CommonWealth REIT Issues Response to Corvex, Related Fund Mgmt

CommonWealth REIT

(“CommonWealth” or “the Company”) today issued the following statement in response to the press release issued on April 9, 2013 by Corvex Management LP and Related Fund Management, LLC (together, “the Corvex/Related Group”): As a Maryland real estate investment trust, we appreciate the Maryland Legislature's recent consideration of a technical amendment to clarify the State's Unsolicited Takeover Act. We believe it would have been most efficient for the Maryland Legislature, rather than the Courts, to clarify the intent of the law. We are confident that CommonWealth would be protected by the 1999 Maryland Antitakeover Law, if the CommonWealth Board of Trustees chooses to opt-in; however, consistent with its fiduciary duty, the Board continues to evaluate its options. At CommonWealth, we remain focused on successfully executing on our business plan to enhance value for all CommonWealth shareholders. Specifically, CommonWealth is positioning itself to best capitalize on a rebound in the office building real estate market by realigning the portfolio more towards large Class A office properties in urban or CBD, locations and away from suburban office and industrial properties; enhancing CommonWealth's financial strength by taking actions to pay down indebtedness. As previously announced, the CommonWealth Board of Trustees, in collaboration with its advisors, continues to review both the Corvex/Related Group's consent solicitation and the proposals and demands outlined in its March 28, 2013 letter. Consistent with its fiduciary duties, the CommonWealth Board of Trustees will pursue the course of action that it believes is in the best interests of CommonWealth and its shareholders. The CommonWealth Board notes that, despite having more than one month to secure and obtain debt or equity financing to fund their purported offer from February 27, 2013, the Corvex/Related Group does not appear to have done so prior to making its latest purported offer. The CommonWealth Board also notes that it is not surprised by the Corvex/Related Group's statements given their continued efforts to seize control of the Company through their purported offer of $24.50 per share, which is significantly lower than the approximately $40 to $55 per share value they placed on CommonWealth as of February 25, 2013. Lastly, the Board believes that removal of the entire CommonWealth Board of Trustees would disrupt the continued successful execution of Commonwealth's strategic plan and only advance the interests of the Corvex/Related Group at the expense of all CommonWealth shareholders.