METZLER/PAYDEN LAUNCHES INTL REAL ESTATE FUND

LOS ANGELES, CA — February 23, 2007. Metzler/Payden, LLC announced today that it has launched the Metzler/Payden International Real Estate Fund (MPREX). The fund will invest in worldwide real estate securities, including REITs (Real Estate Investment Trusts).

“We are excited to be collaborating on another product with Metzler,” said Chris Orndorff, CFA, Managing Principal, and co-portfolio manager of the fund. “The International Real Estate Fund brings together the best ideas from our investment teams in Los Angeles, Seattle, London, Frankfurt, and Tokyo.”

“The fund is an excellent way for investors to gain exposure to the exciting developments in international real estate markets,” said James Neal, CEO of Metzler North America and co-portfolio manager of the fund. “While REITs have been around for decades in the US, they are just in their infancy in many overseas markets.”

Since 2003, the global REIT market has more than doubled to over $733 billion. Worldwide institutional grade real estate assets are approximately $14.5 trillion. The firm views the outlook for the international real estate market as continuing to grow based on strong fundamentals. It also believes that international real estate securities can provide investors with portfolio diversification, low correlation with other indices and asset classes, and lower volatility than equities.

“Investors need to realize that real estate is a very local market. Just because US real estate is peaking, does not at all imply that the same environment exists overseas,” said Orndorff. Neal adds that the commercial real estate market in the UK differs markedly from the markets in other countries such as France or Australia. He also notes that disparities may exist in demand for the various types of commercial space such as office and retail space and warehouses.

Orndorff pointed out that opportunities in international real estate include Japan, where “fundamentals are quite good.” He also noted that office vacancy rates in Tokyo are at the lowest level in 20 years, and rents are rising. Orndorff adds, “And, there are other markets just as interesting to us as Japan.”

For more information, please contact Vladimir Milev, Financial Analyst at Metzler/Payden Funds at (213) 830-4256, or vmilev@metzlerpayden.com.

About Metzler/Payden, LLC
Metzler/Payden, LLC (metzlerpayden.com), a 50/50 joint venture between independent partners Metzler Bank and Payden & Rygel, has more than $2 billion in assets under management. Headquartered in Frankfurt, Metzler Bank (metzler.com) has been advising clients on their overall investment strategies for more than 325 years. The firm, the oldest German private bank owned exclusively by the founding family, specializes in a wide range of global balanced and European products. Founded in 1983, Payden & Rygel (payden.com), with $54 billion in assets under management, is one of the largest independent investment managers in the U.S. The firm, headquartered in Los Angeles with offices in London, Dublin and Frankfurt, is the advisor to Paydenfunds (paydenfunds.com), a family of no-load, low-expense stock and bond mutual funds.