<SUBMISSION>
<ACCESSION-NUMBER>0000950134-08-008027
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20080428
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20080501
<DATE-OF-FILING-DATE-CHANGE>20080501
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AMB PROPERTY CORP
<CIK>0001045609
<ASSIGNED-SIC>6798
<IRS-NUMBER>943281941
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-13545
<FILM-NUMBER>08791804
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>PIER 1 BAY 1
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94111
<PHONE>4153949000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>PIER 1 BAY 1
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94111
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f40385e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<div align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</div>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><b>Date of Report (Date of earliest event reported): April&nbsp;28, 2008</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>AMB PROPERTY CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">001-13545
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">94-3281941</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction <BR>
of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Pier 1, Bay 1, San Francisco, California 94111</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 1pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Address of Principal Executive Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415-394-9000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">n/a</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 1pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Former Name or Former Address, if Changed Since Last Report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;8.01. Other Events</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;9.01. Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="f40385exv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f40385exv5w2.htm">EXHIBIT 5.2</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "Item&nbsp;8.01. Other Events" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01. Other Events.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;29, 2008, we filed with the Securities and Exchange Commission a pricing
supplement to the prospectus contained in the registration statement on Form S-3 (File No.
333-135210) filed by us on June&nbsp;21, 2006. The pricing supplement was filed in connection with AMB
Property, L.P.&#146;s Series&nbsp;C medium-term note program under which AMB Property, L.P. sold $325,000,000
aggregate principal amount of its fixed rate senior unsecured notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the filing of the pricing supplement, we are filing as Exhibit&nbsp;5.1 hereto
an opinion of our counsel, Ballard Spahr Andrews &#038; Ingersoll, LLP, regarding certain Maryland law
issues. Additionally, in connection with the filing of the pricing supplement, we are filing
Exhibit&nbsp;5.2 hereto an opinion of our counsel, Latham &#038; Watkins LLP, regarding the validity of the
securities being registered.
</DIV>
<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Exhibits
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Ballard Spahr Andrews
&#038; Ingersoll, LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Latham &#038; Watkins LLP.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AMB Property Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Registrant)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: May&nbsp;1, 2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Tamra D. Browne</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tamra D. Browne</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Counsel and Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Ballard Spahr Andrews
&#038; Ingersoll, LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Latham &#038; Watkins LLP.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>f40385exv5w1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

 <DIV align="right" style="font-size: 10pt; margin-top: 6pt">Exhibit
5.1</div>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;LETTERHEAD OF BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">May&nbsp;1, 2008

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
Pier 1, Bay 1<BR>
San Francisco, California 94111

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
   <TD width="4%"></TD>

    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>AMB Property L.P., a Delaware limited partnership (the
&#147;Operating Partnership&#148;) &#151; Issuance and Sale by the Operating Partnership of
$500,000,000 Aggregate Principal Amount of Medium-Term Notes (collectively, the
&#147;Medium-Term Notes&#148;) pursuant to a Registration Statement on Form&nbsp;S-3
(Registration No.&nbsp;333-135210) filed with the United States Securities and
Exchange Commission (the &#147;Commission&#148;), <U>as amended to date (the
&#147;Registration Statement&#148;)</U></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have served as Maryland corporate counsel to AMB Property Corporation, a Maryland
corporation and general partner of the Operating Partnership (the &#147;Company&#148;), in connection with
the registration of the Medium-Term Notes and the guarantees of the Medium-Term Notes by the
Company (the &#147;Guarantees&#148;, and together with the Medium-Term Notes, the &#147;Securities&#148;) under the
Securities Act of 1933, as amended (the &#147;Act&#148;), under the Registration Statement filed with the
Commission on June&nbsp;21, 2006. You have requested our opinion with respect to the matters set forth
below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our representation of the Company, and as a basis for the opinion
hereinafter set forth, we have examined originals, or copies certified or otherwise identified to
our satisfaction, of the following documents (hereinafter collectively referred to as the
&#147;Documents&#148;):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the corporate charter of the Company (the &#147;Charter&#148;), represented by Articles of Incorporation
filed with the Maryland State Department of Assessments and Taxation (the &#147;Department&#148;) on November
24, 1997, Articles Supplementary filed with the Department on July&nbsp;23, 1998 (the &#147;July&nbsp;1998
