Greetings!

This marks a promising time at Combined Properties. We recently achieved a milestone by surpassing over $1,000,000,000 in owned and managed assets. Our accomplishment would never have been realized without your support in aiding our growth.

The past few years have seen an acceleration of growth at Combined. We currently have approximately $500,000,000 in acquisition and development projects in our pipeline and are actively searching for new opportunities. While we are a retail shopping center company at heart, our growth has expanded to include lifestyle projects that in addition to retail and restaurants may include residential or hotel components. We believe that with our ability to analyze and move quickly on projects, long term focus, and conservative capitalization of projects we are well positioned to succeed whether we are in a vibrant or weak economy.

We look forward to reaching $2,000,000,000 in assets with the continuing support of so many tenants, communities, governmental authorities, lenders, vendors, and the dedicated team at Combined. I am very appreciative of your continued support and thank you for contributing to Combined’s growth and success.

Warmest regards,

Ronald S. Haft

Chairman & C.E.O.