estate


• Global Real Estate


• Swiss Financial


• European Financial


• European Ex. UK Financial


• Global Financial


• Swiss Financial Services


• European Financial Services


• European Ex. UK Financial Services


• Global Financial Services

Companies

• ODHN.S ODH

Subjects

• Company Update


• Morning Note

]]> Arjan Knibbe ODHN.S http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50737|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50739|native|public Regions

• Germany


• Europe Including UK


• Europe Ex. UK


• Global


• UBSW EMEA

Sectors

• German Real Estate


• European Real Estate


• European Ex. UK Real Estate


• Global Real Estate


• German Financial


• European Financial


• European Ex. UK Financial


• Global Financial


• German Financial Services


• European Financial Services


• European Ex. UK Financial Services


• Global Financial Services

Companies

• IVGG.F IVG

Subjects

• Change in Recommendation


• Company Update


• Morning Note

]]> Arjan Knibbe IVGG.F http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50739|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50738|native|public Regions

• Europe Including UK


• Europe Ex. UK


• Global


• Italy


• UBSW EMEA

Sectors

• European Real Estate


• European Ex. UK Real Estate


• Global Real Estate


• Italian Real Estate


• European Financial


• European Ex. UK Financial


• Global Financial


• Italian Financial


• European Financial Services


• European Ex. UK Financial Services


• Global Financial Services


• Italian Financial Services

Companies

• BNSI.MI Beni Stabili

Subjects

• Change in Recommendation


• Company Update


• Morning Note

]]> Arjan Knibbe BNSI.MI http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50738|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50740|native|public Regions

• Europe Including UK


• Europe Ex. UK


• France


• Global


• UBSW EMEA

Sectors

• European Real Estate


• European Ex. UK Real Estate


• French Real Estate


• Global Real Estate


• European Financial


• European Ex. UK Financial


• French Financial


• Global Financial


• European Financial Services


• European Ex. UK Financial Services


• French Financial Services


• Global Financial Services

Companies

• LOIM.PA Klépierre


• UNBP.PA Unibail-Rodamco


• FLYP.PA SFL


• GFCP.PA Gecina

Subjects

• Company Update


• Morning Note

]]> Arjan Knibbe LOIM.PA UNBP.PA FLYP.PA GFCP.PA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50740|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65260|native|public Regions

• Global


• Americas


• United States


• North America

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services

Companies

• EXR.N Extra Space Storage


• PSA.N Public Storage

Subjects

• Industry Overview


• Morning Note

]]> Omotayo T. Okusanya, II, CFA EXR.N PSA.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65260|native|public|20081005000000 Sun, 5 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65259|native|public Regions

• Global


• Americas


• United States


• North America

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services

Companies

• DLR.N Digital Realty Trust


• DFT.N DuPont Fabros

Subjects

• Industry Overview


• Morning Note

]]> Omotayo T. Okusanya, II, CFA DLR.N DFT.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65259|native|public|20081005000000 Sun, 5 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65227|native|public Regions

• Global


• Americas


• United States


• North America

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services


• Americas Real Estate


• US Real Estate


• Americas Financial


• US Financial


• Americas Financial Services


• US Financial Services


• North American Financial


• North American Financial Services


• North American Real Estate

Companies

• SFI.N iStar Financial

Subjects

• Company Update


• Morning Note

]]> Omotayo T. Okusanya, II, CFA SFI.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65227|native|public|20081003000000 Fri, 3 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65220|native|public Regions

• Global


• Americas


• United States


• North America

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services


• Americas Real Estate


• US Real Estate


• Americas Financial


• US Financial


• Americas Financial Services


• US Financial Services


• North American Financial


• North American Financial Services


• North American Real Estate

]]> James Feldman http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65220|native|public|20081003000000 Fri, 3 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65219|native|public Regions

• Global


• Americas


• United States


• North America

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services


• Americas Real Estate


• US Real Estate


• Americas Financial


• US Financial


• Americas Financial Services


• US Financial Services


• North American Financial


• North American Financial Services


• North American Real Estate

Companies

• GET.N Gaylord


• AVB.N AvalonBay


• EQR.N Equity Residential


• SPG.N Simon Property


• VNO.N Vornado Realty


• HCP.N HCP Inc.


• AMB.N AMB Property


• LRY.N Liberty Property


• GGP.N General Growth


• KIM.N Kimco Realty


• ARE.N Alexandria


• CPT.N Camden Property


• MAC.N Macerich


• TCO.N Taubman Centers


• PLD.N ProLogis


• UDR.N UDR


• FRT.N Federal Realty


• WRI.N WRI


• EXR.N Extra Space Storage


• DLR.N Digital Realty Trust


• DEI.N Douglas Emmett


• BMR.N BioMed Realty Trust


• DFT.N DuPont Fabros

Subjects

• Industry Overview


• Morning Note

]]> Jeffrey Spector GET.N AVB.N EQR.N SPG.N VNO.N HCP.N AMB.N LRY.N GGP.N KIM.N ARE.N CPT.N MAC.N TCO.N PLD.N UDR.N FRT.N WRI.N EXR.N DLR.N DEI.N BMR.N DFT.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65219|native|public|20081003000000 Fri, 3 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50731|native|public Regions

• Europe Including UK


• United Kingdom


• Global


• UBSW EMEA

Sectors

• European Real Estate


• British Real Estate


• Global Real Estate


• European Financial


• British Financial


• Global Financial


• European Financial Services


• British Financial Services


• Global Financial Services

Companies

• MKLW.L Mucklow

Subjects

• Change in Recommendation


• Company Update


• Morning Note

]]> Quentin Freeman MKLW.L http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50731|native|public|20081003000000 Fri, 3 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65217|native|public Regions

• Global


• Americas


• United States


• North America

Sectors

• Global Real Estate


• Global Financial


• Global Financial Services


• Americas Real Estate


• US Real Estate


• Americas Financial


• US Financial


• Americas Financial Services


• US Financial Services


• North American Financial


• North American Financial Services


• North American Real Estate

Companies

• GGP.N General Growth

Subjects

• Company Update


• Morning Note

]]> Jeffrey Spector GGP.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65217|native|public|20081003000000 Fri, 3 Oct 2008