Articles Supplementary&#148;), Articles Supplementary filed with the Department on November&nbsp;12, 1998,
Articles Supplementary filed with the Department on November&nbsp;25, 1998, Certificate of Correction
filed with the Department on March&nbsp;18, 1999, correcting the July&nbsp;1998 Articles Supplementary,
Articles Supplementary filed with the Department on May&nbsp;5, 1999, Articles Supplementary filed with
the Department on August&nbsp;31,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
May&nbsp;1, 2008<BR>
Page 2

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1999, Articles Supplementary filed with the Department on March&nbsp;23,
2000, Articles Supplementary filed with the Department on August&nbsp;30, 2000,
Articles Supplementary filed with the Department on September&nbsp;1, 2000, Articles
Supplementary filed with the Department on March&nbsp;21, 2001, Articles
Supplementary filed with the Department on September&nbsp;24, 2001, Articles
Supplementary filed with the Department on December&nbsp;6, 2001, Articles
Supplementary filed with the Department on April&nbsp;17, 2002, Articles
Supplementary filed with the Department on August&nbsp;7, 2002, Articles
Supplementary filed with the Department on August&nbsp;7, 2002, Articles
Supplementary filed with the Department on June&nbsp;20, 2003, Articles
Supplementary filed with the Department on November&nbsp;24, 2003, Articles
Supplementary filed with the Department on December&nbsp;8, 2003, Articles
Supplementary filed with the Department on December&nbsp;12, 2005, Articles
Supplementary filed with the Department on February&nbsp;17, 2006, Articles
Supplementary filed with the Department on March&nbsp;22, 2006, Articles
Supplementary filed with the Department on August&nbsp;24, 2006, Articles
Supplementary filed with the Department on October&nbsp;3, 2006, Articles
Supplementary filed with the Department on February&nbsp;22, 2007 and Articles
Supplementary filed with the Department on May&nbsp;15, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Bylaws of the Company, as adopted as of November&nbsp;24, 1997
and as amended and restated pursuant to the First Amended and Restated Bylaws
of the Company, on or as of March&nbsp;5, 1999, the Second Amended and Restated
Bylaws of the Company, on or as of February&nbsp;27, 2001, the Third Amended and
Restated Bylaws of the Company, on or as of May&nbsp;15, 2003, the Fourth Amended
and Restated Bylaws of the Company, on or as of August&nbsp;16, 2004, and the Fifth
Amended and Restated Bylaws of the Company, on or as of February&nbsp;16, 2007 (the
&#147;Bylaws&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Written Organizational Action of the Board of Directors of
the Company, dated as of November&nbsp;24, 1997 (the &#147;Organizational Minutes&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>resolutions adopted by the Board of Directors of the Company
(the &#147;Board of Directors&#148;), or a duly authorized committee thereof, on or as of
December&nbsp;7, 2005, August&nbsp;9, 2006 and September&nbsp;28, 2006 (together with the
Organizational Minutes, the &#147;Directors&#146; Resolutions&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registration Statement, in substantially the form filed
with the Commission pursuant to the Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fully executed counterpart of the Twelfth Amended and
Restated Agreement of Limited Partnership of the Operating Partnership, dated
as of August&nbsp;25, 2006 (the &#147;Partnership Agreement&#148;);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
May&nbsp;1, 2008<BR>
Page 3

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a status certificate of the Department, dated as of a recent
date, to the effect that the Company is duly incorporated and existing under
the laws of the State of Maryland and is duly authorized to transact business
in the State of Maryland;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fully executed counterpart of the Indenture dated as of June&nbsp;30, 1998 (the
&#147;Base Indenture&#148;), by and among the Operating Partnership, the Company and
State Street Bank and Trust Company of California, N.A. (the &#147;Predecessor
Trustee&#148;), together with a fully executed counterpart of the First Supplemental
Indenture dated as of June&nbsp;30, 1998 (the &#147;First Supplemental Indenture&#148;), by
and among the Operating Partnership, the Company and the Predecessor Trustee,
the Second Supplemental Indenture dated as of June&nbsp;30, 1998 (the &#147;Second
Supplemental Indenture&#148;), by and among the Operating Partnership, the Company
and the Predecessor Trustee, the Third Supplemental Indenture dated as of June
30, 1998 (the &#147;Third Supplemental Indenture&#148;), by and among the Operating
Partnership, the Company and the Predecessor Trustee, the Fourth Supplemental
Indenture dated as of August&nbsp;15, 2000 (the &#147;Fourth Supplemental Indenture&#148;), by
and among the Operating Partnership, the Company and the Predecessor Trustee,
the Fifth Supplemental Indenture dated as of May&nbsp;7, 2002 (the &#147;Fifth
Supplemental Indenture&#148;), by and among the Operating Partnership, the Company
and the Predecessor Trustee, the Sixth Supplemental Indenture dated as of July
11, 2005 (the &#147;Sixth Supplemental Indenture&#148;), by and among the Operating
Partnership, the Company and U.S. Bank National Association, as
successor-in-interest to the Predecessor Trustee (the &#147;Trustee&#148;), and the
Seventh Supplemental Indenture dated as of August&nbsp;10, 2006 (the &#147;Seventh
Supplemental Indenture&#148;), by and among the Operating Partnership, the Company
and the Trustee (the Base Indenture, the First Supplemental Indenture, the
Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth
Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth
Supplemental Indenture and the Seventh Supplemental Indenture are hereinafter
referred to collectively as the &#147;Indenture&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the forms of the Medium-Term Notes, inclusive of the forms of
Guarantees, attached as exhibits to the Seventh Supplemental Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a supplemental certificate of officer of the Company, dated as of March&nbsp;14, 2008, executed by
Tamra D. Browne, Senior Vice President, General Counsel and Secretary of the Company, and a
certificate of officer of the Company, dated as of May&nbsp;1, 2008, executed by Michael P. Brown, Vice
