Financial Services >> Analyst Interviews >> August 16, 2004

OUTLOOK FOR REITS: JOSEPH SMITH – ING CLARION REAL ESTATE SECURITIES

Joseph P. Smith is a Director of ING Clarion Real Estate Securities. He is a member of the Investment Policy Committee and shares responsibility for day-to-day portfolio management. He is accordingly responsible for evaluating the investment potential of public real estate companies. He joined ING Clarion Real Estate Securities in 1997. Previously with Alex. Brown & Sons, Inc., Mr. Smith was an Associate in the Real Estate Investment Banking Group. His responsibilities included public offerings, private placements, mergers and acquisitions, and other real estate investment banking services. His prior experience also included work as a financial analyst at Radnor Advisors, a direct real estate investment firm, where he gained experience in all facets of the analysis, acquisition, and management of commercial real estate. Mr. Smith is an MBA graduate of Wharton (University of Pennsylvania) and holds a BS from Villanova University (magna cum laude). He is a holder of the Chartered Financial Analyst designation and is a member of the Financial Analysts of Philadelphia and the Association for Investment Management and Research. Profile
TWST: It's been an up and down year for REITs. What's gone on from your

perspective?

Mr. Smith: From a fundamental perspective, operating results have shown

consistent improvement in 2004.