SPALDING BEN A

• Purchase • Sale • Planned purchase • Planned sale Net purchase Net sale Activity signal Earnings

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Abbreviations B: Buy, S: Sell, PP: Planned purchase, PlS: Planned sale, PrS: Proposed sale, O: Option / Other

Notification date	Transaction date	Company	B/S Transaction type	Nb. shares Price Value	Number of shares	Price	Value	Details
2004-07-01	2004-06-29	ACRE Realty Investors Inc (AIII)	S Sale	88,313 -33.4% 324.52 US$2,613,549	88,313 -33.4%	324.52	US$2,613,549