President, Capital Markets of the Company (collectively, the &#147;Officer&#146;s Certificate&#148;), to the
effect that, among other things, the Charter, the</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
May&nbsp;1, 2008<BR>
Page 4

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bylaws, the Organizational Minutes, the Directors&#146; Resolutions, the Partnership
Agreement and the Indenture are true, correct and complete, have not been
rescinded or modified and are in full force and effect on the respective date
of the Officer&#146;s Certificate; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other documents and matters as we have deemed necessary or
appropriate to express the opinion set forth in this letter, subject to the
assumptions, limitations and qualifications stated herein.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reaching the opinion set forth below, we have assumed the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each person executing any of the Documents on behalf of any
party (other than the Company) is duly authorized to do so;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each natural person executing any of the Documents is legally
competent to do so;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of the Documents submitted to us as originals are
authentic; the form and content of any Documents submitted to us as unexecuted
drafts do not differ in any respect relevant to this opinion from the form and
content of such documents as executed and delivered; any of the Documents
submitted to us as certified, facsimile or photostatic copies conform to the
original document; all signatures on all of the Documents are genuine; all
public records reviewed or relied upon by us or on our behalf are true and
complete; all statements and information contained in the Documents are true
and complete; there has been no modification of, or amendment to, any of the
Documents, and there has been no waiver of any provision of any of the
Documents by action or omission of the parties or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all certificates submitted to us, including, without
limitation, the Officer&#146;s Certificate, are true, correct and complete both when
made and as of the date hereof; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Directors&#146; Resolutions were adopted at duly called meetings
of the Board of Directors, or a committee thereof, as the case may be, at which
a quorum of the incumbent directors, or the incumbent members of such
committee, as the case may be, was present and acting throughout, or by
unanimous written consent of all incumbent directors, or all incumbent members
of such committee, as the case may be, all in accordance with the Charter and
Bylaws of the Company and applicable law.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>BALLARD SPAHR ANDREWS &#038; INGERSOLL, LLP</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property Corporation<BR>
May&nbsp;1, 2008<BR>
Page 5

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the assumptions, limitations and qualifications set
forth herein, it is our opinion that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has been duly incorporated and is validly existing
as a corporation in good standing under the laws of the State of Maryland.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution, delivery and performance of the Indenture and
the Guarantees has been duly authorized by all necessary corporate action on
the part of the Company acting in its individual capacity and in its capacity
as general partner of the Operating Partnership, as the case may be, and the
issuance of the Medium-Term Notes has been duly authorized by all necessary
corporate action on the part of the Company acting in its capacity as general
partner of the Operating Partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing opinion is limited to the corporation laws of the State of Maryland, and we do
not express any opinion herein concerning any other law. We express no opinion as to the
applicability or effect of any federal or state securities laws, including the securities laws of
the State of Maryland, or as to federal or state laws regarding fraudulent transfers, or with
respect to the action required for the Operating Partnership to authorize, execute or deliver any
of the Securities or any other document, instrument or agreement. To the extent that any matter as
to which our opinion is expressed herein would be governed by any jurisdiction other than the State
of Maryland, we do not express any opinion on such matter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion letter is issued as of the date hereof and is necessarily limited to laws now in
effect and facts and circumstances presently existing and brought to our attention. We assume no
obligation to supplement this opinion letter if any applicable laws change after the date hereof,
or if we become aware of any facts or circumstances that now exist or that occur or arise in the
future and may change the opinions expressed herein after the date hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to your filing this opinion as an exhibit to the Registration Statement and further
consent to the filing of this opinion as an exhibit to the applications to securities commissioners
for the various states of the United States for registration of the Securities. We also consent to
the identification of our firm as Maryland counsel to the Company in the section of the
Registration Statement entitled &#147;Validity of the Securities&#148;. In giving this consent, we do not
admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">
/s/ Ballard Spahr Andrews
&#038; Ingersoll, LLP
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>f40385exv5w2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 6pt">Exhibit
5.2</div>
<P><DIV style="position: relative; float: left; width: 45%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="f40385f4038501.gif" alt="(LATHAM &#038; WATKINS LLP LOGO)">
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 45%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>505 Montgomery Street, Suite&nbsp;2000<BR>
San Francisco, California 94111-6538<BR>
Tel: &#043;1.415.391.0600 Fax: &#043;1.415.395.8095<BR>
