Positioned for Future Opportunities

Our accomplishments in 2009 positioned us to address the continuing challenges in market conditions and to capitalize on the opportunities that lie ahead.

Exceeded Deleverage Goal--(direct debt in billions of dollars) 2008: 10.7; 2009: 8.0. 2009 Goal: 8.7Created $6 Billion in Liquidity--(in billions of dollars) Asset Sales: 2.9; Equity Issuances: 1.4; Senior Notices: 1.0; Secured Mortgages: 0.5; Debt Repurchase Discount: 0.2Reduced Risk in Development Portfolio: Q4 2008: 41%; Q4 2009: 68%; 2009 Goal: 60 to 70%
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