Cornerstone Properties, Inc. (Cornerstone), incorporated in May 1981, is a self-administered equity real estate investment trust (REIT) that owns, through subsidiaries, interests in 82 Class A office buildings comprising approximately 18 million rentable square feet, a shopping center, a hotel and developable land. The Company also provides property management, leasing, development and tenant improvement services to third parties on a fee basis through WCP Services, Inc., a taxable corporate subsidiary in which Cornerstone owns 95% of the equity, but only 1% of the voting common stock. Cornerstone owns all of its properties and conducts all of its business through Cornerstone Properties Limited Partnership (the Operating Partnership), of which the Company is the sole general partner. The Company's properties are located in Boston, Massachusetts; San Mateo County, California; East Bay California, Atlanta, Georgia; Seattle, Washington; Santa Clara County, California; San Francisco,California; Minneapolis, Minnesota; Washington, DC; Chicago, Illinois; Santa Monica/West Los Angeles, California; Orange County, California; San Diego, California; New York City, New York; Los Angeles California; Ventura California; and other key markets in the United States. The Company also owns 400 Capitol Mall in Sacramento, California, which contains approximately 502,000 rentable square feet. Approximately 5.8 million of the Company's 18 million rentable square feet is located in the San Francisco metropolitan market, accounting for approximately 29% of the Company's total assets as of December 31, 1999. In addition, five of the Company's 83 office Properties are located in the Downtown Boston market, accounting for approximately 19.4% of the Company's office and parking revenues for the year ended December 31, 1999. The Company is involved in various development projects, one of which is the result of entering into an option agreement with WWA Investors,LLC (WWAI) and KFRITZ Investors, LLC, to acquire ownership interests in four joint ventures that own or will acquire land in San Francisco, California for development of an approximately 895,000 square-foot office project. In addition, Cornerstone acquired development rights for the Ferry Building project in San Francisco, California, from WWAI. Cornerstone is involved in six real estate partnerships, including, NWC Limited Partnership, Third and University Limited Partnership, One Ninety One Peachtree Associates, Two Twenty Two Berkeley Associates, Five Hundred Boylston West Venture and Avenue Associates Limited Partnership. In addition, the Company operates a limited liability company, 120 Montgomery Associates, LLC. Cornerstone's affiliate, Hines Interests Limited Partnership, provides management services to companies engaged in various industries. The Company's tenants include local, regional, national and international companies engaged in a variety of businesses.These tenants include: Norwest Corporation (Wells Fargo); Massachusetts Financial Services; Hale & Dorr; Wachovia Bank; King & Spalding; The New England Life; Perkins Coie; Houghton Mifflin; PeopleSoft Corporation; and McKesson HBOC, Inc. Norwest Corporation and its subsidiary, Norwest Bank Denver N.A. provided approximately 6.2% of office and parking rental income for the year ended December 31, 1999.

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