www.lw.com</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FIRM / AFFILIATE OFFICES</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Barcelona</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>New Jersey</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Brussels</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>New York</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Chicago</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Northern Virginia</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Frankfurt</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Orange County</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Hamburg</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Paris</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Hong Kong</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>San Diego</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>London</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>San Francisco</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Los Angeles</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Shanghai</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Madrid</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Silicon Valley</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Milan</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Singapore</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Moscow</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Tokyo</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Munich</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Washington, D.C.</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">May&nbsp;1, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AMB Property, L.P.<BR>
AMB Property Corporation<BR>
Pier 1, Bay 1<BR>
San Francisco, CA 94111

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Re:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Registration Statement No.&nbsp;333-135210, $325,000,000 Aggregate Principal
Amount of 6.300% Series&nbsp;C Medium Term Notes due 2013</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special counsel to AMB Property, L.P., a Delaware limited partnership (the
&#147;<B><I>Company</I></B>&#148;), and AMB Property Corporation, a Maryland corporation (the &#147;<B><I>Guarantor</I></B>&#148;), in connection
with the issuance of $325,000,000 aggregate principal amount of the Company&#146;s 6.300% Series&nbsp;C
Medium Term Notes due 2013 (the &#147;<B><I>Notes</I></B>&#148;) and the guarantees of the Notes (the &#147;<B><I>Guarantees</I></B>&#148;)
pursuant to: (i)&nbsp;the registration statement on Form S-3 under the Securities Act of 1933, as
amended (the &#147;<B><I>Act</I></B>&#148;), filed with the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) on June
21, 2006 (File No.&nbsp;333-135210) (as so filed and as amended, the &#147;<B><I>Registration Statement</I></B>&#148;); (ii)&nbsp;a
base prospectus dated July&nbsp;5, 2006 (the &#147;<B><I>Base
Prospectus</I></B>&#148;); (iii)&nbsp;a prospectus supplement dated
August&nbsp;10, 2006 filed with the Commission pursuant to Rule 424(b) under the Act (the &#147;<B><I>Prospectus
Supplement</I></B>,&#148; and together with the Base Prospectus, the &#147;<B><I>Prospectus</I></B>&#148;); (iv)&nbsp;a pricing supplement
dated April&nbsp;28, 2008 filed with the Commission pursuant to Rule 424(b) under the Act (the &#147;<B><I>Pricing
Supplement</I></B>&#148;); and (v)&nbsp;a distribution agreement dated August&nbsp;10, 2006 by and among Morgan Stanley &#038;
Co. Incorporated, the other Agents party thereto, the Operating Partnership and the Guarantor (the
&#147;<B><I>Distribution Agreement</I></B>&#148;). This opinion is being furnished in connection with the requirements of
Item&nbsp;601(b)(5) of Regulation&nbsp;S-K under the Act, and no opinion is expressed herein as to any matter
pertaining to the contents of the Registration Statement or related prospectus, other than as
expressly stated herein with respect to the issue of the Notes and the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As such counsel, we have examined such matters of fact and questions of law as we have
considered appropriate for purposes of this letter. With your consent, we have relied upon
certificates and other assurances of officers of the Company, the Guarantor, and others as to
factual matters without having independently verified such factual matters. We are opining herein
as to the internal laws of the State of New York and the Delaware Revised Uniform Limited
Partnership Act (the &#147;<B><I>DRULPA</I></B>&#148;), and we express no opinion with respect to the applicability
thereto, or the effect thereon, of the laws of any other jurisdiction or, in the case of Delaware,
any other laws, or as to any matters of municipal law or the laws of any local agencies
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>May&nbsp;1, 2008<BR>
Page 2</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="f40385f4038502.gif" alt="(LATHAM &#038; WATKINS LLP LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">within any
state. Various matters concerning Maryland law are addressed in the opinion of Ballard Spahr
Andrews &#038; Ingersoll, LLP, separately provided to you, and we express no opinion with respect to
those matters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing and the other matters set forth herein, as of the date hereof,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Assuming due authorization by the Guarantor on its own behalf and in its capacity as the
sole general partner of the Operating Partnership, when executed, issued and authenticated in
accordance with the terms of the Indenture, the Prospectus and the Pricing Supplement, and
delivered to and paid for by the purchasers thereof in accordance with the terms of the
Distribution Agreement, the execution, delivery and performance of the Notes will have been duly
authorized by all necessary limited partnership action of the Operating Partnership, the Notes will
have been duly executed and delivered by the Operating Partnership and the Notes will be legally
valid and binding obligations of the Operating Partnership, enforceable against the Operating
Partnership in accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Assuming due authorization by the Guarantor on its own behalf and in its capacity as the
sole general partner of the Operating Partnership, upon due execution, issuance and authentication
of the Notes in accordance with the terms of the Indenture, the Prospectus and the Pricing
Supplement and delivery and payment therefor in accordance with the terms of the Distribution
