AMB PROPERTY CORPORATION
505 MONTGOMERY STREET
SAN FRANCISCO, CA 94111
(415) 394 - 9000
www.ambproperty.com

UPGRADE  &  DOWNGRADE  HISTORY

Date Grading From To Analyst
9-Feb-01 INITIATED   at Buy   JP Morgan
5-Dec-00 UPGRADE   Market Perform  Market Outperform Goldman Sachs
2-Nov-00 INITIATED   at Strong Buy   Banc of America Sec
29-Sep-00 INITIATED   at Buy   Bear Stearns
9-May-00 INITIATED   at Strong Buy   CSFB
1-Mar-00 INITIATED   at Buy   JP Morgan
17-Feb-00 INITIATED   at Outperform   Salomon Smith Barney
21-Oct-99 INITIATED   at Hold   Warburg Dillon Read
9-Sep-99 INITIATED   at Buy   AG Edwards
24-Mar-99 INITIATED   at NT Accumulate/LT Buy   Merrill Lynch
17-Mar-99 UPGRADE   Outperform  Buy Salomon Smith Barney