Rep Quotations | Page 2

We are pleased to report another quarter of strong financial and operational results, as well as the completion of several activities that position us well for 2006. During the fourth quarter of 2005 we opened one new development project, entered into a land development joint venture, acquired interests in two regional malls, sold twelve non-core retail real estate assets, issued $1.1 billion of unsecured notes at attractive coupons, and expanded and extended our corporate credit facility on more favorable terms. In addition, our development program continues to proceed with six projects under construction. We are also pleased to announce today an 8.6 % increase in our common stock dividend.

We are pleased to report another increase in our stock price. This is great news for our associates.

We are pleased to reach this agreement with one of Oklahoma's leading providers of home care services. CV Medical Solutions has an excellent reputation in the communities it serves and will complement our current facility in Tulsa. This acquisition demonstrates our commitment to the home care needs of the Oklahoma market.

We are pleased to have these renowned franchises represent the NBA in the most ambitious international competition in league history.

We are pleased to have the American Red Cross, which has long been a leader in emergency preparedness and response, co-sponsor National Preparedness Month 2005, ... The commitment of the American Red Cross and the members of National Preparedness Month Coalition are integral as we work to encourage all Americans to prepare for emergencies. As leaders in their communities, these organizations will help spread life saving information and move the entire nation toward a greater state of preparedness.

We are pleased to forge this new relationship and welcome Mr. Dong Hong and his team at Shanghai TO-OPT. This agreement represents the culmination of three years of work in the Chinese marketplace, building awareness for our anti-counterfeiting technology, our products and our company's reputation. With Shanghai TO-OPT now in place to serve the local market, we are confident of further success in China. Our work with Shanghai Tobacco Company and the respected Panda brand only serves to enhance our reputation.

kar.a.bek.i.an (n.); (from Rabo Karabekian, U.S. 20th Cent. painter). Fiasco in which a person causes total destruction of own work and reputation through stupidity, carelessness or both.

Recessions are the best time to start a company. Companies fail. Others hold back capital. If you are willing to do the preparation and work, it is the best time to invest in yourself and start a business.

What does it take to be a successful entrepreneur? It takes willingness to learn, to be able to focus, to absorb information, and to always realize that business is a 24/7 job where someone is always out there to kick your ass.

What I do know, at least what I think I have learned from my experiences in business, is that when there is a rush for everyone to do the same thing, it becomes more difficult to do. Not easier. Harder.