Agreement, the Guarantees will be legally valid and binding obligations of the Guarantor,
enforceable against the Guarantor in accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinions are subject to: (i)&nbsp;the effect of bankruptcy, insolvency, reorganization,
fraudulent transfer, moratorium or other similar laws relating to or affecting the rights and
remedies of creditors; (ii)&nbsp;the effect of general principles of equity, whether considered in a
proceeding in equity or at law (including the possible unavailability of specific performance or
injunctive relief), concepts of materiality, reasonableness, good faith and fair dealing, and the
discretion of the court before which a proceeding is brought; (iii)&nbsp;the invalidity under certain
circumstances under law or court decisions of provisions providing for the indemnification of or
contribution to a party with respect to a liability where such indemnification or contribution is
contrary to public policy; and (iv)&nbsp;we express no opinion with respect to (a)&nbsp;any provision for
liquidated damages, default interest, late charges, monetary penalties, make-whole premiums or
other economic remedies to the extent such provisions are deemed to constitute a penalty; (b)
consents to, or restrictions upon, governing law (except for the validity under the laws of
the State of New York, but subject to mandatory choice of law rules and constitutional limitations,
of provisions of the Indenture which expressly choose New York as the governing law for the
Indenture), jurisdiction, venue, arbitration, remedies, or judicial relief; (c)&nbsp;the waiver of
rights or defenses contained in Section&nbsp;514 of the Indenture; (d)&nbsp;any provision permitting, upon
acceleration of the Notes, collection of that portion of the stated principal amount thereof which
might be determined to constitute unearned interest thereon; (e)&nbsp;any provision to the extent it
requires that a claim with respect to the Notes (or a judgment in respect of such a claim) be
converted into U.S. dollars at a rate of exchange at a particular date, to the extent applicable
law otherwise provides; and (f)&nbsp;the severability, if invalid, of provisions to the foregoing
effect.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>May&nbsp;1, 2008<BR>
Page 3</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="f40385f4038502.gif" alt="(LATHAM &#038; WATKINS LLP LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With your consent, to the extent that the obligations of the Company and the Guarantor under
the Indenture, the Notes and the Guarantees (collectively, the &#147;<B><I>Documents</I></B>&#148;) may be dependent upon
such matters, we have assumed for purposes of this opinion that (i)&nbsp;each of the parties to the
Documents other than the Operating Partnership (a)&nbsp;is duly organized, validly existing and in good
standing under the laws of its jurisdiction of organization; (b)&nbsp;has the requisite power and
authority to execute and deliver and to perform its obligations under each of the Documents to
which it is a party; and (c)&nbsp;has duly authorized, executed and delivered each such Document; (ii)
with respect to each of the parties to the Documents other than the Operating Partnership and the
Guarantor, each Document to which it is a party constitutes its legally valid and binding
agreement, enforceable against it in accordance with its terms; (iii)&nbsp;the Notes and the Guarantees
have been duly authorized for issuance by all necessary corporate action by the Guarantor on its
own behalf and in its capacity as the general partner of the Operating Partnership; (iv)&nbsp;the
Indenture has been duly authorized by all necessary corporate action by the Guarantor on its own
behalf and in its capacity as the general partner of the Operating Partnership and has been duly
executed and delivered by the Guarantor on its own behalf and in its capacity as the general
partner of the Operating Partnership; (v)&nbsp;the Trustee is in compliance, generally and with respect
to acting as Trustee under the Indenture, with all applicable laws and regulations; and (vi)&nbsp;all
parties to the Documents other than the Operating Partnership and the Guarantor have complied with
any applicable requirement to file returns and pay taxes under the Franchise Tax Law of the State
of California.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is for your benefit in connection with the Registration Statement and may be
relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of
the Act. We consent to your filing this opinion as an exhibit to the Company&#146;s Form 8-K dated May
1, 2008 and to the reference to our firm contained in the Prospectus under the heading &#147;Validity
and Securities.&#148; In giving such consent, we do not thereby admit that we are in the category of
persons whose consent is required under Section&nbsp;7 of the Act or the rules and regulations of the
Commission thereunder.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Latham &#038; Watkins LLP</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>f40385f4038501.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f40385f4038501.gif
M1TE&.#EAZ``0`.8``,?#O:*=F^/@W/S\_&)<7#LU-.[MZH1\=W1M:YB1C2LE
M)<*]MY.-B.GHY6ID8[2PK'QU<=S9UOCX]\W*Q%I44_;V]='-R8>`?)Z8E/'P
M[M73T+&MJ;*LI/3T\@L("8J$@5),2Z*;E$M%0^;EX=/0S7ER;>'>VJJFHOKZ
M^3`K*ZJCG*VHI+:SL4$Z.IN5D+RXM;JVL;BSK<3"P7YX=,G&PJ:?F?+R\-[<
MV$Q*2A01$OCX^%Y96FAA7NCFXY^;F7!I9MG6TJ^JJ$9$1,S*R1X9&E514A@4
M%?3S\?#O[8Z(@^7BX&UI9B`<'._NZ[^]N_S[^^SKZ&%95_?W]7=S<?GY^%90
M349`/I20CO?W]F=A8FUH:`\,#?;U]%M65^OIY^/AWT](1Z:BH#4O+V!757]Z
M>!(/$'=O:AL7%R0?'_O[^OS\^_O[^_W^_OKZ^O[]_?O\^_W^_?7U\_OZ^F5?
M7OK[^OGZ^8V)AX."@:ZHH/[^_?W]_`<%!O[___W]_?[^_O___R'Y!```````
M+`````#H`!````?_@'9=0'E_?GY\?RA^?XV'$DY=!&&-E7\-"10[FP2<!"L9
M;GY4#CLQAGR/-3M7?FJ.`XE^+#M=+GY]?8T#>H=^$V1=,P9^`XU4(UH$<TVX
M:GYK:E2-*!)_J7XV`00)2G^]:@$.!!9K?(E_XR>5?7YZ7EI==G%^>>=_0_%=
M79O\!`1`1*WQ,X7`.@EY.DP@0"$(BG-\-/QPL,'1(1HSNCB@X:M7F"QV,AC2
MDT;1`@1"4FI9,%"/&XLP]:SI9>@/CBTQ)/A*U,Z>(3]?=I3)0:')F@$#GF`A
M06"+4Z=ERFPI,Z/'LP9H<EP8@"A7DSE;BM2SR$?/#0=.10A`VDA/.S9^_Q*D
MV,)$0P4U)?5@(++%R(1#>5Q124-%0AIC?-BHD7"G3($7OO)0R+'E0@9$?TP0
M.7.+<#$#+RBW6%`O3YXG*Q1(?<I:QL!V!<I`^)-!SI#81I3T2:7GA0(B4\[Y
M.M%B2XX?)OJP:=-'RQDP(WSINB#&R)X]'A2X:(<K39I#?09(4QY>%R,A>S90
M05>IF*4A.:ZGB-%G(*X,,`[,0%!@3PLS%\Q`@Q2%C'"&!R6X,HH;-D2Q!P[F
M&>,("PI@Q\0#AT"4R#D(G''="0;H@4(;?EBQ!78A2'#$'WU(P54?;LED7A]7
M&%%&`(SH04)_>Q3P12-KN."!$4ZP2$\?7_"`7?\.60P`HR%`7&"&&6!(5<4!
