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Michael Simpson, CFA Westfield REIT WFD.UN-T PAST TOP PICK Mar 31, 2006

(A Top Pick Dec 30/05. Up 11%.) Stock was consolidated on a 15:1 basis. This Top Pick was based on his theme of stronger growth in western Canada. Very conservative and well-run. Still likes. Trades at a discount to its net asset value. Still sees more upside.

Michael Simpson, CFA

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Stock price when the opinion was issued

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BUY

This is a newer REIT. It is trading around $8.55. It has to prove itself but has expanded and taken on new properties. Believes it is an up and coming. It is largely Western based. It is one to hold and he recommends buying.

PAST TOP PICK

(A Top Pick March 3/06. Up 4.5% plus distributions.) Still likes it.

BUY

Has just moved from the Venture exchange to the TSX which is a positive move. Western based and largely retail. Well-managed. Higher yield.

BUY

A small cap REIT in office, industrial and retail. Growing quite nicely. Almost a proxy for the Alberta economy as 62% of their net income is from Alberta. As they grow larger, there are always execution risks.

WEAK BUY

Has a lot of exposure in Alberta. They own industrial, retail and commercial. About 65% of their portfolio is in Alberta. The one risk to them is that they are smaller and have a higher debt ratio. Payout ratio is about 110%

TOP PICK

Commercial diversified REIT, focused on western Canada. Over distributing from a free cash flow standpoint but, on pace they hit 100%, if not in Q4 this year, definitely in Q1 of old seven.

BUY

Good exposure to western Canada. Relatively new group from the point of size and new ventures they have. An up and coming REIT.

PAST TOP PICK

(A Top Pick Dec 30/05. Up 20.4%.) Focuses on Alberta. Good management. Buying Calgary office space at good prices.

PAST TOP PICK

(A Top Pick Nov 21/06. Up 6.6%.) Announced an equity raise, which is why the stock has come back. A great western based company. Commercial diversified. Good management.

Stockchase, in its reporting on what has been discussed by individuals on business television programs (in particular Business News Network), neither recommends nor promotes any investment strategies.

We paraphrase the experts by hand, we watch the shows and write down what we understood from the experts’ comments. We are human and can make mistakes, help us fix any errors. If you see something that you know is not right or if there is a problem with the site, feel free to email us at : hello@stockchase.com.

Michael Simpson, CFA Westfield REIT WFD.UN-T PAST TOP PICK Mar 31, 2006

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