OUTLOOK

"Real Estate Sector Rallies as Forecasted"

12/24/2007

In our Outlook on 12/18/07, we forecasted the Dow Jones Wilshire REIT Index to rally to 210 or more from its close of 203.50 on 12/17/07.  We expected this rally to occur within 4 weeks.

Our forecast was correct.  Within one week of our forecast, the Dow Jones Wilshire REIT Index rallied to 210 or more, closing at 218.82 on 12/24/07.  We entered our positions in the Real Estate Sector one day after the Dow Jones Wilshire REIT Index bottomed at a 52 week low of 203.50 on 12/17/07.  As of 12/24/07, we have exited our positions in the Real Estate sector as our profit target has been achieved.

Mark Yuan, CFA