M6"876!XI[#';`!J(L,<6&Q0"$0M$Y.``C,)AT.4>.6#001IOH-#%%BTHP4@C
M-1CA00H)3*!""']]]^*+OJ@AGG<2H@=#27GH\LQ/**"`!`8>>)!#&7.XD@<5
M4N@AQ1$2D.#@%"-(D`$5>QI`!((U5=#'$03L`4))B;E2QP!7>%"&GW9@T4A@
M?\#%1Q%;>+"'%1&PH0<;:UB7*0+.'()%#Q/,L$`<BU&A!A].B.#!!T>PD<<5
M:&"W!0G@@/!G!,*=,T09FBX+12J$#8!%!16<P(0'+D@@\&Z?^M$E!#KQ0&\(
MASVSQA\P,&$$M7KP\H?_#UTJ:P4`@_E!0`Y6]-`('WU4X<$9,E!!$@IOL('"
M$Q5080,N>E0@DI.'(,4%%>@]P*H:NK#!QW=^5.!'F-F)*X07@`7FRUE[S-"`
M'C1=T\"!9E2RR!$4/+@GR2BLT0,!'H@!QAY1D$#6&WVD@1X:OM*P"!\P).MG
M"]CX,>(#+2``@@]].*P&U%$`(713"IRX0A-ZJ$'$'CPTT$<A*F*P!Q.U*H"C
MRQ44*W003&SA`TE]H-`+7%W^X,<&FT81G2\H_,'"&3E0:UHA-8AA7*8?-&&:
M4'DBDHH8'J`!1$T[XP+S`DDD-@`)*@AP2`])M!#%`QF@%\-#?K!QS1\2B#*-
M_Q,Y3,Q`=AAT[TX[?PQ@PA)>2C[*,WQX<<869DC1@0182-'`&![`@3L"0YXA
MH($($#B?YG;3$Z`UH`5[^$$9]H"!F?F!`F400P%.QI4TM&@$%^B"$CY@AC2@
M@`H5D$`</E`VR-C`"AZX0`X\P`,!B$U9-3B"'ZRAAPB`P0,BV,"KBI"&/+C$
M#VE0U`J84(;1,><0AD!!EPXP@5<5P`L2,L03_/``VB%`.;[`V!E$4"$%A,&$
M!"A#"[Y0#T;`4"M-D(!;U("%8AP!`Q1H!PHVL)%46*`$#*@!&'R@O;G9`Q'?
MX4X2L@.`&-!N!ZS"Q1K,`X0Y[($,Q,`%7-B0@0.)P/\%(:A!#4*0A/Y`*)$#
MZ4`8/-""&%!H"S-`PM"X<H@)$`\/3+#5#2IPA*SP0$P>Z(4<W#"`!ER@!3!P
M`!F:,`(YJ"P-`3""$7R0!A(0+PP*R`X)^L`![%A@$<JA@PR(4(8/6*`*_C&!
M+P;@02ZBH8FNZ$G[L-"E.1`/#4'H`"Y,DR$T30P.OH"#FR96!:<0(`)ZR`+(
ME,`'T_PA`?1B0A46``04I"$#>8##'8LP$#@$(0H`2`409G`")5#@"NCA0`>$
ME@@I,$)OHX"A%?P`!'2VP`3>:X\?H#:%!O!ADHU0E8>4=9WK$!4';;!&']I@
MEA]X8`D2:``"]E`%M1FF+7C_2!P)8'B&(?QA`1Y@P@(@H*PF.$("04!#"LI0
M!2A<@0#BJ903*G0!`V"`"6)P`@,F*(,VB.D,7NB#/FT6@CT0H0<2L!P3,*"'
M)U"A$'V@@K^:.`"X..D/:T"!&,9TG1ATS@]'<D07<Z`%0R#%#P%(@1$.L(#^
ME($!'0">-R+5B`-DZCIH>$%)[G,%$/PD"&.@02-(X(`+U,`*+NA9'5&@B]VH
M`0DLZL$6B%`#&Z3!!WM`0P+DH)/)*2H"2H*`%]B3B"8\+@=G(()Z<_`O6]4,
M"W3\`PW.P`07M*]7BVW?;OY`A0NH-P(,F&$"_D`!5FK@`=>9P#<JT`,(S$$"
M+!`#_P;$`<4_C`"&%+``V1P0`0M8YP!0\!,%CM"B:VB@!65C$0RR20$J.+9B
MAEA!F@(P@('\P4Q2Z-*;?M"`;+!(%@.8G9KJ034_8"P',^`#`N(#A@@HM`4C
M,,3#_J`&&/P0MQ\PK0TP4(1=G"`*%F`1$'@@!@H\@`N.*LF-$U$!T\5!"@A.
