ARCHSTONE COMMUNITIES TRUST
7670 SOUTH CHESTER STREET
SUITE 100
ENGLEWOOD, CO 80112
(303) 708 - 5959
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UPGRADE  &  DOWNGRADE  HISTORY

Date Grading From To Analyst
23-Feb-01 Upgrade  Market Perform  Buy Deutsche Bc Alex. Br
23-Jan-01 Upgrade  Neutral  Attractive Bear Stearns
13-Dec-00 Initiated  at Market Perform   Deutsche Bc Alex. Br
1-Dec-00 Initiated  at Hold   McDonald Invst
2-Nov-00 Initiated  at Buy   Banc of America Sec
27-Oct-00 Upgrade  Buy  Strong Buy First Union Sec
13-Oct-00 Initiated  at Buy   CSFB
27-Jul-00 Upgrade  Hold  Buy First Union Sec
9-May-00 Initiated  at Buy   CSFB
30-Mar-00 Initiated  at Neutral   Bear Stearns
17-Feb-00 Initiated  at Outperform   Salomon Smith Barney
20-Jan-00 Initiated  at Buy   ING Barings
19-Jan-00 Initiated  at Hold   First Union Sec
27-Sep-99 Downgrade  Buy  LT Attractive BB Rbrtsn Stphns
15-Sep-99 Upgrade  Maintain Position  Accumulate AG Edwards
29-Jul-99 Upgrade  Buy  Strong Buy Deutsche Bc Alex. Br
29-Jun-99 Upgrade  Outperform  Buy Legg Mason
4-Jun-99 Initiated  at Outperform   Legg Mason
26-May-99 Downgrade  Top Pick  Buy DLJ
22-Jan-99 Upgrade  Buy  Top Pick DLJ
20-Jan-99 Upgrade  NT Accumulate  NT Buy Merrill Lynch