Office REITs Rand Griffin Mary Ellen Fowler President and CEO Senior Vice President and Treasurer March 21, 2009

COPT Overview Class A Office (256 Properties, 19.2 mm s.f.)1 Presented to: COPT Overview Class A Office (256 Properties, 19.2 mm s.f.)1 Greater Washington, DC Region (64% of Wholly Owned Properties)2 #1 Equity REIT for Total Shareholder Return (10 years); #1 in Office Peer Group for Total Shareholder Return (2008) 55% FFO-Diluted and 166% Earnings Payout Ratios3 Core Customer Focus – 55% of total Revenues from real estate operations from assets containing US Government, Defense Information Technology Contractors and Data sector tenants3 Winner of the 2008 National Commercial Real Estate Customer Service Award for Excellence for Category I properties, the largest of the categories – Winner for the 5th year in a row A leader in developing Green Buildings since 2003 Expansion/growth within existing markets through acquisition and development and outside existing markets by pursuing core tenant driven opportunities (PHOTO) 1. Data as of December 31, 2008, includes 18 properties and 769,000 square feet held through joint ventures. 2. Measured using square feet. 3. Data as of December 31, 2008.

2008 – 2010 COPT Business Strategy * 55% & 65% of total Revenues from real estate operations from assets containing US Government, Defense Information Technology Contractors and Data sector tenants

COPT Premiere Office Parks Dahlgren Technology Center North Gate Business Park 56 Acres Fort Ritchie 591 Acres. White Marsh 1,548,000 s.f. Columbia Gateway 2,234,000 s.f. Airport Square 1,631,000 s.f. One Dulles Tower & Dulles Tech Center 571,000 s.f. Business Park The National 2,408,000 s.f. Westfields Corporate Center 1,454,000 s.f. M Square 49 Acres Patuxent River Office Portfolio 620,000 s.f. Dahlgren Technology Center 205,000 s.f. Data as of December 31, 2008.

What to Look for in REITs Presented to: What to Look for in REITs Sector and market operate in Debt maturities versus capital available History of raising dividends and current dividend policy Transactional versus operational model Earnings (FFO) growth Payout ratios (PHOTO)

REIT Dividend Yield Spread Source: Bloomberg, ThomsonOne

Presented to: 2008 REIT Dividend Policy Stocks that increased dividends in 2008 outperformed 2008 Equity REIT Total Returns Grouped by Dividend Policy (PHOTO) Total Return Source: SNL, FactSet Research Systems Inc., Stifel Nicolaus Research

Office REIT Takeaways 15 Office REITs Product Differentiation – Suburban vs. Urban or Specialty (niche) Longer term leases More capital intensive (More TI) Need to understand geography, niche, market impacts 5 office/industrial REITs

What are we seeing in the Office Sector? Rising unemployment affects demand Business to Government – Growing Business to Business – Under Stress Business to Consumer – Cardiac Arrest New supply should exceed absorption; declining occupancy in 2009 Poor performance in financial sector Rent growth is decelerating Occupancy is under pressure

What is COPT seeing in 2009? Insulated by location – Greater Washington region Continue to develop to meet core tenant demand Lease renewals will be challenging in 2009-2010 Impact of BRAC starting 2009-2011 Yields are well protected (FFO & AFFO payout ratios) Earnings growth through development supported by continued tenant demand Stable capital position with manageable debt maturities Balance sheet strength Stable dividend policy (PHOTO)

Presented to: Looking forward Stocks with increasing dividends will outperform again in 2009 Office, Industrial & Grocery-anchored shopping centers will outperform in 2009 Little office development expected after 2009 deliveries Little projected FFO growth (2009-2010) Look for stability from office REITs Stable core portfolio Low relative leverage Manageable maturities (PHOTO) Source: Stifel Nicolaus Research

REITs are at historically low prices Presented to: Key Takeaways REITs are at historically low prices Earnings will generally be under pressure in 2009 Watch job growth and consumer spending for recovery signs Need to choose selectively – niche REITs will do well Timing of investment will be important (PHOTO)