M@?10\()TX<`2GA.`4S'YC3U9V`BP_/$U;%!@$;RB&'V(`PMZ-`$45```FYU"
M!MK1L1_D0,XF\),0*G"B"XS``M=9P<@L,`<,2,`&)TB!`K1@'KT580\2%M,*
M.L"%7+:`!M<)6!:=<#(&I"$.$?C!LDS0B%PT(@CD]($E6/]UC=2Y*P<NH(<U
M')$'?R+`$GPX,AEVBAX/)-,(:^S*R-JG!`?M(041H`(2*H`!$7A0#0^8PP(J
ML`8+0"`&4%B1]I((144!!@JN;8$5Q)""&8H!`)GU`QS.`=ZH&:`LD>G!_2!`
M,@)RS6N-&T`;:-"U,Q1`#`2/3PO*U)T!X`"(6#11&;KI`0VD803*0ICID,``
M'+S``DY8@@*B@%!?3,$(1!%##OK:!S!LX0P?&!,0*O:L/$QU"RG08`$J1(0$
MJ.$-N#B$C$6GOJR'9XH/]``17E`!8QRB8@\`^@_4T`MWN$DV?I"#"[K4@A:`
M6WK?.T0=J+`&+S#@<GB`D3;$0`#_B@1!!"+@`0:8]X(^/*$/:7Z&T]:0AS3H
M*%/EDZ:-AG0!$PK'#PT?1OLT^8<F'.@'?&"5'E3D(`@)S!T;\%/FS[!Y(Y"A
M[0.0@!`\0`$#/,$%CQ,7&AJ0AQ'0:P>*P8(;@*#S`J0@"B%`P`>`Q@L5I"`[
M1"@`"0[Q`7KU1P%,ZP,7@%:A7QF!]I1YJ@TJ4!:W+#$'.'K"$XAEF"Z9P0\+
M\!,:=IFSR:7].&Z@!M'0!P$@=#.0!U+@!4N0+.04/'M"(N%!!7$``(95`R9D
M`S>``:%$`@+``2J`!P`P`AH@`'T0,^@1`@T`!0;0!$V0`47T:P<`:RI0`QB`
M!RI@!ME4_P7TD"-Z(`#P,PS%\%)^8'H(8@QN`"-',`9[(`)[,H1VD%U)P`$<
M@`=X8`9=0@%>8!IJ\$![4`(=T`$&D#%[8`:7$88!A$2,(`%(T`0T8`)28`CE
MP2("@`/8$4-,DP8",%1[X`!',$DJTP-#4@(U((5XP`#H9`6DT3UO,`"@<R.,
MT%#V4$3VUP@0X"=6T`R*D@JS,S&HD`BY8WM/X"0OL%G*$F[L(P4]T`2T)@!F
ML`<*(#UM,!.Q0QAKH#*-@W70T`9Y@!Y5``$0,`,'<`%)(`6I``79M`/TXPXF
M,`.,-A9NT7#BQ1TL0@42YP$_`%W[H@8V@$X@((T3@&(X\!UI(/\!?"``#G!N
M"^`D;6`!F[5=AR`NUT$#WT%H>R`$0-,.;N`TH.(';1`'CW4(:[`#1.4SH^`'
M<',='$`%S%8!2>"*#<`B3"4%,#`D",`6:[`&R+8%Z7,-?2`'.=(E">('2@`"
MV`$!:N8._^<`Q&((&+,%P?$';9`&<T!4+2`]W_%551`"`(`'79,#($`%+N,+
M0HA91.,6A_$'NY<I2ID=4+!#$^`4'%`Z`P1A='$%]V`(9^$!(!8+#<4(YK4%
M!\`(NY$-`"1`:8`%>A`$1L`$%S`J$,$&-6($IM8.#Y!-)Q`'?2`!#/`O3-`#
M3Y`&-F!;VB<L3T`/&O<,*N0'7$`JDS3_`Z^",D["!P,P!GY2!B&",PU0`$9`
M`5!4@D=@`8E3%,^`"'5I!#@2*=!P"&E`/#-0`=X!``>R!8T712S`!&>``#-1
M#W!0`P60`Q0G"S10`$X!!B+S'7H0`O1B5%M0!?(#(Y;'7&M`-'D@#6W`!Q)`
M!W_P`03`#UDP!UFP`^0"6@M0!#M@`U*F$P-P`PBP`\H&$7W0!`%``1O@4AF"
M"&N0!03P`+W0"P,0!R$P!PRP)USP`#LP!1'@-"]E`62P`P_`+5^E!3L@-XQ@
M`LJ``>SW4S1``#-P`]>`#1V:67SP!E/6"!,P!11P`#T`17$P`0C0!5/`7R^%
M!'.P!*0Q#7GP73!(D`D78`(WR@@6@`!9(`-YP!4UT0M3L`.B9@@2,`%%0`!7
MH`.&H`8DH`44,3+G0`,0D`5!X`C/$`!S0`$?`%V]L`8+0``I@0,[8'5N,&T#
/H`.O<`]#ZA9MM">!```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>f40385f4038502.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 f40385f4038502.gif
M1TE&.#EAG@`+`.8``%-,2IF2CEM54V)<6G-L:(J%@:2>FFMD8>WMZ?7T\I.-
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M(D8_/D)!06UG9"PH)^_NZTU*2MW<UHV(AF]I:-/0RCTW-B0?(`\,#1L6%S0O
M+Q(.#_[^_?O[^_O[^OS\^_W^_NSKZ/KZ^OO\^_GY^/W^_>;DX/S[^_[]_=C5
MT/OZ^?K[^K2OJ8=_>O?X]ZBCH/W]_/[___S\_/W]_?[^_O___R'Y!```````
