Mercury Hires UBS Co-Head of Asia Real Estate Research

Mercury Hires UBS Co-Head of Asia Real Estate Research

July 25, 2006

    GREENWICH, Conn., July 25 /Xinhua-PRNewswire/ --
Mercury Real Estate Advisors LLC, an affiliate of Mercury
Partners LLC ("Mercury"), a global real estate
investment management firm based in Greenwich, CT, with
offices in Hong Kong and Singapore, sent the following
letter today to its institutional investors.

Mercury Real Estate Advisors LLC
100 Field Point Road
Greenwich, Connecticut 06830

                                                          
July 24, 2006     
    Dear Friends and Fellow Investors:
  
    We are very pleased to announce the addition of Mr.
Charles H. K. Neo as a Senior Managing Director of Mercury
Real Estate Advisors LLC ("Mercury").  Charles
joins us from UBS AG, where he worked for the last six
years and most recently served as the Executive Director
and Co-Head of Asian Real Estate Research.  He is joining
our senior portfolio management team, in our newly
established Singapore office, to oversee our rapidly
growing Asian real estate investment activities.

    During his career, Charles has been recognized numerous
times for his expertise, being named the No. 1 Analyst for
Singapore real estate by Asia Money for the period
2003-2005, and the No. 2 Analyst for Asia real estate by
Institutional Investor for 2006.  Also during his tenure,
UBS was successful in achieving the top market share in the
region, raising more than USD $1.2b of equity capital for
REITs in Asia.  Finally, he published a report entitled
"Can Asian REITs recycle capital for half the world
population?" in October 2005 that is highly regarded
as one of the best thematic pieces written on Asian real
estate.  

    Charles is considered by many as a pioneer in covering
the Asian real estate sector.  He brings a passion and an
in-depth knowledge of the Asian real estate sector that is
unique in the investment realm.  His expertise and insights
will be a valuable addition to our team, a competitive
advantage for our firm and a wonderful asset for our
investors.  Furthermore, Charles will immediately bolster
our ability to continually unearth deep value real estate
securities -- a pursuit which has been the cornerstone of
our global investment strategy. This unique strategy not
only differentiates us from our competitors but enables us
to deliver attractive risk-adjusted returns to our
investors.
 
    We continuously seek to add exceptional individuals to
our global platform who are passionate and proven in their
chosen pursuits -- in Charles we have found a partner that
is both of those and more.  We are delighted that Charles
has chosen to join Mercury and look forward to a long and
fruitful partnership -- a partnership that will further
enhance our investment activities and presence in the
region.  If anyone would like to discuss the addition of
Charles, feel free to contact either of the undersigned at
[phone].   
               
    Sincerely yours,

    MERCURY REAL ESTATE ADVISORS LLC
    David R. Jarvis                Malcolm F. MacLean IV
    Chief Executive Officer        President

    For more information, please contact:

     Malcolm F. MacLean IV 
     Mercury Real Estate Advisors LLC
     Tel:  [phone]
     Web:  http://www.mercuryrealestate.com

SOURCE  Mercury Real Estate Advisors LLC