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CommonWealth REIT Board Sends Letter To Shareholders Pointing Out Tangible Results From Business Plan And Enhanced Governance Standards

CommonWealth REIT (NYSE:CWH) today mailed the following letter to its shareholders:

March 11, 2014

To the Shareholders of CommonWealth REIT:

Protect The Value Of Your Investment In CommonWealth REIT. Please Sign, Date And Mail The WHITE Consent Revocation Card Enclosed With This Letter.

Your vote is critical to your investment in CommonWealth REIT (“CWH”).
  • The CWH Business Plan Is Producing Real Value For Shareholders . On almost every financial and operating metric, the fourth quarter 2013 results exceeded expectations.
  • CWH Has Made Real And Significant Improvements To Its Governance . The changes we have made have placed CWH among the “best in class” of peer companies on matters of governance, and our management’s incentives are aligned with shareholders’ interests.
  • Related/Corvex Have Track Records Of Destroying Shareholder Value . Both Keith Meister, the CEO of Corvex, and Jeff Blau, the CEO of the Related Companies, have, in our view, appalling track records of destroying shareholder value at public companies while making money for themselves.
  • The Risks To Shareholder Value That May Result From Wholesale Removal Of The Entire CWH Board Are Real And Substantial . If the entire Board is removed, CWH faces the possibility of debt downgrades and defaults, business interruption and CWH’s dividend may be suspended and/or in jeopardy.

We hope you will take the time to read this letter, consider the facts presented and make an independent judgment. Even if you have already voted the gold card, you have the right to change your vote by returning a later dated WHITE Consent Revocation Card.

Please Sign, Date and Mail the enclosed WHITE Consent Revocation Card.

Related Fund Management, LLC and Corvex Management LP (“Related/Corvex”) have recently written to you soliciting your consent to remove the CWH Board without cause and without electing any replacement Trustees. Your decision is critical to the future of CWH.

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