M+`````">``L```?_@&!??GY[:GY_?F85`T,X6H1^/BQ%2V-C159K;1]+!'U]
M;EH$10EH?J`<,&4+1WYH<8EM`V,K:WXM"59#!9%^:7X<+6I]#0)%)2TM(44\
M%'M\,$\%<F9^%0)C26M]>F9,1$1+XRPV+7T/+"MH"4EA7AR+"A8BA'PK1!D8
M;'UP4`0?K+F98('(D#$N4/U9N&?/0C-\%CZ1<*9/PSU^U/"Q(T6(!0E]^#VX
M0Z"&$!X$=E2H\T4(%`Y]_#3@,03!'STMT$0`X!%)3#V_2E@1DN%!FCX:B@@9
MX<:-GCX5.GSHPZ<"D`)B?/A)X4'(DQ!^:!"08H"/&3,J6!"-X.<,F@`$_P1X
M)>#A`:(+1!0`L4&$QP<_?!HTR1("U!D88H10<;&'!A,`-_CHV1`F2X$`31`0
MBHGQT$TT$5F8B-2PVQD"58B,"8#&VF8`91BT>)7&Q4E486E",J,'38@P8<84
M<//'#9H_$2R4&8.DA9X!2L%8^U,A!@H(%$#A>2#F@)\?&<H0\=`'`X`1+OZ<
M<;,@3)$Q(3@`_6,FBI`#"1)%Q'L'`YD:HQ&BQ0)/&'!4'S`,(08171A1PF,=
MZ,$!`4,$<$8AJ*011`E^`!'!<27T$,$/+#P`2D2H%).!%2,\@04"?+QAUAE;
ME"%!(G^D,8<0(+@PAP,86+&$%GVDT4(#"[!`P/\3`_SP1PMI_(%$%B`(UX`6
M50A9A&1A0>"#!Q>DD`8')!2Q10415/&?`"G`D(43%4`UQ0`@'%"$!Q2<P8<B
M7"R5`$91XG4`#WF=8@T""V1AH!Y\*%"%%$18$0$<3/!P@Q]'-+&$`!$<\08J
M%02@P1X_"!#G"R`LT`4+%TAVH1YGZ"'!$RA@P`,80<3$1QM^`"`&`XJHYX`0
M2V"!Q0'9#+'&'WRX@0$44#P@``M(($((#&$40`8`,ERP!`0LE*&'&WZ0<``!
M&42!@1$MT``%$U^\D`4!`(#P``IAP/`':`1Y8`(88$301PMFV3?`G[_\L4$9
M4H@!0`4++82HHG[HH4?_#F'<`04O7#PFPRD;[,*$#S=P@$8%&FCE``\5G*'#
M`#T4P&J.LR'B!K8AI('"$#/PHX8;?<#&@!D+N3'L$E<D#89!1R3B1@YWNN'!
M&$I4`%@?3A3!P!9$(.'!$!(`,(06'/@A@0`V`'`O''\8L4,-!10`Q@7M03"`
M!3W\L0<'6(1A@!DTA0`T(O:-\.<>??R!@1AC#-%$!5SZ,7$(B?@!=1XY5/$1
M$U#<X(89'&!`!0MB,-%!+@K8X4<0`)#[`A@+])#%!H;$A,@'6!3A!0P"+.$!
M#1P<Q8?8#.#8PHY@`)U`!P`L<8L>%%!!Q``P#-!7!'RDH4=),>!P)QD6.(`"
M_Q$F'"="$QUL(`45</A!!P9+@`&%``D8,`8((%`Q149S9*`[#!D8P@@^D`8^
M],$^^+'6'U0P!@&`80EYJ$#-)E<Q/2B`"'EH@!>&X($G9$`&/P':!GC2A`9P
MX$LSD)8--B`!'%Q(-`V1PU/Z,`,0/,H"9%A"#6+`CS^<@`>QV5=;.B`$`/C!
M#7R@@=@:T!8=6&`,%I""%(I0A"X8\`@CD,(-'@"&&I1A!VO00!8"D``_3"$'
M.PB!$V#P`5-T(`Q#J,("_.!$3,")#_>H01@`)H4E5&$#O^@#$0]@!*`XQ`1$
M*,`,6%`%#.AM#VMP`L50H8`B3,!L4@A#&0#0`9@@[O\:%Q##`&B@HP6L0`9)
MZ$(`IL`6/X0!`DA`P@LZD(8$%"`,!`B!!@P@-B3DYTD""*(;U'`&(D+A#QPX
M@Q*'P,2G$4$`$S"``4:P!"KD)PH\R``)$L`#,8@!`VB2`A9<\08CJ$`%)VA!
M!5+@!PH,I08BX,,/1B`$(L!`#W7@`!7"@(4)Y&$%&X/!.=!`1"P884^')$(`
MC*```?Z@$!2DB@+@$PP"E*&(GC,#!68@`=&)00'L7,@9TE!((]"A!0N)8PVR
M8($"F&$*!P##`QC5!QO4``?[^T,?:`$LH-#!!4,0@!X2T0#K:08!!`"!'?IP
MAC.\@'-<Z(,)H#""!IBA/4__^(`>2G`%`;B"'8G8`Q+;<@04E.X#?`!"%\20
M@1F@`0U3```4)'`*E+'`"UHX`P?ZY($*6.,0$@A#`/Y``Q[48`$<X$,*9#8!
M:+`!!C68`#`PT##(Q$0%3``#"(H`@!^D@3<1,P.YSD&($5"!"@?`0A[V4`(8
M*$`+.MTJ#@+`H84DP0L)60@:UD`%'YPA$4"8``$X\`<M!"``#:`*'^"P@@5,
MQ0$0B.`>(K``O5!'"7IIB[4<D@@]O:P`=%B(!$:0!#@`)0K17=9"2H!=2/SA
M"`(0`4HQX@<N$.!&:)"!%PJ0@/7T``4Q:$@<=%"`#IS"<E0(``WV]``L\$``
1"Y@#"QVL\=N'0`PPA`@$`#L_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
